Moment of truth for resource came out 10 days ago.
My order of magnitude back of the envelope estimate
was last presented in this post.
Recent maiden MRE
Some comments
- Good to see I was conservative with my estimate.
- Estimate was for order of magnitude with no specific cut offs and not expected to be more than a hint of whether there was a significant resource.
- My estimate comes in lower for tonnes and grade though for what it was not too bad with conservative estimates.
- Interpretation of mineral zones for the estimate was generally OK. With 400m spaced lines at Green subtle differences. Emily ditto.
- Specific gravity used was at the top end for weathered material at 1.7.
- There are some similarities to WA1's resource in terms of the ratio of 0.25% and 1% cut offs.
- 200Mt @ 1% and 53 @ 2.1% for a ~1:4 or ~25% ratio vs 68Mt to 19 at somewhat lower grade ~25+%. Might be a coincidence and mean nothing but possibly hints at similar sources and grade distribution. TREO and P2O5 vary and will come out in the wash with future studies.
- As was expected the MRE combines 3 areas each with multiple deposits that would be potentially economic in the own right as satellites to a plant Hub. If Luni didn't exist then likely to be a stranded resource given location and capex. Luni does exist and I can't see the logic of building two separate plants for commodities that require a well defined market. Time will tell where this goes with the clarion call of critical metals and geo politics warping more normal market forces.
- A new major discovery at Aileron w/could alter the equation. Time and cost to test the multiple targets already known and perhaps more to come out of on going geophysics and assessment need to be assessed. Would be difficult for the team to let Aileron go as PJL100 suggests though would one not too palatable option.
=========================
I have been following this year's sentinel imagery from the area. So far only noted site preparation and some drilling at Green. Been a slow process.
Interpretation of the sentinel time lapse on Google earth:
I am a bit surprised that only the eastern 7 prepared sites appear to have been drilled so far. Might have missed some activity.
Took a quick look around obvious areas for other drilling but didn't see any.
There was some rain a month ago which will have delayed things temporarily but should be OK for working now.
WA1 has begun exploration south and south west of Green. Site and access preparation in progress with perhaps one site drilled.
(20min delay)