CTO's statements have very little relationship to the JORC Code. There are many, many pages to be written, demonstrating what needs to be done and what the result of the use of the current blancmange will be.
However, in my view and before I retire to take luncheon at the Charters Towers Civic Club, the Guidance to Clause 29 of the JORC Code neatly summarises the deficiencies of the "mining inventory": Deriving an Ore Reserve without a mine design or mine plan through a process of factoring of the Mineral Resource is unacceptable
No schedule, no Reserve, kiddies.
While the above equally applies to the Resource, the fundamental requirement for a Resource is "reasonable prospects for eventual economic extraction" (Clause 20). And after 10 years of faffing around since the last attempt at mining failed and something like $15M expenditure, this requirement has not been demonstrated.
Oh. Must be a slow day, because I've just seen the 6 December 2022 "valuation". Struth! It just gets worse!
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