Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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I am really curious as to how the BoD are going to play out the sale. Obviously we all want a good deal and most want it done quickly but with the potential of Monchegorsk and the surrounding areas it would be such a waste to sell-up without aiming to retrieve any further licences.
Just think of the full potential if we were to bring a partner on board. Let them crack on with production at MT and let EUA do what they do best and unlock the areas true potential.
Vague is the best description i would give it Rowka. Some parts really do confuse you a bit tbh, when you're trying to piece it all together.
I thank Anglo for leaving, they provided an opportunity for anyone to buy into a massive PGM play at a cheap price.
GLA
Haha I was literally just typing that!
I think to them MT is always going to be ‘the one that got away’
Yeh but to be fair to the BoD, 10 years ago they only had exploration licences for WK, MT and VT, Pd was near worthless at $450/oz and they couldn’t afford to continue funding them all. Understandably they opted to let VT go as they wanted the higher grade Pt plays. I’m sure CS has been kicking himself the last couple of years though for not continuing with VT.
Even the old WK area, the area in production, used to have a 251km2 license, and so that area itself never used to be a small license area back in Anglo JV days. But, it's the best example of showing you/us that they're applying for the old areas and then expanding back to the old asset area levels. I think WK, with tipil and the extra flanks app that's in, would go to around 167km2.
GLA
That's the hard part money, marrying the old RNS info to everything we see happening now.
It's all a bit of a head f#ck tbh, because what they used to have palladium wise, could be absolutely crazy. Between MT and VT, with the size of those old license areas. 40km + strike zone at VT, that's mind boggling potential.
GLA
Yeh that’s what I mean, so there’s a potential 21m oz in the Monchegorsk district and then above and beyond the 21m oz there is Volchetundra:
“1. Fedorova Tundra, occurring in the west of the Fedorova Pansky Massif which occurs approximately 100km southwest of the town of Monchegorsk, and was previously operated by Barrick Gold. Potential resources and reserves are c.1.2M oz. of Pt at 0.3 g/t and c. 5.5M oz. of Pd at 0.9 g/t. The Licence is currently suspended. (total of c.6.7M oz)[1]
2. Eastern Pana, also known as Eastern Chuarvy deposit and occurring directly to the east of the Fedorova Tundra deposit and within the Fedorova Pansky Massif. Exploration was carried out by Consolidated Puma, later Bema Gold (acquired by Kinross in 2007). The reserves were approved and the deposit is not currently licensed. The resource and reserve potential is c.220 tons (C2+P1+P2 categories) or 6.4M oz.[2]
3. Western Pana, hosting the Kievey deposit, again occurring in the Fedorova Pansky Massif, and currently unlicensed. The reserves were estimated by AO Pana and funded by Urals Minerals. ?1+?2 PGM reserves are c. 50.8 t. The total potential of the deposit down to 500 m is c. 250 t of PGM. (8M oz)[3]
The total for the above items 1 to 3 is therefore 21M oz.
The Company would also like to highlight further regional potential specifically in the Volchetundra Project, previously operated by the Company under a Joint Venture with Anglo American from 2004 to 2011, and subsequently surrendered to focus on the Monchetundra Project. Volchetundra occurs 5 km from Monchegorsk“
I may be wrong but to me this reads there is 21m oz in Monchegorsk and volchetundra is additional.
It may be Volchetundra, or it may be another area within the old Monchetundra area, the old Monchetundra area is 36.2km2.
Between old RNS and what's appearing now, it can get a little confusing.
The old MT area was massive, the old VT area was absolutely colossal - 210km2
GLA
Really wish I had more cash to put into this one but already gone all in on eua. What a finish, gla and have a good weekend
Here is A1EX's tweet about it -
https://twitter.com/R1EXG/status/1290312857092055040?s=20
GLA
Volchetundra is an area out of MT exclusivity and so a separate area. The additional 21Moz is outside MT exclusivity, A1EX provided something the other day that suggested appraisal work was going on at Volchetundra.
