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Strategies & Market Trends : Winter in the Great White North -- Ignore unavailable to you. Want to Upgrade?

To: KC Jones who wrote (2959)	9/9/2002 5:05:57 PM
From: E. Charters	Respond to of 8273

4 grams per tonne metric is 4 parts per million. One part per million is .029167 ounces per short ton. (one millionth of a ton of troy ounces or 29167/1,000,000.) 4.75 metres is 15.6 feet. 4.75 X 3.28. They have .124 opt over 15.6 feet best. All this says is they have gold in the system, and a respectable hit rate in their holes. The vein itself is narrow vein and relatively low grade where they drilled it. If they had 3 15 foot veins 2000 to 3000 feet long, then they have an open pit or some kind of mine anyway. The Howey Bay was mined profitably underground in the 1950's at 15 feet wide for 1500 feet at about .15 opt. The Edwards in Wawa was mined at about the same grade and width until 1960 or thereabouts. The property bears exploration for either a continuous vein system that can hold 8 to 15 feet wide at those grades underground or multiple vein systems that can support open pit mining. Open pit in hard rock veins is actually no sinecure unless you have huge tonnage and can take the whole pit bottom, otherwise you have to differentiate veins on the pit bottom and not too many companies have the system to skillfully feed grade to a hungry mill in this manner with the attendant archean vein structural complexities. The trouble is the market has made the standard of a mine a million ounces. I would say that is high, depending on grade. If you could develop 500,000 ounces to 225 feet then I would say it might be mineable open pit. But you may have to pay off 30 millon in mill and equipment. It all depends on grade. I have 5000 tons in the NWT and I say it is mineble but that is because the ramp or access tunnel is already dug, and the grade is 6.0 ounces per ton. When you are finding gold, it is good to find it and find it consistently. Nobody said you had to find all the high grade on the first drill holes. It takes hundreds and hundreds of holes to explore a property. The game is with low bucks on grass roots recon to find big holes or big potential in a few holes. Tough. Net to impossible. Because Noranda dropped it or stopped exploration, means nothing but it is hard to tell people that. Bottom line is that it is respectable in terms of a gold system developing. EC<:-}