Ann: Dalgaranga Gold Project - Mineral Resource Estimate Update, page-267

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calmbeforestorm

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16/11/24

12:45

Post #: 76637370
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Originally posted by calmbeforestorm: ↑

re the reserve - as you noted the infilling of Pepper is completed and they are conducted extensional drilling which I assume will only add to inferred not indicated.

Pepper is currently 438k Oz @ 7.66g/t. the weighted average grade of Pepper drill holes is 18g/t within the current MRE (this excludes the low grade edges that are not in the current MRE and drilled outside the current MRE). NN weighted average UG grade of 9.5g/t excluding any holes with assays less than 4g/t (I have only included holes since January 2023) - however that may be a little low as some of the earlier holes had a top-cut of less than 100g/t so maybe the grade is more like 11g/t and even 12g/t on a like with like Pepper comparison (and my 11-12 g/t may even be too high).

Currently the UG NN indicated resource has a grade of 8.74g/t. Using the ratio method and NN as a base it is conceivable for the Pepper indicated grade to be somewhere between 12 g/t and 15g/t - if my estimate were to be sensible then the amount of Pepper indicated MRE may be between 675k Oz and 850k Oz or a total for NN+Pepper UG of 1.75m Oz and 1.95m Oz plus the OP NN making a possible indicated MRE of 1.8m Oz to 2.0m Oz.

This is a simple but common sense approach to come up with an indicated MRE but could easily be out by a few 100k Oz either way.

The 1.7m Oz seems sensible and possibly a bit low. My own view is that an indicated MRE of between 1.7m Oz and 2.1m Oz is feasible.

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And if Nick Jolly's comment in a recent presentation that 'its all mineable' then the reserve may be within the 1.7m Oz to 2.1m oz range! That would make it bigger than BGL's reserve, about 10 times OBM;s reserve, about double RMS and about the same as for GOR. Lower than Vault, CMM and WGX but this will be the maiden reserve!

OBM reserve is 190k Oz, BGL 1.5m Oz, WGX - 3.3m Oz, RMS - 0.93m Oz (2023 but 2024 not yet available), Vault - 3.4m Oz, GOR - 1.83m Oz, CMM - 4.0m Oz, etc.

SPR Price at posting: $1.10 Sentiment: Buy Disclosure: Held
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Ann: Dalgaranga Gold Project - Mineral Resource Estimate Update, page-267

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Ann: Dalgaranga Gold Project - Mineral Resource Estimate Update, page-267

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