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Just my thoughts on understanding the MRE

On the RNS there's 3 layers one near the top one near the bottom and one in between 600m apart. On these plans you can see the 10m cubes, these have been coloured coded with varying grades taken from the drill cores.
These cubes are used to determine the economic viability of the project.
An accurate volume can be calculated of sections of the ovoid using these cubes.
The cubes with the best grades have gone into the NSR Shell , shown with a black line boundary on the plans, so they are not necessarily all HGZ or breccias but a mixture and are not necessarily linked.

More infill drilling is still required to get a more detailed picture especially in the top 350m , so the 3.4m oz will rise in later releases, this 3.4m oz is just an initial appraisal.

It's these shells that have determined what size the MRE has been and have determined that the project is viable to continue.
The core drills can be aimed at these cubes to within 0.5m of their target.

After the June update and the first dimensions came out of the crescent I calculated 2.2m oz in the sulphide these were subsequently increased to 2.4-2.8m with newer dimensions. Roughly I worked out 7.2m in the surrounding breccias.
Looking at my figures and the MRE plans
my calcs seem very close if you deduct the Northern zone. The breccias though I can see large areas not included in MRE and sporadic pieces of the HGZ.

This Initial MRE is just a first pass for project viability I feel there is still more to come from the SE crescent.

Hi Tom t b
I'm hopeful your figures might be met but I'm wary of the actinolite breccias might reduce the grades a bit.
I did include figures I estimated for the Eastern and North Western but not the depth
ATB:))

Hi Hopefully
What are you disagreeing with me , I do like Rioja :))

Thought I would post this again

I'm still trying to get my head around the volume figures and which bits they've included.
The 52m tons looks like this is all contained within the Black boundary of the A$50NSR shell, there's not enough for other areas.
The tonnage is about 10% of the total tonnage but because the sulphides have a greater mass the cubic metres is about 15% contained in the ovoid.

The depth they've used is 600m
so deducting 15% of the volume x 2.75sg
x 0.75g/t = 6m oz in the remaining volume.
Now they are also saying the depth of the ore body is 1,000m deduct 600m =400m
that would give 4.6m oz

I think there could be 10+m oz at 0.75g/t in the rest of the volume of the ovoid.
+1m oz in the eastern breccias
100,000 oz in The NW extension judging by the new outline
Still open at depth

On the RNS there's 3 layers one near the top one near the bottom and one in between 600m apart. On these plans you can see the 10m cubes, these have coloured coded with varying grades taken from the drill cores.
The cubes with the best grades have gone into the NSR Shell so they are not necessarily all HGZ or breccias but a mixture and are not necessarily linked.

It's these shells that have determined what size the MRE has been and have determined that the project is viable to continue

Hi Count
I haven't looked at the copper values properly, the average in the Breccias seems to be around 0.15% on that plan the white areas still need to be defined .
The 0.6% is really good in the HGZ.
There are still a lot of those 10x10 cubes still to be clarified in the breccias and the HGZ it really was an initial estimate.

They can guide a core drill to within 0.5m accuracy of those cubes

ATB:))

Hi Paddy
I've done some calculations earlier that the Count has just re posted.
I've been getting slammed today for my calculations, these numpties are coming from all over the place today, they must have really missed out.

Hi Ipad
It's to independently prove the assets.
it assists the mine planning
It assists with bank loans
It gives financial security to companies and investors that their investments will work.

If you take a look at the latest plans you will see it has been divided into 10m cubes the core drills are also shown. These are coloured coded into grades , the black lines around the best cubes are called shells. These shells give the financial confidence to continue the project.
It's these initial shells that determine the MRE and can make or break a project.
In Havieron's case they indicate the viability for the project to continue.
You wouldn't want to spend millions on a feasibility study if it wasn't viable
ATB:))

Hi Toblerone
Thanks for posting that, I was wondering why they exclude other minerals from the MRE.
"
... However, given that ore reserves are determined by a range of compulsory "modifying factors" (see above), additional mineral resources that are known but not quantified as reserves are excluded from formal ore reserve estimates. This means that ore reserves generally represent only a small part of an often continuous orebody, with long-term production planning involving the continual upgrade of mineral resources to ore reserves and then production, commonly as a project is operating (e.g., Jowitt et al., 2013a;Mudd et al., 2013a, b). As summarized in Hellman and Duncan (2014, p. 111), "there are no special issues relating to the mechanics of the estimation of REE mineral resources which appear similar in mineralization style to primary and supergene enriched Cu deposits," meaning that all categories of REE mineral resources could potentially contribute to future REE reserves, as has been documented by previous research (e.g., Jowitt et al., 2013a;Mudd et al., 2013a, b)"
So other minerals are excluded from the resource estimate till the production phase.

