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Should have posted ages ago, but LSE... Probably crashed by GGP shoreholders!
This RNS is all about the details. GH / CB have been much more specific in this release. It’s worth a closer read – crack out the lawyers.
“…further excellent drilling results….” Yes. Yes. Yes… Based on these results alone it’s definitely Ducks, Ducks, Ducks… But the devil is in the details. So look further down.
“to support the estimation of an initial Inferred Mineral Resource from the South East Crescent and adjacent breccias” - This has changed from the release of 10 Sept 2020 (“On track to deliver an initial resource for Havieron in calendar Q4 2020”). “Drilling since May 2019 has outlined an ovoid shaped zone of variable brecciation, alteration and sulphide mineralisation with dimensions of 650m x 350m trending in a north west orientation.” So they are hinting that the MRE will be based on these dimensions. There is further detail deeper into the release. The new Eastern Breccia is only identified by 2 drill holes, including the (stunning) new HAD084 – 342m @2g/t.
A great statement : “ A further 34 drill holes for 35,037m of drilling was completed in the quarter to 30 September 2020. All holes intersected mineralisation.” They cannot miss! It’s just brilliant.
However…..” A total of 73 drill holes have been completed to support the estimation of an initial Inferred Mineral Resource in the December 2020 quarter. The majority of this drilling is located in the upper 600m vertical extent of the zone…”. ” In the North West Crescent target, a total of eight drill holes have been completed”.” The Northern Breccia has been identified in 15 drill holes to date.”
Based on the language used we should be basing our initial MRE on the more conservative estimates, using the 600m depth and our sulphide zone dimensions. But this is definitely a monster which over the next year will grow. So an initial MRE of 5-8mOz.
Pretty much confirmed by GH in Proactive investors interview this morning.
https://youtu.be/TVBJ2RzglaE
Thanks SOS. Can any of our resident geologists/analysts add to SOS's thoughts and give any kind of indication based on all the results around the SE and Breccia where the Initial MRE will be based on what conservatively we might hope for/expect ? GLA MFU
MFU,
Huge amounts of close spaced drilling (defined by the Competent Person under JORC rules).
In my opinion...
Hav will be 15 plus however initial resource in inferred and indicated cats will be 3-5 million. GH definitely trying to manage expectations.
UR
Just from what has been said regarding the MRE, current broker price for 5.4m Oz is 22p with a 0.5 risk. If the MRE is 7.5m Oz then that takes the share price to roughly 32p take away the Risk factor and its 64p ..but here is the biggy .. this is only for 1/4 to 1/3 of what we now have, so at worst case scenario the whole mine could be worth £1.92 ! Per share to GGP, best case £2.56 ...
Cheers UR given the way it would be presented with clear results showing 3 other major areas that would be very positive IMO. 3-5M in total may not be but 3-5m based on one of four substantial areas should be very well received and I feel if nearer 5 than 3 would elevate us again SP wise. MFU
If I was Mickey I would have said it’s connected to Scallywag. :-))
Another 12 months of infill drilling, that is another 7-8 update RNS's.
As we stepout the drilling to try and determine the size, shape, volume, the volume will increase exponentially. I can now see a total resource figure of possibly 30m+ just for Hav. This will take a number of years to truly understand what exactly we are sitting on. I am just talking about the Gold, anything else is a bonus.
Let the dust settle and maybe Scally news next week, or the week after, post US election, markets recovering.
Meanwhile, investors, II, will take stock, run their numbers and start buying, but it always takes time, DD etc.
All we have to do as PI's is sit tight, keep our shares, add if you can and watch your profits increase. We will zoom up to 30p over the next 2 weeks.
There are 4 mineralised zones and the MRE will only be conservatively based on 1!! We are officially the best kept secret in town in the eyes of the world currently.
Not for much longer......
4 zones to drill ..... We can see why NCM need to increase to 12 riggs.