john;
Thousands of feet of Bre X core was not done for nothing either and I believe Kilborn is named as a defendant
Kilborn had an excellent reputation before Bre-X and we all know what happened........ But what are the facts that caused this to happen. Simply put is the following;
amm.com
Also on Thursday, SNC-Lavalin's subsidiary Kilborn SNC-Lavalin Inc. confirmed its original calculations that estimated the deposit contained nearly 71 million troy ounces of gold. Kilborn noted that its confirmation was based on assay samples provided by Bre-X.
Kilborn SNCLavalin Inc., a huge Toronto-based mining firm, assessed the drill data and concluded the deposit contained an elephantine 71 million ounces of gold.
"Its a very viable ore body," said Kilborn vice-president Wilf Pickles, as recently as Friday.
Yesterday, however, Kilborn added a critical qualifying statement:
"These calculations are dependent on the validity of samples and the assaying of those samples. (Kilborn) did not drill, did not take the samples nor did it assay those samples," the firm said.
The material was SENT to Kilborn from Bre-x Kilborn was NOT on site taking samples in the Bre-x saga.
Kilborn WAS on site with regards to IKAR and samples were taken.
fast.quote.com
. The Kilborn team, assisted by Ikar Mineral Corp. personnel plus members of the former Pamir Expedition, conducted a verification program consisting of check assays and sampling. The samples were air-freighted under seal to Vancouver, where they underwent a security inspection before being sent to ITS Bondar Clegg Laboratory for sampling. The Kilborn report, submitted this past week states: "The Ikar deposit contains a significant amount of tungsten mineralization complemented by gold, cobalt, silver and copper;" "To date, Kilborn has not identified any basis to suspect that the existing Russian/Tajik data is inaccurate."
"Exploration work carried out between 1975 and 1977 on the Ikar property has allowed Russian-Tajik geologists to delineate at least 10 different mineralized units. Kilborn has examined some of the exploration sites such as surface drill hole collars; trenches, remaining core and underground workings. "Kilborn staff have confirmed that the mineralization is consistent with Russian-Tajik findings. "In Kilborn's opinion, the Ikar deposit could be a property of merit which should be further explored. "During the site visit, Kilborn recognized the presence of extensive mineralization on surface and in underground workings. "Assay results confirmed the existence of tungsten, gold, silver, copper and cobalt at the Ikar site. "Kilborn's mandate to verify the Russian-Tajik database and geology can be considered successful ... "
fast.quote.com
The Kilborn Engineering/SNC Lavalin engineers collected samples from these original workings, for assaying in Vancouver. In addition to these samples, they also obtained original Russian samples for re-assay here.
fast.quote.com
Two senior engineers from Kilborn traveled to Tajikistan in late October of 1997. With winter fast approaching, it was decided they would concentrate on the Ikar tungsten-gold deposit. The Kilborn team, assisted by Ikar Mineral Corp. personnel plus members of the former Pamir Expedition, conducted a verification program consisting of check assays and sampling. The samples were air-freighted under seal to Vancouver, where they underwent a security inspection before being sent to ITS Bondar Clegg Laboratory for sampling. The Kilborn report, submitted this past week states: "The Ikar deposit contains a significant amount of tungsten mineralization complemented by gold, cobalt, silver and copper;" "To date, Kilborn has not identified any basis to suspect that the existing Russian/Tajik data is inaccurate."
In regard to the Ikar tungsten-gold deposit, the Kilborn Report further stated: "Exploration work carried out between 1975 and 1977 on the Ikar property has allowed Russian-Tajik geologists to delineate at least 10 different mineralized units. Kilborn has examined some of the exploration sites such as surface drill hole collars; trenches, remaining core and underground workings. "Kilborn staff have confirmed that the mineralization is consistent with Russian-Tajik findings. "In Kilborn's opinion, the Ikar deposit could be a property of merit which should be further explored. "During the site visit, Kilborn recognized the presence of extensive mineralization on surface and in underground workings. "Assay results confirmed the existence of tungsten, gold, silver, copper and cobalt at the Ikar site. "Kilborn's mandate to verify the Russian-Tajik database and geology can be considered successful ... "
fast.quote.com
Andrus said Ikar Mineral Corp. is releasing the above results Friday because its belief in the Russian findings has been strengthened by a report from Kilborn Engineering Pacific Ltd., a member of the SNC Lavalin Group. Ikar Mineral Corp. retained the firm to verify the Pamir Expedition's database of mineralization. Two Kilborn engineers visited the Rushan Complex in late October-early November and conducted a check assay and sampling program on the Ikar deposit's Ikar and Huf tungsten-gold sites. Their subsequent report, submitted last week, contained a number of positive statements about the Ikar deposit including: "Kilborn staff have confirmed that the mineralization is consistent with the Russian-Tajik findings." And: "To date, Kilborn has not defined any basis to suspect that the existing Russian-Tajik data is inaccurate." Apart from the Ikar deposit, and as the Kilborn report has confirmed, the Russian-Tajik Pamir Expedition conducted extensive exploration programs on a number of other mineralization prospects within the Rushan Concession.
All of the above is only renforcement of the Russian Report by Kilborn. IKAR believes in the Russian report as well. The following is the problem; Summary Ikar Mineral Corp. (OTC BB:IKAR) is an exploration stage company. It has not yet conducted a feasibility study or otherwise determined whether any of the deposits may be mined at a profit. "Ore"or "proven reserves" have not yet been defined on any of the deposits within North American standards. Similarly, estimates of gross metal value disseminated in certainpress releases do not represent an estimate of net cash value.
