1. El Quevar will probably add some 10- 15 million ounces towards 70-75 million total, but more importantly increase the indicated 9 million ounces towards 20+ million in indicated resources, which are much higher valued in the market place.
Thought on El Quevar resource estimate?
Velardena should probably also move resources towards indicated but perhaps not increase the overall resource estimate, since few exploration drilling has been done since late 2009, when the last N-43-101 was done.
We currently have 3,8 million tonnes in indicated, giving 14 million ounces silver and 320,000 ounces gold, I think that should dubble.
And the inferred stays more or less the same.
Any thoughts on the 2 projects or estimates, interesting where the market expectation is?
I think you are lowballing El Quevar. Only 10-15M more ozs? No way. Look at all the long bonanza intervals! Dozens of millions of ozs there. As for Velardenas, not looking for as massive an upgrade, but hope to see ozs migrate from inferred to M&I. I'm not really sure how much drilling has been done there since the last ECU update in early 2009.
Thanks for that, can I ask based on what? There hasn't been much drilling, the only drilling has been to show how deep the veins go (miles) and the high continuity of grades.
To get indicated you need to drill basically 20 meter from each hole, and get basically the same results. They seem to have drilled 40 meters away to save costs, but as a result the have inferred instead of indicated.