Re: Recovery % on the bulk of the .4% and under Resource.....Nickel
in response to
by
Welcome To The Inspiration Mining HUB On AGORACOM
The company is exploring for nickel deposits on its Langmuir property near Timmins, Ontario; for nickel-gold-copper on its Cleaver and Douglas properties; and for molybdenum and rare earth elements at recently acquired Desrosiers property.
Message: Re: Recovery % on the bulk of the .4% and under Resource.....Nickel
After three weeks passing, we have heard no further commentary or follow-up from those in charge. IE, Micon. ISM or SGS. Yes there are lots of questions on what has been delivered and what is next for Langmuir or for that matter ISM. Is this glass half empty or half full?
One can read the two technical reports, either from SGS, who did a thorough Metallurgical study and/or that of Micon who prepared their report as well. The two were delivered hand in hand for the public to view at Sedar (as shown in my link lbrary)
http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00005581
One's interpretations will be as varied between investors as their individual levels of understanding and background insuch studies. These are very technical reports and as such I am not qualified to comment on your question, if I understand it correctly. I note that some are still having a hard time determining if they speak of indicated or inferred resources in the report and the summary NR from the company. What some read and what some choose to read when given the same reports varies greatly as well.
Here's what I do know, this is what was talked about initially when bringing in Micon back in May 2008:
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"Micon International Commissioned for NI 43-101 Report
TORONTO, ONTARIO--(Marketwire - May 16, 2008) - Inspiration Mining Corp. (the "Corporation") (TSX:ISM)(FRANKFURT:OI8) is pleased to announce it has commissioned Micon International of Toronto, Ontario, Canada to prepare a mineral resource estimate, a preliminary economic assessment (commonly referred to as a scoping study) and technical report on its Langmuir property. It is anticipated that the project will be undertaken in the following phases:
Phase I - Mineral resource estimates for Langmuir No. 1 in preparation of a bulk sample and mineral resource estimates for Langmuir No. 2. The mineral resource estimate will include Trend Analysis, Cut-Off Grade Estimates, Compositing, Bulk Density Review, Block Model Construction and Validation, and Open Pit Optimization for Langmuir No. 2.
Phase II - Preliminary economic assessments examining the potential economic viability of each zone of mineralization. This assessment will contemplate excavation of the mineralization at the Langmuir No.1 deposit by means of underground mining methods, and the excavation of the mineralization at the Langmuir No. 2 deposit by means of open pit mining methods. The results of the mineral resource estimates and preliminary economic assessment will be compiled in compliance with National Instrument 43-101."
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I am not sure we have recieved what we all thought we would receive?
Here's what SGS set forth to deliver:
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Key Milestone Achieved-Inspiration Mining Initiates Scoping Metallurgical Testing at Langmuir Project, Ontario
TORONTO, ONTARIO--(Marketwire - June 4, 2008) - Inspiration Mining Corp. (the "Corporation") (TSX:ISM)(FRANKFURT:OI8) is pleased to announce that SGS Minerals Services (SGS), the world's preeminent global supplier of metallurgical services, has been retained to conduct the metallurgical investigations required for the Langmuir deposit with work to commence immediately. Located in Langmuir Township south of Timmins, Ontario, the property consists of 69 unpatented contiguous mining claim units approximately 25 km southeast of Timmins, Ontario. It hosts the past producing Langmuir No.1 Mine, and majority of the past producing Langmuir No. 2 Mine. The project work will be done in Lakefield where SGS has a comprehensive team of professionals with significant expertise with nickel deposits, having completed several similar large projects.
The project will cover the grindability of the mineralization, chemical and mineralogical characterization, flotation testing, geotechnical and environmental testwork (including humidity cell and ageing studies) on a selection of samples from the project. The study will identify and evaluate metallurgical options and provide guidelines for potential future development. The testwork will be phased, with the initial work focusing on assessing the extractive metallurgy and the variability of the ore. A second phase of testwork will follow to optimize the proposed flowsheet, predict metal recoveries and map variability throughout the project. The metallurgical response of the Langmuir mineralization will be evaluated with respect to flowsheets typical of other producing nickel mines in Canada.
Inspiration President and CEO, Randy Miller, remarked "The initiation of this scoping metallurgical testwork at Langmuir marks another key milestone for Inspiration. With SGS engaged, this advanced-stage project has advanced another milestone in its development."
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So we have to ask as shareholders did we get all that was asked for, are we waiting for further info that may still be coming?
Without anymore commentary from the company since the newsday Jan 06/2010 I can't comment on speculation and subjective what if's. We only have certain facts at our side at this stage of the game.
Lastly, here's how the compnay summarized the reports released that day:
Langmuir Project Yields Two Open-Pit Nickel Resources and Potential for 20-40 Million Tonnes in Additional Exploration Targets
TORONTO, ONTARIO, Jan. 6, 2010 (Marketwire) -- Inspiration Mining Corporation (the "Corporation") (TSX:ISM)(FRANKFURT:OI8) is pleased to announce that Micon International Limited ("Micon") has completed the National Instrument 43-101 compliant resource estimate report (the "Micon Report") for the Langmuir North Deposit and the Langmuir No 1 Deposit. A copy of the Micon Report can be viewed under the Corporation's profile on the SEDAR website (www.sedar.com).
