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Gold/Mining/Energy : Winspear Resources - Eric Charters Only!
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To: Rick Hawke who wrote (89)6/19/1999 12:02:00 PM
From: E. Charters  Read Replies (1) of 99
 
Well they did not get the 300 dollars a carat did they? That was too farfetched. Now they are back to a regular median to higher than median value for the territories and probably a more correct one. Here they claim more carats than they had earlier so they can talk about a higher than average dollar per ton figure. The question now lies in how many tons do they have and at what grade? Surprised that should still be a question? Well don't forget that both bulk samples in two different area are quite large and they vary in caratage by 80%. I would say the value per carat of the large one is more correct because of the small statistical group of valuable stones. But it was taken in a different area so carats per ton is still not pervasively known. It is not like drilling gold and getting a rough handle on your grade from point to point. Here drilling gives you no economic delineator because of the lack of correlators with economics for such small samples. And you cannot bulk sample the whole vein without mining it.

Ultimately all your cash will be at risk in mining with at least 60% uncertainty at least that you exceed the carats per ton of the smaller bulk sample or exceed the value per carat of the larger one.

This kind of mining/sampling is dicey, isn't it?

Still the believers will like this data. They will build castles in Spain on these results. Will 181 dollars per ton make a mine? Well mining money is tough to come by. Feasibility is 10 million dollars away. I would say it will be a poor mine. A nice stock play but a poor mine. It should, however, give encouragement to hordes of depressed explorers to get back in the game and start looking with a tad more geological expertise than they have so far evinced. The degree of knowledge of the application of geobarythermometry by nickel and chrome and calcium et al to the problem of economics, and the expertise in train folowing and analysis of conductivity and gradient maps in these areas, is sparse at best, even amongst the experts.

EC<:-}
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