SJ29 Dec 2014 10:03
Baita Bihor is a skarn deposit comprising several veins in calcareous sediments in eight distinct pipes. It is estimated, by the Company, to contain 1,800,000 tonnes of polymetallic ore (gold, silver, copper, zinc, lead, tungsten and molybdenum) at 6% copper equivalent or 10g/tonne gold equivalent, at current prices, (estimated in accordance with the Russian Reserves and Resources Reporting System) within the licensed area. It has unmeasured resources in other pipes and substantial exploration upside. Due to lack of capital investment and modernisation the mine became uneconomic and was put on care and maintenance in 2013. Plant and equipment for the mine are in place but require some rehabilitation.
Resource estimation has been calculated, by AFCR, on two different grade assumption bases - the 'AFCR Model' and the 'Production Model'. The AFCR Model is based on official records which show an in situ resource based on the Russian Reserves and Resource Reporting System of 1.8 million tonnes at 2.19% Cu, 128g/t Ag, 3.46% Zn, 3.07% Pb and 1.41g/t Au. Mine laboratory records and underground inspections with a Niton XRF cross correlate. The Production Model grades are back calculated from actual historical production records but are thought to produce conservative results on account of known inefficiencies in previous production methods.
Included in this resource is a 400,000 tonne copper/silver/zinc/lead/gold/tungsten/molybdenum ore body identified within the current mine workings (non JORC but conservative estimations by AFCR geologists) which is ready to mine
o it didnt. So at 2.7p we were 10x undervalued an have ambitions of becoming a mid tier miner by mid 2015 right. Now look at the romanian asset with 1,800,000,000 tonnes at 10g gold a tonne.
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