Just got in and caught up with todays news. Nice announcement from UCL today of updated resource estimate. Overall a significant increase in actual inground resource with strong estimates of recoverable metal based on proposed recovery methods.
I quote:
"The metallurgically recoverable metal within the resource is therefore estimated at 11.6
million tonnes zinc, 3.3 million tonnes lead and 134 million ounces of silver."
This is based on 2% cut off. Under 2% not seen as economically significant to the project. Low grade to be kept aside for possible future recovery with development of new techniques etc and not allowed for in the above figures.
Do the sums - zinc price for 27 mth contract as of 3 April was $2040; 11.6 million tonnes recoverable. whew.
That's not including the lead, silver, lower grade stuff and the fact that these are from the optimal pit only - not including the open resource outside that area that has not yet been studied.
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