YT any idea on the complexities of reaching JORC status? Is this something that can be done quickly after drilling results or does it take weeks of paperwork to finalise?
To keep reminding the mkt how undervalued they are?:
But yeah probably to do with the competent person statement, verification etc
YT any idea on the complexities of reaching JORC status? Is this something that can be done quickly after drilling results or does it take weeks of paperwork to finalise?
From what I understand YML have already done all the conceptual modelling etc of that small 5% portion of Marilliana, hence how they came up with the 30Mt@57%Fe resource estimate,
All they'd need is drill assays and I'd say 2 days max to confirm JORC
...
The drilling has shown the potential for mineralisation
(in that sector) of at least 30 million tonnes of circa
58% Fe content based upon the area as assessed (at
least 700 000m2)
...
(Formal disclosure: It should be noted that the
potential quantity and grade of iron ore mineralisation
is conceptual in nature and that there has been
insufficient exploration at this time to define a Mineral
Resource and that it is uncertain if future exploration
will result in the determination of a Mineral Resource).
...
The Company plans to commence a comprehensive
programme of in-fill and extension drilling in the
North-West Sector of the licence in mid June 2007,
following completion of Heritage surveys in that
section of the Exploration Licence. A total of 40 infill
RC holes are planned, which the Company expects will
allow estimation of an initial JORC compliant resource
estimate for that area. The results will be released
following completion of the programme.
...
The Company has received preliminary enquiries
regarding potential future production and/or possible
participation in the Project. The Company recognises,
however, that the first requirement is to establish a
JORC compliant resource and assess the various other
parameters relevant to future development.
...
Within the mafic – ultramafic intrusive there are
widespread occurrences of sub-economic nickel-copper
– PGE mineralisation. The breccia pipes in the Mine
Area represent the most significant mineralisation as
currently known but the other mineralised zones also
point up the potential of the Complex to host far more
significant Ni-Cu-PGE sulphide potential in depth.
It is a characteristic of these mafic-ultramafic intrusive
complexes that if significant mineralisation is present it
is usually within the conduit (feeder) to the intrusive.
Major ore deposits illustrating this mode of occurrence
include Jinchuan and Voisey’s Bay.
The Company has not been able to determine where
the conduit or conduits to the Carr Boyd Intrusive
Complex are located (at depth) or how deep they could
be but what is particularly encouraging about Carr
Boyd is that the nickel-copper sulphide breccia pipes
(with the included large, angular, breccia blocks
comprised of gabbro, pyroxenite and bronzitite) would
seem to have been derived, at a point very late in the
emplacement process, from a source deeper down.
At least, that would appear to be the case for the
sulphides.
For that reason, the Company considers that the major
exploration target at Carr Boyd is the source of the
mineralisation in the pipes – a mineralised zone
associated with the conduit (feeder) to the complex.
Therefore, tracing the roots of the pipes in depth may
be a valid and rewarding exercise.
...
...
The Irwin Joint Venture has considered various
possibilities for development including treatment of
sections of the higher grade ROM (“run of mine”)
material at Murrin Murrin, heap leaching on site at
Irwin–Coglia and the production of a high grade
cobalt–nickel “concentrates” for treatment at
Murrin Murrin or elsewhere. Dealing with each of
these in turn:
(1) Treatment of ROM Material at Murrin Murrin
Consideration has been given to the possible
treatment of higher grade Ni-Co ROM material
as trucked to Murrin Murrin.
At this point in time, the Murrin Murrin coventurers
have advised that the high salinity
levels in the ROM material render that material
unsuitable for HPAL treatment using the current
autoclaves at Murrin Murrin.
Yilgarn Mining notes, however, that in the event
that a new autoclave, capable of treating high
salinity ores, becomes available in the future,
then the possibility of treating Irwin–Coglia ROM
material would once again warrant consideration
and assessment.
(2) Heap Leaching of Irwin–Coglia Limonite
Resource material
Testwork has shown that the high iron, limonitic
resource material is not suited to heap leaching
under atmospheric conditions. However, the
limonitic material is considered very suitable for
HPAL treatment (subject to the salinity problem as
applicable to certain autoclaves).
...
The drilling has shown the potential for mineralisation
(in that sector) of at least 30 million tonnes of circa
58% Fe content based upon the area as assessed (at
least 700 000m2
Does anybody know in the scheme of things that figure of "30 000 TONNES" Is that a large enough resource or enough to provide for a substantial mine life or are we in need of a substantially larger resource before they could proceed with it?
This probably depends on a number of factors such as if they intend crushing and screening the ore with their own plant or if its feasible to transport it to another existing plant for processing before going to port. I'm pretty sure thats what cazaly and bhp have in mind if cazaly was to win back their tenement from rio tinto....and this would seem the best option for YML considering their close proximity to existing mines.
A rough guess (excluding the costs of getting the ore to port) setting up a 5-10 mtpa plant would probably cost somehwere in the vicinity of around 500-800k taking into acoount that the company has no structures in place for doing any of its own studies and EPCM of an iron ore mine....but this is really a ball park figure loosely based on the costs of plants that BHP and RIO have recently developed or expanded on....
see this CAZ announcement re shovelana
http://www.cazalyresources.com.au/files/grabdoc.php?type=doc&id=96&cid=44
CARR BOYD Ni-Cu SULPHIDE PROJECT
(Earning 51% minimum interest).......is the only really economic resource deep down? or am i reading 'in depth' incorrectly?
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