My previous posts put together in one below. These were from...

My previous posts put together in one below. These were from earlier in the year but nothing has changed. The zones seem high grade and continuous shallow dipping but relatively thin. My JORC estimate is around 200,000oz but it could be 300,000oz if they use a low cut-off grade. Personally I would prefer not to include lots of really low grade halo (not that this really exists at Aurora Tank).

The bulk density measurements being done on the core are required for completing (a) resource estimation and (b) scoping/feasibility studies." Resource estimation means a JORC resource calculation. They have more than enough drilling and density of drilling to calculate a JORC resource. The density measurement will be required to make the JORC resource calculation.

For my purposes I have used a bulk density of 2.7 but it could be 2.5. The current drilling at Aurora Tanklooks like 2 zones x 300m long x 3m thick x 200m down dip x density 2.7 =972,000t @ 6g/t (?) = less than 200,000 ounces.

The reason that the Jumbuck project resources were important is that they will take the total over 500,000 ounces and justify a heap leach operation to create cash whilst they keep exploring for more deposits and more ounces around and at depth below Aurora Tank. MEU have clearly not bothered looking for deeper high grade shoots below Aurora Tank as the strategy seems to be get the open pit heap leach in operation and then we will have plenty of time and cash for deeper drilling. The deeper sulphide zone material mined from underground may need to be processed at Challenger or a new MEU plant if sufficient ounces are proved up.
Aurora Tank may well be a million ounce deposit however Marmota have not tested depth potential, we simply don't know if the high grade shoots extend to 500m below surface like Challenger. We certainly do not have 1Moz of shallow resources at Aurora Tank, 2 or 300,000oz based upon current drilling. But then Challenger did not have 1Moz of shallow resources either. What is clear is that the grades are high and well able to support a high grade underground mine similar to Challenger.
Golf Bore, the largest of the Jumbuck resources is around 20-30km from Aurora Tank and has an inferred resource of 726 195 t @ 3.29 g/t Au. The Syngas/Tyranna report of 17 October 2019 lists Golf Bore as having total resources of 3.79Mt @ 1.0 g/t. Gold price high and they have included large amounts of very low grade. The difference in contained gold between the 3.29 g/t resource (77,000 oz) and the 1.0 g/t resource (119,000 oz) is modest and more profit may result from using a higher cut-off grade. So Golf Bore is actually a high grade shallow open pit resource which when combined with Aurora Tank makes for a reasonable tonnage very high grade heap leach operation. This should be very profitable and throw off lots of cash to look for more and even pay dividends. With Campfire Bore, Greenwood and Mainwood we have access to over 500,000 ounces all within trucking distance of a central processing plant.

Jumbuck report - Syngas Tyranna.pdf (17 October 2019) gives a plan of the Jumbuck leases and a table of resources. Campfire Bore is listed as having a total resource of 2.79 Mt @ 1.2 g/t Au (109,000 oz) and is interesting because it has a horizontal supergene ore zone with a steeply dipping primary mineralisation lode. Campfire Bore plan and sections.pdf Greenewood is also near Aurora Tank and has a resource of 0.9Mt @ 1.6 g/t Au (46,000 oz). Mainwood, near Greenewood, has 0.35Mt @ 1.1 g/t Au (12,000 oz).

So 286,000 ounces of Jumbuck open pit resources, say 200,000 at high grade 2+g/t Au. Plus Aurora Tank open pit 2-300,000 ounces at very high grade, 6g/t Au?, and we have a very profitable mining project with a very short pay back period and low capital costs. When the heap leach is throwing off cash we can look for more deposits and deeper below existing deposits for underground options similar to Challenger, also pay some dividends. Sounds like a winner to me.
Total Jumbuck resources are stated as 319,000 oz.

Of the southern deposits there are some nice shoots, for example 6m @ 9.2 g/t at Typhoon. These are not the main game at present.

Syngas/Tyranna concluded:

1. All deposits are open at depth and have excellent potential for resource increases with further drilling
2. The deeper underground continuity of the mineralisation is yet to be tested (sound familiar? if you only look for open pit resources that is all you find. Challenger was an open pit to start with but did require deeper drilling to prove the depth continuity and the bulk of the mined resources from underground workings)
3. All deposits are within trucking distance of the Challenger gold mine
4. All reported resources are within 100m of surface and therefore potentially exploitable by open cut mining (most drilling to 80m)

Barton Gold has a present gold rights interest of 22% in Monsoon and Typhoon and 20% in Gold Bore, Campfire Bore, Greenewood and Mainwood. As far as I can make out Barton Gold still has this interest in the Jumbuck leases. Of course Barton have the Challenger mill and may play a key part of the development of resources, particularly at depth where sulphides may render heap leach techniques less effective.