Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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We wouldn't break below 1p but now we have you ask where the bottom is, company chews $ 2.5M a quarter. Company held $7.5M at DEC 31st, so roughly $5M left don't value this at much more than money in the bank due to poor stewardship, so a lot further to go and bear in mind this lot like to raise early so expect funding shortly, 11% discount last time expect this to be worse this time. GLALTH
Even more 'crazy cheap' CopperOn after another 7% fall today! Where is the bottom?
The good news for us long term holders is there is a lot of value in the ground for these projects… My call is Broken Hill will be bigger then Cangai and Big one combined (yes over £1bn in situ value imho). The other good news is they have the cash to develop Broken Hill with over £3.5m in the till. This price will look crazy cheap very soon once it re rates I think.
@DDHammer I concur, CCZ BoD have not covered themselves in glory especially with overly positive spin on prior results especially at Big One compounded by at least one 180 degree u-turn is unnerving. HOWEVER, there comes a point where the downside risks get heavily outweighed by the upside risks which is where I think we are now with new CEO and revised strategy.
No one said that Junior explorers were risk free and I am heavily down but still holding given we now have a decent enough JORC compliant MRE at Big One not just clever words as we have had up to now.
ATB APR
Management, can destroy a company regardless of resource. One of my other metal company investments over £2 billion in metals resource Jorc inferred and indicated and well on the way to pfs and a pitiful company valuation of less than £3 Mil. If this shower don't get their act together similar value here, lots of resources need lots of investment time to concentrate as they have been unable to attract a JV of any sort and a failed IPO dressed up as we would be better off going it alone DO ME A FAVOUR. gla
CCZ MCap £14m is now looking crazy good value now CCZ have:
Big One, Mt Isa = a shallow copper high grade JORC (2.1Mt @ 1.1% Cu implied 21.9kt copper) with mineralisation from surface & open in 3 directions
Arya, Mt Isa = next phase of drill programme ready to go once weather improves
Cangai, NSW = historic high grade copper mine JORC 3.2Mt at 3.35 per cent. Cu or implied 107kt copper
Broken Hill, NSW = Historic database of 6,182 drill-holes across the East Zone particularly as QAQC quality compliant data so can be used to model a JORC 2012 compliant MRE particularly focussed on initial 108 drill-holes, which all delivered assays from >200ppm Co up to 9,500ppm Cobalt
ATB APR
Great results. I am going to buy in at these levels now that results are in and hoping they build on this.
Real bonus that processing can be done nearby although I guess perhaps not at the moment with all that flooding! Best wishes to the people of NSW.
GTA.
Big One JORC 2012 compliant MRE issued:
> Copper = 2.1Mt @ 1.1% Cu for 21,886t contained copper
> Silver = 2,459kg (2.1Mt @ 1.2g/t Ag) of contained silver metal credits
> Ore Body = commences from surface & not fully defined as open to the east, north and down dip
CAPEX & Processing: minimal CAPEX as confirmed aim to use nearby 3rd party processor
Value: Always tricky but assuming 100% recovery via shallow open pit mine
> Copper = 21,886t copper metal @$9,900/t = $216m
> Silver = 2,459kg silver metal @25/oz = 87.6koz = $2.2m
>> Total metal = $218m or £163m at 100% recovery
Commentary: However you dress this up for a shallow open pitable resource using 3rd party local processing so production can be ramped up quickly this is VERY good news
AIMHO ATB APR
Reminds me of THR mining. No real resources, just drill and place. Lifestyle company.
Market down on what many will call again good news, yes we now have a jorc but 12 months ago we were told this was an outstanding resource and that the board were going to apply for a mining license, 12 months on and we are going to only review the process for applying for a license. Do this lot really take us for naïve idiots that cant work out that they are totally incompetent.
· Modelling the 2020-21 reverse circulation and diamond core drilling campaigns2 at the Big One Deposit produced a maiden JORC 2012 compliant MRE at 2.1Mt @ 1.1% Cu for 21,886t contained metal
· In calculating the MRE, the geology team primarily used data from the 2020-21 reverse circulation and diamond core drilling campaigns to model the final outcome
· In addition, there is an estimated 2,459kg (2.1Mt @ 1.2g/t Ag) of contained silver metal credits that modestly boost the overall result
· The underlying orebody - which commences from surface - is not fully defined, as it remains open to the east, north and down dip
Looking really good.
Finally some good news. Looks like they will apply for a mining licence. Very promising and frankly relieved as I was worried. Also, open to north east and down dip; so resource can only get bigger on further exploration. If the northern anomaly is also found to contain copper, then we are talking multiples of the current JORC estimate.
Confirmation that oxide mineralisation can be processed in the vicinity and that the ore body commences from the surface is a welcome reminder that Big One could possibly be developed without the need for a partner?
