re: Ann: Mineral Resources and Ore Reserves S... Challenger, South Australia: The inclusion of the Challenger West structure increased the average grade of the total deposit from 5.6 to 6.1 grams per tonne gold.
That is clearly very good news.
Although the next quarterly (due in 2 weeks) is going to be exceptionally weak. Chatree and Challenger are both going to have abnormally high costs per oz due to the lower production at both, and the quarterly figures are going to look ugly.
I have sold half of my position for 2 reasons, 1. gold is down a lot this week 2. I'm hoping to buy back cheaper after the upcoming weak quarterly.
The production each quarter is likely to only get better from here, but for the moment, this quarterly will be ugly.
Hopefully I can get back in at a lower price before Challenger grades start picking up and the SP (hopefully) rises substantially.
Ann: Mineral Resources and Ore Reserves Statement, page-2
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