Before I say these numbers it's caveat time, this is not an estimate.. Having said that it's estimated within a 0.8 domain generated from leapfrog shell evaluation here the RBF the range of 250m, the database I am using was without most recent intercepts and is not complete, the DB is only intervals due to azure reporting and it was extracted by another user and company reporting is never complete i.e and may include many gaps..So big grain of salt! This is my thumb suck estimate only, and I spent a total of 1 hour putting it together. I did it mainly to visualize the upside for myself and I couldn't be bothered to manually wire frame the peg body as they did, nor build a spatial model etc. I simply took the 0.8 shell which I trend 3:3:1 based on Azures sections...It's good enough for me to satisfy that their target range was good.
Yes, I know this is under reporting grade not the 1.5, but it does not include recent drill hole hits and my RBF based domain is too conservative, the trend I used could be stronger, when I tweak these around I can improve the grade, if someone wants to send a more complete DB to me I will update my model. The Azure target range is probably based on distance of maximum continuity rather than a simple cut-off range or a combination of the two, below image is my 0.8 RBF reporting domain shell (the big one).
The bulk density change of 2.7 +/- 0.15 doesn't move the needle for this thumb suck... exercise, but I did use 2.7 as Azure did.
Their statement is as basic as Length x Width x Thickness x 2.7 and a weighted average of interval grade ranging from 1.1 to 1.4 (I am guessing they said that after doing something similar (but better) to what I did to get comfortable, however they just said L x W x T x 2.7 range 1.1 to 1.4ish and that is what I would do to avoid mind f**King the market if i was ever asked to put out an exploration target size without doing the drilling work.
In a nut shell, Azure have worked their target up a lot more than I could in the space of a morning coffee, they know their ground..This has given me confidence that their numbers for Target area 1 are reasonable. I enjoyed doing this little distracting exercise, for me it highlighted the upside potential. This isn't financial advice, nor is it my professional opinion, if you would like a professional opinion, you can pay for it.
AZS Price at posting:
$2.52 Sentiment: Buy Disclosure: Held
(20min delay)