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So, I have been away for a while....
I only have one simple question remaining:
Has ANYONE managed to get any clarification from EEE on the Pitfield acquisition terms regarding the mineral sands clause with Century Minerals?
Cheers and GL, GTA.
Our titanium source is predominantly within Sandstone. Sandstone is defined as a "Common sedimenatry rock consisting of sand or quartz grains cemented together". Note rock, not mineral sands. Nothing further to clarify imo.
Crushed sandstone is sand, in our case mineral sand.
Clearly Century felt it was important enough to have a separate clause about.
I've sent the question twice and still waiting for a response from EEE.
Has anyone else managed to get one about this?
Bunny has said multiple times it’s not a mineral sands despot
Kongolasse - it is stone u muppet - EEE wouldnt say its a global find to benefit them if it was not permissible to extract ! DOH !
Kongolasse carry on your deramping - it amuses me
I mean what a 'carry on' comedy u are
There is nothing to clarify re mineral sands, which this is clearly not.
But there is ambiguity about rights to minerals other than Au/Cu, which DOES need putting to bed.
I know black and white would be great but then would they be going all out to get this up and running if there is a problem with Century?
Ghengis you do know you keep parading your new found word, ambiguity! That manlord is going to have to come slap you silly and you know you won't enjoy it, it's a new tax year, fresh investments being made so turn it in will ye dude!! You not get paid till the end of the month or something and trying to keep it low till then?
Rupple, Ghengis and others; IF Century did not believe they had mineral sands in Pitfield, why would they have a clause specifically excluding it in the acquisition terms? (Sandstone is compacted (mineral) sand with silica or quartz as the binding agent. Good luck finding a universally accepted legal definition on the difference...)
Either way, the answer should be very simple from EEE (or better yet; Through EEE from Century Minerals) yet I haven't got any answer, hence my insistence on this.
GL, GTA.
So if you buy now, at this sp, the results of drilling provide a bench if 15p say, and by years end higher and then next couple of years it's close to ,£1 are you.going to be figging concerned with this question?
As I see it konga, it's not been a concern to this company or its sp, its not been a concern to its larger investors or its Saudi investors! Its not been a concern to bunny, or anyone else involved! It's just become a concern of a few minor investors like yourself, who now need clarity all of a sudden!!
The only thing that will hold it back is this neccesant need for it, if it happens to be the case it certainly hasn't hurt empire yet so I can't see it doing so moving forward.
Only your question and whining will
Dusty, at this stage I have very few concerns about drilling results. They've drilled enough to prove a gigantic resource. It's beyond question in my mind, and the grades look very good assuming Titanite is handled well. I don't think drilling results are going to vary significantly, or drive the SP up or down in any meaningful way. It's all down to the feasibility of the project now...
The outstanding questions for me are:
1. Need to prove extractability at scale of the Ti out of the Titanite, TiFeO and ilmenite/rutile. (Demo plant needed)
2. Commercially attractive process options that (combine?) mechanical crushing, grinding/flotation(?) and acid leaching, heat. etc... (Lab results in the next few months?)
3. Any contractual practical questions (Century JV / Sands), Environmental (Nature reserves/National Parks around Pitfield) and Mining permits etc. (More info soon hopefully)
As I've mentioned many times before, it's looking very promising and I've been in for many years now, but to pretend there are no question marks is disingenuous. This very company (well; the shareholders) were badly burned by very poor decisions and legal situation with their JV partner in the past. Asking the "stupid question" if both companies are in full agreement about Pitfields TiO find is not out of place this time around, no matter how obvious it sounds.
GL, GTA.
I will have to look and view it a little deeper, I had read it and there is a pre contractual agreement but I'll have to scan over it again.
I know century's partnership was based on them acquiring the permits among other things, but I'd be hard pressed to see them having the lions share of the finding materials. I would not see the point in empire agreeing to such, and century's role is more of provided assistance.
Hello KONGOLASSE
I apologise if I get this wrong but I wanted a clear definition myself, so google and Wikipedia it was…..
“The source of heavy mineral sands is in a hardrock source within the erosional areas of a river which carries its load of sediment into the ocean, where the sediments are caught up in littoral drift or longshore drift. Rocks are occasionally eroded directly by wave action shed detritus, which is caught up in longshore drift and washed up onto beaches where the lighter minerals are winnowed.
The source rocks which provide the heavy mineral sands determine the composition of the economic minerals. The source of zircon, monazite, rutile, sometimes tungsten, and some ilmenite is usually granite. The source of ilmenite, garnet, sapphire and diamond is ultramafic and mafic rocks, such as kimberlite or basalt. Garnet is also sourced commonly from metamorphic rocks, such as amphibolite schists. Precious metals are sourced from ore deposits hosted within metamorphic rocks.”
‘Transport’
“The accumulation of a heavy mineral deposit requires a source of sediment containing heavy minerals onto a beach system in a volume which exceeds the rate of removal from the trap site. For this reason not all beaches which are supplied by sands containing heavy minerals will form economic concentrations of the minerals. This factor can be qualitatively or quantitatively measured through the ZTR index.”
It’s quite specific in that it’s not just simply sand from a sandstone it can be the “sands” made up from a variety of heavy rocks which are eroded to make a fine “sand”.
I disagree with your comment “if you crush sandstone you get sand”, if you crush anything up enough you would have what looks like a “sand” crush a gold bar enough the result is not gold “sand” if it ends up being grain like.
I’m not trying to rubbish your question and you know what from a drill core result of the every metre containing titanium how much of that may be sand? There will be some, no doubt, but I wouldn’t worry yourself about the crush of the sandstone.
