Secondly when Aricola Mining Consultants valued the assets at $1.405 million the mineral resources were already know. In fact at that stage (back in June 2017) the resource was
113,700t at 23.5% Zn for 26,700t contained Zn and
9,200t at 30.6% Pb for 2,780t contained Pb
the additional drilling that put more of the resource in the indicated category actually shrunk the Zn resource to
122,300t at 19.2% Zn for 23,481t Zn plus 863t (Zn in Pb resource) = 24,344t contained Zn
and expanded the Pb resource to
10,400t at 27.2% for 2,828t plus 2,812t (Pb in Zn resource) = 5,640t contained Pb
So although the scoping study shrunk the Zn resource it also lifted the value from the $1.4million obtained last year, to $20.3 million (EBITDA base case for 60% share) or $33.8million (100% basis)
I wonder how the independent valuation arrived at the $1.4 million value for the same resource less than 12 months ago? Just saying.
Eshmun
SL1 Price at posting:
3.4¢ Sentiment: None Disclosure: Not Held
