Chépica becomes bigger and bigger and that has been the case since the beginning. Projected margins are very comfortable!
I think that Jan Nelson is on of the most successful mining executives in the business and to me his greatest virtue is to call in help at the right time to overcome problems that would have floored the majority and us shareholders with it! It must not be easy for PAF to have let him go. We expect an RNS update on OKiep copper tailings and more of Chépica as well as possible news about new operations. All the rest does not really matter imo.
The final results from TIGER RESOURCES FINANCE PLC for the Year Ended 31 December 2014, makes interesting reading and their portfolio gives a clue about the miserable year that seem to have had in which their pro-active investments XTR are providing good news. To me three small companies stand out being: JLP, Sunrise Resources (SRES) and Sovereign Mines of Africa (SMA)!
There is a lot of talk that China's currency the yuan will be granted reserve currency status i n October this year.
It seems to me that Chépica is getting a lot bigger than is being let on although it required top mining technology to overcome serious problems. JN seems to have the gift to see through difficult mining operations but wants in all cases for the minerals to be there!
We should get more info about May operations in due course, but it may well be that the discoveries around Chépica have increased the costs since a lot of work is going on in trying to figure out what the most profitable way is to exploit the assets here. Climate derisking is probably not Capex but running costs and I am not sure if the 3D work is Capex or not.
What I liked most in the RNS is the risk prevention measures which have been taken in view of the coming rainy season, and of course also the announced updated Resource Estimate in the coming month.
Chépica continues to surprise and it seems that we have still a long way to go before having a final idea how big this asset really is!
MEASURED 85 kilotonnes , 4.0 g/ton Gold, 9.4 g/ton Silver, 0,50% Copper. INDICATED: 93 kilotonnes, 4.2 g/t Gold, 9.5 g/t Silver, 0,52% Copper. INFERRED 41 kilotonnes, 4.0 g/t Gold, 8.7 g/t Silver, 0,52% Copper Resource classification has been reported at a cut-off of 1.3 g/t Gold, not capped. A resource cut-off of 1.3 g/t Gold was based on experience with the mill on site at Chépica and other operations in the region, and the Company considers that 1.3 g/t is an appropriate indication of commercial viability. Estimation was based on 50 of 66 drill holes corresponding to 5.299 metres of diamond core drilling, together with 17 underground channel samples and two trench samples totalling 92,5 metres in length. The resources were estimated by Ordinary Kriging using block model sizes of 2.5 by 2.5 by 5 metres. Qualified Person: Mr Terence Walker, M.Sc, P.Geo; Mr. Walker has reviewed the contents of this news release. It looks like we will be going a long way at Chépica's exciting site!
Chépica Copper-Gold Project Mineral Resource Statement As of May 8, 2009: