I don't know what Merk is talking about. I think our estimate of 1 billion mineable ounces is perfectly reasonable. You have to stand about 100 feet from the chart, tilt left at 35 degrees and watch the laser pointer with one eye closed. Then you will see that it is undeniable.
Actually in the case of the fellow I mentioned with the million ounces, his standards of reserve estimation, (Most is resource and potential in this ounceage), is tighter than any US mine. They only talk about drill holes with certain spacings with tunnels above and below the ore, AND mining history in contiguous ore. Resource is simply the same with wider spacings. I think resource is 100 foot spacings. Potential has fewer drill holes but some workings.
All our ore estimations are based on mining, in three areas, reports on drilling, and small amounts of channel sampling. This is in the potential inferred category. There is some ore in the resource - inferred or drill indicated. The tailings pond grades are in the potential category due to estimates of losses at heads and some sampling. Feasibility on the tails would require about 50 holes of hand drill percussion/core with assays and recovery testing.
Contrary to what Merk says, there is probably more hidden ore, not mined in many deposits, i.e. left behind than many believe. I would doubt some geostats on drilling and areas not mined too, but some hard straight arithmetic stats based on drill holes forgotten of past mines, indicates million and millions of ounces not accounted in national reserves. I know of one mine alone where 13 million or more ounces of gold of about 0.20 ounce grade per ton exists but it is unkown to many. The engineer (mine superintendant) who drilled it told me in 1977. I know of 4 others situations where paralell situations of drilled ore, or inferred ore exist in old mines. Drilled ounces but abandoned. In the millions of ounces. As well many tailings ponds are probably profitble, but failed operations seem to deny this. It is a matter of engineering know-how. And capital.
EC<:-} |
