nk, with all due respect the management of CTO have taken years to understand the resource within Charter's Towers and you can hardly equate mining practices of 70 years ago and what was not economically viable then to what is possible today.
That said the ore body within Warrior has been averaging 1m in width...FACT!
Quote from Mr Towsey when questioned RE the accuracy of the resource model:
The resource model is not flawed. It is very accurate statistically.
The grades at Warrior are highly variable, and therefore difficult to predict on a local scale of 5 to 20 metres.
However, the statistics are very robust, provided the sample is large enough. When averaged over 150 metres of strike length or three months in time, the agreement between ounces predicted and ounces paid for by the refiner is excellent. Over a parcel containing 20,000 ounces, we were paid for 101.5% of the predicted ounces, even after 98% recovery through the mill. This means we slightly underestimate the contained ounces (by about 5%) - i.e. we get paid for 5% MORE ounces than are predicted to be there.
Over time, the mine will average about 10 g/t from the 14 g/t resource, allowing for planned dilution and physical gold losses during both mining and milling.
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