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Big news on the way? Perhaps after last JV announcement debacle, it is coordinating with Alien Metals?
I've actually messaged kieth in past via twitter about EH . Ticks all his boxes for new potential project.
@power it really shocks me also that one of these silver companies haven't taken a punt on EH in a jv. Even non Australian ones. We have the mining licence already which massive and 4-5 drilling to some of these companies nothing. Like first majestic or whatever. Really don't get it.
Would personally like to see them nail down a JV for EH with one of the local Aussie silver comps. Most likely to be another junior or mid tier when EH would sit well amongst their existing projects and where they could quickly add value.
> Silver Mines Ltd ASX: SVL
> Manuka Resources Ltd ASX: MKR
> Boab Metals Ltd ASX: BML
> Investigator Resources Ltd ASX: IVR
Silver mines would have the cash to move quickly, the others are in the region, Boab are fairly near to EH and investigator owns the Paris silver project, a potential 1-million-tonne-per-year mine, which the company says is the highest grade non-by-product undeveloped silver project in Australia.
Following an extensive infill drilling program in late 2020, an updated mineral resource estimate of 18.8Mt at 88g/t silver and 0.52% lead for 51.1Mozs and 97.6kt lead was reported in June 2021.
Anything over about 50g/t is generally considered high-grade when it comes to silver
Elizabeth Hill has thrown out some ultra high grade drill results in its history, far higher than IVR's Paris project.
IVR sits at around 85m market cap
EH requires lots of expansion drilling of the surrounding halo region to model up a increased JORC model and / or PFS/PEA.
They probably have a fair bit of data from previous drill campaigns that sits in the core sheds that as yet hasn't been amalgamated into any new block modelling, but could be used to incorporate into a new data set.
That would probably mean a drill campaign with a minimum spend of £4-5 million.
A JV with any of the above in return for £4m+ free carry and get the rigs back onto EH would be an exciting prospect given some of the previous drill results from EH rank up there with some of the highest grade silver intercepts reported in recent memory.
Not sure what the potential Target resource could reach with the Halo all mapped in. Possibly it would now inevitable also incorporate the much wider munni munni PGM's license into an potentially greatly enlarged combined resource.
@Chrisbridies I feel the pain I really do.. but these contracts will be complex for a company like UFO. now we have the License.. then we can only hope that this was one of the last pieces of outstanding information prior to agreeing any deal for funding..
Hopefully we will have the FID before the end of Q2 and all I really hope will be clear.. we are soooooo close now.. UFO better not drop the ball..
Pretty much my gripe with the company Norm.
They had plenty of time to agree direction and contracts subject to receiving permissions. In fact they stated months ago that offers had been made and discussions were ongoing. I fully expected that the company would act quickly to rns its plans and we would be off. All we get is the usual wall of silence broken only by twatter comments on the silver price and puffing their chest out because they've sponsored some government initiative. Its high time they actually did something themselves . I am tired of reading that we need yet more patience and it will all happen soon.
@Steviom this is my point.. time is now for UFO to step up.. they dont really have nay more excuses to delay the mining.. all the pieces are in place !! only the deal to sign and the FID !
So July/August for road construction? Let's hope that happens because without it and without news of a major JV there will be no ore mined or shipped come the first quarter of next year. Lots to play for but this bunch need to start keeping to timeframes and come good on what they can control. I'd rather see a tweet of diggers making a road than continuous tweets about the silver price or lithium.
The way i see it Peanutty the AA deal is still there, we have not had any Rns,s to say otherwise, it looks like we will transform from a explorer to a producer and the Jv situation will be EH and possible others.
Instead of waiting more years to get the others up and running from the proceeds of Han, we simply lock into Jv,s and this year we finally get our name on the map.
EH already has the licence its ready to be jv,d i believe this is our year of transformation and a new direction for our sharer price.
Peanut
I assume you meant to say WOULDN'T not would.
But either way against a binary "go bust" it is thriving
Cj UFO has no income and money to last till about August I would say. I would exactly call that thriving
I thought when they said they wanted to jv everything out, that took the off take agreement off the table(as well as the deal with AA) as taking an offtake agreement would mean they still would have to transform from explorer to miner, which I think they have decided against. So I assume they won't be planning on building a road full stop now.
