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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%)

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Message: Re: SC PFS (2008) vs. FS (2013) and possible FS/PEA (2021)

The PEA will undoubtedly have better economics than the 2013 FS but you're mixing reserve and resource numbers. The 2013 FS had a M&I tonnage of 1229 million tonnes( resource) and 940 Mt P&P reserve estimate. Another example is shown in the 2008 PFS where 1393 Mt of resource became 821 Mt of reserves in the mine plan.Reserves end up typically about 75% of the resource number for open pit projects because you can't fit all of the resource into the pit shell without degrading your economics. The 1293 Mt in your table is a resource number calculated by Teck and would have been used in their 2019 PEA. Not all of it will make into the mine plan, which is calculated in a PFS or FS. The key information that will determine if SC is going anywhere is not the PEA update in my opinion. It will come from the 2021 Schaft Creek program typically announced in early February after the JV meeting with Teck. Will Teck announce significant spending at SC or not, like proceeding with a PFS or a drilling program? The value in the PEA update will be unleashed when a path to development is announced.

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