I don't think it's an all-or-nothing decision, but it's not yet time to decide.
Not earned their 50% of the FWR/Murgor JV with their investment in the ramp. They can go to 60% by completing a feasibility study. However, that requires a 43-101 resource estimate (I'm fairly certain), and that's the rub. Defining the resource to that standard is a huge undertaking.
They could, alternatively, obtain a permit, and simply start mining the gold. But they said they were going to try to define the resource.
Quotes from the October 21 news release:
"For any resource studies to be completed in the future at Windfall Lake very closely spaced drill holes will be necessary to ascertain an acceptable average grade estimate."
"At the W-3, the zone follows a multiple set of cross-cutting fractures creating a very erratic distribution of the gold values and discontinuous gold-bearing, stringer-type mineralization."
"...a program of underground and possibly surface diamond drilling is being considered to establish the extent of mineralization over potentially mineable volumes."
So, when they say:
"Currently the geological team on site is completing test hole sampling employing jumbo or jackleg percussion drills to more fully evaluate the three zones and other mineralized structures encountered during the underground exploration work. Bulk samples of several zones in which visible gold was encountered are being recovered with a view to carrying out laboratory-scale testing to assess grade and continuity of the mineralization....
Management proposes to pause the exploration program to allow for completion of all assaying, metallurgical testing and a review of progress todate."
There's a little extra nugget in there. They speak of not only the three gold zones previously identified by surface drilling, but also "other mineralized structures". Nonetheless, it's just premature to predict what's going to happen.
I think that mining will definitely occur at Windfall. When and by whom, well, we'll have to wait and see.
Lar
