Does anyone know the details of statutory reporting requirements for tenements in WA? My very limited understanding is that all information is kept confidential for a period of time unless the reportee allows it. While not much was reported it seems more than should be available from that viewpoint. Any ideas.
The assumption I, and I suspect most, make is that the majority of the $9M was spent on a very small portion of E45/4833 that is now called Winu.
The $3.4M spent directly on 10000m of drilling would give $340/m which may include drilling, assay, logging, handling, transport, camp etc etc costs that are high for an area such as Winu. I don't know how much a metre of diamond core costs these days but $100 was a rule of thumb for direct drilling costs. Everything else added at lease another $100 if not more so there was seldom much change out of $2-300/m by the time it got reported to the mines department - very rough figures. RC $40/m for dust and chips which didn't include mobilisatation and demob. and the myriad of other expenses.
The $3.4M does seem to cover the drilling which leaves probably more than Rio spent on Citadel in the past season to speculate on. Won't go there other than to say Rio would have 51% of Citadel if all the $9M had been spent on the JV!
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In my previous post I mentioned being interested in exploration at Calibre. I haven't fully looked at the data but my recollection is that Rio have basically left it alone with drilling since they reached and agreement on Citadel.
AZY had been drilling Calibre north with a Phase 1 program when Rio came in towards the end of 2015. The follow up Phase 2 and 3 program were done by AZY with Rio on board but since early 2016 there has only been one drill program (late 2017 reported feb 18) actually on Calibre. These 3 holes targeted the GAIP IP anomaly at Calibre.
Why was there no follow up work was done on Calibre North. A query I have made twice to AZY management who agree the target is ripe for drilling (my words). So why has Rio gone for Blue Steel and other large IP targets, Rimfire, Folly etc and left Calibre Magnum on the back burner? - too low grade? Metallurgy? Too small?A "serendipitous" discovery at Winu comes along and the focus shifts....
Maybe a couple of serendipitous holes at Calibre would help as some have suggested. I guess it will happen in due course.
There was some drilling at Calibre North after this announcement on the day Rio signed for Citadel in 2015 - not too much, and the extension to the north was closed off though the magnetic trend continues.
Given the depths grade extends to in Calibre South the then "new" high grade zone hasn't IMO seen enough drilling yet.
Bring on some more serendipity.......GLTAH
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