dmeasl
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Re: Main Shareholder Discussion Thread
« Reply #19582 on: Today at 08:52:30 AM »
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As far as mining is concerned there are only two types of computer models out there. Seam modeling and Block modeling in exclusive mining software such as Mintec, Medsys, SurvCadd etc. Seam modeling is used for strata reserves such as coal, trona etc. Block modeling is used in hard rock mining. This is what is typically used in mineral reserves such as Medinah. The process of getting core samples to the model is not typically a quick process. First the drilling has to be done and cored. Next the lab has to crush, pulverize, bombard with light, heat and a host of other things to each inch of the sample. After that the assay data is send back to the engineers who have to incorporate it into the model. Think of a block model as thousands of blocks like the ones you had as kids with the alphabet on them. Each Block represents a piece of property form the top down as far as drilling or coring was completed. Each core has many blocks stacked to represent different “zones”. Each block has several values assigned to it. One for Moly, one for Gold, one for Copper, etc. Now stack them up to the roof and fill an entire gym. If you only have two core holes many of the blocks are a guess and Interpolated from the only two cores of data you have available. The more cores you have the less guess work there is. With fifty cores you start to see what’s really there and if you core deeper you get a better picture of what is in your reserves. Geologists NEVER have enough core data. They always want more. With each core the picture becomes clearer of what reserves you have. Each block is typically a row of data in a report. When tallied up you have the entire volume of each mineral deposit, where it is and how to mine it and most importantly the value of the entire reserve. When you drill more if fills in the unknown portions of the model and the unknown value of the property. The problem is that this takes time. You can’t just drill a hole, look at it and say “oh now we are worth three times what we originally thought”. It takes months after drilling. You can speculate but that isn’t worth much. With any business deal a “gut” feeling of what you have doesn’t cut it. Hopefully the JV isn’t going to have to wait for the new cores to be processed to move ahead. It’s probably to the advantage of the shareholders if it did but nerves are starting to fray.
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