There's been some speculation that the resource estimate for Zone 1 will be increased. This seems to be based on the fact that since the original estimate contained in the NI 43-101 report (summary released 27 January 2009, full report on 25 Feb 09) there have been many drill assay results released - some on 25 Feb 09 (about 32 holes) and others on 27 Mar 09 (about 80).
The NI 43-101 report stated that the estimate was based upon the data from 11 diamond and 174 RC holes (paragraph 17). Checking every report released by EXT gives data for a total of 154 drill holes. The NI 43-101 report includes a diagram showing the location of all the drill holes used to arrive at the resource estimate (Fig 10.1_1 on page 33). I have overlaid that figure with the location of the 154 drill holes that have been released by EXT (indicated by smaller dark blue diamonds). This clearly shows that the recent drill hole data released is for the same holes used in the NI 43-101 report, and is not for any expansion of Zone 1. The few remaining holes that have no blue diamonds are yet to have results released by EXT.
A possible explanation: The NI 43-101 report states that 41% of the samples used to define the resource are based upon radiometric data (paragraph 17.1.1). This is quickly obtained on site by use of a downhole spectrometer, and is only used when chemical assays were not available. The radiometric data was corrected for bias based on statistical analysis (paragraph 17.3.1).
It is my opinion that the data being released recently is the chemical assay data for these holes, which takes some time to carry out, and not any extension of Zone 1. Therefore the most accurate estimate for Zone 1 remains a defined inferred resource of 108 Mlb at 430 ppm above a 100 ppm lower cutoff, in accordance with the criteria for NI 43-101 (Canada) and the JORC Code (Australia).
Zone 1 mineralisation remains open along strike and down dip so there is no reason Zone 1 would not be increased in the future.
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