I expect they have looked through the 650 pages of data and from there had an input into the resource/reserve modelling. Seeing as its the final draft that's probably why they have taken a lot longer to get it done this time round.
This is not about me being positive or making excuses. Its fact.
The drill result for 2018 have been communicated to us last year. Even the elusive final 5 holes are in an RNS.
What has not been communicated is the modelling of the resource upgrade. It has been stated by a number of posters that this has been done/must have been done by now. Well the fact is it hasn't. As I said - Its currently being done.
Whether I like that or not that's how it is.
Reserves Estimate - compiling resource estimates incorporating the newly defined mineral zones identified during the 2018 field season. Resource modelling is underway. Oreol is presently compiling the resource estimates for each of the three deposits of Maly Kurumkon / Flangovy, Vodorazdelny and ISK (the now linked Ikenskoe / Sobolevsky and Kubuk deposits). Completion is expected in Q4 2019.
It's currently being done.
I remember RY said that he had a good discussion with a Wood Mackenzie guy at one of these conferences/meetings he attends.
RY said he spent a long time debating with him about whether the shortfall and future demand would be from Laterite or Sulphide. The Wood Mackenzie guy thought Laterite would be more in demand apparently but RY said he put a good argument forward to him.
Ok I see what you mean.
Is there anything in the Technical Task document that you are particularly interested in or can glean anything extra from? I suppose a good thing is that they are getting on with it now.
The results of the work performed are issued in the form of a report containing information on the results of semi-industrial tests.
Semi-industrial testing of technological schemes is carried out under the scientific supervision of representatives of the Customer.
The contractor must have at least 10 years of experience in the installation and experience in testing copper-nickel ores.
5. The way to implement the results of the work.
The results of PPI will be used as initial data for the development of technological regulations for the enrichment of copper-nickel ores in the Kun-Manye deposit.
6. The list of technical products.
The Contractor provides the Customer with the results of work in 3 copies. in paper form and on electronic media.
7. The order of consideration and acceptance of work.
Scientific and technical products are considered in accordance with the acceptance procedure at Gipronickel Institute LLC."
One of the important stages of conducting semi-industrial tests is the adjustment of the technological process with the adjustment of the reagent mode and physical modes for operations and nodes of the circuit, as well as making, if necessary, changes to the recommended circuit. Tests begin with the recommended technological regimen specified during preliminary studies. At the same time, paying special attention to ensuring the stability of the process, identifying the causes of its unevenness in individual operations and taking measures to eliminate them. After determining the optimal scheme and the technological regime of ore processing, continuous tests (usually within 10-20 shifts) are carried out in a constant technological mode in order to determine the possibility of stable operation of the scheme. The more thoroughly the proposed technological scheme is tested, the more reliable are the indicators that should be obtained after the construction of the processing plant.
PPI are carried out on the equipment of a pilot plant with a capacity of 200 kg / h in continuous mode and in a closed cycle according to the scheme provided by the Customer (Figure 1). On the equipment available to the Contractor, the full control cycle of technological tests with flexible readjustment should be provided at the OPU, starting from crushing (initial ore fineness not more than 210 mm) and ending in continuous stable production of finished copper-nickel concentrate and tailings. The water supply system of the pilot plant should allow conducting technological tests, both in fresh water and in closed water circulation using thickeners that simulate the tailings pond, which will provide the opportunity for the development and semi-industrial verification of environmentally cleaner processing technologies.
Reagents used for flotation are provided by the Customer.
After sampling, the Contractor performs the crushing of samples with the selection of the initial samples for subsequent execution by the Contractor of the control chemical analysis of samples for nickel, copper, iron, sulfur.
After receiving the control chemical analysis, the Contractor agrees with the Customer on the Baseline data on the formation and averaging of the semi-industrial sample. PPI are carried out in accordance with the Program of PPI developed by Gipronickel Institute LLC, which includes the technological scheme, reagent mode, qualitative-quantitative scheme, recommendations for the technological process, and a testing card.
