The reserves will come from the measured and indicated resource which is 160k tonnes of copper at 1% cut-off (plus gold and silver). Not sure how it will go down to 120k tonnes of copperThey are even considering reducing the cut- off grade.
There has also been plenty of drilling since the latest update to the resource. They can potentially upgrade the resource without any further drilling IMO
Ann: Positive Assays Provide Development Options at Oracle Ridge, page-36
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