Wayland & All,
>>>Larry: One major difference between Jan and Mar release, besides the number, is the phrase 'Johnson methodology' which was used numerous time in the first release and 'STANDARD lead fire assay procedure provided by Johnson" used once in the second release. I think the management has already explained why the number differed. Don't you agree.<<
Mostly just lurking, but reading all these posts it strikes me as if most don't understand the issue here, including maybe Kim W. Brasington. And why should he know everything there is to know?
This is my take on the issue:
We have a lot of possible processes of course to recover the metals from a complex ore. We know of at least four of them.
1 is just doing a standard fire assay without any preparation, which gives almost no metals at all and causing all the confusion.
2 we have the new lead fire assay from the last PR giving nice grades for 'normal' mining and which resembles or in fact is the first stage JL method, modified to be standard lead fire assay. This ore is NOT processed by Johnson at all, he just gave the secret of how to get a low cost simple standard fire assay method to the lab's. First stage!
3 we have the second stage JL process giving higher numbers of 1+ oz/ton
4 is the third stage from the JL process giving unbelievable high numbers as GPGI also states, making it more believable.
Naxos is on the way of proving a reserve, this cannot be done by the second or third stage of the JL process, as it would be too costly and would take too much time. They needed a more or less standard fire assay of a few $ and have found one in the first stage JL process. Later when the reserves are calculated they can then add the multiplier being the difference between the first stage and the second or even third stage. This could indeed mean we will get lets say 1 million ounces of gold on a certain tonnage, which would translate to 20 M oz later using the third stage JL process proven by the pilot plant, which by some strange coincident is almost in its place!!!
Both the official reserve calculation and the consistent flow of high numbers from the pilot plant will proof beyond any doubt we have an economic mine in development. In between, the stock price will slowly go higher with ups and downs of course. We will reach this stage not before the end of this year IMHO. However it is not impossible the stock will go much higher when Le Doux and other lab's announce more third stage JL grades found in a lot of holes, but maybe they are waiting for the bulk samples with the pilot plant for more proof. And the first ones could reach us by summer.
Anyone knowing if the new stronger regulations from Nasdaq are interfering with the release of NOT standard fire assay grades?
Just my take on the situation and it would explain everything.
Hans Smedema, long term shareholder of Naxof, GPGI, IPMCF, USPS and more. |
