HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Message: DE1 mineral value including rhodium and other pgm's
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DE1 mineral value including rhodium and other pgm's

posted on Mar 09, 2008 04:15PM

As per fairchij's comments, I have revised my mineral value calculation including values for rhodium and other pgm's. As per the assays for hole 5, I have assumed 0.018 g/t of rhodium for each gram of platinum and palladium combined. I have also assumed 0.017 g/t of other pgm's (osmium, iridium, ruthenium) for each gram of platinum and palladium combined. For the rhodium historical average I have 'plugged' $5000/oz. For the other pgm's I have used the historical and current price of palladium.

The net effect of adding these other pgm's to the mix is not hugely significant to the value - only $28/ton using current prices.

This table reflects the average value of the holes drilled and not necessarily the average value of DE1. I have not included any value for pgm's other than platinum and palladium.

Nickel Copper Pt Pd Au Ag Rh other pgm
Curr price $ 14.65 $ 3.85 $2,000 $ 480 $ 970 $ 20.00 $9,000 $ 480
Avg 04-08(f) $ 10.86 $ 2.44 $1,283 $ 345 $ 594 $ 10.86 $5,000 $ 345
Value Per Ton for DE1
Hole Len(m) Nickel (%) Copper (%) Pt (g/t) Pd (g/t) Au (g/t) Ag (g/t) Rh (g/t) other pgm (g/t) Value/Ton
01 36.0 1.8 1.5 1.1 3.5 0.1 4.8 0.06 0.06
(curr) $ 581 $ 127 $ 78 $ 59 $ 3 $ 3 $ 19 $ 1 $ 872
(avg) $ 431 $ 81 $ 50 $ 43 $ 2 $ 2 $ 11 $ 1 $ 619
02 57.9 2.0 1.4 1.0 3.3 0.1 5.3 0.06 0.06
(curr) $ 646 $ 119 $ 71 $ 56 $ 3 $ 4 $ 20 $ 1 $ 919
(avg) $ 479 $ 75 $ 45 $ 40 $ 2 $ 2 $ 11 $ 1 $ 655
05 117.4 4.1 2.2 2.1 7.1 0.4 6.3 0.12 0.11
(curr) $ 1,324 $ 187 $ 148 $ 120 $ 14 $ 4 $ 37 $ 2 $ 1,835
(avg) $ 981 $ 118 $ 95 $ 86 $ 8 $ 2 $ 20 $ 1 $ 1,313
07 51.5 3.7 1.5 2.3 7.5 0.8 5.2 0.09 0.09
(curr) $ 1,195 $ 127 $ 162 $ 127 $ 27 $ 4 $ 30 $ 1 $ 1,674
(avg) $ 886 $ 81 $ 104 $ 91 $ 17 $ 2 $ 17 $ 1 $ 1,198
09 45.6 2.9 1.8 0.6 7.2 0.2 5.0 0.09 0.08
(curr) $ 936 $ 153 $ 42 $ 122 $ 7 $ 4 $ 27 $ 1 $ 1,292
(avg) $ 694 $ 97 $ 27 $ 88 $ 4 $ 2 $ 15 $ 1 $ 928
11 21.3 1.7 1.0 0.6 3.8 0.1 3.9 0.08 0.05
(curr) $ 549 $ 85 $ 42 $ 64 $ 3 $ 3 $ 26 $ 1 $ 773
