This pains me because I have holdings in both but let’s see if I can get this right ....
So 26/10/18 Macq published a document concerning MIN which in part states that:
“World Class lithium deposit: Prior to the site tour, MIN released an updated reserve and resource estimate for Wodgina. The project now boasts reserves of
[email protected]% Li2O and resources of 259mt @ 1.17% Li2O. Wodgina is globally the largest hard rock lithium resource”. Further in it has a heading “Largest hard rock lithium deposit in the world”. The paragraph to which that is a heading goes on to give further detail of the upgrades to reserve and resource ultimately underpinning a ~27 year life. Immediately after that section is a figure (table) entitled “Largest hard rock lithium resource in the world” and the table once more sets out the changes in resource and reserve values.
So from that I take it that Macq felt as at 26/10/18 that MIN had the largest Li hard rock resource in the world. Note I do say “resource” as the only mention of “deposit” comes in a paragraph heading which is immediately followed by details of reserves and resource figures. Thus the notion of “deposit”, which on this forum has entirely been put forward by people other than me, is not what I read that Macq report to say - show me otherwise for sure.
Now, I may have missed something here but as far as I can tell, as at the publication date of 26/10/18 there was no defined mineral “resource” for Manono. The best I can find (prior to or at the publication date mind you) is the AVZ investor presentation material of 10/10/18 in which the statement below is made under the heading of JORC statements:
“JORC statements & Qualifications / Competent Persons Statement
Given the size and mineralised nature of the pegmatites at Manono, the Company has generated an exploration target tonnage of between 1000 and 1200Mt at grade between 1.25% to 1.5% Li2O within pegmatite ore. The potential quantity and grade as stated, is conceptual in nature as there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.”
Is it possible (not sure you will ever want to agree here but hey I hold both and recognise each being at vastly different stages of development so it doesn’t bother me one bit), is it possible that just maybe when Macq published the document on 26/10/18 they could not take into account the Manono deposit in terms of “largest hard rock lithium resource in the world” because there was no JORC compliant resource figures available?
Now take one further step, maybe you can educate me here re the accepted mining or geological definition of “deposit” vs “resource” - don’t get me wrong, I do understand the difference between reserves and resources, measured, inferred and indicated - but how does “deposit” fit in in terms of bankable or justifiable measurements?
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