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Resources
Mackay & Schnellmann Pty Limited undertakes
activities on resource estimates on behalf of clients and also provides
due diligence and similar services in cases where a degree of assurance
is necessary to a client with regard to a resource estimate or where
a question has arisen in connection with a resource.
Examples of recent resources assignments are:
WESTERN AUSTRALIA, 1999
Deposit modelling was undertaken as part of the input to a full
feasibility study being prepared on the 500 000 tonne Hope Downs
iron deposits. Subsequent to a field due diligence and validation
programme, services were provided on deposit modelling involving
the geological interpretation of the deposit, the assignment of
material types and the derivation of average densities for material
types all as input to the resource model.
WESTERN AUSTRALIA, 1996
In preparing an Independent Geologist's Report for a capital raising
by Australian Goldfields N.L., an appraisal was carried out on the
resources and reserves at the Bannockburn Mine that was to be purchased.
A problem had arisen in that the most recent resource estimates
showed a discrepancy with those prepared immediately before the
mine had ceased operations a year earlier. The later estimates were
lower. The underestimation was traced to inappropriate search parameters.
Those for the recent resource estimate were based upon semivariograms
that reflected the closely drilled area and when applied to all
the deposit, blocks were interpolated in a lensoid fashion rather
than in the true sheet geometry of the structure.
WESTERN AUSTRALIA, 1996
In conjunction with consultant mining engineers, an evaluation was
carried out of the Tarmoola mining operations near Leonora on behalf
of a bank that was providing finance. A major source of concern
at the time was that despite a number of attempts at modelling the
deposit, the ability to predict head grades was still inadequate.
An important conclusion drawn from the study was that the style
of mineralisation changed with increasing depth and that this made
accurate prediction of the run of mine characteristics very difficult.
GHANA, 1995
As part of the due diligence in preparing a Specialist Geologist's
Valuation of the mineral assets of two companies in relation to
a takeover, the resource for a deposit in Ghana was critically assessed.
During the course of this, it became apparent that the parameters
and assumptions underpinning the resource estimate were erroneous
in several ways. These included compositing results over too great
lengths, inapplicable search parameters and the adoption of an overly
high density. The overall effect was to convert a typical vein deposit
in to a low grade mineralised envelope coupled with severe overestimation
of the contained gold. This had considerable implications for the
economics of the deposit.
Additional examples of professional assignments carried out by Mackay
and Schnellmann Pty Limited that have involved resource related
activities will be found on the other Expertise pages as well as
on the Commodities pages of this website.
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