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Gold/Mining/Energy : Naxos Resources (NAXOF) -- Ignore unavailable to you. Want to Upgrade?

To: knight who wrote (12943)	5/17/1998 2:33:00 PM
From: Richard Mazzarella	Read Replies (2) \| Respond to of 20681

knight, IMO the company needs just enough drilling to show that there are metals at FL. The market is well aware of metal ores that can't be economically mined. If the assays were showing 1+ OPTs I would agree with you that just proving up the property is the priority. However, the lower assay numbers cast some doubt about economic recovery. If Naxos can't show high OPT soon, then recovery should be their priority. It's just economic critical path methodology. No point proving a resource that can't be mined. I hope that my comments are understood in the context of current discussion. I must say that CHIP (Dr. Groves?) has maintained that the playa clay ore consisted of two types. The first is free gold that any leach can get at, the second is the elemental ionic gold that is captured in the zeolite. Current Naxos assay may only be seeing the free gold, thus the lower assays. The J/L process works at releasing the elemental. That degree of increased difficulty may also be the inconsistency observed. The current assays may not be as gloomy as they presently appear. Current fire assays may be only seeing a portion of the precious metals potentially available.