George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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The aim of using all of AP's specialised equipment would be to arrive at maps like this one, at every planned mining area -
https://www.researchgate.net/figure/3D-model-of-three-orebodies-red-alteration-zoning-and-94-boreholes-of-the-Tongshan_fig5_257681140
Once you have the highly accurate map you can create a more accurate mine plan.
GLA
AP tech is for 3D modelling the ore bodies, highly accurate and far faster than old techniques. Also removes the 'human error' factor of depth of target zones etc. You have to do the surveys to plan the mines, there is no way around that.
GLA
I would be very surprised if Absolute Precision's equipment was not suitable/complient for adding data to a jork resource !
surely their findings would be used as part of Wardell Armstrong's data collection for resource estimations .
To be fair MrYfronts you raise some valid points. There are some grey areas and unknowns.
To me it all hinges on whether AP technology is suitable for JORC compliance. Or indeed also if the end client/buyer is happy to accept APs data. As an aside AP have also done work for NN in sub surface exploration earlier this year. Maybe they are also proving up the tech.
My lay understanding is that with slim gyro you drop probes down existing bores that use a combination of gyros, gps and mri technology to 3d map the geology between adjacent bores. I believe the new software triangulates data between more than 2 sources. Thus negating the requirement for infill drilling. This is AP and Inertial Sensing's USP. Quicker - cheaper - faster.
If this technique is not acceptable then it potentially needs futher drilling and core sampling as you say.
Maybe APs data helps locate where to drill? Speeding up the process. I believe there is a drilling Co (JSC Pana) working in the area with AP.
https://www.linkedin.com/posts/absolute-precision-llc_inertialsensing-absoluteprecision-aplimited-activity-6808062520595677184-c_lG
ATB LB
Hi CAW1,
Regarding the outstanding commitments, how do we know what they are. We know they have a commitment in relation to Nyud and Moroshkovoe but don't know if they have commitments regarding any other areas as yet.
I wouldn't expect the warrants to be part of it as there is no guarantee they will be taken up.
AP's work would come under the "electronic exploration" mentioned in the detailed exploration for the flanks (at MT) and might have been why Alexei was talking to AP because there is nothing confirmed that they have been working for EUA despite Mac constantly claiming they have.
Yep…..the exploration has been going on for a long time …..even under the JV with AA.
EUA getting the rewards for all their hard work and patience over 20yrs….and ROSGEO obliging.
AP in the place to be -
"Each of the four open pit deposits, which are located directly adjacent to Monchetundra, have already been studied by Eurasia with block modelling and open pits' optimisations performed by the Company. According to the due diligence done by Eurasia, the ores are suitable for toll treatment over distances of 5 to 8km with beneficiation and mineral processing at the proposed plant site between the Company's open pit deposits at Loipishnune and West Nittis.
· A further five mostly open pit palladium, platinum, copper, nickel and cobalt assets are included in the JV, where Eurasia has carried out due diligence including c.20km of exploration drilling and some 12 thousand samples taken by Eurasia."
GLA
AP were doing secret work for Eurasia a long time ago -
absolute.precision
Exploration Manager of Eurasia Mining PLC Alexei Boucher visited our office today in order to discuss a joint project with our company. We can’t share the details yet, but this is going to be a complex one, involving the whole range of our tools and services. Stay tuned for the updates!
#eurasiamining @inertialsensing #limgroup @xplorationproducts #absoluteprecision #aplimited #twingyro #slimgyro #corepro #acoustic #drilling #mining #engineering #surveying
87 w
https://www.instagram.com/p/B-ZhwV-jEjC/?utm_source=ig_web_copy_link
Potentially part of Eurasia's Due Diligence prior to the Rosgeo JV.
GLA
goes on to say
'The Group's outstanding commitments under the agreement are Rub37.2 mln (approximately £3.7mln) payable
in stages conditional to licensing and permitting'
which I believe is what is left to pay for the 75% of all 9 areas. The 35m I believe is for the additional 25% of all assets but this could be 70m if you include the warrants.
GLA
Hi MrY - from the interim report, last page
'In March 2021 the Group entered into a cooperation (joint venture) agreement with Rosgeo regarding
exploration assets in the proximity of Monchegorsk on Kola Peninsula. The Group will acquire an initial 75%
stake in each asset, which will be assigned to separate joint ventures. '
GLA
@dshox.
The other piece that conjecturally fits from that Rosgeo document is...
".... which enable to ensure the high efficiency of the partner investments in the project."
This could be where Absolute Precision slot into the frame. Its widely acknowledged (posted on various social media channels) that AP have been in talks with rosgeo since Nov last year about huge slim gyro imaging projects in Murmansk / kola. AP have also acknowledged on linkedin that they have been working for for polymetal this year.
I posted this info up some months ago I'll try to dig them out later.
ATB LB
Cheers LB, good info
Hi cj62 and lovelyboy,
I'm up to speed regarding Rosgeo and what they do and I stand by every word I wrote.
