I could post other posts also-my own calculations were the proven section below was just ca 8.7% of the length of the Coloso- though this was in an area where they discovered the Samson vein also. If the same ore continued throughout the Coloso that would be ca 150 million tons -and there are 5 known veins so far.
150 million tons alone at $125/ton would be 4.29/share. (yes over 4 dollars). Buyer of course would mostly pay for ore in the ground , which used to be 1/ton when ore was only 10-14/ton but companies have paid near 5/ton for ore in the ground recently as we have posted from articles,plus a higher value for inventory.
If all 5 veins had 150 million tons, 750,000,000 tons at 5/ton in ground value would be 86 cents pps.
this does not include the 125000 tons plus of fertilizer (possible sale price of over 30 million but goes on books at cost) which bingo said was worth 3 times more than reg iron (9-8-12 post) when iron was near its low price of ca 87/ton nor the 100's of thousands of tons other inventory.
But of course as bingo notes much more drilling would really have to be done to prove the entire mines ore- but I suspect the govt cancelling all permits just before the 12-21-11 ship and then extra audits designed to catch illegal mines and govt port games combined w contested mexican elections etc put Bao on a standby mode re drilling-just my guess.
Better information on this board:
So far, every hole we have drilled runs into magnetite iron at depth, depending on the locations elevation, DH 70 and 72 at the lower elevations hit iron at 2 and 4 meters, DH 69 was already excavated down to 30 m, so we started drilling in the iron, DH 73, the one behind the crushers, we hit the iron at 6 (we had graded 3m off the surface, so from surface was a total of 9 meters down)meters, took it down to 100m, and stopped, but we were still in the iron, (between 16 and 26m, we found a 10m thick lenses of hematite/magnetite mixed) to answer your question, the basement (in non-geological terms) seems to be magnetite iron of lower grades at depth, which if we mine it, we will have to build a concentration plant, that option is under study now and materials have been sent to Bao Steel’s lab to test for up-lift percentage expectation on a beneficiation bases, we have stopped drilling for now until the testing results are back. In the area between 69,70, 72 and 73, there is total of 13,400,000 mt of iron minerals proven. We have not yet paralleled a hole to match 71, so no calculations were made in that section which is the same cubic meter size as the first calculations. In short we don’t know how wide or how deep the magnetite is; but early indications seem to confirm wide area magnetometer readings.
