Roundtable Discussion; The Future of Mineral Sands. 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. 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.
Clearly the market doesn’t believe he will do a deal with a major. The market is so wrong here it’s unbelievable. We know it’s coming
How is this market Capital only £4m. If prof announces a deal with Rio, or Newmont, Glencore, or Agnico Eagle etc. then the market cap can’t be 4m. We know prof has skill in getting very good deals so it is coming or he wouldn’t have told the market about the number of interested majors. Certainly expect this to move significantly when the name/s drop. Very exciting
Rio Tinto Group’s copper head says he sees much more value in building mines rather than buying existing assets – comments that may disappoint industry observers anticipating another spate of mining dealmaking.
The world’s second-largest mining company is looking to reach copper production of one-million metric tons within five years, up from about 700 000 t. The increase would come as Rio Tinto ramps up in Mongolia, expands in Utah and engages in exploration around the world, including a venture in Chile with Codelco
Rio Tinto is ready to take the leap into gold mining on its huge land footprint in Western Australia as prices for the precious metal soar to record levels.
The resources giant said its tenements in WA’s Paterson province could support multiple gold and copper mines based on initial drilling results and the proximity of highly successful Newcrest Mining gold operations.
Hmmmmmm
FINLAND
values, of up to 4,470 Au ppb, and copper-in-soil values. Gold grains have also been observed in the till.
The presence of the Nattanen granite suite and extensive haematitic alteration together with regional and
CGNR
SISTER KDR
NORTHERN IRELAND
The results of this programme, taken in conjunction with results from the previous programme,
indicate a highly anomalous river catchment area. This area has yielded five samples each having
over 1,000 indicator minerals. The indicator minerals are primarily Chromite and Forsterite with
some Chalcopyrite and gold grains.
In addition, microprobe analysis on a number of Chromite grains from samples taken from this area
during the original sampling programme in 2021 showed that four samples had Chromites with high
zinc oxide values. Such high zinc oxide values can be a signature of sulphide rich Nickel-Copper
Group Elements deposits. It was also noted that a number of the Chromites have inclusions of iron,
nickel, sulphur as well as on the Chromite margins, which is significant as it indicates the presence
of nickel mineralisation.
CGNR TWO GOLD DISTRICT'S .FINLAND EIGHT GOLD/COPPER LICENSES
KDR DAIMONDS ,KUHMO Lahtojoki ,750 sq,klm Nickle Copper and platinum (early days )
Even Rio Tinto would be sniffing for both companies
DRILLING TARGETS CONFIRMED ON FINLAND GOLD CLAIMS
High resolution ground magnetic survey completed
Potentially gold bearing structures identified
Survey delineates multiple prospective magnetic targets for drilling
Applications to be made over other gold and copper targets identified in Northern
Finland
Conroy Gold and Natural Resources plc (AIM: CGNR), the gold exploration and development company
focused on Ireland and Finland, is pleased to announce the completion of a detailed high resolution
ground magnetic survey which has identified a series of drilling targets on its gold exploration acreage in
the Sodankylä area of Northern Finland. The Company holds a total of eight gold exploration licences in
Finland.
The high resolution ground magnetic survey data, in combination with multiple datasets, including
geochemistry, aerial photography, digital elevation data and airborne geophysical data, has delineated a
series of prospective drilling targets.
Previous geochemistry in the Company’s permit area in Sodankylä has been encouraging with gold-in-soil
values, of up to 4,470 Au ppb, and copper-in-soil values. Gold grains have also been observed in the till.
The presence of the Nattanen granite suite and extensive haematitic alteration together with regional and
local structural controls indicate Iron Oxide Copper Gold (“IOCG”) prospectivity.
The targets shown by the ground magnetic survey include two highly magnetic bodies, which are
considered to be IOCG targets, together with a series of targets which are interpreted as being Shear
Zone Hosted Gold targets.
The detailed high resolution ground magnetic survey consisted of 33 lines at 100m separation, ranging
from 1km to 3km in length, for a total of 49 line kilometres covering an area c.4.5 km2
.
Finland is a mining friendly country with established mining traditions and highly prospective geology for
gold. Europe’s largest gold mine - the 4 million Oz Au Kittila gold mine - is situated in Northern Finland
where the Company’s permit area is located. Finland has a favourable business climate, security of tenure
and fiscal framework as well as excellent infrastructure and technical services readily available.
The Company is reviewing the results of its extensive exploration programme for gold in Finland which
has included the collection and analysis of more than 2,300 regional samples, with a view to applying for
further gold exploration acreage in Finland.
This release has been approved by Kevin McNulty PGeo, who is a member of the Company's technical
staff and holds a BSc/MSc in Geology and Remote Sensing, in accordance with the guidance note for
Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies,
which outlines standards of disclosure for mineral projects.
Professor Richard Conroy, Chairman, commented:
“The Company’s gold exploration programme in Finland is an extens
Demir has left and CGNR are hoping for A BIG Major incoming, considering the size of Demir (no small concern )
Must be a Major Major coming in next ..........😲
The old 🦊 has out foxed the 🦊
Hopefully the prof will be able to give an update on talks in the short term. Obviously can't give names but would be good to get an update.
