Tonnage for the southern outcropping zone was: 80,000 x 16.9 x 2.8 = 3.9Mt
My post is purely calculations based on figures in the report.
It would have been nice if the company had outlined the potential rather than making us work through 20 pages. Hopefully they got the message loud and clear and will not do that again.
At first I was disappointed with Jocelyn ..until I started plotting it and then figured out that they had drilled less than 10% of the original target.
It would be interesting to hear if the company still has the the red (hidden zone) as a target zone. If it is.. it could indicate a potential target of 80 - 100Mt.
Jim drilled Jocelyn North and found virtually nothing - but I guess he did this because it was marked out as a Marra Mamba zone on the DoIR maps.
Railway is very high grade new discovery to the south of Jocelyn. However this needs more drilling.
Take a look at Camp Hill West. Plenty more drilling to do there too because it is huge and at depth.
The market did not understand the report, which is why the stock got sold down so much. However - it certainly isn't 'bad'. They hit a large area of medium grade mineralisation from the surface to 30 metres down. How cheap would that be to mine?
I hope the company releases a clarification statement sometime down the track.
Joel
UMC Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
