“Dave has done a great job at BLGP, but The Street doesn't like The Message - as ThisTime correctly points out, the new global resource is 6.4MM oz, yet the headline in the Northern Miner and elsewhere will report a new pit constrained resource of 3.6 MM oz, because that's what's been reported today, so we were sold off”

Must admit initial disappointment on the Headline Number too. Then after reviewing the NR a couple times and hearing dialogue from a little birdie, this Estimate sets up the “Economic Assessment” extremely well.

This is the new focus at Borden Lake and sets up for best Economics in Development.

The Focus, now is  “Pit Constrained”, with improvements in Size, Grade, Classification for better Cost Incentives of the Project.

Focus has shifted to Pit Constrained as the real Economic Resource.

  • Grade, nearing 1.7 g/t in high-grade core, almost double
  • all about increase in grade, focussing on the Pit Constrained 4.3 Moz, low-grade Halo around the high-grade center
  • higher grade mineralization reduces need for larger scale operation, reduces costs (capex) for more efficient operations and production
  • Indicated 85% and Inferred 15% greatly improves confidence in the Resource (Indicated)

The Pit Constrained Resource has increased 26% from 3.4 to 4.3 Moz, the grade has increased, with the quality of reserve increasing to 85% Indicated, all of which makes for better economics in building lower cost of operations for extraction.

We were undervalued before this Estimate and still are, even more so!

PEA next up.

Cheers, Mark