Re: 171m tonnes, drills pulled Liddy
in response to
by
posted on
Jan 02, 2013 11:34AM
CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)
I think there is a trade off with timeliness and accuracy. I do agree with some posters that if it would take 6 months to prove up the waste, it would have been money and time worth spending. I don't doubt that Teck was involved with CUU's drilling plan but IMO, CUU not proving the waste works in Tecks' favor, not CUU shareholders. However, it would take a very long time to prove up all of Schafts' potential, so if the strategy of CUU is to prove the viability of Schaft in the BFS and nothing more, then they have done their job. The inferred resource is only an element as opposed to the entire potential.
I've always been of the opinion that the BFS does not provide us our valuation, but rather an indication of what our floor may be. Of course we would all want the floor to be higher to mitigate the risk. Due to the risk, CUU SP has been fluctuating lower but IMO, the pounds in the ground are the same as pre BFS, bottom line is Teck's decision to wholly own Schaft and at what price.