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Why are the derampers out in force. Maybe they are worried. A number of major companies were interested last time and a number will be again.
Wow, staggering how you have flipped. Wish I could be bothered going through the old threads where you tried to cancel me for any suggestion that Demir were anything other than the best partner in the world. Wow.
If they were so awful for this, you would have to question why the company went into business with them in the first place? And then even though they were on a JV committee and operator, CGNR just let them drill in all the wrong places? Why, only a couple of weeks ago you were telling us Phase 2 was a given.
Demir were never suited to this. They may have thought that another big partner could come in but they would need to spend more money and even then it is far less attractive for another company having to give up a big percentage to Demir.
This sums up Demir as gold miners. 93,000 ounces in all those years. We can do without that kind of track record.
https://www.demirexport.com/en/proje/bakirtepe-altin-isletmesi-1
Great analysis Catbert. I couldn't give a **** what you think.
The prof has cultivated a good number of very loyal shareholders. So much so that the negative news (the departure of Demir) has been spun into a positive.
For the life of me I can't see how. If there were anything economic within sight anywhere Demir would still be on board.
Demir could be wrong of course. The Fosterville comparison and the attempted comparison to the Kingsway and Queensway Projects at New Found Gold by the Prof is somewhere between laughable and simply cruel.
These guys drill 100,000m a year and have grades and thicknesses comparable to Fosterville, CGNR does not.
CGNR is still an explorer. It may find something great but currently it has nothing worth the investment of Demir. No mine . Nada. Not even at Clontibret.
If the Clontibret mine was a reality then project level finance could be found for it. Clearly PIs are missing some crucial information and one must assume that Demir were not.
"Derryhennet section of the target which is an orogenic folded black carbonaceous shale, is such that it could possibly be a world class gold target. Black carbonaceous shale hosted gold targets can contain multimillion ounce gold deposits"
Elegantly avoiding reference to the grades, which are uneconomic. My guess is Demir were more interested in profitable ounces hence why they left.
"Wide gold intersections at relatively shallow depths further indicate the potential at Derryhennet for high tonnage, overall gold content and mineability."
Some diagrams would be useful to see what they are seeing. The ones on the website do not give the impression of world class potential.
"The possibility of a world class gold deposit at Clay Lake is, in the Board’s view, becoming increasingly likely."
They've had years to prove up the Fosterville concept and got nowhere. Clontibret is what it is. Too small and too low grade. Cyanide a non-starter. The stated aim of the JV was to develop it and they didn't.
Well it’s an interesting comparison. Fosterville averages 4.98g/t and a cash cost of $698/oz for ‘24.
Clontibret is showing 2g/t. The cash cost will be double Fosterville and is going to be too high to be profitable for underground, and permission will never come for large scale open pit.
Don’t see how any real gold miner is going to be interested. AAZ are real and after a bit of due diligence they backed out.
"The Clontibret gold deposit to date has a defined gold resource of 517,000oz (JORC 2012). The deposit shows at shallow depths a similar style of mineralisation to the shallow section of the Fosterville gold deposit in Australia, and the targeting concept at depth is similar to the very high grade Swan Zone discovered at depth at Fosterville."
Very revisionist, this view of Demir. Seems they are not gold experts after all. Funny that!
One way or another I think this is going to work out very well in the end. Demir had no real expertise in gold mining. They are a base metal miner.
No experience of large scale gold mining and mind numbingly slow was not a good combination.
With 100% of the licences back they can focus on getting someone in who wants to build mines.
Any real miner will come to the conclusion you will not get permission for a large enough open pit scar in Ireland. The funds for the dreamland gravy train will have to come from somewhere outside the industry.
Prof probably doing his best wining and dining Tim nice but dim. At least he is doing work of some sort for the gravy. Not much use to current investors though.
Another option that cgnr have is to do a deal on the Clontibret holding company. A company like AAZ might want to develop a mine there. A lot of work already done.
Bigger target like Clay Lake could be a separate deal with bigger gold miner. Could come to an arrangement for shared processing facility. Lots of possibilities.
This could easily go to 7.5p in a placing. £3.5 mil market cap seems about right.
Well if Demir want to do a deal with KDR that's fine. All I know is that the prof has mentioned the Canadian miners a lot and the huge difference in valuation of very similar projects there. I wouldn't be surprised if some large mining companies are aware of that too.
I think Demir were interested intaking a look at Conroys base metals. Didnt they let that slip in a cgnr podcast last year if im not mistaken. By this I mean KDRs ground in Fermanagh. Perhaps this is what the prof meant by some of the Demir geologists coming back. Makes sense in my view. Perhaps this is the reason Demir were so content to do the exit deal with cgnr . Think about it.
£4m market cap that should be. Laughably low even if all they had was Clontibret
We were told the same thing when they last talked about a JV. People just like you saying the assets are no good. Who would want to do a JV. Guess what 2 companies AAZ and Demir. There were others before COVID got in the way. The case for Clontibret and Clay Lake is the same as it was then only stronger because Clay Lake is getting bigger and the gold price is getting higher. Demir failed to test for gold at depth at Clontibret despite the fact that the gold veins are steeply dipping. They couldn't even do something as basic as that in 2 years.
All to play for here in my opinion and from a £4 market cap that doesn't even value the known asset at Clontibret.
Quote = Fairview:
"Mentioned in the Sunday Roast. Opinion there is Demir too slow and Conroy Gold not happy at rate of progress... Conroy need a major gold miner to develop the assets as Demir not a big player in gold. Someone big will be coming in."
Crikey. "Demir too slow" is surely a bit ironic. CGNR have been on this project ages and have only proved excellent at making shareholders poorer and finding zip... Still, as you said, that was "opinion" and we all know about that.
Why would "anyone big" come in to this project, which has consistently proven to underperform despite the hype? A major? Pull the other one.
Mind you, check out the performance of all the "Sunday Roast" top picks for 2024 and you'd be forgiven that the actual picks were for stocks that were due to get roasted... every Sunday
"This is far from over!!"
Indeed it will run and run. But they will still find the squre route of SFA! Not a compelling purchase to my mind, there's much better stocks out there.
IMHO, GLTAH; but very importantly with this coy, DYOR.
Roast podcast reference Demir aren’t experts in Gold
Well they are in Base Metals
Regardless of home interest rates,this company is massive
Why walk away and only to get your investment back in some distance form
Remember mining license take on average 18 months
Demir agreement including application for license upto build process
Prof mentioned young geologist may return in future
Hang on
KDR. Sister has 750Sq klm base metal exploration license right up Demir street !!
(Makes way for massive Major in Cgnr )
It’s possible they may emerge back in soon.
Who knows
Interesting times ahead
This is far from over!!
Mentioned in the Sunday Roast. Opinion there is Demir too slow and Conroy Gold not happy at rate of progress. Turkish economy not great, interest rates at 50% in Turkey. Mutual agreement to exit JV. Conroy need a major gold miner to develop the assets as Demir not a big player in gold. Someone big will be coming in. Probably already in talks with someone.