paytrade, I had considered that; one reason for doing the sums for each month as I did. A couple of points:
I think that when a resource is first drilled the boffins go away to study what the structure might be underneath. Based on that study, they direct where future drilling occurs - either new locations or to redrill existing holes to greater depth. I assume they would go for the obvious targets first, working there way through to less promising targets. So I conclude that while we might see further increases in Zone 1, they may not be by as much as what we've seen already.
Another point to consider: the assay results take about two months to be published, and Zone 1 is still being drilled. So I assume we have at least two more months of Zone 1 data waiting to be analysed.
Combining the above two points, I predict that Zone 1 will be between 130-135 million pounds when drilling ceases, with an outside chance of 140 million. Just my guess, I could be wrong on this.
I think your estimate of 300 million for Zone 1 & 2 & Ida Dome by September is quite possible, but a touch on the high side. I'd go for about 280 at this stage (135 Zone 1, 120 Zone 2, 25 Ida). There's a fair bit of + and - on that total.
I am much more excited by the drilling further south of Zone 2. So far all EXT has said is that the returns exceed those of Zone 1 when it was initially drilled. Since exploratory drilling by EXT is usually down to 100 m, this indicates to me that Zone(s) 3+ may be as close to the surface as Zone 1, and may be as big. Now that would be something!
EXT Price at posting:
$5.06 Sentiment: Buy Disclosure: Held
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