The Russian Report is NOT or does not comply with North American Standards so what is happing in the last press release is simply that ALL the conclusions and values must be retracted in regards to IKAR's property........... But that does NOT nullify the Russian Report or Kilborns comments of the valitity of the Russian Report which by the way is 450 pages long. There was NO RETRACTION in regards to Kilborn and its conclusion in regards to the Russian Report. ("Kilborn staff have confirmed that the mineralization is consistent with the Russian-Tajik findings." And: "To date, Kilborn has not defined any basis to suspect that the existing Russian-Tajik data is inaccurate." )
Below is part of the last news release that IKAR is representing as accurate I took out he retractions so that it could be better under stood.
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The company is currently at the exploration stage. Exploration activity on all properties, conducted during 1975 to 1977, and taken from the Report on Exploration and Economic Evaluation Conducted inthe Vicinity and Deep Horizons of the Ikar Deposit for 1975 to 1977 bythe Department of Geology, U.S.S.R. (the "1978 Report"), consists of55 diamond drill holes, (34 underground on Ikar) 7,471 metres oftrenching (2,183 on Ikar), 2,354 metres of underground development(2,138 on Ikar), 5,714 metres of underground drilling (all on Ikar) and 3,884 metres of surface drilling (1,514 on Ikar). An additional1239 metres of trenching was conducted by the Company on the Ikar deposit in 1997.
In 1997 the company retained Kilborn Engineering Pacific Ltd. to carry out a verification of the existing database of the Ikar deposit(as compiled in the 1978 Report). A team of Kilborn engineers visited the Ikar Deposit for this purpose. Kilborn provided its report to the company on February 16, 1998. Press releases dated February 24, 25 and 26, 1998 and April 16,1998 quoted certain passages in part from the Kilborn Report all of which were taken from section 7.3 "Check Assay Program" and section 8 "Conclusions". To ensure that the passages quoted fairly represent the conclusions of the report, those passages of the Kilborn Report which were quoted in part are reproduced below in their entirety:"7.3 CHECK ASSAY PROGRAM Based on the results from the check assay program, Kilborn concludes the following: -- During the site visit Kilborn recognized the presence of extensive mineralization on surface and in underground workings. Assay results confirmed the existence of tungsten, gold, silver, copper, and cobalt at the Ikar site. Kilborn's mandate to verify the Russian-Tajik database and geology can be considered successful, although the accuracy of the Russian-Tajik database cannot be verified at this stage. Consequently, Kilborn cannot verify the resource estimate completed in 1978;8.0 CONCLUSION Based on observations from the Ikar site visit, a review of a part of the Pamir Expedition 1978 Report and encouraging results of check assaying and collection programs, Kilborn recommends that IMC proceed to the second stage of the exploration program for the Ikar deposit. Although some of the check assays did not correlate well with the existing data, the assays were of the same order of magnitude. To date, Kilborn has not identified any basis to suspect that the existing Russian/Tajik (sic. Soviet/Tajikistani) data is inaccurate. The type and amount of recommended exploration work should be outlined in a manner that will aim at reclassification of the known inferred resources into either measured or indicated categories and increase a confidence level in estimated grades of the Ikar deposit. Upon successful completion of the second stage of the exploration program the possibility of increasing the known resources of the deposit, which presently is open at depth and in the north-south directions, should be investigated together with selected scoping level metallurgical testing." The Kilborn Report stated that the Soviet classification of the Ikar deposit as "C-2" in the 1978 Report roughly compares with the"indicated and inferred" resource categories according to UnitedStates standards.
. An economic analysis of the Ikar deposit, prepared by the six authors of the 1978 Report, appeared in the 1978 Report. In early1988, a summary economic analysis of the Ikar deposit was prepared byTajik geologists, based on Russian information. However, no current and thorough economic analysis, using North American standards, has been completed on any of the deposits.
Summary Ikar Mineral Corp. (OTC BB:IKAR) is an exploration stagecompany. It has not yet conducted a feasibility study or otherwise determined whether any of the deposits may be mined at a profit. "Ore"or "proven reserves" have not yet been defined on any of the deposits within North American standards. Similarly, estimates of gross metal value disseminated in certainpress releases do not represent an estimate of net cash value. References to prospective production dates, whether for wastedump or otherwise, were premature and are retracted. The conclusions of the Kilborn Report were encouraging in that Kilborn did not identify any basis to suspect that the existing Soviet and Tajikistani data (showing significant tungsten mineralization) was inaccurate. The Company is planning to follow the recommendations of the Kilborn Report by continuing its exploration activity to increase its confidence level of estimated grades of the Ikar deposit. Particulars of the exploration program to be conducted will be reported in a separate press release.
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The following statement was made on the past press release;
An economic analysis of the Ikar deposit, prepared by the six authors of the 1978 Report, appeared in the 1978 Report. In early 1988, a summary economic analysis of the Ikar deposit was prepared by Tajik geologists, based on Russian information. However, no currentand thorough economic analysis, using North American standards, has been completed on any of the deposits
Thus the retractions IKAR went by the Russian report and not by current North American Standards........ Thus the current Summer Program and the Feasibility report............... (drilling ect...........)
Other terminologies were changed but this post is long enough so I will share my thoughts on that in my next post.
Face it Alan there is trouble however we will see what Monday brings...............
Are you prepared to open your wallett to keep the price where it is.
I am not concerned about Mondays trading. If someone sits down and reviews the News Release they will find the Russian Report intact as well as the Kilborn Report.... No retraction there..........
Remember this press release; fast.quote.com
That has not changed nor has it been retracted. I myself am confident of the results but again the above is my opinion do what is best for yourself. Also John remember the claims IKAR made are HUGE.... for myself it's just a matter of technicality. But I would suggest to call the Company.................
I hope I am pleasantly surprised Monday.............
Also one last note; Kilborn is not going to open themselves up to another Bre-x only common sense tells you that. |
