GG, by a thread for sure. also peel IP target looks very promising, could be a dark horse. the core they have at Mt C is historical stuff only, i believe. I would reckon it's in ordinary condition. oxidation and students from visiting universities etc. have interfered with at least some of it, so it would be an incomplete record at best. good for an early indication though.
I think III have used an portable xrf to give the historic core a going over. I saw a preso for an AIG workshop, which had a few specific examples from Mt C in it. The core is mostly whole, a result of the RB estimation technique (direct measurements rather than assay of 1/2 core). Sounds dodgy these days but "many a good tune played on an old fiddle" to use one of todays lines. The lack of JORC code didn't stop old timers mining good shows. A relevant JORC classification will come in due course (if a deal comes out) III is assaying (what is available) of this core now, if their most recent update is accurate.
The xrf data would tend to underestimate. as would the 'old' visuals IMO.
Interestingly, the 13.1MT mined by RB is as good a bulk sample you will get, on an 'inferred' resource, by modern standards IMO. if you back calculate what metal was (reported) recovered and what was (reported)lost to tails and sorted rock dump, I estimate an potential approximate grade of 0.29% WO3 (my opinion only). You normally don't get this sort of insight into "true grade v estimated grade". big plus IMO. this includes all the waste mined with the original pit (fully diluted). This is part of the reason I believe the original grade determination to be underestimated. III (or partner) could be 'straight on to' this sort of grade or better in hardrock IMO(subject to feas. infill of course or no one would risk finance).
the 'deal' is the key.....if we ever get one.
need money and believers from the industry..
as you say, some new drilling (prob ~8KM IMO)needed at least, would cost somewhere in the region of ~AU$2M if from underground(IMO). III has provisioned for more mony than this in their prelim. scoping (from GCR preso). final scoping due end july, apparently. looks like end july may be do or die time.
has anyone a copy of the AUSIMM monograph mentioned in the announcement? This is one of the few documentations of the Mt C mine. (i mean a free copy)written by original Mine Geo D.L.Forsyth
I have seen the J. De Roo geological paper circa time of closure.
Personally, I don't think the so-called' downgrade is a downgrade at all..
III Price at posting:
9.2¢ Sentiment: LT Buy Disclosure: Held
