Sunday, July 26, 2009 11:04:17 AM
FMNJ has it's teeth in a played out vein of silver high in the mountains of a rather unstable country, where they've had and abandoned their efforts on, 3 other such projects, one touted to have been the richest silver producing area ever... although Great Panther's Guanjuato project rivals it and as I said Great Panther actually mines silver as opposed to just printing shares. Dr. Biste is doing a report. So?
Here's what a good silver vein looks like:
The mineral resource estimation utilized geology
and assay data from both exploration diamond
drill-holes (37 holes at approximately 50-metre
centers) and 50 production diamond drill-holes
(detailed infill). Capping was applied separately
to the exploration and production drill-holes.
Assays from the exploration drill-holes were
capped at 1,300g/t silver and 7.5g/t gold. Assays
from the production drill-holes were capped at
4,000g/t silver and 15.5g/t gold. The impact
of capping is negligible on the resource
estimates for the Veta Madre and Alto 2 zones,
but reduces the grade estimates by more than 45%
for the higher grade Alto 1 zone. Since there has
been little underground exposure and mining of
the Alto 1 vein to date, there is no experience
to justify raising the capping values at this time
and hence it is considered that there is much upside
potential for this vein.
Indicated capped mineral resources at a cut-off NSR
value of US$37.50/tonne are estimated to be 351,000
tonnes at grades of 359g/t silver and 1.19g/t gold,
while uncapped grades are 462g/t Ag and 1.55g/t Au.
The capped estimate contains 4,071,000 oz silver and
13,000 oz gold, or 5,032,000 silver equivalent ounces
(Ag eq oz). The uncapped estimate contains 5,239,000
oz silver and 17,000 oz gold, or 6,491,000 Ag eq oz.
In addition, capped inferred resources of 24,000 tonnes
grading 296g/t silver and 0.98g/t gold are estimated,
containing 231,000 oz silver and 765 oz gold, or
285,000 Ag eq oz.
Oh and by the way, there's no way in the world anyone has drilled out 6.9 billion ounces of silver reserves. A Canadian company wouldn't be legally allowed to even publish such bullschitt... no matter how many caveats there were. Here's one... You could say: "Experts think there may be as many as 5 trillion oz of silver left in Bolivia and the surrounding areas..." Meaningless right?
Guanajuato is actually estimated to have produced a billion oz of silver. Mineralization continues as far below the current workings as the total current workings themselves and is open at depth. In other words the production from the one mine which will exceed 1.2 million Ag eq oz this year (2 million total from 2 mines and another coming on line soon) could certainly continue far into the lives of my children's children. I'm not sure how many trillion shares of stock Bill Petty will have issued by then, but I'm guessin' it'll be a lot.
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