Yes, I agree with you akq on the resource being bigger and Pens site already having a successful plant running in the past that you would think would have to account for more.
When you think about it, its no wonder these projects are becoming increasing hot realestate. In as little as two years or less now!! PEN, if all goes to plan will have an annual revenue of 100 million, just from there first target of 15ml lbs.
But they have to identify each individual roll front there first. Thats the tails and the sides(which would be of lower grade and thickness) the middle and of course the "Nose"(which is of higher grade and thicknesses) each identification being just as important as the other so as they know how to structure their well field pattern(how far out to the edge they go). They need to know all this for the calculation for JORC.
Its not like alot of conventional deposits where Imo a large majority of the resource is in one place but just deep, so Jorc drilling can prove them up alot quicker even if the resource is still open at the sides, they can just add to JORC resource later. Whereas ISR roll front drilling are like long fingers scattered all around the place. And must be fully indentified for reasons mentioned above.
Lets also not forget too that the fluids they pump in will most probably pick up a very large majority of the resource, what I mean is even the low grade uranium not in the JORC calculation will be picked up as well.
I especially want to see this JORC out as soon as possible, but I do understand the task involved in roll front identification. The good thing is they have said numureous times now that they are on track.
I'm expecting 2010 to be a good year for announcements for PEN.
NK
PEN Price at posting:
4.3¢ Sentiment: None Disclosure: Held
