Re: TRUE width

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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Re: TRUE width

in response to

Re: TRUE width

posted on Apr 07, 2008 08:16PM

My understanding is that they have one drill on E1 doing definition drilling. To hit 300m below surface you need to drill 400-450m holes. As holes go deeper drilling is slower and control becomes an issue as the holes tend to wander more. So at 1.5 holes per week its a slow process with lots of misses and frustration given that the deposit is not a nice linear slab waiting to be hit. No doubt with time they will continue to drill it off but in the meantime they are going for the easy to drill, high impact anomalies.

I also suspect that this whole strategy/positioning game with FNC is tied in there as well. In a couple of months we will know what is going on with FNC, PRB, FWR and SPq around the E1 area and I suspect that NOT will then put a big push forward to drill deep on E1.

I'm a little suprised we haven't any rumours about going underground on E1 to take a bulk sample and maybe do some deep underground drilling. If they really wanted to drive the takeout percentage up a 43-101 RESERVE calculation based on underground sampling plus drilling would certainly put anyone that was thinking about acquiring us on notice. It might be a good use for that 15 million we may see on Thursday April 10th if they exercise the warrants.