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20.0¢ firefinch limited

Ann: Satellite Pit Resources update delivers 1.49M oz of gold, page-88

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24/11/20

22:57

Post #: 49116457
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Originally posted by Red Baron: ↑

Looks like the girls are ganging up on us, Jasmine now gbgirl - but a fair question.

Short answer, the only reserve category is the tailings, ironically these are the resources that cop the most flak from criticisers.

The 2 satellite pits had 110k oz produced by Barrick without even an inferred resource statement let alone a jorc proven reserve statement. Having said that they knew what was there from the assays.

The Doc has said the current resource statement for Morila is inferred because they didn't have access to the data. In a few weeks they'll upgrade that to include measured etc leading to reserves.

The gold is there as evidenced by the extensive drilling, just a matter of classifying it, which had been neglected by Barrick (they had no need)

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I was actually wondering about that - given we already have the plant, is there as much need to spend money on delineating the certainty level of reserves? As you said, Barrick didn't care, and they know how to mine gold and please their shareholders. The plant output will explain what the final grades are as the material passes through it, and that will feed data back to the resource model for further mining.

FFX Price at posting: 14.5¢ Sentiment: Buy Disclosure: Held
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