I'd say less dirt through the mill, from memory it was a 1mtpa mill and quickly looking at the figures they've processed ~120kt/qtr (or say 0.5mtpa for the past 12 months). Rocket science tells me less dirt through the mill = less oz, regardless of how much $$ spent on mill upgrades.
Also from memory Bulletin (what paid for the camp, mill and mot of the infrastructure from the 90's) was a solid 10g/t orebody, unlike the 4-5g/t orebodies they mine now.
Surely another CR is impossible??
.....Surely?
AXM Price at posting:
0.7¢ Sentiment: None Disclosure: Not Held