Havieron1 Jul 2018 13:45
Hi all. I've been playing around with some figures this morning and maybe somebody more knowledgeable could look over them and see if I'm totally wrong.
The RNS states "Initial airborne data has outlined the Havieron target as covering approximately 1,000m x 1,000m"
and we know from the results the depth was from 497 to 618 so 121m but CB said in the interview the modelling showed the depth would go for another 300m so a total of 412m.
Lets be conservative and assume 750m x 750m x 400m giving us 225,000,000 cubic metres.
If we then apply the ballast multiplier of 1.76 this gives us roughly 396,000,000 tonnes of material.
The RNS showed 2.93g/t over 121m but interestingly the g/t was getting better as we went deeper but again lets be conservative and reduce the g/t to 2. This would give us 792,000,000 grams which when divided by 31.1035 gives a total of nearly 25.5M Troy ounces of gold.
Also if we look and the Cu content - the RNS showed 0.23% but if we reduce that to 0.20% it would give us roughly 800K tonnes of Copper.
I don't know how these amounts would be valued in the ground in $/oz gold or $/tonne Copper but surely it would add up to more that 5p or even 10p per share.
I apologise if I am miles out with my estimations but if I am could somebody point out the correct procedure.
Cheers & GLA - Paddy