As we all know Coffey have also drastically reduced the grades of the deposit. Most of us know this but I cant wait untill we get the correct grades for the deposit out. The recent drilling results were very positive. I would be happy with an average grade of 230 ppm but it could easily be more. From the quarterly..just for the new comers.
Coffey advised that under JORC guidelines more weight is given to chemical assays over radiometric data. Accordingly, as many chemical assays are pending and a large proportion of the resource has been modelled using radiometric data, Coffey has categorised the greater proportion of the resource as Inferred. A small area of closer spaced drilling with largely chemical assay results has been classified as Indicated.
Coffey also re-calibrated the radiometric data based upon a statistical study by firstly reducing values by 30 to 40ppm and then applying a factor of 0.85 to the result. The Company, with Coffey, is conducting further studies to determine the optimal approach to determining grades to the deposit.
BMN Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
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