Hangover is over and maybe your description of the Glory Hole is better than mine. I also can see a placing to move forward with SLM as it would be better than a joint venture only if we can get a high sp placing price which may be hard as people are buying into every rise. Hopefully a placing will be backed up a rough timetable by the company to sort this problem out. I hope your timetable pans out. MGA is one of real curiosity. Next three weeks will be very intresting here I just hope the market reacts better and we can climb into higher sustained sp range. Still at this time it is a hold from me and I will wait a while longer before I top up. I need an RNS I can sink my teeth into.
Hope you hangover has gone and my interpretation of the Glory Hole may be different to yours after 10 pints with your beer goggles on ?!
Glory hole: a high grade portion of ore.
This is Itogon's name for there sweet spot that was indicated however what if we have a larger sweet spot and not forgetting the WW1 underground tunnels showing 48 AU g/t.
Cash burn in Itogon has concentrated on the RC drilling and 3D mapping which I expect are a high proportion of outgoing costs and once the main expenditure is done with then 'low' cash burn is exactly that.
In the JV the next stage payment is proving up 200,000oz and for that TGR get another $300k but why only prove up that much and have costs for getting that validated when IMHO they can prove up more in one go either way TGR are going to get paid.
For me I want ECR to prove up 500,000 oz from Phase 1 & 2, the underground mine, the 250x600 metre strike down to the Dangley River knowing we have more to go at.
As for a placing this will not be for Itogon as there's still a way to go yet but the resource is there that's for sure any placing will be done for SLM which would get my vote if proven resources give us a good return and we will get an update this month, if the SLM RNS says drilling will be done then from those results will give an answer on a SLM mining opportunity and Stephen says getting equipment will be swift so my timeline for this will be as follows;
SLM August RNS confirm assays justify a drilling campaign.
SLM September drill start and we will be told the itinerary for that.
SLM October / November drill results confirm a low cost high grade small mining revenue stream for ECR.
SLM December placing for equipment / infrastructure / staff etc
SLM January 2015 starts earning and month on month a revenue stream will contribute to future Itogon costs.
This is just our 2 current gold plays and without the MGA conclusion which may be a RTO into MCR and without Themac.
I'm expecting 4 RNS this month which are;
1. MGA exiting administration 2. What ECR are doing with the $80m tax relief 3. SLM update 4. Itogon update
As for MGA I believe PJ was referring to it in the last thing he said "we are in discusions" definetly the biggest short term bit of good news that I can see coming our way. I have been invested here since Nov 20 2013 and am being patient. Cash burn is low but what we have left I guess around 500,000 will not last for ever and I do hope the BOD can get the kind of news out in time if a placement will be made in the next 6 months so that people stop selling into these brief rises and the sp climbs into new territory. Johnsp describes this as the most exciting times for ECR I look forward to more from the next few RNS to back this up with cause I am waiting to top up and see no rush at present.
Fair play to you and what you say it is just frustrating for that news around the corner that you know is on its way. Talking to PJ as upbeat as ever helps as well as your explanation just looking forward to. looked up Glory hole this is best I got.The term glory hole can refer to a cylindrical feature in a reservoir, built right in front of the dam, designed to keep the dam from being overtopped—that is, if the water gets too high, it ﬂows into the glory hole and is transported under the dam and downstream. However, glory hole is most often used as a mining term. Originally conjured during the gold rush to describe the process employed by those miners who could not afford conventional and more sophisticated extraction methods, the glory hole was the single shaft dug straight down in hopes of happening upon a gold seam. The Glory Hole near Central City, Colorado, for instance, was once part of the most productive gold mining area in the world. In modern mining, the term has come to signify the belowground cavern—whether natural or man-made— from which material is mined. This contemporary sense, ironically, harks back to another colloquial use of the term to mean any small room or cupboard, or, in the instance of Jack London’s novel Michael, Brother of Jerry, the hidden locker at the stern of a ship. Connotatively, the expression indicates both the means to, and the chamber of, secret and sequestered booty.
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