Some Analysis of PRB New Drill Results of 13 March 2012
posted on
Mar 19, 2012 04:49AM
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The cross sections (pictorial views) of the new drill results are available at PRB website under Borden Lake (look to the right side of the page for plan views and x-sections. Reference for some key items are shown below for you to check out. It's quite revealing when enough time is spent staring at them.
1. Drill Holes - Plan View
http://www.probemines.com/i/maps/Planview%20Mar12lowres.pdf
2. 2. Section 700m SE, Check hole BL 11-133 (star hole) 96m at 1g/t, max 2.4g/t at depth (about 200m step out)
http://www.probemines.com/i/maps/Section%20700mSE.pdf
3. Section 500m SE, Check holes BL 11-139 and BL 12-142 126m at 0.8g/t, max 1.7g/t at depth
http://www.probemines.com/i/maps/Section%20500mSE.pdf
4. Section 400m NW, hole BL 11-125 is also a good one to look at (about 150m step out)
In my opinion, the results are consistent with the previous results as reported in the NR-43-101 for the 4+M oz Au (again, this is my tea-leaf reading and if you have a different reading, please share). They are in the order of around 1g/t (hole 133 with 96m at 1g/t with some nice spikes, 19 m at 2.4g/t, near the end of hole). Hole BL 12-142 is also good and can be considered as equivalent to hole 133, although at 0.8g/t but the length for hole 142 is much longer (126m) since 126 x 0.8 = 100.8 which is even greater than 96 x 1 = 96.
According the the NR the "extensions to the mineralized zone of up to 131 meres deeper than previous drilling". I take that as the deposit is now getting wider (increased by about 130m, but from what?). Shall we say, it was 200m and now it is 200 +100 = 300m? This is where other may want to jump in with better interpretation (I have asked Karen for a confirmation, but have not received a reply yet...school break?). Original length was approximately 1600 m, and now it is 2100m. Step out is from 150 - 200 m compared to original width of about 150m (width is now say 300m).
Assuming the the deposit is in a simple "shoe-box" model.
- Volume of old box: 1600 x 150 x 200 = 48M m3
- Volume of new box: 2100 x 300 x 300 =189M m3
Ratio: 189/48 = 4 (Please check my math)
To be on the conservative side I would venture that the new deposit could easily be 2x the previous value of 4M oz Au. If you are a brave person then make it 4Moz x 4 = 16M oz Au.
Another interesting observation is that the 500m SE and 700 SE holes seemed to hit the the next "red blob" (AEM survey) which sits just above the main zone (and on the right side of the page). It may be a new zone?
Just below the main zone on the SW corner there is a huge red blob that has not been drilled. There are quite a few AEM conductor lines in that area and there was speculations from other posters (several months ago) that PRB did not want to drill near the boundary with a competitor. Was it Borden Lake South where PRB just form a JV with Reliant, and drilling of that area will start in April 2012? Just speculating.
Another thing, all the plots that PRB provided was quite informative, but it would be much better if they are put in an interactive 3-D model produced by corebox (illustration for investors they say). There are many examples for other minining/exploration companies for you to play with. You can rotate, stop, play with the cut-off grade to visualize the deposit right on the screen. Perhaps we should pass this along to Dave. It would be a good tool for marketing, PR, planning by their geos (much easier to plan where to put the drill for the next drill holes. It would also great for board meetings, and of course us investors. A 3-D picture is worth 1M words. I don't think the model is expensive to produce...and Dave has $33M in the kitty.
Disclosure: I have no connection with Corebox.
goldhunter