Hi
@lemonwasher,
An apparent lack of infill drilling is, in itself, an issue that could ultimately determine the JORC category that the MRE is eventually arrived at.
The three JORC categories are
inferred, indicated and
measured.
Depending on the area and geology, I generally use 40 x 40m spacings to arrive at an
indicated category. 80 x 80 will get you an
inferred category (again a generalisation). This is why companies infill to increase certainty and convert ounces from inferred to indicated classifications. Inferred ounces represent the lowest level of certainty and are priced by the market accordingly.
I am not expecting a measured figure but 20 x 20m will do it and would certainly be a bonus.
So i guess the question(s) is/are, how much of the drilling has been completed over a ~ 40 x 40m grid and over how large of an area. Some of the outlying or more recent discoveries may only add inferred ounces until further work can be done. I need to go back and look at what i've mapped and read the more recent announcements. Therefore i would guess the main Crusader / Templar area will obviously be the main focus of the MRE.
Sorry i don't have something more definitive to offer but until i have a chance to crunch the numbers again that's all i have.
Given how busy i am, the MRE may well be released before i get back to it. I'll try this weekend.
In any event, i agree about the volume and price action.
I am always wary about MRE's as i've been burnt before. Remember it's a starting point with room to grow with further drilling.
All the best
