RE: Might be a daft question18 Apr 2025 12:09
HENCE THE REFERENCE IN THE ARBIYRATION UPDATE
"In 2007, the Company advised shareholders of its plan to undertake a first-phase, systematic drill-out campaign upon grant of a Prospecting Licence, on well-defined exploration targets of 6 Moz gold. Its vision from early on was that the Bhukia project represented an exceptional gold project capable of supporting a large, low-cost, open pit gold mining operation with low stripping ratios and copper and cobalt by-product credits.
The Geological Survey of India ("GSI") published a report in 2014 after the completion of over 150 drill holes (Bulletin Series A (April 2014)), wherein it reported an indicated and inferred resource estimate of 6.7 Moz gold (excluding additional resources subsequently found through additional drilling by the GSI). The estimate was reportedly prepared according to the UNFC code. More recently, the GoR issued a gazette notification containing an updated resource estimate of 113.52 Mt at 1.96 g/t and 0.14% Cu, which amounts to 7.2 Moz of gold plus copper credits, and also with accessory nickel and cobalt. According to Indian law, the resource estimate was required to be prepared in accordance with the Minerals (Evidence of Mineral Contents) Rules 2015 ("MEMCR") which are based on the United Nations Framework Classification (UNFC) and Committee for Mineral Reserves International Reporting Standards (CRIRSCO), though modifications to these standards have been made by India in formulating the terms of the MEMCR."
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