Bump - Not a bad prediction of the main massive magnetite body.....

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nihilism

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13/06/17

12:46

Post #: 25244190
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Originally posted by nihilism ↑

They could try and do that, but I think looking at the current drills, they would have a hard time stopped there and it would be unethical. There isn't a geologist I know that would (and they have to signoff under JORC2012) do that, and the ones that would probably wouldn't come cheap (because it's illegal for a competent person to mislead investors).

@vontrader - I think I gave an opinion in the previous thread but I'll give some rough numbers here.

Anomaly is 2800m long (approx) with a width of approximately 250m - assuming the magnetite band continues dipping at 55-60degrees this is the likely depth of open pit mining ~300-350m, and the seam width of 15m (width perpindicular to the ground, normal widths are 10-15m @ 60 degree dip, will be higher width 90 degrees to the ground).

You end up with ~35mt at a density of 3.5, for the major deposit. Magnetite is actually a density of 5 if its pure, so 3.5 might be a little low for massive magnetite, you may get up to 38Mt.

Also, if the truth width goes above this, you can expect more, however looking at the survey its likely that there are some parts much thicker and others much much thinner.

Grades we will find out, but if like AVL they will be above 1% for pure seam grades (1.1-1.4 in AVL) but then you add in dilution loss and gain (roof and floor) for a 60m steep dipping seam (~20cm loss and 20cm gain on either side) and you'll end up around 1%, maybe a touch under. The geologist may use different assumptions, industry standard is 15/15 however due to the steep dip, they may assume slightly more.

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Bump - Not a bad prediction of the main massive magnetite body.. probably one of my better ones... although it appears I was a tad optimistic.

TMT Price at posting: 20.0¢ Sentiment: Buy Disclosure: Held
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Bump - Not a bad prediction of the main massive magnetite body.....

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