This caught my eye.
The first 10 years of mine life comprises 82% of production from Indicated Mineral Resource, with
an additional ~8% Inferred Mineral Resource drilled and pending conversion to Indicated Mineral
Resource.
JORC 2012
'Confidence in the estimate of Inferred Mineral Resources is not sufficient to allow the results of the
application of technical and economic parameters to be used for detailed planning in Pre-Feasibility
(Clause 39) or Feasibility (Clause 40) Studies. For this reason, there is no direct link from an Inferred
Mineral Resource to any category of Ore Reserves'
The assumption in the PFS is the project will commence on the most uncertain resources, against the guidance of the JORC Code.
Either hold off publicly reporting the PFS results until you have confidence in the resource, or leave it out and re-run the economics so investors are fully aware of the risk of the investment.
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- Ann: Mt Lyell Copper Mine Prefeasibility Study
Ann: Mt Lyell Copper Mine Prefeasibility Study, page-12
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