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Hi Cowichan,
I sought the advice of a mining analyst , see below
>> Drilling continued at Quartz Ridge with results confirming continuity of an east-west trending mineralised structure approximately 1.5 km east of the Sukari process plant.
1.5 km away from the process plant is probably less of a haulage as much of the ore now being send to the process plant.
However, six intercepts is very early days. They are also not that impressive, generally narrow intersections, but at shallow levels.
Let’s see what the follow-up drilling shows.
No-one has been unfair to Sami,
Sami discovered a reserve Sukari, that is acknowledged.
The reality is though no matter how good the reserve though it would have never been turned into a gold producing mine without the investment of shareholders, the mine has cost around $1.9 billion dollars to develop!
Sami and his El Raghy family have been more than amply rewarded with bonus free shares and dividends.
Josef & Youssef have done very nicely by selling shares at advantageous times, possibly just by coincidence before events at Sukari caused a share price collapse!
Youssef El Raghy a former Egyptian police captain and despite having no professional mining qualifications and no previous experience was appointed general manager of Sukari, why?
You may recall the hitting of unexpected low grades in 2016 , some of which were a direct result of the the previous managements short comings and failures to manage the Sukari mine operations properly resulting in number of guidance cuts and a near major catastrophe of a pit wall collapse, which if it had taken place would have rendered Sukari to junk pit status for number of years!
So whilst no one is disputing what Sami achieved in the past, it seems reasonable to conclude that share holders owe him no debt now, on the contrary after recent events quite the reverse would seem to be the case!
Many Thanks Goldnome. looks like that should tide over my bedtime reading for the foreseeable.
The rules of thumb (ROT) for profitable thin vein underground mining are
1. about a grade above 5-6 gpt Au.
2. > 1,000 ounces per vertical meter
3. continuity
but an interesting book about mining is at the below link which has a host of ROT's and info
https://www.stantec.com/content/dam/stantec/files/PDFAssets/2014/Hard%20Rock%20Miner%27s%20Handbook%20Edition%205_3.pdf
Some other simple rules of thumb for mining
https://minewiki.engineering.queensu.ca/mediawiki/index.php/Estimation_of_the_potential_production_rate
“The grand aim of all science is to cover the greatest number of empirical facts by logical deduction from the smallest
number of hypotheses or axioms. Most of the fundamental ideas of science are essentially simple, and may, as a
rule, be expressed in a language comprehensible to everyone.”
Albert Einstein
Lets see what gets talked about Dec 8, and how simple the messaging is
best
the gnome
You guys are unfair to Sami, he created huge wealth
I'd never heard of Quartz ridge until you pulled this up Cowichan.
It absolutely boggles the mind that in a location so close to Sukari and thus extraction costs could be mitigated in comparison to a completely new mine, that grades of 21.4g/t and 16.4g/t (the former from a relatively short drill and well on its way to 'bonanza grade') that these locations have just been put on the back burner.
I have ZERO expertise in how an underground mine's cost expenditure works in regards to extracting non profit producing material, and over what timescale it takes to move x/meters forwards, but I can't imagine with grades like the above that it would be unprofitable to extend the underground section of Sukari to this area?
Come on Miizolgit, it doesn't do any harm to remind us longer term members of the geological structure of Sukari that they may well have forgotten and it also educates some of the newer holders.
Also this may relevant considering the latests resource evaluation being carried out.
But in any case its always good to hear from you!
Fair comments Mr Gnome!
Cowichan
I think as an investor I/you should always be an aggressive advocate of better management and a better board. Everyone is replaceable. Everyone can improve. No one is perfect. Deities are not surprisingly few. CEY Board is far from perfect, and management is on the mend.
Board and Mngt is launching from a low base, and it certainly is not hard to improve significantly, which can lead to complacency in itself. They should not pat themselves on the back, they have a job to do and are being paid very well to do the job!
Get on with it, quickly and surely and earn you $ is the message
Best
The gnome
Like you Mizoglit I am invested for the long term prospects and have no intention of selling early.
Only real difference between us is my propensity to advocate for better management - whether on this forum (to gain support) or through others - like regulators, social media sites, etc.
My goal in dragging up an article from ten years ago is to increase knowledge for newer investors. And if this leads to better questions being raised at the upcoming investor presentation then it is worth the effort for all - including you
Best, Don
Don it seems you think different.
Why bother posting an aticle 10 years old ?
Good night ,why not just sell?
TORONTO, ONTARIO--(Marketwire - Aug. 2, 2011)
Quartz Ridge
Drilling continued at Quartz Ridge with results confirming continuity of an east-west trending mineralised structure approximately 1.5 km east of the Sukari process plant.
Current intercepts include:
22m@1.11g/t from surface, including
5m@3.90g/t from 17m.
11m@1.08g/t from 58m
5m@2.04g/t from 31m
4m@16.4g/t from 156m
5m@7.03g/t from 42m over a 150m strike length.
A follow up 10,000m RC program to test the strike extent of this zone will commence in the 3rd quarter followed by a resource estimate which will be included in the overall resource estimate of the project later in the year.**
V- Shear
V Shear lays approximately 1km north west of Quartz Ridge and just over a kilometre from the Sukari process facility.
Following initial soil and BLEG sampling programmes 3 RC holes (600m) were drilled during the quarter with the following significant results:
7m@21.4 g/t (from 28m)
16m@3.00 g/t (from 151m)
The above intercepts as well as the relationship of V Shear to the Quartz Ridge mineralisation are potentially highly significant. As such a 20,000 m RC program is being planned for this area as well as a soil/rock chip sampling program between the two mineralised zones.
https://www.globenewswire.com/fr/news-release/2011/08/02/1376845/0/en/Centamin-Egypt-Limited-Quarterly-Report-for-the-Three-Months-Ended-30-June-2011.html
------------------------------------------>>>>>
My Thoughts:
So, for Centamin investors like me who have been waiting for signs of life beyond Sukari (whether West Africa or in Egypt) it's been a long wait. Note the above recap says a resource estimate at Quartz Ridge was originally scheduled for Q4 2011. Let that sink in...
Perhaps we'll get an investor update on something other than the Sukari open pit this Wednesday as there have apparently been some recent papers published regarding Quartz Ridge in the scholarly realm: https://www.linkedin.com/posts/jacqui-coombes-19a3204_proud-to-be-attending-mohamed-bedair-mausimms-activity-6859501947796492289-Hpaa
I point these things out because if Dec 8th only brings more of the same ( i.e. repeating what we already suspect i.e. adding some ounces to the open pit ) it will be a colossal waste of investor good faith. That good faith that keeps believing the current slate of company directors' have any clue of how to run a 500k ounce gold miner - let alone grow into something better.