Hello Speculator101,
By comparison to other deposits and going by the cartoon sections of the ore body in previous releases and reports to the ASX, Buccaneer's ore is relatively shallow and grades are good as they are, with probably a better distribution of the gold mineralisation within the host rock than the gold mineralisation in the quartz veins within the sediments of the other prospects. This is because the quartz veins contain too much nuggety gold.
Having said that, I imagine also that to get to the ore at Buccaneer, despite it being shallow, would take a bit of time to remove the barren overburden and get to get to the economic mineralisation and much planning to design a proper open cut to start the Buccaneer operations, compared to the ore they are mining now which is virtually at surface or sub cropping. ( As a miner, Bob will throw more light on this more detail and accuracy).
ABM have not released detailed sections of the distribution and grade of the mineralisation on Buccaneer and it really is difficult to assess the average grade of the top 50 or 70m of oxidised ore. Therefore we don't know whether the revenue from such an operation would be comparable or better than the current operations. I would think ABM would have taken this into consideration and must have decided that mining the rich quartz veins is a much better option at this stage, despite the lack of an up to date JORC. ( By the way, I think to try and quantify the present ore being mined from the current pits at the Old Pirate would be meaningless. This nuggety mineralisation is extreme and in my opinion un-quantifiable by JORC
parameters). It might sound unprofessional, but it is more a suck it and see situation.
I think ABM are concentrating as much as possible on generating cash flow to sustain their operations and exploration despite the awful market conditions for gold. They are also, I think, very mindful of not diluting the share by going back to share holders to raise more funds soon after the dilutions of the last 24 months.
The above is just my humble view based on limited technical information.
Cheers,
helmenesh
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