The stage 2 mining of Old Pirate has already shown that the stage 1 mining results could be discredited IMO; this statement could be based on the fact that ABU has not clarified or commented why stage 1 (which results which were described as a high grade deposit) returned 15.8g/t yet stage 2 grade results showed no such evidence only returning 6g/t.
Conservative valuation, page-25
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