Hello everyone. For me, today's announcement did not meet my expectations however PTR still remains promising to me. I have my doubts PTR will reach its exploration target, in terms of commercial tonnage. While i am only a back of the envelope amateur (hacker), i guess the entire deposit may possibly have 200 million useable mineable tonnes (but naturally I could be completely wrong). 200 million tonnes would be a 20 year mine life at 10Mt pa ROM.
The line of holes to the east was both narrow in length (1200 metes) and of low grade so i discarded this line of holes:
The 100% PTR ground that looks commercial is the area I have highlighted in green, which i guess may possibly have 100 million tonnes, per the calculations underneath.
I am speculatively guessing this area may have 100 million tonnes at say 10% HM with 7% titanium.
As for the PTR/NYM 70/30 JV, the deposit looks just as thick but with lower grade. We do not know anything at this time about its mineral assemblage, including its iron content, therefore i attributed a 65% titanium content, which is lower than the 70% titanium content i attributed to the 100% PTR deposit. Notably, the NYM deposit looks open to the west for another 800 metres, therefore might probably have additional tonnage. I guess NYM may have to now or soon contribute pro-rata expenditure to further development, given ADN's sole spending obligation is only $500,000. NYM told me they put aside money for this; at least in the short term.
Currently I guess this NYM/PTR deposit has 83 million tonnes @ 5.5% titanium. However if it continues a further 800 metres to the west the tonnage might possibly be 105 million tonnes.
In summary, I wildly guess the two deposits may have around 200 million tonnes at 6+% titanium content. I guess at this time NYM may eventually hold 11% to 13% of the titanium content. However, we await details on the mineral assemblage of the NYR JV ground; particularly the iron content.
All the best folks with your decisions.
PTR & NYM obviously need to drill so much more to accurately quantify an Indicated JORC.
PTR Price at posting:
30.5¢ Sentiment: None Disclosure: Held
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