Rosgeo have stated that they have a problem, that they identify areas holding resources and undertake some exploration to prove those resources are there but they don't have the finances to undertake any meaningful exploration to properly prove those resources (minimal drilling at Poaz to low level inferred resource level P2 by way of example).
It means they can't sell interest in exploration areas for much, inferred resources are worth far less than proven resources and reserves, so we have a JV with a potential $100b in ground value on offer for $35m.
And yet despite gifting this to EUA you think Rosgeo are going to spend many extra millions on drilling at their cost to benefit EUA ?
What are the actual terms of the JV with Rosgeo regarding who pays the drilling costs and any royalty structure that Rosgeo may receive.
We know there are 9 JV areas but we haven't been told what they are apart from Nyud and Moroshkovoe but do they make up 1 or 2 of the 9 JV areas.
There are 4 areas with proven reserves, how much of the potential 104moz Pt equivalent are these proven reserves and where are they.
Does $35m buy 75% of 9 areas or 100%.
Are EUA looking to buy all 9 areas of the 6 being block modelled.
Does $35m buy 75% of 6 areas or 100%.
Etc.
My view, EUA was clear the process was going to run for a few months back when it RNS'd in April with the credible buyer. There is a process to work through with JORC/CPRs/DFS (as explained in RNSs) and that is being done for a purpose. Now we just wait for this dd to run its course. For all we know, this work is all but complete and we might not get separate RNS before the one we are waiting for.
Punters will note the slide tagged onto the end of Polymetal's investor presentation in - I recall March - that said it was pursuing JV opportunities with juniors, just before the RNS stating efforts being pursued with 'credible buyer'. I am not stating that Polymetal was the only credible buyer or company in the room, but common sense tells you it probably is one of a few. The typical structure it sets out is being granted a call option to acquire the remaining stake (tick) based on JORC resource/reserve at pre-agreed market price (tick) and until then, operatorship left to juniors.
Sorry I should have provided a link.
https://www.rosgeo.com/en/press/news/rosgeologiya-and-eurasia-mining-implement-joint-projects-on-the-kola-peninsula/?sphrase_id=8891
lovelyboy- and from the RNS 26th March describing the Rosgeo JV terms..... "....Any engagement with Rosgeo as a contractor in relation to the Additional Assets will be on an arm's length basis. "
MrYFronts
https://www.rosgeo.com/en/about/
Please read the link provided, then come back with a full understanding of Rosgeo. Then and only then reread what LB wrote and rewrite what you wrote !!!
MrYfronts
Is it not this bit "RosGeo will contribute to the joint project the gained experience and competence, including conduct of geological exploration and prospecting activities, and render the geological consulting services"
'render'
1 : to transmit to another : deliver. 2 : to furnish for consideration, approval, or information: as. a : hand down render a judgment. b : to agree on and report (a verdict) — compare enter. 3 : to give in acknowledgment of dependence or obligation 4 : make payment of.
ATB LB
Hi lovelyboy,
I don't see any mention of who is funding what. Saying Rosgeo will do the geological exploration etc is not the same as saying Rosgeo will be paying for it.
I've never come across a company that has entered a JV and given as little information on that JV as EUA have with the Rosgeo JV.
Sorry - to be clear, I'm refering to Viksha Pd
DShox - quite right, Polymetal said as much ie that it was on hold at one of their recent investor conferences
And publicly during this year Polymetal has stated its ambition to get into copper and battery metals. It's Viksha Pd dominant project has clearly been put on hold - it just doesn't stand up to Monchetundra.
Yes, it certainly made my day to see EUA and Polymetal mentioned in the same breath.
In fact, EUA was mentioned first in that sentence.
Polymetal currently has a market cap of £6.4Bn
Just been thinking more about 25% ownership thing. Interesting that Polymental get a mention by Fitch along side EUA.
Just stuck me that Polymetal also have a 75/25 JV with Rosgeo - very similar terms.
https://www.rosgeo.com/en/press/news/rosgeologiya-i-polimetall-sozdali-sovmestnoe-predpriyatie/?sphrase_id=8888
This is all a new bit of the jigsaw to me. Especially if you read the comments by Sergey Gorkov, Director General - Chairman of the Board of RosGeo. -
"I am confident that the combination of the competencies of our companies will put on the state balance new significant reserves of mineral resources, and in the future allow to effectively involve these resources in the country economy within the framework of commercial operation."
What differs between our JV and theirs is the responsibility for funding the exploration.
Polymetal JV
'Polymetal will provide the equity loans to fund the geological exploration activities to the extent necessary for the assessment of the stocks by GKZ. The assessment of the mineral resources in line with JORC Code is scheduled to be completed in 2023.'
EUA JV
'Eurasia Mining will carry out operational management of the joint venture and the project. RosGeo will contribute to the joint project the gained experience and competence, including conduct of geological exploration and prospecting activities, and render the geological consulting services, which enable to ensure the high efficiency of the partner investments in the project.'
ATB LB