Ann: Tier-1 Scale Maiden Mineral Resource at Julimar, page-245

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paulo17

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10/11/21

13:14

Post #: 57460083
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Originally posted by pangea: ↑

Looks like CHN are taking an enormous risk reporting a "bulk low-grade" MRE which seeks to combine both high-grade-high-sulfide "lenses or layers" with low-grade-low-sulfide "disseminated" material in an effort to extoll the Ni-Cu-Co potential of the host rocks.

The proportion of HG sulfide material appears to be <25% of the total maiden MRE and this probably holds true regardless any shell depth constraint given the situation and orientation of modelled HG lenses (NW dipping along the basal contact).

There is little, if any, reporting yet on which proportion of Ni-Cu-Co occurs as sulfides vs silicates within the intervening disseminated material (Ni-Cu-Co in the silicate phase may be locked away from conventional locked-cycle flotation recovery).

IMHO, the company has NOT adequately explained how they can apply the same metallurgical recovery factors to disseminated material as high grade lens material in the absence of adequate metallurgical studies.

Alex announced in the accompanying Reid Corporate Webinar that this is an assumption and there is no data-supported explanation in the mandatory JORC tables accompanying the ASX release!!!!

Amazed that the company's external consultants (CSA) and MRE auditors (SRK) support this risky approach.

ORE + WASTE = MORE ORE???

Another significant assumption made in the MRE is that mining access on privately-owned land is more likely assured than not. The Gonneville sulfide resources sit 7km upstream from the Avon River National Park and will necessarily feature in a full-blown, national-level, environmental assessment for that reason. The southern end of the MRE boundary breaches the neighbouring Chittering catchment divide and the northern boundary extends into state forest reserve towards yet another.

So far I haven't heard any practical mention on how CHN intend to mitigate against any the release of heavy metals into the Avon River system via its tributaries as a result of contemplating bulk open pit mining? Great to claim that the community is on board with flora & fauna studies when AMD has not been discussed openly in the context of local drainage.

Finally, CHN have also sought to reassure its shareholders in its maiden MRE announcement that exploration diamond drilling at Hartog may be approved shortly. Unfortunately, the low-impact drilling proposed simply cannot occur during the WA's bush-fire season (which starts 15 Nov and ends next April) because of the limited amount of clearing promised in their submission. Too risky for a responsible person to entertain.

P

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Feel better getting that off your chest now, yes?

p17

CHN Price at posting: $9.30 Sentiment: Buy Disclosure: Held
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Ann: Tier-1 Scale Maiden Mineral Resource at Julimar, page-245

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Ann: Tier-1 Scale Maiden Mineral Resource at Julimar, page-245

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