and nor was I, but I've updated the Leapfrog model with the new data (link) so you can see everything in 3D.
The new drilling was disappointing. It appears to severely restrict the size of the high-grade (>1% CuEq) zone to an area that is ~500m long by 150-250m wide.
The good stuff starts at around 250m depth, and the stuff above is quite poor, generally less than 0.25% CuEq, which isn't something you want to be mining and 1000+ meter holes are expensive to drill.
Hole 102 is easy to explain, it cut the periphery of the system and got a bit of copper and gold, and helps define the NW limits to the system.
However, Hole 98 was disappointing, it was planned to go through the guts of the system below hole 85 and hit not much at all, just a narrow deep zone of decent mineralization surrounded by low grade. We could explain it as clipping the SE edge of the system, but that is an impressive drop in grades over such a short distance, especially as there doesn't appear to be a fault or change in rock type.
Could it be that there is a preferred orientation to the mineralization?
There is some evidence in the core photos to support this, but I have to admit, the photos aren't very sexy.
I also did a woeful calculation of doom (TM) to see potentially how much metal the system could contain.
If it was closer to surface, I think bigger companies would be having a look, but at depth, at those grades, probably just going to be ignored.
- 106 - I'm going to guess that it will hit a 200-300m wide zone of low grade <0.5% CuEq).
- 107 - this is probably drilling the pyrite halo and will hit grades that are a bit less that 98 (<0.25% CuEq).
- 108 - similar to 106, hit some low-grade and not much else
- 109 - this may be aiming for the deep zone hit by holes 62 and 93. I'll have a stab that it will hit a >1% CuEq zone from ~550m to ~950m (similar to hole 85) as it is an infill hole.
- 110 - hit grades middling grades - probably a zone of >0.5% CuEq from 500m depth (lower grade than hit in hole 93) as you move away from the core of the system.
Maybe GT Gold will be lucky and find another couple more porphyries, but my overall feeling is that we've seen the best from Saddle North.
Thanks a lot for putting this into Leapfrog, enormously helpful! I'm not sure they have cut across the orientation of the mineralization, it may actually just be shaped like this. Here is a crude rotation through the model showing just how narrow and short the potentially "paying" zone is at this point: http://cdn.ceo.ca/1e0601r-SaddleNorth.gifReplyDelete
I was grasping at straws, the massive deviation of a couple of the holes make the interp a bit challenging, but I was intrigued by the significant change in grade between the NW and SW azi holes.Delete
The animation looks cool, i'm guessing that a Leapfrog master created it....
We now have a Bridgemark 'chitlist' of VSE public companies. It is long. Among them is Mike McPhie's PRZ.v who raised $6.5m and then blew out $5.5m to Bridgemark scumbags. Also on the list is Alex Black's RIO2.v. Film at 11:00.ReplyDelete
Final tiny tidbit about McPhie is his recent political appointment to head the sale of Ridley Terminals Incorporated Inc. Amazing no? Taxpayers BOUND to get the deal of a lifetime from the likes of McPhie eh?Delete
Ridley has been generally available for sale for at least 15 years. No one has stepped up to buy it...at least not for the amount the government presumably wants for it.Delete
McPhie is the recently installed 'chairman' of Ridley and this because of new and improved 'rules' in vetting politico appointments. Taxpayers have plenty to lose with the likes of a McPhie 'deal'. Truly sickening that man. McPhie takes the VSE to all new lows ... and I thought that impossible.Delete
This is an interesting article.Delete
$1.3 billion? Not a hope! The cash flow doesn't justify that kind of price.
So McPhie has been a key part of the 'dysfunctional business practices' since September 2017. Dude ought to take a (fukkin) bow. Good pull Mr. Bill.Delete
Another update in that Otto Man has identified Gwen 'Resource Maven' Preston as part and parcel of the BridgeMark scamola. This rings true 100%. Months ago she touted Alex Black's RIO2 (poorly) for reasons that were curious to me. NOW we know BridgeMark had a hand in that SUPPOSED $ 10m financing of RIO2. Very naturally RIO2 is sewering to 52-week lows just like every other BridgeMark scam I've checked into so far. IF history is any guide RIO2 is likely flipping $ 8m+ back to BridgeMark right this damn moment whilst they sell RIO2 paper to the public. Pffffft the depths we'll be surely plumbing with this grotesque offense.Delete
This comment has been removed by the author.ReplyDelete
And, very naturally, a body doesn't need to go very far to get blown away by the wicked stench. Latest numbers for RIO2 reveal a relative paucity of cash, and a truly whooping Professional fees of $ 547,000 for the 3 months ended September. That would be part of BridgeMark's grease, no question.ReplyDelete
Next comes the mention of the infamous 'RSUs' or Restricted Stock Units. THIS I believe is the extent of BridgeMark 'expertise' in corporate finance/theft. RSUs are basically dead free, highly dilutive paper printed by management scumbags who aren't happy with their $ 240k salaries. See that term and you have found a scumbag.
I used to think Alex Black was a good one. Wrong again. RIO2 ought not be touched in this lifetime.
That $547,000 has brackets around it. That means it's a credit, not an expense. A look back at the second quarter shows they over expensed this category. I suspect legal fees for the merger were the reason but that's just a guess.Delete
So it's 520,026 RSUs exchangeable for one common share ofReplyDelete
Rio2. Considering Co raised something around $ 17m, it is VERY light on cash.
You suddenly realize that even the mining pump and dump merchants are amateurs compared to those twats.Delete
This comment has been removed by a blog administrator.ReplyDelete
Angry Geo could you please do a Blog post on Sun Metals? They hit great results but seem under valued still?? Comments are appreciated!!ReplyDelete
Angry Geo could you please do a Blog post on Metallis Resources. This will not make you angry. Just a group of exploration professionals going about their business. Legit project in the GT.ReplyDelete