Once you have the data all you can do is drill to confirm. We have the 1:1 proof already. Technical papers like the reRE and BFS only state on paper what is already known. Those are usefull to people who don't know what we have but really, due to the size of the district who is big enough that doesn't know?
The delays we face are engineered to work in our favor with respect to the global situation and Teck's desire for a specific timing. We are still working on their behalf. At times they can be frustrating to deal with and at others it's all good. Teck wants to make another acquisition then look at us. We are in the cue but they want 4 months and we can't afford to wait. What we need is to finish the contract with the BFS and then drill while we wait for offers.
Should Teck delay or should the company try find a way to extend the BFS I think there would be a lot of flack. The Red ink for many people would spark the mutany. No one wants to feel trapped. Yes, we can keep producing good results but we already have enough to exceed the 180K tonnes design. Do they now go for 300K? We don't care how they exploit the deposit. The deal was for a positive BFS. The tonnes have been up'ed once already and the economics got better. There's enough for 500K tonnes a day. With a little more drilling they would have proof for an extended life by 10 years on just the next area.
Will Teck demand one more hole in each new zone? It's not in the contract to do so but they could offer a premium if they thought it was warranted. They would tie it to results of course. But we don't want to do that either. We want the BFS out. We can drill after that. We don't want them to ask us to include any new data which would just amount to another 6 months delay.
By comparison to all other companies we are astoundingly slow. The BFS crew is churning out other company's BFS's and we are on the back burner. Very soon this is going to stir up complaints not just grumbling. While there are legitimate reasons for the delays (silver) and tactical reasons like waiting for favorable winds, the rabble can wait no longer.
The insiders are working on their own behalf as major holders and by way of extension, benefitting us with lower prices and more time to buy the shares up. But the general sentiment is that we must proceed and this is because we, the rabble, have reached saturation. Stalling to allow us to max out TFSA's was the last effort that could be provided to us. I expected by track record that we would go empty handed to all the shows but I have the feeling this is about to change. Unless there's something hidden from us I expect we will produce the BFS right away.
I've asked Elmer about the contractors and the labs. I wanted to know if they are making up lost ground. I understand they had their work load doubled last year but it's our turn now. Elmer has not got back to me yet. I hope this is a sign he is very busy.
