PSA: In this mornings webinar presentation on slide 16 the Iron Duke resources were stated. This made me realise that my above calculation is wrong in regard to in ground value for Iron Duke. I took the numbers used above from my EQR vs G6M comparison post and mistakenly took the tonnage from Iron Duke but the grade from the "Mt Carbine Remaining". Hence I came up with my incorrect calculation of
[email protected]% containing ~25kt or 2.5m MTUs for an in ground value of 2.5mtu @340 usd is currently $1.2b AUD.
It should of been
Indicated
[email protected]%
Inferred
[email protected]%
calculation of
[email protected]% containing ~6.8kt or 0.68m MTUs
calculation of
[email protected]% containing ~34.2kt or 3.42m MTUs
Ending with 4.1m mtu for an in ground value of 4.1m x $340USD -> $1.394b USD
It should of been $2b AUD not $1.2b AUD.
I watched this mornings webinar and there was nothing much new. Just re-enforcing what most of us here already knew. A few comments of note:
-3m:25s
"Even in August we are producing ....at about 1200tonnes of sorter concentrate (output) so far for the first week with both sorters pumping out."
You can see on slide 7 that the most recent quarter had about 7400tonnes of sorter concentrate. 13 weeks to the quarter so the average weekly out put was ~570 tonnes per week.
-12m:30s
"Thats about a 200m west extension.... the excitement was on the very last section of that, we hit some very high grade results and we have got good theories, its got a bit of a plunge there for that high grade and we look forward to continue drilling and hopefully continue to extend a potential pit over the next 12 months.
-18m:45s
"Here we are looking at what's the best way to get it, should we get it in open cut or underground. At the moment it looks very positive for doing a substantial expansion of opencut."
-21m:20s
Q:"The inclusion of the halo material, do you see that reducing mining costs overall on a unit basis?"
A: "Absolutely, we know in on a resources basis that within the bankable feasibility study just by including the HALO we add 400,000 new MTU units within the same pit shape. So we were mining that anyway that's just almost free tungsten instead of designating it for the waste we are putting it across to the ROM, and that stuff will run about .18% and you know our sorters love that, they love .075% now so .18% is gonna be exciting to feed that in.
400,000 new MTU of 100% WO3. Already being mined in the BFS. Currently the BFS has the cost per tonne of mining at $4.5 AUD/t. 400,000 MTUs at .18% = ~2.2mt ore. At $4.50 a tonne that is $10m AUD that WAS spent on waste ore that is already covered by the BFS costs.
(20min delay)