- Small and low grade
- ~101Ktonnes copper @ 0.19% Cu
- ~640Koz gold @ 0.43 g/t Au
Let us quickly compare the market caps of a few favorite copper-gold exploration companies:
- Almadex = CND$70.7M
- Cordoba = CND$48.92
- Regulus resources = CND$75.58
Regulus and Cordoba have decent project projects with resources:
- Alacran = 53.5 Mt at 0.7% Cu and 0.37 g/t Au
- Anta Kori = 290Mt @ 0.48% Cu and 0.36 g/t Au
The assays from the drilling at El Cobre just show that they have a few moderately wide, average grade zones surrounded by low grade dirt. I thought that I was missing something. So I brought everything into Leapfrog Geo to see how much gold and copper there is.
These numbers could cause shock, amazement and cardiac arrest. Please sit down, breathe slowly before calling your broker...
Well, that is deeply unimpressive, but not unexpected.
In general the 'massive' intercepts were nothing special. So here is the latest 3D model (including holes 16 and 17) and the spiffy spreadsheet from here (link), so you can play with the numbers and call me a retard.
So, Almadex is expensive, Regulus is cheap.
Background rubbishThis is a global 'resource' from all three mineralized areas (Norte, Porvenir and Encinal zones), and I used the 'split assay' data which back calculated the residual grade (i.e. outside of the narrower high grade intervals), to try an give a more accurate value.
Grades are also composited over 5m intervals.
I used the following attributes to calculate the resources. the important one for non-technical people is the base range (circled) - 200 - which basically means that Leapfrog Geo uses a 200m search radius to connect the grade shells, which, for a porphyry system, is a good approximation for inferred resources.
I also used a specific gravity of 2.7 tonnes/m3.
If you want the complete LF Geo project - flip me an e-mail (firstname.lastname@example.org) and I sent it to you.