At a 4m market cap with a JORC resource, high gold price and massive potential for large scale open pit mining this could really fly when a new partner comes in. This time the emphasis will be on mine development.
Full year 2023 operating expenses were €773k.... Running on fumes now.
That cash in November must of gone by now. I watch with interest to see how the prof pulls off the Christmas party fund this time. Plenty of believers on this forum, but you need some fresh Charlie with a million quid.
Massive dilution for current investors of course. Hold at your peril.
Edochan they are nowhere close to a mining situation. They have a small low grade resource, half of which is Inferred category so needs more drilling before it can be included in any mining studies. The resource has not been updated in 7 years. The last testwork on the processing method was done over 10 years ago. There is no feasibility study. No plans have been announced to carry one out. So no technical viability, no cost estimates, no financing plan.
If you are interested to see what it might take to reach feasibility on a low grade refractory gold deposit you could look up Bilboes in Zimbabwe - Caledonia Mining. Grade is a bit higher than Clontibret, processing uses BIOX with cyanide which is what was proposed by CGNR 10 years ago. They have 3 million ounces in resource. Gives you an idea of the type of scale you need for these kinds of projects. Cyanide is a red flag here in Ireland.
As per announcement of 29 Nov 2023:
"The joint venture agreements provide that in certain limited circumstances, Demir Export will be entitled to a net smelter royalty in the licences, capped at the level of investment made, in lieu of their convertible shares should it exit or terminate its involvement in the joint venture during the current Phase 1 stage."
It exited, exchanged its convertibles for the royalty. Over €5 mil spent and '000s of metres drilled, and they pulled out of their investment. Very difficult for CGNR now back to square one. No resource ounces added in 7 years, no testwork done, no development plan, multiple prospects tested and results not good enough to keep the partner interested. Cash at 30 Nov was only €262k. Worrying times.
I suppose that, regardless of who wanted the JV to end, CGNR are more attractive to a potential partner by owning 100% of everything again
No I don't think so. The 5.65m includes the 1m they paid at the start for the transfer of the licences.
Demir had a choice. Continue with the JV and spend lots of money or take the NSR. The option of walking away with 25% wasn't going to work because it would deter anyone else so they wouldn't have got any money back.
No, they aren’t getting their money back. Yes the NSR covers the €5.65m but they also gave CGNR €1m for the privilege in the first place. I maintain this is a shocking deal for Demir, and amazed it’s all so amicable when they spend all that time and money to come away with a net loss and are happy about it? What am I missing?
All in the Stockbox interview Edochan. Prof not concerned about mining licences or a new partner. The main thing will be a JV to develop one or more mines rather than exploration.
So are we at the final hurdle here in terms of either there's a bigger player coming on board or this is dead in the water? Are there any other further stages to go through before a pit can be mined, i.e licences, environmental, etc....?
I agree Fairview - at least this way DEMIR have a chance of recouping their investment - so actually I don't believe it was a bad deal for DEMIR - it was a practical deal for both parties to enable both move on.
I think Demir decided to exit. I think they were always looking for a big gold miner to join but it wasn't going to work with Demir holding 25% and cgnr wanting a decent % too. If they demanded their 25% it was going to be difficult to move the project forward. Taking the NSR allows things to progress and they get all their expenditure back.
If Demir did then why did they leave with, what appears to be, a shocking bad deal? Surely they would have demanded more than a distant partial refund ?
Do you need to drill at depth at Clay Lake? Makes sense at Clontibret but Clay Lake is big. There's years of mining gold within a couple of hundred metres of surface.
As for finishing the JV without another partner lined up, they were looking. That's why they were at PDAC. They had interested parties but they didn't know Demir were exiting at that point. Working out a deal involving Demir and another partner was much more complicated than it is now.
@robemy - you're assuming CGNR ended the JV, I'm not (or at least I think it's more probably DEMIR did)
Why would you finish / extinguish an existing JV unless you already had another lined up? To do so without the assurance of a pending deal would be somewhat suicidal. Therefore I think we will have to wait long on a new partner announcement
In my gut I always felt these tenements needed to be drilled at depth to establish whether there was a decent resource or not. The shallow drills should have provided hints/indications where exploration at depth is needed - great for a new JV partner.
The issue is mining at depth is not going to attract the vast majority of mining outfits. It's a particular set of skills / challenges that not all miners possess - I'm not sure DEMIR had them (could be very wrong, but that would provide a plausible reason for the dissolution of the JV).
Let's see how long it'll take to onboard a new partner/s, I don't expect it'll be a short time period at all.
The other thing I'd like to see with all respect to Prof C, he has accomplished great things, but I really do believe it is time for him to step down. His constant repetitive rhetoric and style is out of kilter with the way the mining industry now functions and investors are not attracted by this style.
Although of course they would have had to continue paying their way but still that is 25% a large gold miner would want themselves.
I never understood what Demir were doing from day one. A year was spent drilling 8 holes at Clontibret. They never attempted small step out drills at Clontibret to grow the resource. They never tested continuity of gold at depth.
As for Clay Lake that was looking like a huge open pit gold mine. Millions of ounces. Isn't that what they wanted? To only drill 8 holes in a year and then stop is bizarre.
I suspect they wanted another partner to come in but big partners weren't happy giving 25% to them for only spending 5 mil.