cat's out of the bag!, page-15

Kirby, whilst the resource has huge potential, the majority of it is still in the 'inferred category'. This is the lowest form of confidence and is basically an estimate taking a lot assumptions into account with regards to continuity etc.
They will need a fair portion of the resource to be in the 'Reserves Category' say 10 years worth of ore supply before they will start digging it up. I'd say they have a hell of a lot of definition drilling to carry out to bring the resource into the reserve category to support an operation of the size that is being proposed. I think they have their hands full at the moment with one RS. I remember the Geo at prominent hill early on stating there could be 2 or 3 more PH's on the lease-that got a few excited too...From this point on you might not actually see the headline resource size grow as high as some of the numbers thrown around here but see the resource move from the inferred category to the indicated then to measured. This will be required for the BFS and to ultimately secure funding.
So you can in fact get much better than that before you start digging it up.

FYI

An ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity.
It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability.

An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence.
It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed.

A ‘Measured Mineral Resource’ is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence.
It is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and grade continuity.

A ‘Probable Ore Reserve’ is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. It includes diluting materials and allowances for losses which may occur when the material is mined. Appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors These assessments demonstrate at the time of reporting that extraction could reasonably be justified.

A ‘Proved Ore Reserve’ is the economically mineable part of a Measured Mineral Resource. It includes diluting materials and allowances for losses which may occur when the material is mined. Appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified.