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Yep. I don't disagree. Needs to be debated.If ya really wants to...

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jezzathegeo

566 Posts.

138

12/04/24

12:34

Post #: 73313762
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Originally posted by Polonium210: ↑

Yeah, rough one, sorry to all SH’s and SP’s caught up.
Will be interesting to see if anything eventuates on that front, an explanation or otherwise re the situation on the variance between the MRE and prod. grades...I wont hold my breath. Not that it helps anymore but the ‘continuity’ issue really raised its head from that 2023 MRE, with the downgrade from the tighter 12m by 12m and 24m by 24m limited GC drilling in the Apron zone…with the remainder still at 50m by 50m and increasing to >100m by 100m.

You raise a good point though re investors’ confidence in asx published resources. Many of the previous iterations have seemingly had input (both from a geology model and estimation standpoint) and been signed off by Snowden Optiro.
The problem as I see it (and this isn't just here, but more broadly), is that it is incredibly difficult as a typical SH’er to properly assess the suitability of these MRE statements, even if they are signed off by an external group. Obviously, going through Table 1. Provides a good start and will highlight big issues like drill-spacings and search radius and domain assumptions etc. But the problem is, even when we do go back to the drilling results to try and get a better feel for the continuity…we are still reliant on interpreting the ‘significant assays’ which are already a composite interval decided by someone, i.e. we are not privy to the raw data aka the actual grade variability. Sure, we get a rough idea by the ‘rules’ that are being used in determining the significant intervals.
Take the announcement on high-grade drilling results from last year for example:
The significant intervals are defined as “Minimum lead intersection: 4m at 5.0% lead” with “Maximum consecutive internal dilution: 3.99m at <5.0% lead”There is obviously a big difference between say a 20m @ 7 % Pb interval composed of 20 x 1m assays all grading 7% compared to 20m interval with narrow +10% Pb zones and potentially multiple zones of internal dilution.
The change in reporting requirements with JORC2012 was a big step forward…but FFS in 2024 why is it not mandatory for companies to release the individual assay results to market. And I don’t mean in an annexure as part of a locked pdf, but as a spreadsheet that can be downloaded. there are some on the asx that already release the individual assays, but they are few and far between and its typically as part of the asx pdf as an appendix.
I saw a positive example recently – unfortunately TSX not ASX…with Fireweed Metals, who released their full drilling database. In about 5min investors can have it in 3D and be making their own assessment and they have a 3D leapfrog central model hosted on their website with the individual assays.
Having that kind of reporting as the standard not the exception, probably wont stop things going wrong for whatever reason. But it would at least fix the lack of transparency in the results that these MREs are underpinned by.

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Yep. I don't disagree. Needs to be debated.

If ya really wants to model data, go for it. There be a number of freeware modelling programmes out there - they're all pretty crap, but better than nothing. The danger is ill-informed gentleman amateur stuff infecting de market. If ya dunno what MIK is, don't do it. That said, I've probably described more than half the Resource estimation geos out there at the mo'.

Competent Persons will then need to respond to informed criticism and companies may get some "free consulting" out of it. On the other hand, I can see it taking up a lot of time on spurious criticisms and "ambitious" litigation. So there be a real downside.

G1A Price at posting: 5.9¢ Sentiment: None Disclosure: Not Held
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