We chatted to IronRidge Resources' CEO Vincent Mascolo who explains why the company has become a lithium explorer. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East and have access to Premium Chat. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
So there are constant sells according to LSE and yet the sell price is rising slightly - and am able to sell if I wanted to (which I don't). Seems to suggest someone is mopping up these sells in the background?
Sorry there, I wasn't try to pick a fight there I understand you were just relaying what you had been told and it wasn't you I was disagreeing with, but what you were told and explaining why I disagree.
Ok Cornish we'll have to agree to disagree - no problem I was just relaying what I was told, if you don't believe it fine - you do your research, I'll do mine - we all want the same thing at the end of the day - the Company to succeed.
Sorry Chislehurst, I disagree. With the current covid restrictions in newfoundland and labrador, there is no reason down to social distancing for the mine to not be operating at full capacity - modern mining by its nature is socially distanced - each machine has one operator.
As I said back in March/April it was different, as social distancing was taken to the extreme - pretty much stay home.
To me last weeks report was very clear on what is limiting production - insufficient developed stoping blocks and diamond drilling, along with broken down equipment.
Contractors have been bought in to address the first two issues and plant is being repaired/replaced. If social distancing was an issue, how would they manage to increase the underground workforce with contractors?
1 Trade gone through, maybe an RNS on the way!
"Your views on the production been held back by social distancing. Surely this is absolute rubbish ? " Unfortunately that is true, I confirmed it with the Company last week. Just call one of the contacts from last week's release and they will substantiate. Going forward two or three months and matters should improve. Good hedging deal, better grades and higher volume. At this moment in time I doubt they are running at a profit simply because of the low volumes.
Tried few dummy sells yesterday on HL and couldn't really sell a bean (I'm not selling by the way) - now can sell all no problem - so suggests large sells have stopped/reduced. Hold for gold.
Some large sells posted late and so hopefully the seller is now out or running on fumes. Price has remained relatively solid over the past couple of sessions considering so hopefully we should begin to creep back up to where we should be over the coming days. Its a superb price currently for anyone looking to buy in.
As ever Cornish a fair and honest summary of where we are at and I concur entirely.
What we also have to factor is many staff might of been laid off conveniently and costs cut. I expect they kept the best and will hire back as they ramp up.
I’m of the opinion that June will be the point they are back to normal but in the meantime a lower cost base means that they can grow into things without hemorrhaging cash.
They have the working capital and strategy plus higher copper price to really put a new set of foundations in so to speak.
Roll forward to January next year and we should be transformed into a lean expanding profitable business and I have every faith this is achievable.
Let’s be honest 12 months will go very fast and we will be looking at a very different scenario and company.
Mad to think people don’t think twice at investing in companies like ARS that are pure exploration plays valued higher.
Can see rambler getting a lot of attention sooner rather than later as people see it’s a good chance of serious multiples.
Very limited downside at 26 million market cap
People won’t want to be out of this but perceive they have time , I know big private investors that are eyeing a purchase of at least 50 million shares each but feel they have time and don’t mind buying higher.
Personally rather be in early and just wait it out. The market often prices the future early.
Would not be surprised to see this move around a lot but feel it’s well supported this level and has more chance of appreciating upwards on nothing but copper sentiment.
I think in some respects Covid very nearly killed the mine and probably saved it at the same time.
In March/April the bottom fell out of the market when the scale of the Covid problem became apparent. Initially working restrictions would have had a massive effect on production, with staff being reduced to tge bare minimum on the mine.
The company were desperately trying to cut costs, it sounds like all development stopped, the bottom of the mine allowed to flood, diamond drilling would have stopped, maintenance and support staff would have been reduced, the mine would have effectively been a stoping operation - if a rescue package was not secured when it was I believe the mine would have shut by Christmas.
By June, as working conditions settled, if tge mine could have afforded it they could have bought the entire staff back they couldn't afford it - and this is where CoVid ultimately saved the mine - Rambler were able to take advantage of government aid to allow everyone but the production miners to stay at home.
The problem is there is now a legacy of an underdeveloped mine, which will limit production until new production areas are opened up (which us happening). Equipment that is knackered from lack of maintenance (being replaced/repaired) and a lack of control diamond drilling.
Its probably going to take until June to get back to where it needs to be, but the fortunate thing is tge mine gas tge capital and market conditions to achieve that - by the end of this year it will essentially be a new mine.
I think what you're suggesting is the H2 update from the middle of last year wasn't particularly honest - I would agree with that. I think last weeks update went some way to coming clean.