Cangai gets another mention, interesting.
Overall this is great news and yet the Australian market hasn't reacted. Could be an opportunity to top up tomorrow morning.
https://twitter.com/themarketbullau/status/1498053612571791360?s=24
Not being a geologist myself, is this good news?
2.1Mt @ 1.1% Cu (21,886t) Big One Deposit
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02492605-6A1079103?access_token=83ff96335c2d45a094df02a206a39ff4
I hope you are right CopperOn but we are not talking here about the West Zone which neighbours Cobalt Blue licence. Cobalt is present only in the East Zone which is 40 to 50 km away. As the latest RNS states, "Elsewhere in the tenure cobalt is seldom greater than 100 ppm".
Even within the East Zone, there is a relatively small "defined target area" (Figure 1, RNS 14/2/22) where cobalt occurs "within certain parts of the target area". Data for Line 1800 E is included in the RNS (presumably because this is the very best data they have) but while levels are described as 200 ppm to 2,500ppm; it can be seen from Figure 2 that only a very narrow band gave a reading for 2,500 ppm and all other readings were 200 ppm or less/non-existent.
So I shall stick with my expectation that the full analysis will reveal isolated cobalt zones of around 200 ppm. Unfortunately, we have seen from Big One, that Castillo have a habit of throwing out big numbers from 1 meter intercepts which give very distorted views of the overall resource. Certainly there is nothing in the latest RNS to suggest this resource is in any way comparable to Cobalt Blue.
My take on BHA is that the availability of QAQC compliant data from historical drills, combined with the inclusion of BHA in the NSW government’s critical minerals policy, has presented Castillo with an opportunity to model a JORC resource. It's a 'no brainer' given that work at Mt Isa is on hold for the raining season. But just because something is easy/convenient to do, doesn't make it an exciting project. If they can garner enough interest in an IPO for a few million then it's worth doing but I don't see BHA as a company maker.
Cobalt prices are on the up at the moment but historically very volatile and this could present a significant barrier to a successful IPO. Also, Cobalt is usually a by-product of copper or nickel mining so there are many existing sources around the world as well as tailings which could be processed at economically attractive rates. In short, Cobalt isn't all that exciting and at 200 ppm, even less so.
On the other hand the resource at BHA is shallow and while 200 ppm is low in historical terms, the world is changing very quickly and BHA may become commercially interesting in a new "cold war" world; but I'm not holding my breath.
good summary Loot, although I think you have the cobalt grade incorrect. I’m expecting the resource to look similar to their neighbour cobalt blue although smaller, but a similar grade. Ccz said resources getting modelled at Big one and BHA to add to Cangai. Getting crazy cheap now imo.
Good to hear your views lootgaloot.
I think the next significant news will be assays from Arya which were submitted on first week of December. It seems assay work is taking around 4 months to complete at the moment so we could hear something from mid-March onward.
The historical data from BHA should now have been digitised and interpretation underway but as the stated intention is to re-analyse the RC and diamond drill cores, I assume this will be another 4 month wait? If correct, any update in the next few weeks will be the usual nothing burger.
News from Zambia may not have much impact on share price. The IP survey at Luanshya is complete and the drill targets identified but my understanding is that they will work with a drilling partner and that could take some time to arrange. We're still waiting on the IP survey from Mkushi Project and this could drop any day, but unlikely to move share price judging from previous IP survey announcements.
The way I see it, we should get the Arya assays next month then a series of drilling updates throughout the summer, mostly concerning Mt Isa projects (Big One and Arya) then hopefully a busy news period in the second half of the year with JORC on BHA, assays from Mt Isa and maybe even a JORC for Big One.
In my opinion, Cangai and Zambia are a sideshow this year. Maybe 2023 will be all about Zambia. At some stage we need something to excite the market and my guess is that the northern anomaly at Big One is our best chance of getting the share price moving. I haven't given up on Arya yet but it will take more than graphite to get the market interested. Cobalt at BHA seems very thinly spread and will require a partner with deep pockets, JORC is the first step but who's gonna get out of bed for 200 ppm Cobalt?
aprogerson, got to be in a month or so. a lot around Aus, nothing mentioned about Africa mine, up the ante.
@causal I would have expected something by now on BHA to lay out the forward plan around drill core data (re)modelling and/or an indicative timeframe to JORC given that the work will need to be commissioned
ATB APR
we all probably be end up junk status. with another rights issue. and probably get bought out when all the work been carried out, for peanuts .says a lot keeping your money with the big hitters, at least a steady income.
aprogerson -when do you think we get news either way, next month.
I think the penny has finally dropped around Western world that Chinese and Russians are not our friends no matter what they might say. West relies very heavily on China for a lot of rare earths and almost all of the RE processing hence Aussie NSW move on Critical metals and US Strategic stockpile.
ATB APR