Chemical analysis of selected products of local testing of the technological scheme is carried out by the Contractor for the content of N1, Cu, 5.
The chemical analysis of the selected balance end products of enrichment is carried out by the Contractor for the content of elements N1, Cu, Co, Fe, 5, MdO, AlOz, 5Y2.
On the resulting concentrate and tails, thickening tests are performed.
Hope the following helps RL. This is the raw translation of the Technical Task to be undertaken...
to perform work on the topic:
"Semi-industrial tests of representative technological
samples of copper-nickel ores of the Kun-Manye deposit "
1. Purpose of the work and initial data: Conducting semi-industrial tests of the enrichment of copper-nickel ores of the Kun-Manye deposit, confirming the correctness of the choice of the technological scheme and the possibility of obtaining the inherent processing indicators.
Semi-industrial tests (PPI) are carried out according to the technology developed by Gipronickel Institute LLC for the enrichment of copper-nickel ores to confirm the enrichment indicators obtained in laboratory samples, to refine the reagent mode in continuous mode at the OPU, as well as to produce copper-nickel concentrate and tailings for thickening studies.
The tests are carried out on a semi-industrial representative sample (half core) weighing 10 tons. The sample is provided by the main customer of Cun-Magnier. Sample transportation from the Customer to the place of semi-industrial testing is carried out at the expense of the forces and means of the main Customer.
2. Terms of work:
Start of work: 09/30/2019
Completion date: 11/25/2019
3. The content of the work.
na Name of work Start
1 Ore crushing.
Installation of equipment for PPI in accordance with the provided technological and water-slurry schemes and recommendations for hardware design.
Formation of a semi-industrial technological test.
Conducting semi-industrial tests (PPI) according to the technology developed by Gipronickel Institute LLC with the production of batches of concentrates and tails for studies of their thickening. Conducting studies on the concentration of enrichment products. Preparation of test report. 09/30/2019 11/25/2019 PPI report
4. Basic requirements for the performance of work.
Semi-industrial technological testing of the developed scheme is the most important, final stage of field exploration and
preparing it for industrial development. Tests are conducted in order to verify the effectiveness of the developed technological scheme in a closed loop when organizing a continuous process, studying the issue of the degree of distribution of intermediate products upon their return to head operations or development in a separate cycle, the need to refine individual components of the scheme, and obtain in sufficient quantities the main ore enrichment products for sample preparation with a reliable content of valuable components.
This was originally posted by 8adger on here mid September...
"Gipronickel Institute LLC announces the Procurement procedure “Conducting semi-industrial tests of enrichment of copper - nickel ores of the Kun - Manye deposit in a continuous mode and in a closed cycle to confirm technological parameters obtained from laboratory samples"
On the other channel some of the documents for the tender were translated and the work was to commence end of September with a completion date of 25 November. It was for a 10 tonne bulk sample. I established from older Rns that we have 15 tonnes in total so I would expect this to be the bulk sample test you refer to.
So who is paying for it and who wants it done?
I have no idea but they seem to be getting a shifty on since Tom Bowens signed up.
From memory the monthly repayment is due around 21st of each month so Riverfort will most likely be in possession of a convertible note for this months repayment. However AMC does have the right at this sp to give notice to repay the balance in cash. So if a partner or proper investor stumped up then yes they could be repaid. Same would obviously apply in the event of a sale.
Considering how much is now owed to Riverfort and the recent example that they are infact willing to allow a run up in sp before selling, I wouldn't be at all surprised if they now have half an eye on their warrants. They will be aware that to make money on those they need a higher share price so I am not sure they will want to be so heavy handed going forward with regards to share price erosion.
The mid accounts may come tomorrow or latest Monday. If these contain some positive nuggets then this may help the sp going forwards. If they are received poorly then the sp may take an unwanted hit.
Its all guess work as usual though.