Re: Elmer - Exercise of options
in response to
by
posted on
Jul 12, 2014 04:32PM
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'm just hoping I get out of this with more than the cost of a few Miller or an "I Love Arizona" flag sticking out of my butt when I walk down the street.
I'm pretty sure nobody wants to see that happen.
I think what happened in 2012 was they got the results of the FS and it was not positive because they lost so much mineralization in the pit plan. I think it was a surprise to them as well. They then had to go back and do it over and get that silver included to improve the results.
If they wanted to improve it even further it would have taken a lot of drills and time to do the whole FS over. Instead they stopped at "good enough" and took it to Teck.
I followed up on the pit plan study as much as I could and found that the east wall was angled at something like 27 degrees which is optimal for these things. But, they couldn't go any steeper and in order to go wider they need to go steeper. They need to go wider to go deeper and get that waste included. The technical drills last year were to show how stable that wall would be if they pushed it back and I think it was very stable. So this year they are re-working the pit plan and are onsite doing some sort of studies to test it. At least, that's what I've been led to believe.