Like you, I thought HAV Management should have released the Portia drilling results separately, before the end of the last quarter, as the good news got drowned out. Again.
Unfortunately, without a JORC resource for the bedrock it is impossible for me to update my model with any accuracy even knowing that "potentially bulk able bedrock gold grades were fairly consistently encountered within an approximately 30 metre wide band along most of the length of the current open pit floor". The current pit floor length is ~400 metres.
The added factor is that approximately 10-15 metres below the current open pit floor the oxidised ore transitions to sulphide (pyrite) bearing material. Whereas, I was assuming it would all be oxidised gold ore for 25 metres below the open pit floor before hitting sulphides.
I understand that for some sulphide (pyrite) gold ore it requires leaching to 'free' the gold, potentially using chemicals. The upside being the Portia 50:50 revenue sharing agreement with CMC is only for gravity recoverable gold.
HAV Management, I believe, will release a JORC resource for the remaining Portia gold resource pending compilation of all drilling results, including check washed assay results of key intervals. So, we play the waiting game.
Coarse gold nugget effect: the gold results from "washing" and weighing the large volume 1 metre drill samples returned gold results that were on average 2-5 times the conventional fire assays from the same 1 metre of AC drilling. So still a lot of upside, IMLTHO.
Cheers
These are only my random thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional expert
HAV Price at posting:
34.0¢ Sentiment: Buy Disclosure: Held
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