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MrY
Isn’t that what we are all waiting for?
I think most people here understand what a report means.
Money or no money!
Don’t really have a clue what you are talking about on that post
Please enlighten me
Don’t want a row but it didn’t make a lot of sense.
Please repost and help me out
All the best
Ouz
MrYFronts
Whilst happy to agree with much more f what you said I also think it important to point out that there is not actually that much difference between JORC standards and Russian standards, so n fact I have read that Russian standards are higher and more conservative……..
Make of that what you will.
Agree but it is what it is and I am sure the bod are frustrated that nothing significant can be said yet.
GLA
*commitments
GLA
Thanks CAW1.
A little more information regarding it all wouldn't go amiss.
Evening MrY considerations as below
Christian Schaffalitzky, Executive Chairman commented: "The Directors are delighted that professional institutional investors offered to support Eurasia's fundamentals and its strategic options, as we continue to develop the Company including the upcoming acquisitions of Nyud, Moroshkovoe and other significant Rosgeo JV PGM and battery metals open pit deposits. Furthermore, while our board and management continue to be significant shareholders, the Directors are confident that the Private Placement will further strengthen Eurasia's negotiating position."
GLA
Once we have a jorc audit we have the right to buy the additional 25% of the JV, making us instantly more valuable.
It is also an independent report that’s internationally recognised. At the moment only a small proportion of our resources have been independently verified. That’s about to change, and with it, our share price.
Rickster is probably ******ed.
There seems to be some misunderstanding of what JORC is or what value it has to EUA.
JORC is a system of reporting on reserves and resources just as the Russian system does.
It's not about getting a JORC report, it's about what that report says in terms of what EUA has because JORC (like the Russian system) has different levels of reporting reserves and resources and, dependant on what level they achieve, their relative value.
Resources are reported as inferred, indicated or measured and reserves are either probable or proven and the value chain starts at an inferred resource and ending at a proven reserve.
How you go from one level up to the next etc depends on the level of knowledge of what is in the ground and the more drilling results you have and the closer the spacing of the drill intervals the better that knowledge is.
Having AP's results with nothing else isn't going to give you anything of value in terms of reporting.
The main thing you need to have any idea of economic viability of a project is the grades giving g/t and you get that from drill core samples.
If it's an inferred Russian resource it will be an inferred JORC resource.
The full JORC Code, 2012 Edition can be found here. https://www.jorc.org
Pdf link in the middle of the page.
@bill. Regarding the delay I remember from another investment that there is an element of independent validation to the sampling. This was the main cause of delays on the other project. Overstretched + backlog due to covid lock downs.
Page 26
"Verification of
sampling and
assaying: The verification of significant intersections by either independent or alternative company personnel."
ATB LB
"Several comprehensive tasks including JORC“. Does that mean they are expecting to announce the other tasks' results? Didn't see any punctuation in the statement to suggest otherwise.
Ian, aside from my 'every day for the next two years' selection; could you put me down for tomorrow please?. :-)
"Several compr
10/10 Caw :-)
· Wardell Armstrong International engaged in April for several comprehensive tasks including JORC resource audits which are almost complete and are expected to be announced shortly
A Competent Person must be a Member or Fellow of The Australasian Institute of Mining and Metallurgy, or of the Australian Institute of Geoscientists, or of a ‘Recognised Professional Organisation’.
A Competent Person must have a minimum of five years’ experience working with the style of mineralisation or type of deposit under consideration and relevant to the activity which that person is undertaking.
https://jorc.org/competent/
GLA
Just realised..... it's to me.....I'm green boxed :-) .
Seeing as I'm green boxed, could someone please ask our resident experts to explain what a 'competent person(s)' is and what experience or qualifications said person(s) havre to have to be able to produce a JORC code compliant report?.
Cheers.
‘Wardell Armstrong International has undertaken site visits and audited the Monchetundra drill core storage at the warehouse owned and managed by CKE, the quality assurance and quality control procedures and the work done by Gipronickel, CKE and other professional contractors of Eurasia.
EMR (Engineering of Mineral Resources) that has an excellent track record cross-referencing Russian reserves with reserves under the JORC Code is coordinating the DFS for the purposes of the Russian authorities.’
GLA
Who's the comment to Rickster?
Sorry......
One possibility for the delay is that W.A have concluded their audit of all paperwork, but they are waiting for physical core sample data to come back from the lab.
3D modelling will be used to mainly produce a conceptual mine plan.
W.A have been assigned the task of producing a report that is in compliance with the JORC code of reporting.
W.A are the 'competent person(s)' that have the required experience and knowledge to produce such a report.
W.A are Auditing historical data.........
- relevant licence boundary verification .
-checking drill sampling location data.
-they may even physically check corsamples
What are you on about 'does the JORC code allow it?'. This was all potentially done prior to Wardell Armstrong ever being there, hence block modelling and open pit optimisations being completed during Eurasia's due diligence on the Rosgeo JV assets -
"Each of the four open pit deposits, which are located directly adjacent to Monchetundra, have already been studied by Eurasia with block modelling and open pits' optimisations performed by the Company. According to the due diligence done by Eurasia, the ores are suitable for toll treatment over distances of 5 to 8km with beneficiation and mineral processing at the proposed plant site between the Company's open pit deposits at Loipishnune and West Nittis.
· A further five mostly open pit palladium, platinum, copper, nickel and cobalt assets are included in the JV, where Eurasia has carried out due diligence including c.20km of exploration drilling and some 12 thousand samples taken by Eurasia."
You have to have the 3D models to create accurate open pit optimisations etc. The pit you create is to target the area of the ore body that you're after, you can only arrive at that stage via the 3D models.
GLA
Lovelyboy; id like to think that EUA checked that the technology was acceptable prior to appointing AP and surely WA and the others would have been aware of this fact when bidding for the contract to compile the JORC? I’m positive that a mixture of AP data and core samples would be sufficient. The BOD have indicated they now have sufficient funding for Rosgeo so IMO they must have had a pretty accurate idea of the data for the JORCs prior to the last placement. Hope that makes sense?
It's mind blowingly awesome tech mac & oligarch that's undeniable. Like a 3d cad model you can spin round, zoom in and slice through it... Way better than the proverbial stabbing a pitch fork into a haystack to find the needle.
Does the JORC code allow for it? It could be quite prescriptive about the acceptable techniques.
For the record I hope it does... But there's nothing like a physical core sample in a bonded store, studded with glittering nuggets that you can look at, pick up and analyse.
Physical proof. I'd want to see it if there were claims of millions of oz.
Hopefully there's enough historical cores + the 3d maps to base this all on. Satisfying the needs the buyer and jorcee and governing authorities.
ATB LB
I will put this to the Wardell Armstrong staff where I work.
By the time the whole district there is mapped you could end up with the larger models like this. Highlighting where certain metal target zones lay etc -
https://www.researchgate.net/figure/Validation-and-interpretation-of-geological-map-3D-magnetic-abnomalies-and-orebodies_fig4_257681140
Far more accurate than it once was.
GLA