Whaler,
All through the promotional (Darcel) days of ISM, all we ever heard was that ISM’s Micon Ni 43-101 Resource Report was going to prove to the world it had discovered one of the largest economically extractable Ni Resources in all of North America. Talk at the time from the core group of ISM promoters was an average Ni grade greatly exceeding that of 1 % grade.
The Micon Resource Report proved that too many investors got so caught up in all the promotion going on at the time; they forgot to look into a few basic details of the Shaw Dome Mineralization and the size of the pods of ni to be found.
The market seems to have figured that all out now and that is why it has valued ISM where it is today.
There are many questions that need to be answered by ISM. Who says ISM can open pit L-2 and get at the major part of the resource defined to date in the Micon Resource Report? Where is the guarantee from the company that says ISM can indeed recover the L-2 resource defined without encroaching on other company property boundaries? Where are the results for the low grade average % recovery rates? Where’s the financial feasibility study that also includes ISM building its own Mill, as the Micon Resource Report was totally based on.
I have to agree with you on one thing. Mr. Miller is being conservative with ISM funds. In my opinion though, he has to be. If he were to take on and spend the full amount of funds Micon had recommended in further exploration, it might bring the house of cards crashing down much faster. It’s just too bad for shareholders Mr. Miller isn’t as cash conservative in regards to his own stipends and golden parachute package.
On your question of McWatters, from what I remember, I believe the Cut-off for McWatters was 0.51% ni in their 43-101.
There is a 43-101 on Hard Creek. They need a Hydrometallurgical facility to process their low grade ore. Recently they are trying to tout the aurite part of the ore body with mechanical and magnetic separation, but there is no guarantee that will give the necessary recoveries.
Keep dreaming whaler.
As I have said many times before, when all is said and done, I still think ISM will prove up a McWatters size and grade Resource at the L-1. Who knows what they will do with it, but it won’t have much value to ISM shareholders in my opinion.
Best
Nickel
