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Alien acquired a substantial new exploration licence Munni Munni North ELA 47/4422 that surrounds the Elizabeth Hill Silver project.
Munni Munni North is a 117km2 tenement which wraps around the Elizabeth Hill mine on all sides including a large part of the Munni Munni intrusive complex to the south and southwest. The highly prospective Munni Munni fault strikes north south through the tenement and into the Elizabeth Hill ML on which the Elizabeth Hill deposit is associated with. This structure also appears to be associated with the Munni Munni East prospect and remains to be fully tested for further significant mineralisation which the Company is looking forward to doing.
The geology of ELA 47/4422 partly covers areas of the lower part of the Munni Munni Intrusive Complex, at the contact of a basalt and ultramafic sequence hosted within two distinct gneisses, the Archean Nallana Formation and granitoid country rocks. The Munni Munni Complex is exposed over a surface area of 8 km by 14 km and has a stratigraphic thickness of over five kilometres. Aeromagnetic and gravity data indicate that the complex continues a further 16 km to the southwest beneath a cover of Proterozoic sediments.
The license includes the southern extension of the highly prospective fault structures associated with the intrusion, including the Munni Munni fault which controls the mineralisation of the Munni Munni Platinum Group Elements (PGE) project (2.1moz PGE) itself and is related to the Elizabeth Hill Silver Mine mineralisation as well.
The Elizabeth Hill Mine was small enough to see value in providing specimens, and in 1999 an Australian dealer was able to access the site.
The dealer described lumps of pure silver masses up to 40kg in the ore dump, and the mine reported masses to 100kg. He noted also silver wires in the underground workings. The dealer was able to collect undamaged specimens to 11 kg. He also noted vanadanite, chalcanthite, galena, and unidentified silver halides on the ore stockpile. A few hundred silver specimens were collected and many of these are now in circulation. There were also a few specimens of red prismatic vanadinite crystals up to 3.5 mms long on calcite, as well as specimens of chlorargyrite micro-crystals placed on the Australian market at this time. Little else is believed to be in the collector market, although the deposit would have readily provided other species, had the opportunity existed.
I'm sure they will reuse the old assay results but everything may need to be recalculated to 2012 standards, also the 1999 JORC MRE was a combination of indicated and measured, they'll want to move the indicated to a measured category I assume over time. HH pointed out a while back it isn't a definitive method to calculate things, more so guidelines you can use with a variety of techniques to then get to a JORC standard MRE, so perhaps they use the historical assays and add more drilling density to recalculate a new MRE with differing inferred, indicated and measured categories, for instance the new areas being tested won't have enough data to support anything other than inferred I assume but it should then be recategorised in further drill campaigns. More i consider it, makes sense to bring everything up to date as we're now trying to grow the resource - it isn't a negative point at all :-)
Not sure MP, I can't see how you simply combine two differing JORC editions, the 1999 JORC is two editions back now as there was also a 2004 edition of JORC standards. Wish we had some Geo's in here! I'll submit a query to find out as wondering if they just need to do more work to bring the 1999 JORC MRE to 2012 standard or kind of start from scratch - worth getting some clarification as the latter probably takes more time. Your 4Moz calcs did not account for the already mined 1.1Moz and it is Munni Munni not Muni Muni, fingers crossed we have 10Moz plus there - but let's get some results back and start building a proper picture of potential else 10Moz projections just seem like ramping unquantified by anything factual -)
We know for sure they stopped mining because of the low Silver price, not because it was depleted. There is a guy onboard offering advice, as he worked the mine 20 years ago. . Need to get the water pumped out, then they can see what's possible.
This is my understanding, the old JORC MRE using 1999standards was for 4.05Moz and approx. 1Moz mined so leaving a fairly accurate assessment that of what they knew about the resource then, there is around 3Moz still to be mined, Bill did comment in an interview they were confident so far it was accurate I think. Bill and team will now as Prospector says build a new Maiden inferred MRE compliant to the 2012 JORC edition and then further drilling over time to update inferred to indicated to measured etc. and increase overall resource size of the silver I guess. Hopefully, the Poly Metallic Halo comes into play too and of course we have additional Munni Munni exploration to factor in so fingers crossed :-)
YahooFinance yesterday quoted Jim Rogers (old and v rich American investor) on the 3 best places to put your money to survive the next bear market: 1. Silver (because it's half its all-time high) 2. Copper (because extra is needed for electric cars) 3. Agricultural land (because we will always need to eat).