Ann: Copper Wolf Drilling Commences, page-13

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JandJ

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25/05/23

13:40

Post #: 67960030
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Originally posted by setfire2thehive: ↑

Define low grade.

here my Copper-wolf initial DD from 12 months ago.
Post #:61163419

There's a supergene zonation of 0.94% - 1.57% CuEq.
Further more the overall 'mineral inventory' of 388.3mT at 0.83% Cu and note the moly is double so that equates to ~ 1% CuEq. Buxton has 286mT in it's tenure. That's around 2.86mT contained CuEq

So really without drilling it's a pretty significant deposit. Why do i think that's significant. Look at this list of undeveloped projects. Now i will re-emphasise that these are measured indicated confidence levels and Copper wolf isn't yet. Additionally these are projects not held by a major mining company.

If Buxton was to drill and find more resources laterally, at above the profile, or most likely at depth there's the potential for the 286mT to grow. They can then focus on delineating a measured indicated resource of the best stuff. If for argument sake - they were able to drill 286mT at 1% CuEq then this is where they would sit on this graph.

View attachment 5309398

It'd be top 15 for size and potentially double in grade. (Depending on cut-off).
There's only a handful of those projects in Tier 1 jurisdictions. For e.g ones similar in size Caravel which is 120m MC. Costa Fuego which is 115m MC.

So IMO - it's already big, it's already decent grade. The question for me now is how big (what else is in the area and below).

If we cast our memories back they theorised that there was a deeper feeder system untested.

IMO the point of drilling closer to another core is such that they now can interpret all the other cores with the same knowledge. i.e our historical core to 700m told us x,y,z now we have 300-400m more evidence of what that means below. Secondly - i'd garner this is where they felt could host the feeder system.

Finally, for those that are writing it off because it's just 'too deep'. Best take a look at BHP's recently quarterly. Their headlined exploration project is a deep laramide copper porphyry in arizona. Guess what, it's similar in grade (slightly higher) but it's deeper. let that sink in. BHP's best copper exploration which was the only one they headlined in the quarterly, is a project which they're now drilling is similar in grade and deeper to what buxton have.

View attachment 5309416 View attachment 5309419

Master class have IGO on the hook to spend 5M to prove this theorem. The fact BHP's best copper exploration project is even in the same sort of relevance as copper wolf should indicate that we're dealing with the big end of town. Finger crossed that drill cores delivers, and if not, where to look next.

SF2TH

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Have to keep that for re-reading over a glass of red tonight.

Define low grade Cu? - yes that's a moot point.
Maybe below 1% - perhaps below 0.75% - but definitely below 0.5% - would be what I would call.
There are too many other factors involved to be emphatic about it.
Have you glanced at GBM's additional MRE ann today - where they take a lower cut-off for Cu at 0.2% - and a higher cut-off at 0.4% (which throws 40,000 tonnes of Cu into the picture.

Thanks SF2TH for your great work.

BUX Price at posting: 17.5¢ Sentiment: Buy Disclosure: Held
3 Upvote

2 Great analysis

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