Elizabeth, we are talking about $110 rock at today's prices. How many tons of rock would SRU need to be economically viable in your opinion? At this point it looks like there is 12 kilometers of mineralization (connected) still open at strike and depth. That implies a lot of tonnage IMO!
From Raging Bull:
By: PaulD
Reply To: 1110 by MAGIC Wednesday, 29 Sep 1999 at 12:13 PM EDT
Post # of 1113
MAGIC. Just followed your advice. I'm off the phone with Bob Krause.
He, personally, like the results. He also mentioned that other geologists liked the results. Of course they are not 5% grade like Voisey Bay, but the tonnage is increasing (within USD 110.- to USD 130.-/ton). The assays were double checked at the request of the lab due to high copper grades (4% to 6%). Now that I think about it, I forgot to ask about those high grades because in the NR the copper grades are 0,10% and lower.....hmmm...
Second phase drilling is now completed and finished. 14 holes have been drilled, 11 more results (holes) are to come. He expects to have some more results within the next day or two, then he will check them.
Phase 3 will begin in February. Two more drills will be brought up! One on the West side to develop tonnage, one on the east side to also develop tonnage and a third one above the lake where the higher stuff should lay. For Phase 3, 25'000 meters will be drilled compared to 3'000 meters for Phase 2.
He was pleased about the results and encouraged. But as he mentioned, the market doesn't, obviously...
I think we should stop comparing Voisey Bay to Ferguson Lake for the time being. After Phase 3, we'll have a better idea of the deposit. Things are developing well. Results are encouraging. We've got out of three holes 25 meters of massive sulphides in hole 99-10 and 15 meters in hole 99-11!!! Out of three assays, IMHO, those results are VERY encouraging!
Cheer up everyone! Things are looking good!
Paul
(Voluntary Disclosure: Position- Long; ST Rating- Strong Buy; LT Rating- Strong Buy)
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