"Ore reserves maintained net of depletion, with the Mangrove and Acacia East satellite deposits at Koolan under evaluation. Additional potential exists in Koolan Main Pit deeper cuts which are not reflected in the ore reserve estimate."
PK has stated in the past that he is in possession of a wealth of information regarding drill holes (the drill holes assay details are available online).
What effectively moves resource to reserve is incorporating it into the mine plan. If it's in the mine plan then it's economical to mine.
Its a matter of having a mine plan that is economical.
Acacia has seen some preliminary mining already taken place with 4 ship loads sold under Jim Beyer.
Mini UG studies have already been done for both Acacia and Deep Main Pit which was originally modelled to 225 metres (currently at around 120 metres).
Jim Beyer in an interview with the ABC stated the potential of Koolan having a LOM of decades.
However, besides extending LOM Koolan, PK is currently critically examining several options. It will be a matter of which option or options are best to pursue.
There is drilling currently going on at our Tallering Peak tenament but no assays currently published.
MGX Price at posting:
41.0¢ Sentiment: Buy Disclosure: Held
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