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Gold/Mining/Energy : Golden Eagle Int. (MYNG)
MYNG 0.0700+5.7%Feb 21 4:00 PM EST
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To: rjbac who wrote (12204)8/11/1998 2:08:00 PM
From: toma  Read Replies (2) of 34075
 
actually, statistically speaking 1000 samples could provide excellent information regarding the potential of the deposit. it is nearly impossible to "define" or "verify" the actual ozs in any deposit because even in collecting 50,000 samples you are only sampling a very very small fraction of the population. if they manage to come close to defining the variability of gold in the formation beneath their property - that is new samples collected have very little impact on the variability of the data set. they can provide a mean concentration (probably geometric - most natural system are gerometrically distributed, and this one appears to be the same) and a range of the possible total mass of ore. this range would be defined using a t-statistic at a certain confidence level, and would be stated something like we are 95% confident that the mass of ore in the deposit is between x and y ozs.

is it likely? again who knows - depends on how well the samples cover the range of possible samples in the formation (picture this as a bell curve - you want to grab a piece from all portions of the curve, and hopefully represent the middle more than the edges);

but, 1000 samples collected at widely distributed locations WILL definitely, give a better idea of how much is there.

toma
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