(avg) $ 407 $ 54 $ 27 $ 46 $ 2 $ 1 $ 14 $ 1 $ 552
12 94.5 1.4 0.6 0.7 2.6 0.1 1.9 0.06 0.03
(curr) $ 452 $ 51 $ 49 $ 44 $ 3 $ 1 $ 19 $ 1 $ 621
(avg) $ 335 $ 32 $ 32 $ 32 $ 2 $ 1 $ 11 $ 0 $ 444
14 64.1 1.5 0.8 1.0 2.9 0.1 - 0.07 0.04
(curr) $ 484 $ 68 $ 71 $ 48 $ 3 $ - $ 22 $ 1 $ 697
(avg) $ 359 $ 43 $ 45 $ 35 $ 2 $ - $ 12 $ 0 $ 497
16 40.9 1.0 0.7 1.0 2.5 0.2 2.0 0.06 0.03
(curr) $ 323 $ 59 $ 71 $ 42 $ 7 $ 1 $ 20 $ 0 $ 524
(avg) $ 239 $ 38 $ 45 $ 30 $ 4 $ 1 $ 11 $ 0 $ 369
17 81.0 1.6 0.8 0.9 3.0 0.1 3.1 0.07 0.04
(curr) $ 517 $ 68 $ 63 $ 51 $ 3 $ 2 $ 23 $ 1 $ 728
(avg) $ 383 $ 43 $ 41 $ 36 $ 2 $ 1 $ 13 $ 0 $ 519
18 124.6 2.4 1.1 1.1 3.9 0.3 3.9 0.09 0.06
(curr) $ 775 $ 93 $ 78 $ 66 $ 10 $ 3 $ 29 $ 1 $ 1,055
(avg) $ 574 $ 59 $ 50 $ 47 $ 6 $ 1 $ 16 $ 1 $ 755
19 6.6 2.3 0.6 1.1 3.9 0.1 3.0 0.09 0.05
(curr) $ 743 $ 51 $ 78 $ 66 $ 3 $ 2 $ 29 $ 1 $ 973
(avg) $ 551 $ 32 $ 50 $ 47 $ 2 $ 1 $ 16 $ 1 $ 700
20 14.3 0.7 0.2 0.5 1.6 0.1 1.2 0.04 0.02
(curr) $ 239 $ 20 $ 35 $ 27 $ 3 $ 1 $ 12 $ 0 $ 339
(avg) $ 177 $ 13 $ 23 $ 20 $ 2 $ 0 $ 7 $ 0 $ 242
21 30.8 1.1 0.5 0.7 1.9 0.1 2.2 0.05 0.03
(curr) $ 355 $ 42 $ 49 $ 32 $ 3 $ 2 $ 15 $ 0 $ 500
(avg) $ 263 $ 27 $ 32 $ 23 $ 2 $ 1 $ 8 $ 0 $ 357
22 22.1 0.7 0.1 0.2 1.4 - 0.4 0.03 0.01
(curr) $ 226 $ 8 $ 14 $ 24 $ - $ 0 $ 9 $ 0 $ 282
(avg) $ 168 $ 5 $ 9 $ 17 $ - $ 0 $ 5 $ 0 $ 204
23 2.1 1.1 2.2 0.9 5.8 0.2 12.9 0.12 0.06
(curr) $ 355 $ 187 $ 63 $ 98 $ 7 $ 9 $ 39 $ 1 $ 759
(avg) $ 263 $ 118 $ 41 $ 71 $ 4 $ 5 $ 22 $ 1 $ 524
24 71.6 1.8 1.1 1.1 3.2 0.3 3.6 0.08 0.05
(curr) $ 581 $ 93 $ 78 $ 54 $ 10 $ 3 $ 25 $ 1 $ 845
(avg) $ 431 $ 59 $ 50 $ 39 $ 6 $ 1 $ 14 $ 1 $ 601
25 3.2 0.9 0.5 0.3 1.5 0.1 2.4 0.03 0.02
(curr) $ 291 $ 42 $ 21 $ 25 $ 3 $ 2 $ 10 $ 0 $ 396
(avg) $ 215 $ 27 $ 14 $ 18 $ 2 $ 1 $ 6 $ 0 $ 283
27 46.2 6.3 2.8 1.9 10.2 3.0 7.3 0.22 0.15
(curr) $ 2,018 $ 233 $ 131 $ 173 $ 103 $ 5 $ 70 $ 3 $ 2,735
(avg) $ 1,496 $ 148 $ 84 $ 124 $ 63 $ 3 $ 39 $ 2 $ 1,958
29 65.9 1.5 1.1 1.2 2.9 0.1 3.3 0.07 0.04
(curr) $ 484 $ 93 $ 85 $ 49 $ 3 $ 2 $ 24 $ 1 $ 742
(avg) $ 359 $ 59 $ 54 $ 35 $ 2 $ 1 $ 13 $ 1 $ 525
Average value/ton using current prices $ 1,051
Average value/ton using average prices 2004-2008(f) $ 751

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