Why Good Grades are Important, page-13

A couple comments

1) the two estimations were conducted using different methodologies. this is nearing the limits of my knowledge, admittedly, but It is my belief that the most recent 4.7moz estimation is on the conservative side in terms of grades. Main reason for this is the exclusion/dilution of the higher grade data. New higher grade drill hole data should dictate that the next estimator to be more lenient in allowing higher grades to be propagated further through the model.
2) no doubt much of the additional 2.2 million tonnes added was indeed of a lower grade, as measured by assay. This is probably the main reason the average grade has reduced. How much of this is the result of actually lower grade vs how much was the result of conservative estimation algorithms? anyone's guess really.
3) we are dealing with an inferred resource. That means there is low geologic confidence. This is due to drill holes spaced at a large distances apart, which has been deemed not adequate to achieve higher confidence in the estimation by the competent geologist who did the estimation and classification. grade increases and decreases are to be expected because of this.
4) I still see some misunderstanding here of indicted and measured resource. that is ok. inferred/indicated/measured are all classifications of resource. All that's needed to claim a resource is geologic evidence of its existence (and a ..'reasonable' expectation that is can be economically mined 'someday'). Ore sorting has nothing to do with upgrading a resource from inferred to indicated or measured. Quite simply, its literally just drill hole spacing that will upgrade it, as that is the only real way to increase geologic confidence of the estimation. A reserve is what indicated and measured resources can get upgraded to, once the company has shown that the resource can be economically and legally mined (this will require SS and feasibility studies). NVA must think that they stand a better chance of upgrading a larger percentage of their resources to reserves using ore sorting. The SS was suppose to be what showed us the logic behind that.

I believe we stand a very high chance of seeing both a total resource increase, as well as an average grade increase with the next estimation. ou will likely see me speculate of the numbers as we get closer to the announcement, when we have more results to look at.