Loki,The point to make - as presented to me by Plough in the...

Loki,

The point to make - as presented to me by Plough in the past - is that it is very expensive and time consuming to firm up a good sized JORC resource for narrow vein resources as the ground quickly resembles Swiss cheese as you have to drill heaps of holes to accurately model/ chase the gold veins as the dip and turn, etc.

Thus, it is more cost effective for narrow vein miners to establish a degree of confidence via drilling and then 'go for it' drilling for grade and a year or two ahead of the mine plan (as per Plough).

I would suggest that CHZ wouldn't be at that stage yet and also banks wouldn't lend on that basis either... the grades are very poor - as you suggest - for underground.

... In a world where liquidity is tightening up quickly and uncertainty/ risk is back I think CHZ is in no-man's-land with this now.

Cheers
John