RE: 100yrs ago up to 70g AU a tonne2 Apr 2021 15:14
I think the figs used in the latest RNS dated 01/04/2021.………..
(“Material which was ground to a diameter of 0.35mm liberated 50% of available gold and 40% of available silver, further improved when the material was ground to 0.25mm, which yielded up to 140 grams gold and 20,000 grams silver per tonne processed” )
………are, perhaps not representative of the actual figs that we will see upon production as these “test sample figs” are exceptionally high in gold and silver content. So I have used the previous figs taken from 15th Oct 2020 RNS which seem more plausible to me
Projected Gold and Silver production
Out of 100kg of samples taken from five of the spoil heaps which where processed in a local laboratory, head assays were conducted, consisting of a fire assay of crushed and pulverised sub-samples, reporting 2.28 grams/tonne gold plus 658 grams/tonne silver and establishing the total gold and silver content in each sample.
Using those figs as a rough guide 2.28g Gold and 658g Silver per ton :
Working on 2 tons per day on a six day week would yield
27.36 grams Gold and 7,896 grams Silver (per 6 days)
= 253oz Silver and 0.88oz Gold per 6 days on 2 tons processed
Over one year at 6 days week gives 45.76 ozs Gold and 13,156 ozs Silver
Gold at $1800 per troy oz = $82,368.00 Silver at $19 per troy oz = $249,964.00
Producing annual rev of $332,332.00 gross
Obviously, costs need to be factored into those figs but it just gives a rough idea of what we could produce on 2 tonnes per day using the figs from the bulk sample.
I think the RNS should perhaps have stated that the figs in the test batch were not representative of what we will see upon actual production, as this was a small selected batch of ore designed to test out production methods/costs etc.
Another point to add here is these spoil heaps are from an age when smaller amounts of gold were not worth mining, especially silver prices so we could all be in for some nice surprises!
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