As i've said, it's an area previously part explored by Eurasia back in JV days -
"Volchetundra
To date, 12,192m of drilling have been completed on the Volchetundra Licence. The focus has been on two areas of mineralized contact, Olche and Yukspor, located approximately 3.5km apart. Recent drilling tested 2.6km strike length at the more northern Olche prospect, whilst only 2km of strike-length was drill-tested at Yukspor. The total strike length of prospective contact zone within the licence area is interpreted to exceed 40kms."
https://polaris.brighterir.com/public/eurasia_mining_plc/news/rns/story/x55ym2x
They're basically going back to all the old areas that they've already explored in JV days, and already know what goodies are there.
GLA
Isn’t Volchetundra additional to the 21m oz? I‘m sure I remember reading that the 21m was made up of 3 areas and additional to the three areas they were going to look into Volchetundra again.
Because money, it's Volchetundra, it's an area that Eurasia part explored back in Anglo JV days.
The Russian law seems very protective for the people who explore and seek to mine their PGM rich assets, everything to date has been Eurasia getting back the areas that used to be included under that JV years ago.
GLA
The 21m oz has intrigued me since they announced it last year. It’s understandable why EUA haven’t applied for any of the areas yet because all of their progress so far has been on gradual increases to licence areas, which has worked very successfully so far. I just don’t understand why other parties haven’t tried obtaining it yet as it falls outside of our exclusive area and is ‘up for grabs’. It would be interesting to see if there are any other applications going through in Monchegorsk at the moment as it could point to a potential bidder.
I would imagine that having AP working to prove up the EUA resources is focussing the minds of potential buyers as the longer they wait the more valuable EUA becomes and the more they will have to pay.
The reason they put the distance in there, 5km and 8km, is to tell you that certain ones fall outside of the exclusivity area.
There's an initial extra 4Moz in the exclusivity area, that takes the MT area to 19Moz, it if gets applied for and granted.
Outside of the exclusivity area there is and additional 21Moz which is unlicensed at this stage, the same as the 4Moz within the exclusivity area.
I hope this helps to explain it.
GLA
Interesting glaciology in the Kola peninsula - basically the action of the glaciers in multiple Ice Ages scraped away all the surface material, exposing the underlying bed-rock, containing the PGM deposits. Hence open-caste mining.
It's basically in the same county/district 8km away, that's what it says.
GLA
Hi rowka,
Sorry to add more but what makes this investment compelling is it's mainly alluvial deposits, cheap to mine open pit mining.
Plus the BOD having so much skin in the game.
There was a good poster this morning, about 20 or so pages of posts back, who's name I can't recall but talked sense.
Underground mining is far more difficult and expensive than open pit. The lower areas may become more relevant as or when PGM go up in price but may not be a financially viable currently.
It doesn't, it says the 21Moz is in the same district as the Monchetundra license, that district being Monchegorsk.
GLA
Ye's it is poorly worded but my interpretation is the opposite of yours.
What will probably happen, is they will have applied for the extra 4Moz in the exclusivity area, and also have applied for Volchetundra. But they might only get part of Volchetundra, like they did with Monchetundra to begin with, and then have to apply for its flank areas to build up to the 21Moz.
GLA
Whilst the Monchetundra license area is in the Monchegorsk district it doesn't cover the whole of the Monchegorsk district so is a potential add on for the future.
Yes Rowka, the monchetundra license is in the monchegorsk district, the same as those extra unlicensed resources. They are not currently licensed, but the RNS has a disclaimer which suggests that they are looking to apply for them. From A1EX's digging, the area they look to be applying for is Volchetundra -
"In relation to the additional 25Moz of PGMs (those resources in addition to the 15Moz contained in the Mochetundra Project and its flanks) it should be noted that there is no guarantee that all these additional 25Moz of resources will prove to be economic or that Eurasia will be granted a licence over all of these 25Moz of PGM resources."
GLA
Rowka - "additional potential resources within the wider Monchegorsk district in which the Monchetundra license is located of c.21M oz.". To me this means the 21 Moz is OUTSIDE our current license area - the Monchetubdra license is WITHIN the 21 Moz unlicensed area.