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I wouldn't go as far as selling because of molopo farms. If the results don't come back with anything, they should just get rid and that's it.. They should leave the Uranium under pow 100% or as a joint venture to help with costs and concentrate on this and power Arabia. The Uranium and Saudi will be the bread and butter
Selling because of this drill is madness.
SP rise will be driven by uranium deal. Saudia deal and GMET.
I do not understand the negativity - people have been pushing for feedback on the drilling - the feedback has been announced stating that, for the first time, they have hit the target. This has to be good news. The question of what concentration of nickel is present was only ever going to be after assay results which we know would be another couple of months.
A poor result would have been not hitting anything again......
They would of been better off not releasing any news today and just waiting for the assay results instead. The sp has taken a beating from a poor rns and now we have to wait another couple of months
I think they know there is no Nickle down there
It was going to need 2% Ni to be viable at depth & clearly they don't have anything close. Running assays for PGE would seem to be a last (desperate) throw of the dice. On the plus side perhaps POW can ditch the mediocre projects and concentrate on uranium.
Certainly not 'massive sulphides' in the pictures, stringy veins are visible.
How do you sell a 'dead asset', don't be so sure till we get the results. Could surprise to the upside
I agree, Worzel1, and I am quite happy to wait and see what the assays say.
Having said that, I am sure that they would have had a hand-held scanner on site so they would know already if the superconductor was stuffed full of high-grade nickel. We will have to wait to seein the 'coming months'.
I'm not expecting anything from this imo. pyrite isn't worth F.all. if this comes back dead, then they should sell off molopo and move forward with the Uranium and power Arabia. This news today won't do anything for the sp :/
I hear what you're saying ART. But personally I would rather wait for actual assray results rather than speculation of what they think is there. As for drilling deeper. That would need extra funding as the contract was for x amount of meters for TD
"The mineralised carbonaceous mudstone contains abundant pyrrhotite-quartz-calcite veining and localised sulphide-dominated veins of what appears to be pyrrhotite (Figure 1). Further mostly vein-hosted sulphides are present throughout the intervals including dominantly pyrite."
So is there any nickel or not?
"Geophysical superconductor is interpreted to be a sulphide mineralised carbonaceous mudstone unit between 760.5 - 813m downhole depth and from 828.4m - 832.6m (end of hole) where it remains open at depth."
Also, as in my first post, if they are still in the mineralised zone, why have they stopped drilling?
So drilling has finally intercepted the superconductor at the 3rd or 4th time of trying. I think it was always going to be much deeper than they were drilling as it kept showing up despite the drill never finding it.
Personally, I can't make a head or tail of Para 3. It is meant to be massive nickel sulphide but there is no mention of nickel in the RNS.
Also, if the geophysical superconductor remains open at depth at the current end of the hole (832.6 metres) why have they stopped drilling? Surely they should drill on to the end of the mineralisation.
...now we wait for the assays. Obviously with the reassurance that the other companies can "sustain us" if things with our direct exploration are not quite as good as we all hope. Exciting though. Good luck all.
“ Oliver Friesen, CEO of Golden Metal, commented:
"A huge thanks to everyone on the team for all of the hard work that has gone into finalising preparations for this exciting drilling campaign. So much existing knowledge is held by those who have been involved with the Project previously, and we are thrilled that so many were interested in getting involved again as we look to rapidly grow and advance the Project given the USA's very pressing need for a domestic source of tungsten. We believe the importance and criticality of this Project is nearing all-time highs, and with this drilling programme we aim to both increase in-ground resources and collect import data which will be required in order for us to complete the Project's first economic study, further details of which we will announce in due course. I am very much looking forward to an exciting and news-rich spring and summer for Golden Metal."
The Sunday Roast podcast had as its guests Paul Johnson the former CEO before Shaun who remains a large shareholder with 3.7% and Charles Archer who has written reports on POW. There is a lot of very positive talk about POW and GMET particularly how undervalued they both are. It’s a long podcast which doesn’t just discuss POW and GMET but worth a listen as obviously Paul Johnson has some interesting insights having been involved with POW from the beginning.
Min 2% because depths >800m but this is also a PGM play. I suspect they'll take a view via XRF results & then decide whether to assay (3 months). Needs to be pointed out previous drills albeit different targets have not got anywhere close to commercial grades but the geophys looked good going into this drill.
What percentage of nickel from assay results do we think would wake up the market? We definitely need something interesting to push us forward and attract more buyers in
The HZM comparable is not founded, it is all about the point of the curve, the start and the end are two very different places. Tier 1 nickel will always find value. HZM a failure due to lofty ambitions. Sell and move on the asset would be the way for molopo
I think the 0.001% COS is a tad harsh. Suspect its much higher but maybe the risk-cost is a too high.
However a big hit of a long intercept of nickel would be very welcome, even if just one hole.
Absolutely agree DonkeyOatey.
The only move I have not really agreed with this year from POW is this one hole Molopo drill campaign. It's very costly, you are never going to really prove anything with one hole and also drilling comes with a 0.001% chance of success. Certainly not the reasons why I invested in POW. I am here for the "spin out / merchant banking" model.
Focus for me should be on the Uranium asset deals which could shortly bring in a bolstered balance sheet (if POW go down the UEE IPO route), could also bring in cash to POW if they decide to partially sell the assets and joint venture some out, or they may even get equity from potential larger exploration/mining firms in a JV. I'm personally looking forward to see some tangible figures on these potential U deals. I feel they could be in the £1,000,000s rather than the £100,000s. The UEE IPO seemed pretty much done and dusted for the end of March 2024. Why delay this unless there is something significantly better on the table is my view.
Also the Saudi pre-IPO should raise substantial cash. Sean also said this IPO will be the biggest one yet for POW. Upon listing, GMET was worth around £4.25mil to POW in May 2023 (now circa £7.6mil), so you would assume POW's stake in the upcoming Saudi IPO will be higher than £4.25mil. Doubt the Saudi's would get out of bed unless substantial money was on the table too.
Good to see the business have positioned themselves so that Molopo results are just a "bonus" rather than "business critical" but nevertheless, happier to see funds used to get assets into IPO vehicles so that cash burn down the line is heavily reduced and POW can just sit back and watch their investments grow (GMET) or shrink (FCM). All of which costs POW ziltch!
As always, POW just need a fair wind from the market. At present it is anything but fair. Also good to see that POW are not reliant on going cap in hand to the AIM market and the shyster brokers. Latest financing done via Saudi & Purebond multi millionaires and POW also have Rick Rule's contacts too for favourable finance if required. With £8mil+ in investments already on their balance sheet (all become tradable on 10/05/2024), POW are in a far better position than most valued at sub £20mil in my opinion.
I wonder if there really is any point in betting the farm on a nickel discovery, when you see that HZM had 2xt1 nickel projects and can't get them financed, and is now basically about to enter into liquidation. I would rather we JV Molopo (if anyone's interested) and get on with the uranium, gold and copper assets.
"I think if this comes up dry (like it did last time) then that will tell us all we need to know about POW"
What's that then?
I prefer them to keep looking at molopo until they come back with good news. If they don't find anything in the next assay results, they should get rid and sell molopo and move on
Started drilling on 07/02/24 , over 2 months ago and still going ? He did say there would be updates about the drilling , but there hasnt been any that i can see ?
I think if this comes up dry (like it did last time) then that will tell us all we need to know about POW