Fail!
Another obtuse report designed to not give any meaningful information.
The Ore Reserve has increased to 171Mt @ 1.3% HM (before applying the 2016 depletion).
The Ore Reserve estimate is 21.7Mt @ 1.5% HM (after depletion).
The depletion of 0.7Mt (39.8Mt @1.7%) due to mining from January 2016 to December 2016.
The cut off grade for the first 5 years is 1.3%HM after that the cut-off grade is 1% HM.
Cut off grade of what? The block being mined or something else? There are significant grade difference of the areas but they don't tell which area is being mined.
Was 0.7Mt of the ore reserve mined at 1.7% last year? Did they plan to mine the higher grade panels last year? What is the grade of the area they plan to mine in the next 12 months? Do they have any expectation? That would be helpful guidence for investors / shareholders.
I'm a geologist and I am none the wiser after reading this report.
Ann: Grande Cote Mineral Resource and Ore Reserve Update, page-2
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