Hi Spy
Nice one
:)))

oh dear another bitter numpty

There may be a partial indicated resource on the top 350m of the HGZ maybe in the Summer but more than likely held back for the PFS
It's a complicated costly item to keep producing MRE whether anything will be ready before December is anyone's guess.
Loads of results to come though on the infilling and will they be tackling other targets to sterilise areas ready for waste rock dumps only time will tell.

I'm still trying to get my head around the volume figures and which bits they've included.
The 52m tons looks like this is all contained within the Black boundary of the A$50NSR shell, there's not enough for other areas.
The tonnage is about 10% of the total tonnage but because the sulphides have a greater mass the cubic metres is about 15% contained in the ovoid.

The depth they've used is 600m
so deducting 15% of the volume x 2.75sg
x 0.75g/t = 6m oz in the remaining volume.
Now they are also saying the depth of the ore body is 1,000m deduct 600m =400m
that would give 4.6m oz

I think there could be 10+m oz at 0.75g/t in the rest of the volume of the ovoid.
+1m oz in the eastern breccias
100,000 oz in The NW extension judging by the new outline
Still open at depth

I'm being hesitant on the actinolite breccias any grades/volume on this is dictated by the asbestos content which is the cement around these breccias. I don't know what the process is for removing it. but it will help with the bulk mining as Hydrogen says it will drop easier.

Hi Hydrogen
I was thinking more of the fibrous texture and how it is separated from the breccias.
Don't want to say the A word
ATB:))

Hi Les
You are still not looking at the big picture without NCM there is no big picture.
100% of a licence = not a lot of value
25% of a near Tier 1 mine asset is huge
This could be one of the biggest finds to get to mine this century.
Please now give it a rest
ATB:))

Hi Hydrogen
That's why I've never invested in Solg toooo slowww.
What do you think of the phrase actinolite breccias, I wouldn't know how they would process it?
ATB:))

HI Les
Your argument is not valid, without a major Ggp would still be funding drilling through dilution, they may only be about on their 2nd or 3rd drilling campaign with Havieron sat there going nowhere, even less would have happened around the other targets.
The share price would have been bouncing around the 1p region getting lower with every dilution .
The shareholders are very secure with their investment, dreams are coming true.

So let's move the needle and drop this nonsense

ATB:))

Hi urbanracer
This inferred resource is by no means complete at the moment, the intention by the look of it is to keep infill drilling the top high grade section for an Indicated Resource hopefully in the Summer. By that time the Decline should be well on its way towards this section for stoping procedures to commence.

In Hannam's notes they say they've used the wrong grades they were way over.
In my calculations I used 3g/t depending on which dimensions were used I got somewhere between 2.4 and 2.8moz for the HGZ, so they've added about 0.6m oz for the small Northern bit.
I'm not too sure on what Actinolite breccias actually composed of, their are 2 chemical formulae for it, I'm waiting for Magic to come back. It could be very rich in Magnesium or it may not be very good and definitely not for a conveyor
ATB:))

Hi Urbanracer
I can't see how you accurately predicted that value when the goalposts changed dramatically on the boundaries of the MRE.
No one could have predicted that the copper grades were going to be fantastic.

Your theory of the conveyors got shot out the water with actinolite breccias

ATB:))

Hi Steve
In response to your question there is no comparison.
Solg have a Tier 1 orebody
Ggp have Tier 1 asset
Huge difference in terminology you can't compare
ATB:))

Zoros those figures suggest to me this will be a copper/gold mine
0.6% Havieron
0.4% Winu
That copper value is way higher than I previously expected