Ok, ok, I'll leave the permitting issue alone. I didn't intend to start or flame the fires of a debate, in the end I'm on board regardless of EA or EIS...
Anyways, new topic if anyone has input-
Is there anyone/anywhere that's discussed the differences between the Indicated versus Inferred Resources that the mine contains? Numerous places make references that the Inferred resources aren't used in any of the PEA estimations. Does this mean the 4.3 billion pretax value should actually be roughly 2x higher as the Inferred amount of resource appears to be equally as much as the Indicated amounts???
Sorry the page doesn't cut and paste well, but page 5 of PEA2 is what I'm referencing...
Table 1.5.1: SRK Mineral Resource Statement for Elk Creek, Effective Date April 28, 2015
(1) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate and have been used to derive sub-totals, totals and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, SRK does not consider them to be material. All composites have been capped where appropriate. The Concession is wholly owned by and exploration is operated by NioCorp Developments Ltd.
(2) The reporting standard adopted for the reporting of the MRE uses the terminology, definitions and guidelines given in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Mineral Reserves (May 10, 2014) as required by NI 43-101.
(3) SRK reasonably expects the Project to be amenable to a variety of Underground Mining methods. Using results from initial metallurgical testwork, suitable underground mining and processing costs, and forecast niobium price SRK has reported the Mineral Resource at a cut-off of 0.3% Nb2O5
(4) SRK Completed a site inspection of the deposit by Mr. Martin Pittuck, MSc, CEng, MIMMM, an appropriate “independent qualified person” as this term is defined in NI 43-101.
The Mineral Resource presented has been reported following CIM guidelines. The PEA is preliminary in nature, that it includes a level of engineering precision and assumptions which are currently considered too speculative to have the economic considerations applied to them that would enable Mineral Resources to be categorized as Mineral Reserves.
Classification
Cut-off (Nb2O5%)
Tonnage (000’s t)
Grade (Nb2O5%)
Contained Nb2O5 (000’s kg)
Grade (TiO2%)
Contained TiO2 (000’s kg)
Grade (Sc g/t)
Contained Sc (000’s kg)
Indicated Inferred
0.3 0.3
80,500 99,600
0.71 0.56
572,000 558,000
2.68 2.31
2,160,000 2,300,000
72 63
5,800 6,300
