a couple of anomalies from previous management to be aware of:
a pure RL was chosen to delineate 'free milling oxide ounces' however any regolith profile is never linear. Also note this arbitrary line was BELOW existing oxide pits from previous mining (the initial open pit mining prior to UG) - so near-surface resources are COMPLETELY false in stating they are free-milling.
no basis was given for this 20% approximation of refractory ore and how this was derived. generally a deposit generally is refractory or it isn't - sometimes a high sulphide content can drop recoveries in a CIL plant if it's localised however I don't see the density of drilling data to provide enough material for test work - I'd say it was a thumbsuck estimate, but hey that's scoping studies for you.
POX plants a very high capital - generally not seen in Australia. Hemi is of the scale to warrented POX i don't see this as an option here. The flotation method is most viable - hopefully with a decent gravity recoverable component.
but management need to step on the gas with activities if they believe their own BD!
RXL Price at posting:
26.0¢ Sentiment: None Disclosure: Not Held
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