"Nothing wrong with inferred resources. Only more drilling can convert them to indicated or measured resources - that is the nature of the beast".
We've been down this path before. Inferred is the lowest category - a very flimsy number to bandy around. Drilling may only convert a portion, and in some instances actually reduce the mineral inventory in terms of tonnes and/or grade.
Read up in the JORC - and there are plenty of available papers through the AusIMM or AIG that discuss the reserve/resource process. Resource companies often rely on investor ignorance when flouting thier resource statements.
What you can say is BLR has a starting point in a very long process chain that MAY lead to a mine.
BLR Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
