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" In 2019 a targeted reverse circulation drill programme was carried out on the V-Shear South prospect, 3km northeast of the Sukari processing plant. At V-Shear South, gold mineralization is hosted by a porphyry unit that has characteristics similar to the Sukari porphyry. Exploration at V-Shear South is at an early stage but the interpretation of gravity inversion modelling* shows linkages to Sukari Hill that extend beyond V-Shear North. The system is open and H1 drilling will target extensions and resource-quality of this mine-style gold mineralization.**
Five holes were drilled at the Quartz Ridge prospect, located 4.5km from the Sukari processing plant to provide material for metallurgical test work. This is a key regional target for potential production development in 2020. Infill resource and grade control drilling, in addition to metallurgical testing is budgeted for completion of a production schedule in H2 2020. *** "
Questions For Centamin Management:
* Why haven't shareholders been allowed to see the gravity inversion modeling data acquired in 2019 ? (No, this is not the same as the seismic survey data, also not shared)
** Why have shareholders not been updated on V-Shear's 2019 RC drill results and apparent 'mine-style gold mineralization porphyry' ?
*** The fact that metallurgical test work, grade control & infill drilling of 'resource' were undertaken indicates the Quartz Ridge project had moved far beyond discovery to readying for production. The plan to extract this 'resource' was in place since 2019 β well prior to Mr Horgan's appointment in April 2020
Imagine - if this plan had been carried out we'd already have higher grade satellite sources of ore feeding the plant - omitting the shortfall in ounces of 2021, 2022 & 2023 and the ridiculously high AISC we are enduring as a result
Obviously somebody was thinking far enough ahead (our old CEO Mr Pardey included?) - forecasting that the open pit wasn't going to perform as in year's prior - and put in place a contingency source of satellite ounces
So why was the above plan not carried out?
To quote a line that keeps replaying in my mind from Mark Bristow's BMO mining conference interview earlier this year "I like investing in projects before the owners realize what they have"
Well Centamin peeps - as shareholders WE are those owners and yes, we don't know what we have - because management has kept us in the dark. It's got to end.
Mr Horgan, please explain given the plan in place from 2019 (thus indicating prior knowledge of the open pit shortfall needing to be supplemented) why are we no further ahead in obtaining satellite feed from Quartz Ridge and V-Shear deposits?
info from page 47 of 2019 Annual Report: https://www.centamin.com/media/1809/cey-2019-annual-report-270520.pdf (published May 27th, 2020)
I do wish you were in charge Cowichan,at least we would be so much more transparent. Leave out the nastiness for Mr Tibbs and his man on the train,I for one enjoy his posts and so glad I am not the only one suffering owning this share after all we all have the write to air our views regardless of what they are. That is partly what the Ukrainians are fighting for!! G.L.A.
They don't share it because they don't have too...they will have a team of lawyers telling them what they need to share...you doing your shee-ra impression on twitter and LinkedIn just makes you look a mug...I imagine they don't even open your messages anymore....you've been holding them to account for years and it's got you a big fat **** all and will continue to get you **** all in the future
Lodan,
You are quite wrong or should I say certainly have the wrong impression about how seriously Cowichan 's posts are regarded by the Centamin CEO & BOD.
There is no point me trying to convince you of that, you believe whatever you want!
However that said you really have no idea of the man behind the handle"Cowichan", if you did then you may care to hold him in higher regard and afford him the appropriate respect.
Although it seems that you would prefer to criticise others who are doing proper research and trying to act in the best interest of all share holders, even those who can't be asked to do anything other than snipe on internet forums!
I fully agree there are certain market sensitive information, or embarrassing facts that Centamin are prevented from, or in the case of the latter would prefer not to release into the public domain and likely never would, if it were not for share holders like Cowichan who has every right to ask whatever he chooses, something that has been acknowledged by Centamin from the very top!
Well said dealts, Cowichan is indeed one of the most sincere,genuine and caring people I have ever known!
In addition considering Cowichan's professional knowledge with his commitment to detail and the full acts I would be delighted if he were appointed as some representative on the Centamin board!
Indeed his growing circle of relevantly professionally qualified individuals from senior to junior levels who are keen to enter into debate on very relevant complex issues and then freely exchange or offer information is amazing to say the least!
I have no doubt that some of these professionals would get on very well with Dasut as I feel certain they would hold in high regard his previous industry experience and certainly his knowledge of Sukari!#
Moreover your comments,opinions and support are held in high regard and greatly appreciated by me, and I am sure by Cowichan!
Best
Tibbs