When I read that report it took me back to 1997, when I was lucky enough to be given a tour of South Crofty (At the time owned by Crew Natural Resources, who coincidentally built the nugget pond mill). The first thing I saw that day was a memo from the manager advising that all work had been suspended on the bottom 2 levels of the mine and development staff had been redeployed to stoping. Underground equipment was sitting idle where repairs weren't possible due to a lack if money. A month later it was announced the mine was going to close in 6 months unless a rescue package could be put together - I'm sure you'll agree it all sounds very familiar. The difference is Rambler got the rescue package, South Crofty didn't. But things move on as they say and here we are 23 years later and South Croftys new owners (Cornish Metals) currently have an IPO out to list on AIM this month.
Your views on the production been held back by social distancing. Surely this is absolute rubbish ? It’s my understanding that’s it’s more to do with not enough zones been open , lower levels still been pumped out.
I don’t see how any modern day operation should be effected by social distancing. If so it’s bonkers etc
Think production been down is more to do with equipment renewals and not enough workable zones that are open.
I’m sure the RMM having had no cases would not slit its throat by letting social distancing effect production even if they had to be in place to a certain level for another year etc.
They could test the entire workforce daily if they wanted.
Close to doubling my holding. By far the most undervalued share in my PF. Would love a buy under .30.
The Rambler property contains the former producing Ming and Ming West copper-goldmines.
The Ming Mine last operated in 1982 and produced over 2.1 million tons of ore grading 3.5% copper, 2.5 g/t gold and 11 g/t silver over 10 years in operations. The historical recoveries were 92-95% Cu, 60-75% Au and 55% Ag. Mining ceased when workings reached a neighboring property boundary.
The Ming West Mine operated for a short period between 1995 and 1996 producing 271,000 tons grading 4.0% Cu and 5.8 g/t Au.
Given the recent drilling here of ....
o R19-745-08 - 74.75 meters (m) downhole width of 8.98% copper with 2.16 grams per tonne (g/t) gold and 14.23 g/t silver, which includes two separate intervals shown below;
o Including - 27.77 meters (m) downhole width of 11.97% copper with 3.14 grams per tonne (g/t) gold and 19.23 g/t silver
o And including - 19.30 meters (m) downhole width of 14.85% copper with 2.94 g/t gold and 21.57 g/t silver
·; A new drill hole has intercepted the 1807 Zone (1807) of massive sulfide approximately 130 meters down plunge of the previous deepest hole drilled in the 1807 Zone (Hole R17-660-26). Highlights include:
o R19-735-01 - 7.00 m (downhole) of 1.84% copper with 8.35 g/t gold and 40.83 g/t silver
o R19-735-01 - 5.43m (downhole) of 2.02% copper with 1.80 g/t gold and 20.57 g/t silver
o R19-735-01 - 10.94m (downhole) of 1.84% copper with 1.22 g/t gold and 26.79 g/t silver
o R19-735-01 - 14.00m (downhole) of 1.33% copper with 5.42 g/t gold and 63.16 g/t silver
Surely the market missed that and it got lost , mining only stopped in this area due to the property hitting a boundary wall. This land is now owned by rambler. As strike continues I feel the exploration upside is enormous. Like Cornishknocker says the copper is for free with the gold and silver. At some point in ramblers resurrection this will come into play , I think they have money set aside on the presentation to drill more of this area , rightly so as it could double our SP in time on the exploration alone as it’s a very lucrative gold , if we can prove more up it’s an area that would yield excellent profit in the future.
Drop it under .30 please i dear you!
All of people are on ufo at moment but soon be rmm time just a qustion of time
fielding a guess... maybe short positions closing?? the market absorbing large sales and no sp movement. seems weird to me too.
Oh absolutely, its a great share and great price. I'll add more too. Can't figure out why anyone would want to dump it. I'm sure it will pick up this week. Charts look great.
I’m still holding and will add if this drops any further.
This is a bit o a quiet board isn't it?! Who is dumping stock this morning!? Leave it out will you :)
Have I missed some news? Why lots of sell trades currently?
When you work out some of the ore values that drilling in the MNZ last came up with, they are quite simply amazing, just taking one: -
74.75m at 8.98% Cu, 2.16g/t Au and 14.24g/t, with prices of metal of Cu - $7900, Au - $1900/oz ($57.87/g) and Ag $30/Oz ($0.96/g) with recoveries of 95% for Copper and 70% for precious metals, that gives each tonne of ore values of: -
Cu - 95% x 8.98% x $7900 = $673.95
Au - 70% x 2.16 x 57.87 = $87.5
Ag - 70% x 14.24 x 0.96 = $9.57
For a total of $771.02 per tonne
Basically the precious metals there are paying for mining and processing, with the copper being profit - which is crazy money.
Nice to have a byproduct worth £45,707,415 when your market cap is only £28,000,000 !!
Looking at the company presentation we have a measured and indicated resource of 2,121,380moz of Silver at the Ming Mine !
Good little bonus to have and will reduce copper production costs further