I think the results showed how broadly mineralized the area is. I believe a lot of the hot money that chased yesterday fail to see the significance of what is being shown here. I will re-iterate it here. The 2.4moz @ 4.89g/t is contained purely in the middle and upper reefs (it does not contain any of the material between it hence the higher grade). The dunite between the upper and middle reef grades between 0.9g/t-1g/t 3E. Historically most holes stopped at the middle reef, a very few went beyond and a few stopped after the upper reef. This was a function of the type of mineralization they were aiming for given the prevailing prices 20 years ago. In 2002 PLA released a resource (Non-JORC) that included the dunite portion. This resource totalled 4.5moz @ 1.9g/t 3E, this resource encompassed predominantly the ground between the upper and middle reefs (inclusive) as can be seen by the historical holes in the diagrams below. The hits beyond the middle reef which typically grades 1-1.3gpt PdEq is almost entirely completely virgin ground and would add ounces on top of the 4.5moz should studies prove that it could be economically extracted. That's part of the reason the company has included data for 140m for PS400 whilst saying in the same report:
Once the remaining assay results have been received, the Company will incorporatethe new results into an updated JORC Mineral Resource Estimate (“MRE”) that willencompass shallow, bulk PGM-Ni mineralisation up to 20-40 metres in thickness, thatimportantly sits outside of the current JORC MRE of 14.32Mt @ 4.89g/t PGM6E1 and0.31g/t gold for 2.4Moz of contained PGM and goldIf you look at the intersections reported to date from the area between the upper and middle reef we have 5 holes which have reported:
20.6m @ 2.14g/t PdEq from 39m
39.46m @ 1.2g/t PdEq from 37m
Trench result 23m @ 2g/t PdEq from 1m also
[email protected]/t PdEq
19.2m@ 1.5g/t PdEq
16m@ 1.56g/t PdEq
Then there's a whole bunch of mineralization the other side of the middle reef as well which is cumulatively another 40m+. It gives the company a lot more options in terms of pursuing a sizeable open pit operation with a good strip ratio. At the end of the day a feasible mining operation is what we should be going after as opposed to headline announcements
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(20min delay)