OK, I went and looked at the initial resource estimation at Mace again. There is indeed still upside in the sampling methodology. The RC drilling COULD have underestimated the grade a fair bit because it's coarse gold. Due to both sampling methods and sample size (assaying a 50g charge from a 5kg bag for RC). Also the cutoff was 0.1g. Obviously the cutoff will be a lot higher for a trucking operation, so a lot will disappear there. Even now it will have to be 0.5g at least, I would think. EXU could use such a low cutoff because it's oxide, requires minimal milling and is close to the surface, and plant. RMS will probably go straight to grade control or bulk sample, or just mine it without updating the resource. You can't put a reserve on an inferred resource, but RMS don't have to, they can just mine it. One of the advantages of not needing bank finance.
There was a lot of hyping about Mace on here, but the actual releases by EXU are not particularly arm wavy. Clearly they wanted the results into their mine plans, because an additional $20M cashflow (or whatever) early makes a big difference to a stand alone.
The resource looks to be dwindling to the west, so might not get bigger, but there is an additional bounce that I'm sure RMS will check out a few Kms over. Would be nice to know what they are doing there......
OK, I went and looked at the initial resource estimation at Mace...
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