A few notes on the Resource update and Galena's concerns. First, they've used a new, less restrictive reserves cutoff: 2.8% where before it was 4%. (See the footnotes.) So a whole lot of lower grade material is now included dropping the average grade. That also means the increases are mostly not new material recently drilled. The high tailings grades have been known about all along and also the possibility of reprocessing. Much of the early material was from the processing of extra-high grade ore (%20+) so the recovery isn't great but not terrible either. I believe (but haven't checked back) that most of the 7% is apatite material so the new apatite circuit at Mt Weld will make it recoverable.
LYC Price at posting:
$6.03 Sentiment: Hold Disclosure: Held
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