Hello all,
Some people are expressing excitement that if Phase 1 illustrates amazing assays from the drill holes that this should bring a possible phase 2 initiative which I too believe will happen. If in theory we hit amazing grades (which we should based on the 1 to 1 correlation to mineralized rock) Teck should continue with exploration efforts.
Elmer explained we could expand the drill season until December which gives us an additional 3 months to add value and increase metal tonnage. If we complete the current drill program by late September/middle October which is reasonable to conclude since we have been drilling for nearly 3 weeks already, phase 2 is possible to commence with time allowed. This would allow Teck/Copper Fox an additional 1 and half months to begin a Phase 2 drill program. Phase 2 could be a 5,000 meter or another 10,000 meter program. I do not know what phase 2 would accomplish whether it was to drill the inferred resource, or waste rock within the pit shell for proof of mineralization but phase 2 is definitely possible if the joint venture pursued it. With 1 and half months of drilling season available without weather conditions becoming a negative factor, even a 5,000 meter phase 2 follow-up program would be a huge benefit to us.
Lastly, when viewing the image of the "untested" East Paramount zone which is the 2013 drill target, it seems to be double the size of Paramount West. If this geophysical anomaly on the East side happens to be double the size of the Paramount West, our present resource estimate easily doubled in quantity and apparently with a stronger chargeability than the West side...I am very excited about this deposit's re-calculated economics and NPV after the 2013 drilling campaign assuming the success of exploration and completion of a phase 2 objective. Bring on the new Resource estimate and Updated feasibility Study in 2014!
