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Gold/Mining/Energy : Winspear Resources

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To: teevee who wrote (12771)	1/20/1999 12:41:00 PM
From: Walt	Read Replies (1) of 26850

Greetings all, I got the flu so my old head is spinning a bit anyway but reading this thread is enough to give anyone a head ache. The following are some hypothedical aspects ment for discussion purposes only. If you took one ton of kimberlite and ran it you might get 1000micros 500macros and 5 diamonds between 1 to 2 carrots. take another ton of kimberlite beside the first and it might run 500micros 300macros 4 diamonds between 1 to 2 carrots. Ther point is these things aren't completely uniform they vary and they can vary alot but if you take a big enough sample the numbers become more representative. You could take 20 or 30 one ton samples and analyse them befor you get a big stone. You might have to take several hundred tons befor that wopper shows up but it could equal the value of all the other stones combined. Windspear has a dyke, so there is nothing in north america to really compare it with. Reading about some of the dyke/fissure deposites in south africa occasionally they would hit a section of diamonds that were like treasure chests and would blow the statistics all to hell and back. To my mind people are making far to much of the statistical analasis and the pending caustic fusion drill hole results. The reason being this is still in the exploration phase. You know the true grade of a deposite after you mine it exploration just gives you an indication or aproximation. Look at diamet Ekati, they just pulled a 47 carat diamond. Imagine how that would have scewed the predicted grade had it shown up in the original mini bulk sample. Wsp has a dyke not a pipe so a drill hole goes down throw the country rock then cuts the dyke and they only get 10-15 feet of drill core. That is not much of a sample. A few kilograms or pounds. Other companies with pipes put in a drill hole and get 300 feet of kimberlite. WSP would have to drill 30 closely spaced holes to get the same amount of kimberlite to sample. So what do the results from a single drill hole indicate. They will tell you the width of the dyke, but when it comes to grade it will only be a gross aproximation and will tell you little about the chances of getting big stones. Lets just for a moment think of the dyke as a quartz vein and we are exploring for gold. You put a hundred holes in it they results come in and 90% of the values are between .2 and.4oz/ton the other range up to .55 and your lowest is 0.05 Its not hard to say you have deciminated gold in the vein and the overall grade is .3oz/ton. Now if this were a high grade vein with visible gold the results could vary from 0 to 200 oz/ton It is a whole lot harder to figuer out what the overall grade is and what is ore and what is waste. A few inches away from a hole that reads 0 you could find 200 oz and visa versa. To me in a way that is what WSP is dealing with. There is a mine in SAfrica (I believe) where they only recover a few diamonds a year, but they are whoppers and make it all worth whille so 99.9% of that kimberlite is barren but it is still mineable. With WSP the grade in small diamonds is $84 per ton. That in itself is not bad. In there mini bulk they got three large stones. What would have happen had they got 5, or one 46 carrat, or none. I can easily visual either scenerio because thats what highgrade deposits are like weither they be gold or diamonds. The statistical data is number crunching it may work out well or it may not and drilling the dyke you have such a small sample to work with I'm not sure how well knowing the micro/macro count will predict the possibility of big stones. TAo me WSP is still in the exploration phase. Every hole adds to the info but.......there are alot of variables. I hope this makes some sense, the general rule of thumb the higher the grade of a deposit the more erratic it can be and the harder it is to predict overall grade from a few drill holes. regards Walt

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