I see this says Independent, so I think I have to add the 2 numbers together to get the true resources number, and the 'Independent' Resource listed here is all of the resources that were unable to be upgraded to reserves thus far. Right so far?
So:
Reserves 1.51Moz @ 5g/t
Resources that were not able to be upgraded to reserves yet: 3.2Moz @ 9g/t
Those resources sound very good, and usually the higher grade bits of the resources are the most likely to be upgraded to reserves, but apparently not in BGL's case. Apparently the most economic or most proven bits are the 5g/t parts.
Can anybody summarize what is holding back those 9g/t resources from becoming reserves? Insufficient drill spacing to get them up to Measured (due to no UG drill access yet)? The indicated portion is actually 2Moz @ 10g/t. Too deep etc? Something else?
I'll try to work it out myself some time. I'll try to check the resources vs reserves 3D models for example.
BGL Price at posting:
$1.20 Sentiment: Buy Disclosure: Held
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