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Hangingaround - thanks for that. Quite a comprehensive overview.
Z
On many different levels. No news is good news, I hope.
Just been perusing, and found this article which I think was posted here around the time of publication, but it was good for me to re-read it:
https://investingstrategy.co.uk/mining/gold/investing-strategy-the-greatland-gold-edit/
Fingers crossed etc.
I read this on x, some suggest it was a rug pull to let the shorts close. The Gold price was soaring until it erased all its gain. $2500 was in sight then someone tripped over the lead and pulls the plug out the socket.
Since gold closed $2344 on Friday I assume these gold crypto coins suggest gold will jump over $2,400 tomorrow. Guess we will see.
Also found this website for the same gold crypto as posted and it shows a different price, a higher price. It was $3081 when Iran sent those missiles.
https://www.coindesk.com/price/pax-gold/
Drover is this the one?
https://coinmarketcap.com/currencies/pax-gold/
According to bamps it might be cheaper to get it from mars lol
Both Rio chief scientist Nigel Stewart and head of exploration Dave Andrews have described LIBS as “game-changing” and the future of exploration.
Mr Andrews said in December that one of the problems with the painstaking and “somewhat monotonous and boring” work involved in assessing core samples was that “everyone calls that same rock a different name” whereas the LIBS scanning system took about 2000 readings a second with data on all elements in a sample.
“That’s a massive amount of data that first, geologists haven’t been able to collect and secondly, it’s impartial. It’s just calling the rock what it is,” he said.
Mr Andrews said that in some parts of the world, it could take five months to get assay data back from laboratories and the average wait time was 75 days. Rio geologists could now get all the information they required within a couple of hours of drilling.
“That is a major game changer for exploration and that’s something that we’re deploying around the world now,” he said.
Rio is spending $US250 million ($385.3 million) this year on the search for new discoveries with more than 50 per cent of that spend devoted to copper.
Hi Ben, gold backed crypto peeked at 3000 usd oz when Iran fired off the missiles and then fell back to around 2450 usd oz.
Crypto market doesn't close like the gold/silver market so i think we will have a similar peek for gold on Monday when the markets open, how it plays out depends on Israel response where oil/gold and silver end up next week. Off to fill some containers with fuel, crude oil will go to 500 usd a barrel if Iran closes off the Gulf. DM
Interesting piece on new technology being used in exploration. Maybe we'll get to use laser-induced breakdown spectroscopy (LIBS) at Paterson South with Rio Tinto Exploration...
https://www.afr.com/companies/mining/rio-turns-to-mars-exploration-tech-in-search-for-next-big-discovery-20240414-p5fjn1
It’s getting a bit messy out there!
Let’s see where it ends!
All the best Ben
Let’s see what happens after Iran’s actions.
Hi MF
I didn’t hear that conversation seems reasonable. I wouldn’t know if the trains would need that much maintenance .
Hi Bamps,
How I understood what SD told us, was that he would run both trains, but at 50% capacity. This is for example, If it were a 14 day FIFO pattern
Run both trains for 14 days while the processing team are on site
Perform any maintenance whilst the processing team are offsite (no need for annual shutdown). He suggested this would give him the happiest Maintenance Team in the world.
Stockpile Ore for processing whilst the processing Team are offsite.
This would obviously not reduce staffing costs by 50%, but should still make significant cost savings.
Hi Iseo
If Telfer production is stopped or runs out then Havieron ore has to cover the cost of Telfer.
If production continues the AISC will be high, I can’t remember off hand but the last quarters results showed it over 2000 ( I will need to look again.
Gaining Telfer will be a huge benefit if they can find more viable ore, it’s also a huge benefit to be in control and have a handle on the costs.
A high gold price will make more ore at Telfer become viable, definitely underground stuff at the moment that’s still viable but not a lot left.
In 2017 they had 7moz of resources, I’m not sure what recovery factor they had but certainly won’t be 86%, so about 2.5 to 3m would have been extracted. There should be at least 1 to 2m left if a 60% recovery factor is used if it’s viable.
This plant won’t be able to do the tungsten as someone mentioned, different scenario.
Shaun and the team must be working hard to make sure that this is going to work, which I’m sure it will.
Hi MF
Didn’t quite get your point on the maintenance.
There are 2 trains at Telfer they both have annual shutdowns for maintenance, I’m not sure if they are both down at the same time.
