Nev, you are welcome to your opinion, but to come and say something is not quite right, that the JORC code is wrong, that professionals like H&S are getting it wrong, that its all going to be sorted out when it gets mined...thats just your inability to admit you were wrong, that this is a disasterand there is no bonanza zone.
Firstly, they drilled these vertical holes to work it up for some grade control purpose - or so they claimed. One way to read that is "we drilled these holes because our consultants keep telling us it's not 2% and they must be Suits! Ant-testicled suits! Bugger it, drill the crapper outta it!" In short, they were drilled to intersect high grade mineralisation, and that's what they did.
The reason they used a top cut of 10% Cu is because, if you have a 200m hole and you get 1m @ 50% Cu your average grade is 0.25% for the whole hole. So you admit that on average the vertical holes had 2.47% Cu equivalent. So chop 0.25% off that, at least.
Top cuts are done because its a nugget effect. There is not a uniform distribution of +10% Cu. This is then top cut so these wildly concentrated, randomly distributed nuggets, don't skew the estimation of the bulk grade. Another way to look at it is, this is a foot stadium packed with 100 Kerry Packers and 59,900 shmoes. If you randomly hit 10 Kerry Packers in your drilling you'd think everyone earned millions of bucks, but in the end the average grade isn't going to be that flash.
You claim the JORC code applies to everyone else but CuDeCo. That no other mineralisation in the world is equivalent, that 50 years of geostatistical research and ore body modelling backed up by mining on those ore body models, is bunkum. This is patently ridiculous. Geostatistics and computer modelling took off in the 80's gold boom and reduced mining risk significantly, and one of the most important discoveries was a way to deal with nuggety ore bodies. TO say that Rocklands is somehow unique is ridiculous. It's exactly like a gold deposit in that respect.
Then you go on to ridiculously claim we'll see who is right when it gets mined. Well...yes, yes we will. But who is going to be stupid enough to put $200M or even more on the line to pay for the capex on the plant, if they won't know they will make money until they mine it.
That's not how investments in mines work. You want certainty before you start, and for that you use JORC, and we use JORC certified resources calculated via Multi Indicator Kriging with a top cut and factorising precisely to remove that element of doubt.
It is also worth noting you yourself doubt it. Otherwise you would not be claiming we'll know when it gets mined. You should be sure of it. Instead, you are bargaining and denying.
It is part of the seven stages of grieving for CDU all the holders and uprampers and irretrievable imbeciles are going through. SOme of you are at anger, others not so far along. I think you are still in amongst the denial, bargaining and guilt, Nev.
The CDU Bereavement; 7 Stages Of Grief Shock - The JORC can't be true! Panic selling! Denial - THe JORC code must be wrong! Bargaining - It can't be true. Surely there's a different way to calculate a bonanza grad! How about we try the vertical holes. Those tests in perth are better, better is better than what we have, surely this must be correct! Guilt - I was wrong! I spent years claiming this was a dog what had two dongs, I'm sorry guys! Anger - Damn you Wayne! (some people seem to have skipped straight to here) Depression - A lot of people are getting towards this, i think. Acceptance - A couple seem to be here. But I think you'll never get here, publicly at least.
CDU Price at posting:
$1.71 Sentiment: Sell Disclosure: Not Held