"the #ironore price has touched us$120/t again. this is good news considering that the #alienmetals base case scenario at this price has an npv of a$146m and an impressive irr of 133%!
🗒️full han**** study: https://alienmetals.uk/wp-content/uploads/iron-ore-development-study-han****-project.pdf
#ufo #pgm #silver"
https://twitter.com/alienmetals/status/1788182655915200773
The road is late.. but thats not really suprising as so is everything else.. but I am not too fussed at this point as physical works can be expedited..
The Offtake / Funding / FID for Hanc0ck are the most critical updates UFO will have in years.. we have the license now.. No more delaying it UFO.. Can this project get off the ground ?
All Contractors are ready
Mining license in place
KNAC onboard
Port is ready
Customers want the product
Ore price is good ....
I expect to hear the verdict by end of June.. hopefully before.. I dont see what is stopping it now outside of Money changing hands and papers getting signed..
Both been wrong technically . The majority in the middle . See potential but disappointed in the speed of progress. It would really help if we could get a flood of capital back into the sector . Heard buffet is sitting on just a bit of free cash... but seriously I don't understand why "smart" money can't see the sector at lows and the potential.
@bishop
"Who has been closer to the Truth? Maxeyboy or C2."
C2 has predicted "UFO will go bust"
That is a binary prediction.. Has UFO gone bust?... no they are thriving.
So C2 is absolutely wrong
@Steveiom. They will mobilise and start construction July/August.
The haul road is the only infrastructure they need to build. Mining town Newman has is commutable from Great Northern Highway.
So no need to build mining camp etc.
Very solid business with DSO at surface & 1:1 strip ratio.
Have they started building the access road yet? They'll need to get moving on that if they're going to get ore to the boat. Any news if construction has started or when it is going to start.
I got out and waited, but i have also made a good friend who gave me the heads up on the license and a few other things!
Patience is key. Its all coming
@napthman1 are you calling the bottom ?
Bishop got out and could of got back in lower he waited imo was a fair idea
"When heritage comes through it will rocket"
"Mining licence it will rocket "
Are we still not waiting for new CEO ?
Something stinks here imo hope i am wrong but this never moves like the rampers expect
C2 has done a wonderful job of predicting the Lassonde curve to this point in time - perhaps he's not really a clairvoyant. His problem is that he fails to recognise that the same curve predicts a fair chance the share price will rocket if we hit production, and is unreasonably negative in his attitude.
Max's problem on the other hand is that he fails to recognise that many company's in our position just die - especially those that are poorly managed, and is unreasonably optimistic in his attitude.
I don't think either truth is real - just a possible outcome.
We all should know this is a gamble, hopefully one each gambler can afford to lose. Over-stating the case either way is not helpful.
Bishop go bash over something else hey. Missed your chance over a lower entry!
Hey if only you were still in our group you would have seen what we did before everyone else and got back in around .12
CJ,
Who has been closer to the Truth? Maxeyboy or C2.
Not much of a conundrum is it?
Even you have shown some doubt recently.
Max
ASX:AMD has 10,139,365,096 shares in issue
That's worse than us!!!!
Approach with great caution :-)
Anyone else taking notice of Aussie iron ore explorers SP exploding recently.
Macro Metals M4M. Market Cap recently shot up to $84m! They just started and only have 6 prospective exploration licences. No resource. No access to export channel. Years away from any FCF.
Arrow Minerals AMD. Market Cap $40m. Just exploration licence. No resource. No access to export channel secured.
Only a few meter intercepts:
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02804005-6A1206429
Compare with UFO 78.2m @ 60.4% Fe!
https://www.londonstockexchange.com/news-article/UFO/high-grade-dso-confirmed-at-hanc0ck-project/16131415
Less than 5% explored in Tier1 in heart of iron ore Newman & UFO ridges continue for several kilometers across Hanc0ck and haven't even started drilling Mallina (similar geological units as Sirius) and Vivash Gorge & Brockman (est exploration target 233Mt).