For some clarification of info you posted, the following is from the reference you cited.
>TWST: Would you comment on the economically recoverable reserves that you estimate out of your Mineral Ridge project?
Mr. Hawley: Absolutely. When we acquired the property, it was a distressed asset from the company that filed Chapter 11. But they have historically done 380,000 feet of drilling, and it was all in paper format, not electronic format. So when we started looking at the property, it was where to begin to assess this amount and how reliable was the data. So what we did was, we took one of eight mineralized zones that were drilled off, called the Drinkwater area, and we took approximately 50,000 feet of that drilling, put it electronic format and went to Micon engineering out of Toronto with mandate to form NI 43-101 on that zone. To that point in time, we went ahead and drilled approximately 20 holes to see how reliable the data was and then went ahead and did some additional drilling to form the resource database for the calculation.
The results of that was the first-ever NI 43-101 in June of last year, which said the Drinkwater area had 357,000 ounces, and mostly in the measured category, and was open for expansion. That was the basis of the mine planning and why we entered into production. Since that point in time, we've taken the remaining 320,000 feet of historical drilling, which is all in 25-foot centers and has outlined another seven additional pits. Under the guidance of AMEC engineering out of Reno, Nev., we expect to release a new NI 43-101 reserve/resource report, which will include all the historical drilling in addition to the 150,000 feet we have drilled since the 2010 Micon report. So in Q1 of next year, we'll come up with a new reserve/resource statement, and you will see that 357,000 ounces grow dramatically.< |
