As a postscript: from another blog there was a geo report mentioning how in Morningstar there was a grey ore (sorry, can't find the link again and I am no geo so can not recall the mineral name of the ore) that was not the target ore of old timers but still contained grades of approx 15g/t.
It is probably that ore which the geos were washing and grading in the photo of the face samples in the last asx ann. Could surprise to the upside.
And meant to add to the post above. Centennial mining, the owner of the A1 mine just down the road from Rose of Denmark, were struggling with getting the mine to be profitable under old management. Then new management decided to drive a decline and now the mine is making money at grades of just 5g/t. And they have the added cost of trucking the unprocessed ore a few hundred kilometres across Victoria to their company owned plant near Bendigo.
Historic production averaged 26.5 g/t at MS albeit at narrower mining widths than what will be achieved through decline development and mechanised mining. Still, plenty of scope for dilution of the ore but remain a highly profitable underground gold mine operation at gold prices of AuD$1700++.
AUL
Price at posting:
0.9¢ Sentiment: Buy Disclosure: Held
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