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The 517k Indicated + Inferred reported in 2017 is out of date. There was infill drilling in 2018 and stepout drilling by the JV in 2022. The easiest first step to demonstrate an investment case is to put out a current resource report.
OK DS, so back of an envelope, I admit, but if:
1Moz (30 million grams) at 1.25g/t = 24 million tons and,
0.5Moz (15 million grams) at 2.0g/t = 7.5 million tons then the difference is:
0.5Moz in 16.5 million tons at 0.9g/t, so at $2,000+/oz worth $60 or £48 per ton.
That's still three quarters of a billion quid.
Surely this is likely to be economic? Why can't they just publish the feasibility study showing this?
1Moz is an irrelevant number. The resource is a snapshot at the estimate date based on technical and economic factors at that time. In 2017 it was 517k oz. The cutoff grade was 1 g/t so anything under that is worth precisely $0. Lots of drilling since then so whether it's an equity fundraise or JV, investors can't value the project without a current resource.
Of course it's economic. Why do you seek the agreement of a blatant deramper? Demir had only just started drilling and he said there would never be a mine. That's not analysis it's just deramping and he's been doing it for years.
Clay Lake has world class potential too. Not my words but look at the intersections and the area. There could be millions of ounces waiting there. It needs more step out drilling and infill drilling. Let's get a resource there too.
They'll have no problem putting out current figures then. Published NPV is $72m based on an old resource. Not very helpful whether you are bullish or not.
A resource for CL would be great. Two geologists on the board, let's see what they are seeing to tag it with world class potential.
FV, Why do I seek the agreement of a blatant deramper?
Because it's foolish to ignore people just because they disagree. I want to form a balanced opinion, not live in an echo chamber of fanboys.
Why exactly are (some) shouting the praises? If you have a great opportunity that nobody recognizes, best keep quiet, so I suspect that some simply want an upside to sell on, even if they have to generate it themselves. I also doubt 'derampers' are motivated by resentment, it makes no sense, whereas buying cheap, or shorting do!
I believe the basic project has some sound fundamentals, which is why I'm here, but wonder that Demir didn't agree, why Conroy didn't hold their feet to the fire on essential work, and why management fail to make a strong investment case, preferring platitudes and diversions instead of selling the strong points, updating the resource and publishing an updated feasibility study at $2,000 gold.
AND I MEAN THE STUDY, not some half-a$$ed two page in-house summary. I recently took a look at Bushveld, and they include FULL 50+ page studies and resource work, with maps and diagrams, by renowned independent consultants, as PDFs. This is the norm in Canada btw.
This thing should be delisted now, or the prof demonstrates to regulators that there are serious discussions with a major, or the resource found is financially viable as a mine.
He’s had 20 years and lost millions with no tangible progress. Needs to justify to regulators why it won’t just continue to absorb new investor cash and evaporate it.
Foolish to ignore someone because they disagree? A guy who says there won't be a JV because the assets are rubbish. Wrong. A guy who says there will never be a mine after Demir had drilled about 2 holes. Here's a question. Why does someone who has absolutely nothing good to say about a company spend years posting on here? I can recall about 4 years but it's probably a lot more than that. Why don't you try asking him what his reason for posting is? Why the obsessive interest with cgnr? You don't think people talk companies down when they've lost money? Of course they do.
Anybody that sees huge potential for this company is a "fanboy" but someone who posts nothing but negativity for years on end is to be taken seriously.
Here's an intercept at Clontibret since the last resource update:
5.00m grading 6.11g/t gold at a depth of 49.5m including 2.00m at 14.24g/t gold.
DS has a vendetta going back nearly 20 years. He was a big investor at the beginning,and held meetings with the Prof at that time. He got badly burned and lost a lot of money. He was foolish enough to invest in a company when that company was just setting out on exploration with no sight of revenue,only expenditure. Of course the Prof was more than happy to take his money. He has not forgotten or forgiven,and has been stewing with resentment ever since.
CGNR owes a debt of gratitude to DS and his early investments. Thank you DS for your contribution which helped the company in earlier times and which the company should be grateful.
Nice story Pedro. Completely false.
Nice intersection fairview. Where is it in relation to the 2017 resource?
Another drill results at Clontibret since last resource update:
3.9m grading 9.2g/t gold at a depth of 50.0m (including 1.2m at 21.6g/t gold).
DS. It is completely true,although I can see why you do not want to admit it. You have forgotten that you confirmed the truth in the past. No need to be ashamed as all investors today,do owe a debt of gratitude to the foolish but noble pioneer investors. Stand tall,as you have done a great service to all present day investors ,who stand to make a lot of money from your past endeavours. Thank you.
2024 and the market capital of this company is still less than £5m.
Crazy market capital.
Another nice result fairview. Where is that in relation to the 2017 resource?
Cargalisgorran section of Clay Lake gold target:
2.0m @ 3.8 g/t Au (inc. 1.0m @ 6.6 g/t Au) from 72.50 metres down hole
This is a new zone of gold mineralisation below the previously known gold zones, closer to surface, which included intersections of 6.6m @ 6.1 g/t Au and 22.0m @ 2.0 g/t Au.
Conroy Golds Finland licenses are worth more than the £4-5m current Market Capital of CGNR. Thats how insane this all is. I'm fairly sure that the Finland gold/copper licenses were independently valued in 2007 at £1m, back when gold was approx $600.
Gold is $2362 today.
Plenty of work has been done on these since 2007( despite the company saying early stage the GTK has been employed by Conroy Gold in Finland)....see 2021 rns results i think. 10g/t gold. Finlands GTK say that conroys gold ground likely contains deposits. Gold/copper? Either way, thats not even Ireland.
CGNR Finland licenses were drill ready in March 2021 :
-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
Drilling programme was planned. But not sure if that happened, given Covid etc. Though I would be surprised
if GTK and or Geopool are not doing something on behalf of the company.
CGNR Finland - 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.
This was in 2006:
The company will proceed with the acquisition of the gold exploration assets in Finland of Conroy P.l.c. which
have been independently valued at €1 million by CSA, a worldwide exploration management
consultancy. Conroy P.l.c. has carried out an active exploration programme for gold in Finland and has
acquired a significant knowledge of the style of gold deposition and mineralisation, in
particular in the Central Lapland Greenstone Belt. Conroy P.l.c. has built up an extensive
database on gold occurrences in the area which includes a comprehensive overview, detailed
aeromagnetic interpretation, and a review of the entire GTK geochemical database (1 sample
per 4km²). The analysis of the data was followed by the collection and analysis of over 2,300
geochemical samples. This was undertaken by the GTK on behalf of Conroy P.l.c. and
resulted in the identification of four areas of particularly attractive prospectivity for gold in
the Central Lapland Greenstone Belt.
The company proposes to continue the exploration programme over the prospective areas
which have been identified and will also continue to employ, under contract, the services of
the GTK.
I highly recommend watching this, as doesn't sound as very early stage as was said by the geologist on last Sundays podcast.
https://www.youtube.com/watch?v=KPoKImrhoXw
That Cargalisgoran intersection looks skinny fairview, would need to see how the whole thing connects up. Would be much easier if they provided diagrams. The two geologists on the board think this has world class potential but the results are not world class and Demir walked so something doesn't quite add up. Would be good if they enlightened us.
Definitely not as early stage as many believe Yogi. I would like to think GTK will have those holes drilled soon if not already.