I'm going to post this again, because this is what was missed and unclear in the way the Feasibility was written and communicated!!
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Seems that the street doesn't understand that the 940 million tonnes of reserves estimated and used in the Feasibility is only a portion of the Total resource estimate of the Schaft Creek deposit.
The M&I is 1.228 Billion tonnes, The Inferred is 597 million tonnes. See the grades for each category in the table in te news release.
After processing 940 million tonnes of reserves, there still is 300 million tonnes of measured and indicated and 597 million tonnes of Inferred to be considered possible mill feed.
During the mining operations, drilling would upgrade all or a portion of the 900 million tonnes to reserves. Extending the mine life and adding alor of value. (Teck knows this, TT did the may 31st 2012 RE)
This is assuming no additional resources are found at Schaft Creek..and that's not possible.
The block model used in this Feasibility (for a 21 year mine life) can only extrapolate a certain distance past a certain data point. Everything past this point is considered WASTE.
Based on what we already know today, the North the East and the bottom of the Block is mineralized. (yes Teck knows this to)
The 171 million tonnes of Inferred inside the used block pit, is considered waste per national instrument 43-101.
10 holes only drilled in the Liard zone would upgrade the Waste into INDICATED resource...
This 171 million tonnes then changes from an EXPENSE (171 million X $2.26 per tonne) to a REVENUE !! Adding alot more net operating cash.
The amount = recovered metal value X metal prices - operating costs.
Trust me TECK knows this.....the street doesn't.
