Excellent analysis. Yes, I think you have it there.
The 'strong reserves upgrade' was already available, via the first two pilots based on the other two seams. But Tintsfield cannot add to it yet.
NW, note that a large number of coreholes were drilled during 2010, after the last reserves upgrade but before those comment about the strong reserves upgrade. (If you search HC, Ezirida did a compilation of all those coreholes in a single post).
Yaq
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