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Ann: Trading Halt, page-18

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gordon2

5,094 Posts.

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27/08/18

16:42

Post #: 35211632
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Originally posted by mainholm ↑

It seems that the ASX want a more detailed explanation about the exploration target (ET) and hence the trading halt.

Appendix 2 is the additional information to clarify the ET (page 15 as pintohoo states). Obviously not enough information in the eyes of the ASX. The fact is IMHO there is enough information........ it just requires some knowledge and some extra analysis to fully comprehend.

Anyway, this is what it means IMHO:

The MRE already announced is 624k oz over the Bombora discovery.
The Bombora discovery resource area is contained within a 'whittle pit' estimated distance of about 2.2km long with varying widths pinching and ranging from about 100m out to max 300m over this length.
The depth from surface varies from as shallow as 130m down to 200m max within this resource area.
The MRE is part 1 of 3 stages of the ET.

Part 2 is the ET for the remaining ore body in the resource area down to 200m deep below surface and is estimated to be from 150k oz to 190k oz at 1.6g/t. That means more drilling before modelling the remaining area from 130m down to 200m deep that hasn't been included in the MRE.

Part 3 is the ET for the anticipated ore body in the resource area below surface from 200m down to 400m deep. BRB estimate an ET of between 300k oz to 500k oz at 4.5 g/t to 5.5 g/t for this area. This estimate is using a very conservative assumption based on an OVM of between 1500 to 2500 oz, which is half of the OVM calculated in the first 200m below surface. BRB also assume a higher cut off grade that is suitable for underground mining because the mining costs per tonne are more expensive for underground.

Therefore the overall ET is the sum of the 3 Parts......... that being equal to the 1.1m oz to 1.3m oz announced by BRB.

Simples!?!?!

On top of this BRB are aiming to delineate a initial open pit Resource of between 700k to 800k oz of high grade gold within the global resource area and that will be updated in a few months time. Anything over 2 g/t is regarded as high grade for open pit gold mining...... but all work that requires more drilling to close the drill spacing. Then BRB will need to complete at least a PFS before a Reserve can be announced under the JORC Code.

So, plenty more work to be done yet. None the less, the information already provided shows me that this discovery is going to be proven a major one (if not already??). Considering the recent success of the step out drilling outside the Bombora discovery area it looks surely to be a major gold camp in the making. Still many more questions to answer yet with not the least being when is the market going to wake up to this being a very good greenfields discovery......... a rare thing in today's gold exploration!

Cheers

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I am not surprised that further clarification is required. I wouldn’t trust anything they say now. The SP tanked and we are sitting here in a TH waiting for honesty and integrity to appear.
I can hardly wait to see the figures around recovery....
Cheers
G2

BRB Price at posting: 25.5¢ Sentiment: Hold Disclosure: Held
2 Upvote

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Ann: Trading Halt, page-18

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