Something to keep in mind with inferred resources is that they are the lowest level of confidence in the resources category, and resources are less proven than reserves. See http://en.wikipedia.org/wiki/Mineral_resource_classification. There's a cautionary note at the end of that PEA article. It's really misleading for them to exaggerate them like that. Par for the course, but borderline fraudulent.
Ucore Rare Minerals Inc. controls Bokan Mountain in extreme southern Alaska, 60 km southwest of Ketchikan. The project is located in a cold rain forest and is accessible via boat, float plane, or helicopter, which the company views as "excellent logistics". The project area was previously mined for uranium and the company, like many of its REE brethren, was a uranium explorer until mid-2009.
Dotson Ridge is a narrow, steeply dipping, vein-dike deposit with a 43-101 inferred resource of 3.7 million tonnes grading 0.75% TREO at a cut off of 0.5%. About 38% are heavies giving a grade of 0.29% HREOs and 0.46% LREOs.
Compare that with Steenkampskrall at 0.89% HREOs and 10.9% LREOs.
During a tour of Bokan Mountain a year ago, I determined that individual veins average less than 0.5 meters wide, and have little strike continuity. There was sparse information on continuity with depth.
Because of the low grade, potential fatal flaws are the high cost of narrow vein mining and wall rock dilution that will necessitate separation of waste from ore prior to grinding and concentration. My recommendation to Ucore was to immediately apply for an Alaska small mine permit for underground access to drill, test mine, and bulk sample during the 2011 field season. I never received a response to my letters.
Therefore, I concluded that Ucore is unlikely to advance the project in a timely fashion. It appears to me the corporate exit strategy is to wait for a takeover offer and/or government financial assistance. But with 149 million shares outstanding, 174 million fully diluted, and a 2011 burn rate of over $9 million, I opine that one of these scenarios must happen soon.
100% of junior resource companies - 50% on Flagship Property - 25% on Share Structure - 15% on Management and Technical Teams - 5% on Website Presentation = 5% of All-Listed Junior Resource Companies, or 1 in 20 pique my initial interest. There are approximately 1750 Canadian juniors on the Toronto Venture and Toronto Stock Exchanges. Let’s do the arithmetic: A measly 5% or 85-90 junior resource companies will pass the initial 15-20 minute test and website perusal and have the requisite Share Structure, People, and Projects to qualify for further evaluation by the Mercenary Geologist
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