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Gold/Mining/Energy : Copper Fox

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From: louel

9/26/2016 1:22:18 PM

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When I read this part of Elmer's release. I wonder, What was the point ? It says in the print below

"(1) & (2)
Technical Report "Feasibility Study on the Schaft Creek Project, BC, Canada", dated January 23, 2013, prepared by Tetra Tech"

Mineral Reserves	Reserve Estimate Data	Copper Fox Share Metal Holdings
Project	Reserve Category	Tonnes (Mt)	Cu (%)	Mo (%)	Au (g/t)	Ag (g/t)	Cu (Blb)	Mo (Mlb)	Au (Moz)	Ag (Moz)
Schaft Creek (1)	Proven	135.40	0.31	0.018	0.25	1.81	0.23	13.43	0.27	1.97
	Probable	805.41	0.27	0.018	0.19	1.70	1.18	79.88	1.24	11.01
	P & P*	940.81	0.27	0.018	0.19	1.72	1.41	93.31	1.51	12.98
Mineral Resources	Resource Estimate Data	Copper Fox Share Metal Holdings
Project	Resource Category	Tonnes (Mt)	Cu (%)	Mo (%)	Au (g/t)	Ag (g/t)	Cu (Blb)	Mo (Mlb)	Au (Moz)	Ag (Moz)
Schaft Creek (2)	Measured	146.62	0.31	0.017	0.24	1.78	0.25	13.73	0.29	2.10

That was done 6 months prior to the J/V. After the J.V in a later release Teck ( the operator) Decided to re-log the cores. After some re-logging Teck made another decision released Oct 14.

" As part of the review of the metallurgical test work, the Operator has recommended additional variability test work to determine more accurately the metal recoveries and mill throughput at Schaft Creek. "

" A review of the metallurgical test work on the Schaft Creek project indicates that additional variability testing is required. Geo metallurgical modelling of the deposit is underway. Collection of additional metallurgical samples will be required" Then proceed with an optimization study.
In 2015 " continue the optimization studies "

" The 2016 work program includes incorporating the work completed in 2014 and 2015 " to date the resource model for the Schaft Creek deposit. This phase of the program will emphasize getting a better understanding of the precious metals content of the deposit."

So they obviously were not confident in the absolute accuracy of Tetra's Feasibility which had been produced. And as stated in the March 2016 release. They appear not to be confident of the mineral content as presented.

From that point of view it makes the re-posting of the Mineral resource for S/C in the latest release irrelevant. Useless information.

There may be mineral in the ground. But if it is not profitable to extract after optimization, it is not really a minable mineral resource.

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