iva bidding power rises, page-16

bullmarket7...

The issue for me is not the reporting of in ground metal content, nor even inventory...nor even JORC compliant resources based on historic data...but the selective vetting of the use thereof.

I believe some companies are specifically told they CANNOT refer to in ground metal contents...and certainly not inventory...on anything less than a measured resource to current JORC standards...in fact, inventory I believe is reserved for a fully costed and stress tested BFS.

Today, IVA have specifically referred to in ground metal content, no less on an inferred resource based on historic drilling, much of which was performed before JORC even existed. At the very least, QA and QC will be questionable...if it exists at all...and previous mining will create all sorts of question markks for resource calculations.

How on earth do we determine the viability of pre-JORC historic results?

Previous operators were not well known for industry best practices here...I personally hold grave fears for the accountability of some of the results being relied on.

Further, experience at Selwyn supports concerns that some of the resources being included today may not even exist...at the very least, enough doubt would exist to suggest caution?

As I asked earlier...how have IVA determined which holes to include...and which to exclude from the resource calculations...on the basis they may or may not have already been minded out of the resource?

This is an important issue.

Unless IVA have twinned all of the historic holes, which they clearly have not, the process of elimination of holes previously included in the resource, but subsequently mined out, could only have come from the records of a previous mining company who went bust, on one occasion reportedly looking for a resource that did not exist.

Predominantly based on historic data, they conducted basic surface investigation and may or may not have drilled a few holes...and simply assumed the resource continued along strike and at depth...yet when they got down to the business end of things, to their surprise the resource was gone!

lol

So I ask again, how have IVA determined which zones to include...OR NOT...in their resource statement?

Now...let me make this perfectly clear once again...I am not questioning the capacity of those putting these resource estimates together for one second...they may well be correct…but it appears we have some highly subjective reporting here, which at the very least might be better treated with a degree of scepticism given the fact a good deal of it is based on data clearly not JORC compliant...which cannot even be quantified to current standards.

I would have thought that after the BDG fiasco...and several others we are well aware of...that the ASX would be well aware of the need for consistency in reporting to JORC standards. It seems to me however that both IVA and EXS have been given an extraordinary degree of latitude in the reporting of their respective resources...compared to other companies...a degree of latitude one might feel understandably confused about?

Whilst I might be drawing comparisons between the reporting standards of various companies...at the heart of my confusion is the apparent lack of consistency from the ASX.

I have no issue with the reporting standards of any particular company.

Cheers!