Well put
@dunny29,
I have the same frustrations re news, and the same concern re lab work, but called managemnet recently and had a long chat. And I'm happy to report that all is progressing well with the Low Capex plan. But don't take my word for it - call them yourselves fellow BAR investors. Garry B is always very helpful and informative.
Also you are correct, if the lab tests showed the whole low-capex approach was non viable, CNJ would implode and crash to near zero.
In summary:
Leaching tests took longer than expected but now complete. Reasons: they were testing many different parameters in serial not parallel, and many different variations of process. And labs have been tied up with CLQ's testing work! However, all going to plan. Best processes now arrived at. Note: Remember that the atmospheric leaching is already independently tested and proven. These recent tests have been done to optimise processes (as the cobalt manganese relationship changes in different parts of the orebody) - so finding which process is most efficient - ideal leaching time etc.
Engineering consultancy engaged to produce flowsheets. Announcement due soon.
Big picture:
1: First priority has been to investigate and prove beyond doubt which process will work best to remove the cobalt (now complete).
2: Engineering consultancy develops detailed costings and financial models (by June).
3: Launch Mt Thirsty to the world with detailed financial model (as opposed to launching now when only half-baked). In my opinion it is VERY likely this will be in the form of a revised JV including Mar Creasy's next door tenement - so the costings would involve his resource as well. Only my guess, but seems likely. Why wouldn't they collaborate? At the AGM we heard that discussions are taking place. I imagine the whole project will be re-launched in a similar way to Cobalt Blue last year.
In summary: hold tight everyone. At $65 million CAPEX, Mt Thirsty will be a much faster resource to develop that others (which cost 10 x as much).
Solarbat
After talking to management I now understand the delay and limited news and have no concerns about the results of the tests. Just to be clear!
