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Gold/Mining/Energy : Anzex

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To: John E.Quinn who wrote (165)	11/3/1998 11:18:00 AM
From: Elizabeth Andrews	Read Replies (4) of 253

Forget about even thinking in terms of percentages when dealing with gold, silver and PGE assays. For example, 0.01% is actually 100 grams. A gram is one part per million so to get to a percent you have to divide 3.2 by 1,000,000. It's such a small number it makes no sense. If you still think in terms of ounces you want to be able to convert grams to ounces easily. Just multiply the grams by .03 and that gets you to a rough troy ounce equivalent. For example, 3.2 grams is roughly equal to 0.096 oz per ton. You want to get to the dollar equivalent of an assay as fast as possible so it's easier to use the dollar value of a gram of whatever. For example, with gold at $300 a gram is worth about $9.75. Use $10 bucks to make it quick. A gram of platinum is currently worth about $12.10. So a 3.2 Pt gram/tn assay roughly equates to $38.50 rock. If the drill hole suggests that the mineralized intercept is open-pittable then the $38.50 assay has great significance. If it's below 100 meters or so that may imply an underground mining situation with higher attendant costs and consequently the assay has less economic significance. This is not a perfect rule by only early guidelines.

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