re: Ann: Significant Upgrade for Old Pirate s... This part in particular suggests that the use of a top cut will probably result in grade being under called and reconciled higher during mining.
“The surface longitudinal sampling work conducted by ABM showed zones ... over 15 to 25m length to average in excess of 300g/t gold. Individual and selective grab samples (not used in resource work) have shown grades in excess of 2000g/t gold.”
Even if grades do reconcile higher, the 27% increase in grade reported today could have a significant impact on cash costs and cash flow estimates in the scoping study update which may be released in the next few weeks.
I allowed for the extra announces but I did not allow for an increase in grades and a possible decrease in costs.
The scoping study update could be stronger than most of us expected.
Ann: Significant Upgrade for Old Pirate sets ABM , page-4
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