Hi everyone, this is the first time I have contributed to this thread.
Up until now I have been eavesdropping on the conversation, and have found the info both intersting and supporting of the info I had obtained thru IR and other sources. Anyhow I thought it was time to contribute my two cents.
On Friday IR told me that Bema would first mine the upper 2 million oz and use the proceeds to help finance the development of a mine for the deep stuff. The deep porphyry would be a copper mine with upgrades to inc the gold recovery to approx 90%. This would cost $1 billion to startup, and would process 100000 tonnes of rock/day putting out 1.2 million oz of gold and 500000 pounds? of copper per year.
CC has a gold:copper ratio of 2.5:1, which is v.high for a Chilian gold/copper porphyry. They have a minimum of 500 million tonnes of econmically viable mineralization, and a total of 1 billion tonnes of mineralization. The gold to copper ratio, and the amount of mineralization is the key, not whether or not 1g/tonne is to low of a grade or to deep.
(By the way, not all of this came from IR, some was from the conference call, Just that my notes are all mixed together)
Johnson mentioned that they would devote one drill rig just for the Breccia zones, so the future drill results should include some higher grade holes. Strange that they didn't have even one hole in this area. Anyways, there are 3 to 4 breccia zones that they know of, and one maps to the surface (this last statement may be wrong because the conference call didn't come over the phone clearly)
For the immediate future, two 1500m drillrigs from Canada will be on site by this Tuesday. They will also add one more drill at El Callao with more drill results from Venezuela by December (by the way Bema is interested in inc its stake in El Callao), and they will be drilling Quebrada in December. 20 analyst will tour CC and Refugio on Nov 1-2. They also expect earnings in the forth quarter.
Sorry about the jumbled up info. hope you all find it infomative.
In case you were wondering, I am long on BGO, and have inc my holdings this past friday.
Best of luck to all.
ps I don't understand strip ratios, If there is half a billion tonnes of economically viable rock out of 1 billion tonnes of rock, doesn't that mean there is a 1:1 ratio of waste rock to good stuff, meaning that the strip ratio is 1:1? Sorry if this is a stupid question. I obviously don't have a geology background. |
