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Bebeto,
Get you know. That's a good question which I've never thought about before, as the mineralization will be obvious.
On the various targets and plans etc. is this not just evidence of the flexibility afforded to us by virtue of owning the rigs ?
Makes it hard to follow but must be great for the management to have some freedom to choose the best way forward and be able to react quickly to any new factors which come to light.
@itsyou yes you are correct on the drills but I'm referring specifically to the samples because it costs money to have them analysed. The RC samples looks more like chippings if there was no presence of gold then it would be a waste of money to send them.
"Batch 2 contained 801 RC samples and 192 DD samples and they released 7 RC and 1 DD results."
Samples is not the number of holes. Each hole will contain numerous samples(RC in separate small bags, DD's cut and placed in rows in a core tray, with many of them being sent )
@RPdard- so it does… I also see the same slide still suggests Vim Rutha is target #1, Teng Teng is target #2 - not mention of Maghor.
Batch 2 contained 801 RC samples and 192 DD samples and they released 7 RC and 1 DD results.
Would you send that amount of samples for that result ratio? I suspect they are all containing gold at lower amounts and the combined numbers are viable.
Secondly with the dozen or so drill results already released it wouldn't take long to update the MRE if they were the only results. I suspect the drill sites are laden with lower grade gold which can add up to be a significant amount.
@RPdard- I think the initial 12 holes are to validate or to plan mote intensive drilling activity at Maghor. I can’t see there being >100 holes drilled in the hill and 12 at Maghor.
The hill strike length ended up a little over 2km. Maghor strike length is 1km but could expand as there are additional veins to the west and the Soiminin prospect to the east…
My calendar still says Thursday for end of the month :)
Yes most of the gold in the JORC that can be increased in quality was on the hill, most of the inferred gold was on the hill, red ray held far less…
@RPdard Well we should not have long to find out the exact drill details used for the updated MRE, but we do know that one is coming very, very soon and it is expected to have increased ounces and increased levels of confidence.
ATB APR
@ID78 Yes GCAT is cutting it fine with Batch #3 results so it can issue MRE #1 by end June so looks like a busy few days ahead ... and lots more to come with planned expansion drilling!
7 Regional “Brownfields” targets identified for further exploration (presentation p13)
• 28,000m planned over 3 phases to commence in June 2022
• RC Drilling commenced on Maghor
• Soil sampling and Auger Drilling planned for all targets
We have also previously discussed that the current 671koz JORC covers BOTH Kilimapesa AND Red Ray but we did not know the split; the presentation (P12) says Kilimapesa Hill "Hosts over 531,600 oz of JORC Compliant Resources" which implies that Red Ray holds the balancing (671-531Koz) = 140koz resources. This further explains the current imperative of "Drill Baby Drill" to clearly delineate a Kilimapesa only MRE with more ounces & higher levels of confidence to support a much higher LoM.
ATB APR
And the presentation still states end Q2, fully expecting the MRE update this week, I was just musing whether they have to e batch 3 samples.
I don’t see them going back to the hill, over 100 holes drilled there and yet most of the licence still to explore. They even extended the drilling strike on the hill east and west so I think they are finished with drilling the hill…
Most here will also be aware that Robbie is scheduled to speak on Thursday evening (last day of Q2)
https://ukinvestormagazine.leadpages.co/uk-investor-magazine-summer-investor-evening-2022/#LB-VuFCENbjfdKQC8GaBCg6yQ
Do you think he is going to stand up and start with - "I would like to give you an update but I need to let the market know first" ?
Hopefully not..
Worth remembering at this point that Robbie, the CEO purchased 4M shares at 1.04 just 2 months ago - he obviously saw value then.....
ATB
*thinking aloud
Thanks APG, that was my understanding that batch 3 would be in the June 22 MRE update.
But there has been no RNS with the batch 3 lab results, so IF they haven’t received the results yet is there enough time to update the MRE if they get the batch 3 results today or tomorrow? So my message was thinking allowed of what alternatives there are.
Of course, it could just be they have the results and they haven’t released by RNS…. Maybe just save money and release the MRE with the batch 3 results results in one RNS?
I’m maybe overthinking things. I am relaxed about the ultimate goal, that they will find enough gold to justify the mine expansion.
I think batch 3 includes the mother load expecting MRE to push us passed 1.5m Oz group resource.
@ID78 Just reading through the recently issued June-22 presentation @ https://caracalgold.com/wp-content/uploads/2022/06/Caracal-Gold-PLC_Corporate-Presentation_JUNE-22-FINAL.pdf We know that there has been an infill/expansion drilling programme running at Kilimapesa which started Jan-22 and completed end May-22 with assay results split into 4 batches with batch 1 & 2 results issued and awaiting batch #3 any time soon.
Kilimapesa MRE Update #1 = end Jun-22
> Gold Projects (p7) = 671,446 oz JORC Resource (To be updated end of Q2, 2022)
> Kilimapesa Gold Mine - Kenya (p10) - Kenya (p10) = JORC-Compliant MRE = Strategy to increase total resource to >2Moz
> Kilimapesa Hill (p12) = "Mineral Resource Update scheduled for end of Q2 of 2022
• Expected increase in oz
• Expected increase in confidence levels (inferred to indicated)"
> Upcoming Activities (p23) Diagram @June-22 = "MRE update at KPG"
Kilimapesa MRE Update # 2 = end Oct-22
> Upcoming Activities (p23) Diagram @Oct-22 = "2nd MRE upgrade at KPG including batch 4 samples"
Commentary:
IMHO the presentation is telling us to expect Batch #1, 2 and 3 results in MRE Update #1 at end Jun-22 followed by Batch #4 and some regional expansion drill results in MRE Update #2 at end Oct-22. Tellingly we have Kilimapesa JORC resources of 671koz and stated target of 2Moz so considerable upside is expected.
ATB APR
Yes- the presentation released end of last week still states ‘MRE scheduled for end of Q2 2022’.
I suspect that they already have a revised MRE, with the batch 1 and 2 samples. Perhaps they will release that if the batch 3 results from the lab are running late, then a further RNS in a week or two with the batch 3 results.
Or maybe they have the batch 3 results and we don’t know this yet. Either way I’m relaxed, they seem confident that the MRE will be good enough to continue with the plant upgrade…
We still expecting this week ?