George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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Yes, agree that they are constrained financially, twas ever thus, and not just He1.
Partly through choice though.
And whilst the 2021 campaign was supposed to investigate three different types of structures the only drill site ever prepared, so far as we know, was at Tai.
There is something about Tai....
Even with a much bigger team, they keep going back there.
And for all the investigation and seismic, they never really show much sign of going anywhere else.
DM seems to be staking much of his career and reputation on it.
Make of that what you will.
Skittish - you seem to be agreeing that its the financial circumstances that have compelled this approach. That's my point, have He1 put themselves into a one throw of the dice situation by NOT going for a placing? If so, is that because they have insufficient confidence in the other targets to justify doing the raise, or were they reluctant to raise, from a sense of having to make amends for what happened last year? Much cheaper/efficient to drill multiple targets in one campaign than to have to do so over multiple campaigns.
Anyway, hopefully DM will provide some context and explanation to this in due course.
@Legalwolf
Very well said and written:)
Content of RNS, does leave me somewhat
perplexed; who’s running this show?
Drilling one location at a time, no impetus
to synergise three drilling locations, hence,
de-risking the outcome, ‘putting all your
eggs in one basket’ not logical, to me, though,
what do l know, when drip-fed information:(
ITV - is there a plausible explanation?
Anyone who thought that this was going to be a multi target campaign hasn't been paying attention.
They presently have something around $10M cash (give or take) and have themselves removed the possibility of raising cash via a placing.
So it is either a rights issue (very unlikely imho) or they pay with the cash that they have and tempt drillers with cheap shares in part payment.
I suspect that acceptance of shares in part payment is one of the trickier points to be negotiated at present.
Tai is an obvious target - Tai 3 - and it looks like 3 will be a repeat of 1, but with beefier equipment.
Part of what I was trying to emphasise on flikr was how everything was centred on Tai, with everything else looking fairly peripheral.
As it is it looks like we'll get two wells at Tai in 2022 and that will be probably it.
Then place and multi target in 2023, possibility in association with Noble.
Still not sure whether DM said "drilling to 2500M" or "drilling 2500M" in Dublin ie 2 wells if the basement is 1200M at Rukwa - which it is.
May post more detail at weekend, but he appears confident he did have a discovery at Tai in 2021, but couldn't prove it.
I for one am glad they have kept us up to date.
At least we are not in the dark now wondering what is going on.
I do think it would be good to hear from DM re this RNS. Simply put, we have been led to believe that in recent months, He1 has been engaged in doing various work to assess and identify various targets. The impression from that, and the discussions on this bb, have been around He 1 identifying the best targets (shallow and/or deep) and then selecting the best ones for this next drilling campaign. I am sure that most of us were expecting a multi target drilling campaign, with the main question being its affordability. Someone posted on here a few weeks back that they hoped it wouldn't end up with a single roll of the dice.
I must confess, the fact that we are indeed ONLY drilling one target, Tai, has come as a bi of a surprise to me. In the absence of explanation from DM, I am a little concerned that this year's drilling campaign is being mainly influenced by financial constraints, rather than what is ideal from a geology/exploration perspective. Therefore, I think it would be good for DM to explain the rationale of drilling only at Tai. That would give some re-assurance that Tai is indeed so compelling, that it has negated the need for other targets to be drilled at the same time.
Whatever the underlying rationale, it will make for a VERY nervy drilling campaign, with a binary boom or bust outcome. This was NOT the case last time round, where I recall it was at least 3 separate targets going into that campaign. All imo
I have faith in the project and the team, JWill, but they haven't exactly covered themselves in glory. At least, not yet.
Let's hope they do.
At this stage it is fairly simple. If you trust the project AND the team that will be delivering it then hold because a discovery is coming this year. If you don’t then sell and save yourselves the stress of these boards because no rig means sub 5p & nobody likes a wining little b*itch
Couldn't agree more @JK, the only thing we learned today was that they're drilling tail again, which I'm sure most of us here would've predicted that.
To still not have a drill sorted 2 months beyond when it was originally expected is just not good enough.
The mental gymnastics some people will do on this board to avoid accepting any hint of incompetence is beyond baffling.
YOU HAVE YOUR MONEY INVESTED HERE, YOU SHOULD DEMAND BETTER FROM THE BOARD INSTEAD OF MAKING EXCUSES FOR THEM.
Months to get in here at sub-11. Simples. But it's a buy for sure, up until a fortnight before TD.
Not sure the drill pad is ready, I think DM mentioned the new Tai structure was nearby in a video...
But Skittish will know,
A rig from Texas would have taken up to 2 months by sea, so I guess mobilization costs would have been more than the drilling phase.. ADV started paying for their off-shore rig from the day they started transporting it from the previous project.. I would not be surprised if thats what the extra 100m share was to cover...
Could be the options was down to timings of rigs freeing up, one in Texas or Africa..who knows...
The trouble with exposure of a company is that it attracts impatient lunatics. Plenty around here today.
Half of me thinks the RNS was put out there to remind half this board here what they have clearly forgotten from previous RNS or investor news.
The fundamentals set out at the start of the year are still there. if you cant see that its because you are impatient and or greedy.
Sorry for the typos, new acrylic nails .. splashing out knowing that in a couple of months time i'm going to be quids in with this ;)
AP
And who might you be?,
Do us a favour and spare us the crap, we all know how this year has panned out. The RNS is very positive. Things have to be carefully considered.
To try to bring a rig fron acriss the world and drill in 2022 is near impossible. Ibstead they are focusing on their target ehich offers highest C.O.S, the drill pad is ready, the rig is local ( albeit possibly paying a premium for it). A discovery in 2022 is what we have been promised and I have a steong feeling they pretty much know they will get it.
After that we raise what we want, drill what we want... its a different animal. One we might not want to tame ourselves but sell on
Fact is they Do Not have a rig yet.
All the, we are talking with, in negotiations with planning to have, still means there is no rig for this year.
Ffs anyone saying this is a positive RNS is seriously deluded.
Todays RNS could have been released in January 2022 and it would still be true as there is no progress however you spin it.
Muscles is twat but he is right about this.
Expect again complete silence from them until next RNS in Sept saying same thing for a potential drilling 2023.
As Johhny Rotten once said
Ever had the feeling youve been conned