The NI 43-101 doesn't refer to resources at this point because there isn't enough data to support an official resource estimate. However, they do refer to "exploration targets" where they attempt to provide some sort of estimate on tonnage, grade and metal content to the property thus far, using a worst case, middle case and best case scenario.
In the (P10) worst case scenario, the exploration target has 450,000 tonnes of ore with a 4.2 g/t grade and a metal content of 60k ounces. At $1,200/oz, that comes to $72 million.
In the (P50) middle case scenario, the exploration target has 8.6 million tonnes of ore with a 3.5 g/t grade and a metal content of 950k ounces. At $1,200/oz, that comes to $780 million.
And finally, in the (P90) best case scenario, the exploration target has 12.5 million tonnes of ore with a 3.5 g/t grade and a metal content of 1.4 million ounces. At $1,200/oz, that comes to $1.68 billion.
Obviously this is a very rough estimate, though it is based on the geological data, exploration and bulk sampling completed to date. It also doesn't include extraction, expansion and further exploration costs. However, it at least provides shareholders (and financiers) a certain level of valuation that can be associated with the property and the company. The upcoming bulk 5,000 tonne bulk sample, along with the ore sorting techniques, will provide even more data and help to further refine the estimate.
As an Inventus shareholder, I'm very pleased. So must Mr. McEwen and Mr. Sprott!
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