our long forgotten VMS #1 ,#3
posted on
Oct 07, 2010 11:43AM
From our last financials
1. I wonder what this is actually worth?
2. I wonder if we should do some more drilling to increase resource? or maybe Cliff's or HBD might want to take this further?
"Previous exploration at McFaulds Lake by the joint venture partners had focused on volcanic hosted massive sulphide (“VMS”) occurrences. The drill program in prior years drilled 12,114 metres at McFaulds 3, and 4,715 metres at McFaulds 1. Based on the drill program Scott Wilson RPA developed a resource estimate. INDICATED MINERAL RESOURCES (Table 1) Tonnage Grade Grade Deposit (tonnes) (% Cu) (% Zn) McFaulds 3 802,000 3.75 1.1
Notes: 1. CIM definitions were followed for mineral resources. 2. The cut-off grade of 1.5% Cu was estimated using a copper price of US$2.50/lb and assumed operating costs. 3. Grade-shell wireframes at 1.5% Cu and a minimum true thickness of two metres were used to constrain the grade interpolation. 4. High copper and zinc grades were cut to 12% Cu and 8.0% Zn prior to compositing to 1.5 metre lengths for the McFaulds 3 deposit, 5. Several blocks less than the cut-off values were included for continuity. INFERRED MINERAL RESOURCES (Table 2) Tonnage Grade Grade Deposit (tonnes) (% Cu) (% Zn) McFaulds 1 279,000 2.13 0.58"