Hello, All. I just got some interesting/useful information from Keith Schaefer at EGD.
As all of you may know, the PDAC, an annual industry conference in Toronto, starts next Friday or so (March 12) for several days. Keith said EGD is planning to publish the assay results from the first 7 holes at Longyear by Thursday, Mar 11 (Could even be a day or two earlier but probably not). That means they will be able to discuss the news with the rest of the industry during PDAC. If the news is good, then they should get a lot of attention.
So, what is "good news"? Keith says EGD is looking for 1.5 gms/tonne overall, because that could be economic at current prices. (1 gm/tonne overall appears to be their rule of thumb at this point for breakeven at the current price of gold). The key, however, seems to be delineating the higher-grade lenses that exist in the overall deposit. If those are extensive enough along the apparent 1,600m strike, even a grade somewhat lower than 1.5 gms/tonne overall would still allow for a feasible mining operation with a sizable number of ounces, just from the lenses. The trenches indicate that such higher-grade lenses do exist and could be extensive enough.
So we all need to keep our fingers crossed that the upcoming news meets one or both of these two possible success scenarios.
Cheers!
Steve |
