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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Tom Frederick who wrote (11558)4/8/1998 12:03:00 AM
From: Kim W. Brasington  Read Replies (3) of 20681
 
Tom:

The infill drilling (40 holes) will be to a depth of 100 feet and will be used to obtain a resource (inferred) of approximately 38 million tons of material. To get the inferred resource of gold you would multiply the average grade of Au by the 38 million tons. If the drill results in the infill drilling show similarities between holes at the same depths, then the inferred resources could be racheted up to indicated resources.

The earlier 28 hole program will be drilled at different points on the playa to give an expanded view of the playa's precious metals composition.

According to the Davis geological report on Franklin Lake on page 11, there are 182,797,200 tons of material on the playa down to 40 feet. Multiplying it by a factor of 10 would bring an estimated 1.8 billion tons of material down to 400 feet. This does not include the area surrounding the playa and tracking northwards on either side of the Amargosa river which are large multiples of the size of the playa.

Regards,

Kim W.
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