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Gold/Mining/Energy : Gold Price Monitor
GDXJ 96.06-1.4%Nov 17 4:00 PM EST
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To: Zardoz who wrote (23916)12/7/1998 9:10:00 AM
From: E. Charters  Read Replies (2) of 116762
 
Placer only quotes a reserve as such if it is blocked out with levels (drifts or tunnels underground) on top and bottom of the ore block and drilling at certain spacings. (25 metres or less) All other probable ore, even if drilled, is not counted. So if they have 5 million ounces drilled from the surface in a deposit, that is not counted. On all their recent domestic mines they have gone underground, channel sampled and drilled before they counted them in the reserve category. This ultra conservatism means their true reserves are perhaps two times (at their producing mines) more than they quote and their probable mineable gold at their producers is another 50% or more beyond that. If you add their drilled off properties that have not yet seen feasibility you may add still more.

(Most feasibilities with most companies are stopped at 30% of the probable mineable gold. They always figure on being able to mine at least three times what they consider a feasible amount. (the 30% feasible amount is a payback.. the 70% is not counted) That is why in the 30's when they really knew gold they would go underground on 3 years of drilled ore. They figured that with ten years they could pay back and profit.)

This comes from Dome geologists and fits their pattern at Detour, Dona Lake and Musselwhite recently in Ontario. Ontario was the source of most of their gold in days gone by.

mailto:echarter@vianet.on.ca

The Canadian Mining Newsletter
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