Forget about last year or the year before or the year before that. This 171M tonnes of waste is in Liard zone where we havent done much drilling since...2008 maybe before? I would not be surprised if this inferred was around from pre 2002.
Shouldn't we have known that the 'waste' would have been a dead weight on the economic model of any FS? Not being able to incorp the inferred into a FS as mill run ore isn't a rule that fell from the sky last year.
I dont' know if we got caught up chasing higher grades and hoped that those would carry the day but our whole mission in life with this company was to produce a FS with good economics to maximize the value of the deposit and the company and make it easy to sell. Leaving mineralized material to be treated as waste doesn't seem like a good idea by any stretch.
Now we are wishing that 171M tonnes was Measured or Indicated and raising money to drill it with our current SP range will cost us a heck of a lot more dilution that last summer or the summer before. Elmer is characterizing this waste as an opportunity going forward. That's one way to look at it. I see it as a missed opportunity.
Yes I did ask ES about this very issue. I found the response defensive, evasive and unconvincing. I've shared that correspondence with some others more capable than myself and they shared an equal assessment.
I want to believe that this is all part of a great master plan and full value for every bit of inferred and potential will be realized despite the lack of assays. Elmer's words loom large on that notion though, as he himself said only drills can demonstrate mineralization.
No, I can't sell and move on; the many repeated missed deadlines and broken promises coupled with the corresponding SP erosion have left me underwater and forced to bear this thru to the bitter end. I think I'll come out positive but probably not the multibagger I was origionally anticipating and I'm not counting the extra years it has taken to get to that outcome.
I'm trying to see the positives here. Please dont' tell me that the mineralized waste is one of them - because it defintitely isn't.