If there will only be 1 train working for Havieron ore, where will any Telfer Ore go unless he’s going to stop the Telfer production to cut costs.
They can’t do the maintenance off site.
I didn’t hear what he said about that.
I might be wrong, but surely Bamps is suggesting that the AISC of Telfer alone is likely to increase to possibly near 2k due to inflation etc, but surely adding Havieron into the mix would bring the AISC of the dual entity down massively!
Hi Bamps,
Yes costs will definitely rise, but at the last town hall he did say that if he got hold of Telfer he would run it at half capacity, which would reduce both running and labour costs. He said that he would do this by only processing ore using a single FIFO processing team. Processing when on site and doing maintenance when offsite.
There will be other cost efficiency measures he can implement as well.
Whilst the AISC will increase, personally I think your $2000 is quite a bit too high.
Hi Speedie
Yes in Newcrest’s last report for Jun22-Jun23 it was $1633 and costs have risen and revenues falling since.
It needs a smaller entity to make it more efficient.
Havieron still needs that plant and also the tailings for the paste fill.
Keeping 30% there is no Telfer costs but a tolling charge.
Gaining the 100% would gain extra costs on Havieron site and a tolling charge.
Having the lot means paying for the plant and all costs for running Telfer but no tolling charge only transport costs
Hi Magic. So there is gold at EG? ATB Speedy
Hi Jerry. My apologies, stupid me, quoting such a low POG, i blame it on the bad bottle of French Malbec last night. ATB Speedy
Hi Bamps. Are you suggesting that the AISC at Telfer (100% GGP owned) could be $2k/oz. If that is the case why bother? ATB Speedy
I don’t follow the horses much myself, but Maximus (named after Havieron) the border collie had been mithering me to borrow a fiver all day yesterday to put a bet on the Grand National. I gave in this morning but I’ve no idea what horse he has backed. He just kept saying “it’s a sign,it’s a sign”
Look forward to further episodes Magic - thank you!!
i’m starting a thread on ernest giles given its going to be a focus for exploration and in my opinion is the top target. i'm considering devoting some time to research the ernest giles region in more detail and maybe will produce another video. but for now, i thought i’d post some general information which might be useful.
ernest giles is located in the yilgarn craton, which differs geologically from the paterson and is the dominant host to gold in australia. i’ve heard before that ~70% of gold produced in australia comes from the yilgarn although i can’t find a source on that. in 2013, the yilgarn produced even more gold than the witwatersrand in s africa. this is just to highlight as far as jurisdictions go, you can’t really get better than the yilgarn.
firstly, the yilgarn craton is extremely old, forming between ~3.7 and 2.6 ga (billion years ago). it is split into different terranes by geologists/academics. ernest giles is located in the far eastern and most underexplored part of the craton, the yamarna terrane. the nearest deposits that have a resource or are in production are the gruyere deposit (gold road resources and goldfields jv), tropicana (anglogold) and several deposits in the laverton district (owned by barrick, anglogold ashanti). however, these are located pretty far away so the local geology to ernest giles could be very different. we’ll only know that once enough drill holes go in the ground given there is 0 outcrop and the entire thing is undercover.
the likely deposit type ernest giles falls into is called orogenic gold. this is sometimes referred to as lode gold or mesothermal gold. put simply, orogenic gold deposits form during mountain building events (orogenies) and are often associated with granites and mineralised quartz veins. these veins are emplaced up to 20km depth from the surface. orogenic gold deposits in the yilgarn are often hosted in granite-greenstone belts and are archaean in age. greenstone is just a common term for archaean age, metamorphosed basaltic igneous rocks that are located in narrow basins. several researchers have published ages on the mineralisation that fall between 2.68-2.63 ga, during the waning stages of the orogenic episode that affected the yilgarn. to avoid information overload, i'll save alteration, lithology and geochemical details for another time.
the best orogenic gold systems carry high average grades (>2g/t au) and form large mineralised veins and tightly spaced veins. some orogenic gold deposits such as sunrise dam can be very “nuggety” whilst others like obuasi contain shear zones that host gold mineralisation. common sulphide minerals include ****nopyrite, pyrite, pyrrhotite and more rarely chalcopyrite. gold may occur as visible gold or hosted in pyrite or ****nopyrite. drillholes at ernest giles are less likely to produce continuous, uninterrupted drill intercepts like havieron. instead, we may see intermittent high grade intercepts, representin