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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: carl who wrote (9589)3/11/1998 4:39:00 PM
From: Tim Hall  Read Replies (1) of 20681
 
Carl, This is not a simple question to answer. Ore reserve calculations are dependent on many variables. Take for example the Carlin type gold deposits.

They are not exactly the same but similar. Over time, the geologists and engineers have had an opportunity to do reserve calculations and then mine the area. From this they have learned what drill spacing best proves the reserves.

With other deposits such as sedimentary deposits, you can do proven ore reserves with 1/2 mile spacing. I have also seen uranium deposits that required 25' spacings.

Since no one has ever mined a deposit such as the one suggested at Franklin Lake, there are no real guidelines as to the hole spacing necessary to prove the reserves.

It is my opinion that most experts will be reluctant to accept proven reserves until they are very closely drilled. After some of the material is actually mined and a history developed, then it may be possible to use wider spacings.

Tim Hall
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