Mining Explained – Spring 2023 Site Update

Our Spring 2023 Site Update - We go over what we have been upto so far in 2023, what our soon to be released report is going to contain and what to expect from the site as we continue on into 2023

Welcome Back to Mining Explained

It has been a while since our last update and while we have been quiet, we assure you we have been busy!

We started this year off with the normal coverage we have provided since our launch last September. With each news update we provided you with our latest estimate and our thoughts on the project. But with most of the results from the 2022 season having already been released we haven’t had much to chat with you about! But today we wanted to cover what we have been up to behind the scenes, talk about our latest project which you can expect to see released soon and to chat about what you can expect from the site as we continue to work our way through 2023.

What Have We Been Up To

Improving Our Model

We last gave you an update on the site back in January when we discussed our release of our initial pit shell limited models. There was still room for improvement to be sure, but the new models were miles ahead of our previous work and we were quite happy with our results… and if you have been following us you may have noticed we rarely stay satisfied with our product for very long and can guess where this is going!

The initial models were manageable but time-consuming, making publishing numbers and commentary promptly that much harder. And once we started using a pit constrained estimate, we found we wouldn’t settle for anything less. Searching for time savings we experimented with many solutions, from releasing the quick initial results and then following up later with more in depth content to changing up the visualizations we offered. This led to a lot of improvements across the board, but it wasn’t enough for us.  

So, we threw our hands up, did some studying, and like a farmer beating on a broken tractor with a sledgehammer we got back to work rebuilding the damn thing!

We are pleased to say we not only succeeded but did so much better than we had hoped to! After many an evening re-learning all the advanced math we had so happily had forgotten once upon a time we took a new approach to our solution. We’ll skip over the nuts and bolts of how we did it (you’re here for the mining, drill results and speculation after all!) but not only did it DRASTICALLY cut the time down (we had to spend a week checking the process since we didn’t believe it could be that fast and still be correct) but it solved the somewhat pyramidy™ pits our initial “close enough is good enough” approach produced. This also gave us the ability to consider any pit slope we wanted. And since we apparently like punishment (and it was still snowing outside) we started tackling the equations for adding dip and azimuth to our deposits. That nightmare done we decided it was time to finally stop building things… but “deciding to stop” and “stopping” turn out to be two different things so we have also begun our initial foray into providing estimates relating to the underground resources that lay beyond the reach of a surface pit. As with most of our initial releases there is more to come soon but it takes time to build right!

Updating the Site

If you have been looking around the site recently you will have noticed a slow but steady trickle of changes. The home page has been restructured to be clearer as well as a little more aesthetically pleasing. We have also introduced several library pages so you can find articles more tailored to what you may be looking for! The Companies covered page has also gotten a facelift to make it easier to read with each entry having a button next to it is that will take you to a library of all coverage for that company. And last, but not least, is that we are currently experimenting with running ads on the site to help offset our operating costs.

We have a vision for what we would like the site to eventually look like but until then we hope that the site effectively delivers what you are seeking. We have a lot more coming soon and we are always looking to improve the site so if there are any suggestions you have for additional features or tweaks feel free to reach out through the contact us page!

Expanding Our Coverage

It’s not much use improving the model and shaking up the site if all we are going to do is sit around waiting for drill results to trickle in from the 2023 season. Over the last year we kept our coverage small, limited really to Freegold Ventures and Snowline Gold. Our focus was building our model properly and it seemed foolish to keep expanding for the sake of expanding until we were happy it could perform satisfactorily. It’s true that we still have a grocery list a mile long of improvements to be made but “perfect is the enemy of good” and we are finally happy with our tools as they are. With that taken care of it’s time to get serious about expanding our coverage.

In addition to Freegold Ventures, Snowline Gold, and Tudor Gold we have a total of 11 models ready to go and a long list of more in the works. It’s worth remembering that just because we cover a company going forward that does not necessarily mean we endorse it! We choose projects that have caught our attention for one reason or another and run them through the model and let the math speak for itself.  Ruling a company out can be just as important to an investor as finding a gem. All this having been said keep in mind our regular reminder NOTHING HERE IS INVESTMENT ADVICE – DUE YOUR OWN DUE DILLIGENCE.

The Resource Rundown

Our original goal for this project was to evaluate what could be in the ground and if that aligned with what the drillhole results had suggested. Sometimes flashy drill core just doesn’t live up to expectations and sometimes slow but steady results can add up to a monster deposit hiding in plain sight. It turns out the more of these checks you carry out the quicker you get at the process, so much so that we have very quickly realized that we will have many more companies modelled then we will have time to write about. This does raise the question of where to go from here. We can continue to put out our commentary (and we do plan on continuing doing so) but at the end of the day we are now sitting on a sea of analysis, much more then we could ever effectively write in depth about. And so, to provide you with all our results, we would like to introduce the “Resource Rundown”, the next evolution of our current Napkin Math Report.

One of the challenges of the Junior Mining Industry is that the players are all playing the same game but are all playing on different timelines. Two companies producing a report a year apart may have carried out their evaluations using equally legitimate but wildly different commodity prices. Trying to compare deposits can feel like trying to win a 5d game of checkers where the rules are made up and the points don’t matter.  Our goal is to provide clarity as to what is happening on the game board here and now.

The Resource Rundown will provide all our estimates side by side, evaluated with the same economic inputs. This means the same price of gold, the same equivalent grade conversions, the same operating costs and so on and so forth. This raw score will then have modifiers applied since deposit size isn’t everything! Let’s consider infrastructure as an example: 1 Million Oz of Gold on top of a mountain is not the same as 1 Million Oz next to an existing highway and that should factor into a company’s overall score.

To put it simply we will calculate a resource score for each company then adjust that score based on modifying factors. These scores will then be ranked against each other and compiled into a list.

At this time the report is a work in progress which will grow and evolve over time much like the site has.  We are committed to crafting it into a format that suits your needs and email subscribers will have the opportunity to participate in polls alongside our regular news updates should they choose. We welcome any input on what you might like to see included so just reach out through the contact us page! We are planning for the Resource Rundown to initially be a quarterly publication until we settle on what timeframe makes the most sense.

One last note is that the Resource Roundup will not be a replacement for a company’s resource updates! A proper resource update is a long and detailed affair involving many qualified professionals, detailed access to information and many a check and balance. With the Resource Roundup we intend to provide an impartial evaluation of publicly released drillhole data and information and by its very nature this will be no substitute for reading technical reports and carrying out your own due diligence. We here at Mining Explained are only human and can make mistakes! If we weren’t we would be sitting on a yacht off the coast of Spain not writing on the internet!

All of this is of course subject to change so be sure to subscribe to not miss any updates as we move through development and into rollout.

Wrapping Up and Looking Forward

As we shift gears from development to publishing, we are looking forward to providing you with more content. We will be trialling out some different formats, such as knowledge-based articles answering the questions we are asked most often in addition to our usual commentary and deeper dives into individual companies. It’s been a busy spring and we are looking forward to what 2023 has in store. Drilling should be ramping up for many companies as soon as the snow melts and the days grow longer here in the north, and we are excited to continue chatting about it here on Mining Explained.

Till next time.