As it’s a new resource built largely on DRE drilling it should be JORC compliant. It may still include the more recent historical drilling where there is sufficient confidence on drillhole location, deviation and QAQC, will be interesting to see how much of this is included.
Generally the only time it would not be a JORC compliant resource is if it was based entirely on historical drilling…and in such cases its getting less common for these to make it into the public domain via asx releases. I.e. can quote historical drilling intersections (as long as its qualified in table 1), but you typically cant quote a non-JORC compliant historical resources. But it gets fuzzy because quoting historical production figures is seemingly ok….its a bit of a mess.
But regardless, the Metzke’s Find resource will almost certainly be JORC compliant.
I have been having a more detailed look at the Illaara Project while waiting for Mangaroon updates, and I'm also interested to see the numbers for Metzke's Find. But I’m not expecting it to be anything spectacular tbh, last lot of deeper targeted drilling failed to return any significant mineralisation within the structure – so that puts a bit of a cap on the immediate resource potential. Doesn’t really change the regional prospectivity as clearly it’s a live structure and there is plenty of anomalism along strike that can/could be tested to grow a resource base…just depends if that is where DRE see value, given all the other projects.
Based on a real rough back of the envelope I get between 60k to 80k ounces (assuming average grade can hold ~3 g/t.
This is based on a strike extent of ~450m, a down-dip extent of 130m and an average thickness of 2-4m. A lot depends on how the grade holds together, which I don’t have a good feel for…been trying to go back to historical drilling but that’s a work in progress.
Obviously, there are many reported higher-grade intersections, so if there are continuous zones >5g/t that can be domained separately then there is potential for ~100k ounces.
I also haven’t extrapolated out beyond the main drilling area, there is potential to extend out to MZRC049 (6m @ 1.15 g/t Au) if continuity can be proved with additional drilling. This would add another ~150m of strike.
Note, none of this doesn’t take into account mine-voids. Also, this is just for interest sake - DYOR.
From a regional perspective, I still view the Illaara Project as having significant upside - be that through DRE’s own exploration...if it fits within other ongoing priorities or alternatively as an asset sale.
i.e. a modest shallow open pit resource, regional prospects and untested Au-anomalism over a large strike extent of the Yerilgee and Evanston greenstone belts....it would be a flagship project for many junior explorers (just goes to highlight DRE's portfolio).
I do find it interesting that as yet there are no +1Moz Au deposits associated with these belts (that I can think of?) There are some smaller resources e.g. Mt Ida 0.32 Mt @ 13.8 g/t Au (140,700Oz) and Bottle Creek 6.9 Mt @ 1.7 g/t Au (370,300Oz) So i wonder if that's just lack of modern exploration, or something fundamentally different geologically/tectonically in these belts and their evolution relative to others in the Southern Cross Domain.
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