Hi teevee:
I will take your minimill proposal to Toronto PDAC with me and try to present it to RT for comment.
As you point out,the problem with statistically sampling dykes, particularly the NW peninsula dyke that dips down under the lake, is that you basically have to mine it to get statistically relevant bulk samples. For statistical significance, the bulk samples should be taken from several random points in the dyke, but the only easily accessible sites, are on the relatively small portion of the dyke under the NW peninsula.
I think that Winspear's so-called "slow methodical approach" points toward a commencement of the mining of the NW peninsula (and possibly the North shore) by simple open pit methods, and portable processing mills in the next 24 months if all goes well. The smaller the project, the easier and faster it will be to get environmental approvals (portable means more environmentally friendly), permits, regulatory approvals, bank loans, etc, etc.
If the processing personnel sign on for 2 month stints, and are housed on-site during that period, then the need for all the bells and whistles security and processing equipment that Ekati has, could be lessened greatly. Anyone leaving the processing area could be x-rayed.
If consistent tonnage, grade and value are proved up as this miniprocessing/bulk testing operation progresses, and if the pipe is discovered and found to have similar grade and value, I don't think it will be difficult to find a bank group willing to lend the money for a huge "Ekati type" facility.
The key to commencement of mining (as everyone knows) is the two 2000 tonne bulk samples to be taken from the NW peninsula (we need lots of big chunkers to get that stock price up too). Those, plus the large number of drill cores already taken from this peninsular area, and the large number planned to be drilled just offshore of the peninsula in this winters program, will give enough statistically relevant data ( given the current mean and standard deviations of the present diamond distribution populations from the grid map on the NW peninsula only) to start the lessor of the mining projects outlined in the MRDI study.
Some people seem to think you need huge tonnage to start this mine. MRDI and I disagree (MRDI says positive cashflow within first 12 months of operation) . If grade and value are proved in the next 6 months, I think there will be a mine which should fund a minimum of 2 years exploration (if just open pit - Disc cashflow after tax of 54.3%) of the rest of the dyke/feeder pipe system. High $/carat values, and good consistent grade make this kind of slow and methodical approach, financially sound.
If the 2000 tonne bulk sample from the North shore gives large chunkers as well, then I imagine the North shore will have the crap drilled out of it during the summer, with an additional bulk sample taken, and two open pits could commence to be mined in the next 24-30 months given good grade and diamond value. Imagine if the North shore goes all the way to the Kalahari/Suf/IAR property. May need the big plant with bells and whistles then. The banks will be lining up....(oh, sorry, this is the WillP site, not the Winspear Bulls thread).
Slow and methodical, yes. So what? Looks smart to me.
May the big chunker diamond god, smile on Winspear shareholders,
russett |
