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OK the clock is moving... Good news on Mkuvia
Jun 16, 2009 04:00PM
This NR is a great step for Douglas Lake, we have moved off the dead spot we have been on for a while. The company has promised to submit a NI 43-101 compliant report on the Mkuvia property within 45 days, while this seems to have occurred already, this statement formally binds DLKM to complying to NI 43-101 IMO. I was relieved to see specific details about the land deal for the Mkuvia property. These details are being attested to by an independent JORC qualified person, Ross McMaster and reviewed by Laurence Stephenson, our NI 43-101 qualified person... the credibility builds.
21,000 oz of gold in an inferred resource... even if one processed every pebble and cobble is still close to $20 million. What is the volume 2,190,000 loose cubic meters mean anyway? OK, see if you can follow my calculation.
2,190,000 loose cubic meters -divided by- 125% expanded volume = 1,752,000 cubic meters of in-place placer deposit material... ... overburden, well maybe so? When I first test a new location on my placer, I always test the most unlikely zone for gold early on, under the assumption that if that unlikely location contains gold values (colors in the pan), then the most likely zones of the placer in that location will be really good.
1,752,000 cubic meters -divided by- 30 meter test pit depth = 58,400 square meter area.
If this area is a square then; 58,400 square meters = 241 meters by 241 meters.
So this inferred resource covers an area of 250 meters square by 30 meters deep. Just a small portion, right?!!
Another point is that if one divides the inferred 657,000 grams of contained gold by the in-place (in-situ) volume, the grade comes up to .375 grams/cubic meter. 657,000 grams -divide by- 1,752,000 cubic meters = .375 grams/cubic meter.
The 45 day clock is ticking down now, for sure IMO. While things in this business always take longer than planned, this looks like a hard deadline. All good news IMO!