Does anyone know how the mining community calculates the size of reserves in the scenario NAXOS is about discuss i.e. 2 holes 1/2 mile apart, with samples taken down to 250 feet. To be more specific, if you drill a hole, do you assume the amounts assayed of say, Au, will also be found in similar quantities in a radius of 100 feet, 500 feet, 1320 feet (1/4 mile) around that hole? What I'm driving at is, how many tons of material can we infer have x ozs. of minerals in them based on this 2 hole, 250 foot sample?
It seems to me that it would be beneficial for all to be able to say to the world after the next announcement something along the lines of "NAXOS now has 'proven' and/or 'inferred' (may be wrong adjective - can't find the post describing types of reserves - help Tom F.) reserves of ??,?xx,xxx ozs. based on these results".
Also, in the most recent release we learned that a 205 hole drilling permit had been secured. But the release doesn't describe the grid, state how far apart the holes will be drilled or describe how many acres these holes will "prove". I may have missed discussion of this subsequently, but I don't believe we have a clear understanding of this.
From an earlier post (#5031) I understand that we have 2.5 billion tons of material on our 33,000 acres going down to 250 feet. But it also would be helpful to know how much of the property will be tested and converted into "proven, inferred, etc" reserves upon completion of the 205 hole drill program. Also, if the company could comment on a best case/worst case timeframe for completion of this 205 hole drill program, that would be appreciated.
My thanks to all the thoughtful contributors on the board. I'd like to add that I support management's efforts and believe that we are clearly moving in the right directions. |
