Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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"Finalizing a JV"
Once concluded funded to expand the the current half a million Oz JORC resource into the 8.8+million Oz and potiencially all the way to a funding a producing mine.
Undervalued and poised to rerate on news - the future looks fantastic for CNGR as all of there history comes to maturity and fruition. Loaded knowing the cost of the JV is less the 1% on demir exports profits from last year alone, with millions of Ozs to gain, and should be concluded within weeks. PVS see you there
“The Company’s gold exploration programme in Finland is an extension of the Company’s highly successful gold exploration programme in Ireland which has led to the discovery of a new district scale gold trend on which the Company is currently finalising a joint venture agreement with the Koç family owned Demir Export A.S.
Conroy Gold and Natural Resources plc
(“Conroy Gold” or “the Company”)
DRILLING TARGETS CONFIRMED ON FINLAND GOLD CLAIMS
High resolution ground magnetic survey completed
Potentially gold bearing structures identified
Survey delineates multiple prospective magnetic targets for drilling
Applications to be made over other gold and copper targets identified in Northern Finland
Conroy Gold and Natural Resources plc (AIM: CGNR), the gold exploration and development company focused on Ireland and Finland, is pleased to announce the completion of a detailed high resolution ground magnetic survey which has identified a series of drilling targets on its gold exploration acreage in the Sodankylä area of Northern Finland. The Company holds a total of eight gold exploration licences in Finland.
The high resolution ground magnetic survey data, in combination with multiple datasets, including geochemistry, aerial photography, digital elevation data and airborne geophysical data, has delineated a series of prospective drilling targets.
Previous geochemistry in the Company’s permit area in Sodankylä has been encouraging with gold-in-soil values, of up to 4,470 Au ppb, and copper-in-soil values. Gold grains have also been observed in the till. The presence of the Nattanen granite suite and extensive haematitic alteration together with regional and local structural controls indicate Iron Oxide Copper Gold (“IOCG”) prospectivity.
The targets shown by the ground magnetic survey include two highly magnetic bodies, which are considered to be IOCG targets, together with a series of targets which are interpreted as being Shear Zone Hosted Gold targets.
The detailed high resolution ground magnetic survey consisted of 33 lines at 100m separation, ranging from 1km to 3km in length, for a total of 49 line kilometres covering an area c.4.5 km2.
Finland is a mining friendly country with established mining traditions and highly prospective geology for gold. Europe’s largest gold mine - the 4 million Oz Au Kittila gold mine - is situated in Northern Finland where the Company’s permit area is located. Finland has a favourable business climate, security of tenure and fiscal framework as well as excellent infrastructure and technical services readily available.
The Company is reviewing the results of its extensive exploration programme for gold in Finland which has included the collection and analysis of more than 2,300 regional samples, with a view to applying for further gold exploration acreage in Finland.
This release has been approved by Kevin McNulty PGeo, who is a member of the Company's technical staff and holds a BSc/MSc in Geology and Remote Sensing, in accordance with the guidance note for Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies, which outlines standards of disclosure for mineral projects.
Professor Richard Conroy, Chairman, commented:
“The Company’s gold exploration programme i
Rns out
“It is excellent to be able to demonstrate such substantial world class potential. A potential 8.8 million ounces of gold in only the Clontibret, Clay Lake and Glenish areas in the northeast of our 700 km2 of licence area, using conservative grades and drilling success estimates and not including the already defined gold resource of over half a million ounces at Clontibret is a remarkable achievement, which we will build further upon.”
For the avoidance of doubt, Demir Export (DE) is not part of Koç Holding AS but is owned by the same family that controls Koç Holding. DE rather loosely describes itself as "operating under Koç Group" but it is not listed as an associate or subsidiary of Koç Holding AS in the latter's most recent financial statements. Koç Holding AS is the Fortune 500 company, not Demir Export.
Be that as it may I am reasonably confident that DE has the wherewithal to carry CGNR through to completion, I am b*lls deep in CGNR and only wish I had got some more in during the price drop last week that was caused by the rather ingenuous RNS that introduced our new Turkish friends.
https://mobile.twitter.com/i/broadcasts/1MnGnlaBPlyxO
“The continued progress on the Company’s Glenish licence, including the discovery of a substantial new gold anomaly at Corlongford close to the border with the Clontibret licence, is highly encouraging and gives further credence to the estimates of 8.8 million potential contained ounces gold in the Clontibret-Clay Lake-Glenish gold target areas. This is in addition to the 517,000 ounces gold (JORC 2012) resource at Clontibret. I am looking forward to accelerated progress in the coming year as part of a joint venture relationship and the Company is planning accordingly.”
The potential JV with Demir Export is a much better deal for Conroy than the previously planned link up with Anglo Asian Mining plc, as it could see at the very least €10m flow into the project’s development compared to what would had been a minimum of €4m from the Anglo Asian deal.
Moreover, Demir Export is a significantly larger organisation than Anglo Asian, with mining production interests spanning many commodities, along with gold. Demir Export is owned by the Koç Group, a large industrial conglomerate controlled by the uber-wealthy multi-billion dollar Turkish Koç family.
The negative and knee jerk market reaction to yesterday’s news is somewhat surprising, which appears to be more focused on the exiting of the proposed JV with Anglo Asian and pushing back of timescales by a few months, than the fact that CGNR now has a much better proposed JV with an organisation that is of blue-chip size proportions and more capable of advancing the Group licence towards production.
Yesterday afternoon and this morning’s dip in CGNR’s share price provides an excellent opportunity to buy back into the shares to benefit from the bounce, as the importance of this potential new deal is absorbed and understood by investors. We therefore continue to rate the shares as a ‘Buy’ with a price target of 138p, as stated in our 20 October 2020 Research Note.
I was upset yesterday by the announcement but it looks from what the Professor is saying that things will be even better,so the s.p. should be much higher.This must be a great entry point.Can see this doubling or tripling easily on confirmation of deal.I would think that things will be advanced as sounds like they have been in discussion for some while.The Professor would not jump ship from AAZ without being absolutely confident.
Apols Hufc for duplicating but just to reiterate massive upside potential here -
"Yesterday afternoon and this morning’s dip in CGNR’s share price provides an excellent opportunity to buy back into the shares to benefit from the bounce, as the importance of this potential new deal is absorbed and understood by investors. We therefore continue to rate the shares as a ‘Buy’ with a price target of 138p, as stated in our 20 October 2020 Research Note."