Pursuant to the Micon Report, resources in the Indicated Resources category for the Langmuir North deposit are 8,324,000 tonnes grading 0.40% nickel, as detailed in Table 1. Resources in the Indicated Resources category for the Langmuir No. 1 deposit are 1,733,000 tonnes grading 0.51% nickel, as detailed in Table 2.
Both deposits are amenable to open pit exploitation. Langmuir No.1 is also partly accessible from an existing development ramp from earlier historical production.
These deposits, lying within the Langmuir Nickel Belt, are also accompanied by at least four (4) exploration target areas of mineralization that are believed to hold the potential to host an additional 20 to 40 million tonnes of nickel mineralization of similar grades. In addition, the target areas also have the potential for open-pittable configuration.
As well, it is believed that potential remains to locate additional concentrations of nickel mineralization similar to that which has been exploited at the Langmuir No 2 mine at depth on the property. The potential quantity and grade of such deposits is conceptual in nature and there has been insufficient exploration to define a mineral resource of said tonnage and grade and it is uncertain if further exploration will result in the target being delineated as a mineral resource. Additional exploration is warranted and it is anticipated that a budget of between $3.5 and $5 million in additional exploration expenditures will be necessary in order to explore the four (4) exploration targets and to continue exploration work on the current resource targets along with the outside exploration of multiple targets on the property.
A preliminary metallurgical evaluation was conducted by SGS Mineral Services ("SGS") for the Langmuir North deposit and the results are summarized in a report entitled "An Investigation into the Recovery of Nickel and Copper from the Langmuir #2 North Zone" dated June 25, 2009 (the "SGS Report"). A copy of the SGS Report can be viewed under the Corporation's profile on the SEDAR website (www.sedar.com).
According to the SGS Report, most of the nickel value is contained within the mineral millerite, a mineral with a high nickel content which is somewhat different from other deposits known to date for the region. Excellent recoveries of nickel sulphides are obtained at a relatively coarse grind.
Based on the SGS Report and on previous historical work and metallurgical recoveries from previous production from the area, the Corporation believes that a platinum-palladium and a cobalt credit from the concentrates is possible.
Mr. Randy Miller, the President and Chief Executive Officer of the Corporation, stated "We are pleased with the results contained in the Micon report and the findings in the SGS report. These reports are an important step in the continued development and advancement of the Langmuir property. The potential for two open pit resources is evident by the conclusions in the Micon report and we are excited about the additional exploration targets that can significantly increase the size of the mineralization on the property. The Corporation is committed to the further exploration of the property in order to fully explore and develop the full potential of the property to become a viable source for nickel in the future."
The Micon Report was prepared by Reno Presacco, P.Geo., Richard Gowans, P.Eng. and Jonathan Steedman, MAusIMM, and is dated January 6, 2010. The SGS Report was prepared by Oliver Peters, P.Eng, MBA and Dominique Lascelles, M.Eng.
Table 1
Estimated Mineral Resources for the Langmuir North Deposit
Cut Off Grade (% Ni) Classification Volume (m3) Tonnes Ni (%)
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Mill Incremental:
0.19 -greater than 0.21 Indicated 160,000 433,000 0.20
Sub Total 160,000 433,000 0.20
Mineralized:
greater than 0.21 Indicated 2,912,000 7,891,000 0.41
Sub Total 2,912,000 7,891,000 0.41
Total Mill Incremental + Mineralized 8,324,000 0.40
Table 2
Estimated Mineral Resources for the Langmuir No. 1 Deposit
Cut Off Grade (% Ni) Classification Volume (m3) Tonnes Ni (5)
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Mill Incremental:
0.19 -greater than 0.21 Indicated 23,000 67,000 0.20
Sub Total 23,000 67,000 0.20
Mineralized:
greater than 0.21 Indicated 583,000 1,666,000 0.52
Sub Total 583,000 1,666,000 0.52
Total Mill Incremental + Mineralized 1,733,000 0.51
1. Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources may
be materially affected by environmental, permitting, legal, title,
taxation, sociopolitical, marketing or other relevant issues.
2. The quantity and grade of reported Inferred Resources in this estimation
are conceptual in nature and there has been insufficient exploration to
define these Inferred Resources as an Indicated or Measured Mineral
Resource. It is uncertain if further exploration will result in the
upgrading of the Inferred Resources into an Indicated or Measured
Mineral Resource category.
3. Tonnages have been rounded to the nearest thousand tonnes
4. Sums may not add due to rounding
5. Mineral resources are inclusive of mill incremental material
6. Grade interpolation is estimated by Ordinary Kriging method.
The Qualified Person who prepared the technical data in this release is Dr. Stewart Jackson, P.Geol.
This update contains "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward looking statements can be identified by the use of forward looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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I personally would love to see how the other shoe will drop on this main focus we call Langmuir.
I have read time and time again about "the next stage" and "bringing Langmuir to the next level". So far they are delivering, it has taken time but we are moving in the right direction as an explorer of Nickel. In the Northern Ontario Business Magazine article, it has been quoted that Randy Miller said the remaining area has really only been drilled 10-15% by Inspiration itself. I have the patience as an investor and many do not. Those who were here for the big money flip on a Micon report did not get the results they wanted and have moved on. It would see that the ageandas and timelines of certain investors did not match that of the company
With Micon now delivering their recommendations for Langmuir , I believe ISM has the money to deliver on their promise to all of us as well. Now I guess we all have to wait and see what is next. IMHO
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