CL can you help explain something I can't figure out having read Lee Furlong's message again:
"IPM has already demonstrated recovery with 3rd party verification (Behre Dolbear & Co., Inc.) that a chloride leach process yielded viable gold recovery numbers. These independent gold recoveries are:
[average Lab #1=0.103 ounces Au per ton, average Lab#2=0.079 ounces Au per ton]
For test purposes samples 3A and 4A were deliberate blanks.
This was the basis for IPM's leaching program upon 2,400 drill
samples on the 1 sq./km grid drilled to 30 meters at BRX. This
block of ground represents 50,000,000 tons of material. In March
1996, at the conclusion of this exhaustive leaching program, the
following average assay determinations for gold and platinum
recoveries were reported as:
Gold: 0.040 oz/ton
Platinum: 0.080 oz/ton"
So the average of the first 121 holes using a pretty basic chloride leaching process (not an assay in the traditional sense) is about .09 opt, signed off by BD.
But, using a (different? signed off?) assay process with infill drilling this comes down to .04 opt Au.
Am I right here?
I still struggle with these numbers: there seems to be around 0.1 opt AU/Pt signed off as extractable cheaply..._today_. If we value the Au/Pt at a reasonable $50/oz in the ground, IPM have 80% of the property, they have drilled 1sqkm to 30m (= 50million tons), value is (50,000,000 x 0.1 x 50 x 80%) or $200 million, or over $10/share. I know the upside is outrageous, that's why I own it.
I must have forgotten where the downside is on this. Are we just at risk of IPM spending all the money looking for new recovery techniques? I must be missing something. CC, anyone? |
