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Gold content far exceeds my expectations. Its not the only spoil heap in the option area either.
Grades about the same as a South African gold mine. 20kg of gold there possibly at minimal cost as a surface reserve. £800k worth.
Sp should be higher, much higher
No not at all infact the Greenland team is separate from what I can work out as they were hiring specifically for that previously. I assume this is being headed by Lars and clogau by mark Austin. That’s very presumptive tho so pinch of salt. They certainly have not left clogau they are on phase 2 drilling clogau now along side amistoq drilling. Thing I get annoyed with is GF speaks of so many projects and works but never seems to focus to finish one on time.
Yanis and Noobz I am completely in agreement with you both. I can’t see how anyone else can disagree. Can’t for the life of me think what GF is playing at. Have they all packed up and disappeared to Greenland or what ?
I get irritated these days when some people post “ another great RNS, keep up the good work Alba”, really !!
Eddyinfreehold,
I think Noobz’s Friday’s 21:07 post & today’s 10:25 post answers most of your points in your Friday 19:37 post.
I will add that the Pilot Plant was originally going to arrive and be commissioned last December, then it became middle of January for commissioning. We were expecting the bulk sample assays ever since with no joy until May.
The pilot plant is capable of operating at 3 tonnes per hour but we were told that it will operate at 1.5 tonnes/hour. Pilot plant operating at 1.5 tonnes per hour will take 24 hours of continuous operation to eat through the 36 tonne bulk sample. If it operated at only 3 hours per day it would take 8 days. Nothing happened until May. With adequate manpower allocated does not take months to calibrate it. Yes it is a f*ck up.
As far as your comment: “Your implication of the SP 'not rotting by accident' is serious. Give reasons for people deliberately forcing the price down and rationale too....or pipe down”.
(A) Yes the SP is not rotting by accident – you misunderstood this statement. Nobody is deliberately forcing the SP down. The SP is rotting because of the way GF handled Clogau – particularly talking down the expected assay results of last year’s bulk samples and then delaying the laboratory analysis. This killed all sentiment. The saga continues by not giving an update on early revenue generation expected in the middle of last month (a month ago). Also, have you seen any gold samples?
(B) No I will not pipe down and if you don’t want to read my posts I suggest you use the filter button.
All the best to you.
I can’t say I do but after concentrate in Jan time then promising results end of q1 and telling us they can operate at 1.5t per hour concentrate to have been told we was less than half way through in that time was hugely disappointing and shows clear lack of focus. I think it took almost 8 months after we were in the end. I agree end product was good and the now perfect calibration of the machinery is also a win but due to them not updating us on delays it spread fear and meant that when news did drop too much sentiment was lost and investors gone so we are sat here now having had an almost 50% drop. It’s this that is causing sp rot not the fundamentals themselves.
It's not the end result of the demonstrably efficient pilot plant that's the issue nor in itself the time taken to set it up, its the reluctance to report substantial but understandable delays to progress. This introduces some doubt,
To your second point I suggest you have never installed and commissioned heavy plant nor taught yourself how to run it on the fly and trust operatives when you go back to the office. These are early days.
I think he had been more than patient having been here for 5 years. We can all pick at GFs terrible mismanagement of the bulk samples as the main cause for sp retracing 50%ish since the start of the year. I don’t feel there is anything wrong in now questioning why we are over a month late for such a key part of the project that was promised to be with us mid May....
I agree the pilot plant was not a **** up as such it has done it’s job and is working well now the only thing is why it took them so long to get through the 36t I go back to my mis management...
Two points here Yanis. You seem impatient. This is a long haul project. Tell me why the pilot plant is a **** up. It has done everything it was supposed to do so far including proving out extraction of samples to nothing. Are you confusing research .v. production ? The plant may be able to rxtract waste gold from the spoil, but it has to be proven as reliable first.
Your implication of the SP 'not rotting by accident' is serious. Give reasons for people deliberately forcing the price down and rationale too....or pipe down.
Elir, the pilot plant is another **** up. The SP is not just rotting by accident.
Well once he had an operational pilot plant not fully engaged with bulk sampling. No one's going to cruxify him for no gold in the spoil heap so just spit out the results.
Elir, fully agree again. There is a lot of money to be made out of old spoil heaps. Take a look at CMRS in Cyprus they are going through spoil heaps as well as virgin exploration. Floated as an IPO just a couple of months ago at circa 12p and is now circa 30p.
All down to GF. I am disappointed he has not gone for the waste pits a lot earlier.
What gold?
I'm with you with the concept of spoil heap recovery, but I'd add there are some other spoil heaps in the dgb that are worthy of pulverising too.
See, I wouldn't do a deal with a single jeweller, better to control supply of Welsh gold to a select few smaller craftspeople., on the condition that the gold used is 100% welsh gold. Look at how diamond distribution is controlled so well.
Elir,I agree. But right now early revenue generation from the waste pits will make a huge difference.
Add to that a joint venture with a jeweller, GF announced this some (some some … long time) back and the SP will rocket.
Somebody give George a nudge please.
There's other stuff to come which should have more sp impact... 1. Restoration of shareholders preemption rights, 2. Dewatering permit, which I think is huge.
What's interesting about the spoil heap is that the grade doesn't need to be fantastic to make money as its a matter of picking it up transporting it, processing it. I'd also point out that there are many spoil heaps in the Dolgellau Gold Belt. I think at Clogau stellar went through the one generated from the 70s workings. There will be others like that in the exploration licence.
From the waste pits … the only thing that can fuel the SP at this present time. Forget Greenland for now.
We were supposed to hear about early revenue generation from the waste pits in the middle of last month - if we don’t hear anything soon then predictions of a drop to 0.18p (or even lower) may come to pass.