There are two “mineral sand deposits” in Australia; coburn and Tormin, they’re huge both on the coast. You only need to look at where this find it to see that we’re not on the coast.
I don’t profess to be an expert but all of the info can be found here
https://en.m.wikipedia.org/wiki/Heavy_mineral_sands_ore_deposits
Thanks IFOXXX,
"I disagree with your comment “if you crush sandstone you get sand”, if you crush anything up enough you would have what looks like a “sand” crush a gold bar enough the result is not gold “sand” if it ends up being grain like."
The problem is that the origin of the mineral in the sand is not what worries me, but the fact that Century believes it has "mineral sands" in Pitfield and specifically excluded EEE the rights to it.
The problem is that the origin of sandstone is that it's sand that has been compacted. So does that mean that Is it "mineral sands"? well, if you go by the definition of what "mineral sands" are then YES. If you ask a lawyer for a hard yes/no he gets very nervous.
The composition of our "sandstone with Ti" is compacted sand granules with a binding agent (silica etc). In its rock form it's still compacted granules of sand that (thankfully, from a processing perspective) can be easily reverted back to its sand form for processing.
I don't want to try to sound alarmist about it, but the two (contract) lawyers I've consulted about this clause have not been very positive in their answers, hence my insistence on a clear answer from the company.
GL, GTA.
Mineral sands do not need a crushing phase in their process flow sheets. Here's an example of such a thing...
https://z4y6y3m2.rocketcdn.me/wp-content/uploads/2017/08/Recovery-Heavy-Mineral-Sequence-for-Processing.jpg
Contrast this with Empire's proposed proces which includes both a crushing stage and an ore-sorting stage...
https://www.lse.co.uk/rns/EEE/favourable-metallurgical-characteristics-confirmed-xeowdwwc3agy7fb.html
This is because Pitfield's mineralisation is hosted in sedimentary rock and needs to be crushed. Mineral sands are ancient beaches which can literally be scooped out with a bucket. Pitfield has a rock ore, not mineral sand.
Here's a photo of the Cobun mineral sands area...
https://www.nsenergybusiness.com/projects/coburn-mineral-sands-project/
...like a giant sand pit. Read how they intend to mine it with bulldozers...
https://www.mining-technology.com/projects/coburn-mineral-sands-project/?cf-view
Some of us will recall that Pitfield Ti is not only hosted in sandstone but also in siltstone. Are the scaremongers here going to suggest that Empire is also somehow barred from mining some sort of 'mineral silt'? FFS. The mineral sands argument is flimsy at best. I'm making an effort to be polite about this.
I have concluded that reading and digesting RNS's is an activity for a minority of PI's.
4Kandles, I'll try to be equally polite;
The processing methodology is not what will be defining EEE's rights to the minerals within as per the Pitfileld acquisition terms. It does not matter if its scooped, hosed, blasted or drilled.
The wording of the RNS specifies mineral sands. Sandstone and Mineral Sands are very closely related, and there is not legal boundary between the two.
Here is a definition of sandstone;
"Sandstone, a sedimentary rock, is formed when grains of sand are compacted and cemented together over thousands or millions of years"
Century minerals clearly believe that they have mineral sands in Pitfield as it's included in the acquisition terms.
It should be very simple to get a quick response from EEE, but I haven't (apparently others haven't either) so I'll keep at it until I get one.
It's kinda critical to to the idea of this project being of value to EEE shareholders.
GL, GTA.
Think this is one for Judge Judy, kongo contact those suits!
Hi kongolasse,
Can you post a link to the contract wording rather than just the rns.
What makes you think this applies to pitfield and not Walton or Staveley?
Quite specifically,
"Sandstone, a sedimentary rock, is formed when grains of sand are compacted and cemented together over thousands or millions of years"
“A sedimentary rock”
It’s no longer mineral sand, likewise and forgive the example you’ve never held a bottle of coke up and said “behold as I drink from a vessel of sand” it’s no longer sand, it’s glass. We don’t recycle or mineral sand vessels we recycle glass.
I know you said you’ve consulted solicitors on this and they got nervous but I have two solicitor friends. One is a human rights solicitor and the other an ambulance chaser. I asked the definition yesterday as to what’s the difference between perjury and perverting the course of justice, he confessed to not knowing 100% but said they’re one of the same really he thinks one is before court and one whilst sat in court but most definitely wasn’t 100%.
If you tell me you’ve specifically asked solicitors who are within the mining realms/industry I’d be worried and if so please forward me their contacts as I’ll pay them to firm up my understanding.
Hi FUZZY1014, Only the RNS wording has been released (06 04 22), hence my request for clarification.
GL, GTA.
Hi IFOXXX, thanks, I don't profess to have the legal definition clear, and the lawyers I have available are contract law lawyers, not mining specific. Their concern is about the interpretation of what's excluded specifically (and why) and wether there is room for interpretation of what constitutes the excluded minerals and the form of that material.
Your example about glass is excellent as its a highly refined product with very clear and strong bonding of materials.
It gets harder to argue if you use a sand-castle as the example. (Closer to our reality one might argue)
This is not something that can be left open for interpretation or up to the courts, it should be straight forward for the company to answer with a simple statement of "mutual agreement that EEE and CM are in agreement to share the Ti find rights 70-30".
I hope for all our sakes that I’m right and you’re wrong. I believe you’re worrying over nothing but like you said I would imagine it should be easy enough to answer the reason as to why.
In the meantime take solace in that it would be really quite peculiar Bunn getting this excited about finding something huge for someone else’s benefit.
Agreed IFOXXX