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And it`s just a little tree-shake Billy!
Effectively months off anything positive.... the SFR 2.6p is looking like an impossible figure
Very exciting few months ahead. Cannot wait to see how it all pans out. If we do get around the 6 million figure for glenover (which I suspect will also include Royalties) kind of puts things into perpective when you look at our market cap of 11 million! As I said the other day, way undervalued.
It's like having a devil and an angel on your shoulder on this board some still so hyped and others the complete opposite
I feel the same about the RNS, the wording altho relatively upbeat about the sold SFR liscences, seems fairly negative about the retained liscences.....especially when the words "no copper was found" is the one statement that cuts right through it all.
Now iv had chance to digest it I do see it for what it is.
"All the holes were designed to test the D'kar/Ngwako Pan contact"
We found that in every hole.......so success!. The detail at the bottom of the RNS is alot more useful that the summary at the top. Only one hole on the sold SGR liscence 253 went through copper and some holes assumed to and had to be sent away for assay. This is good! But very lucky to have hit first time and a bonus above the intention of what the drill holes were for.
Our retained liscences, found the formation where copper occurs. There are plenty of statements around copper drilling continuing....... words to that affect and copper drilling to start. This says to me we have still got our drill rig and we are simply moving it around now. It feels like we won't have to wait that long for the next set of results.
I looked over the pdf in the RNS first time, but this shows 253 definitely shares a boundary with 250.....which is part or SFRs expansion project.
253 was Highlighted by Virgo (who we bought the liscence off) as having a copper anomaly, the same as 040. This is why I believe we chose to drill these first. 253 has "closology" (to quote Oiltap) as it literally would share a fence with 250
Still alot to come here
039 has the dome so fingers crossed for that
I think there's probably been a bit of conflict of priorities between XTR Bushranger and GLR KCB drilling. I'm pretty convinced QH has shares in both as a result of the 2 acquisitions. Christian Cordier also got shares in both as a result of the 2 acquisitions. Someone got 10m 2p warrants in GLR for the KCB acquisitions which expire next Oct- I'm guessing this may have been Christian Cordier. I suspect these aren't the only 2.common names. The employee/consultant incentives are also applicable to both companies. I suspect QH has spent much more time on Bushranger than on the KCB in the last 6 months.
Billy: Your "the SFR 2.6p is looking like an impossible figure" : Certainly a pragmatic view albeit, I guess, rather belatedly. However, my sentiments entirely!
Great points Ella/Oiltap. We certainly have the right ingredients for success, whether it be Assests, money or the best personnel in the business for the KCB. We just need it to all come together. We are certainly on the road now. I'm Still sticking by what CB said early last year
"one good drill result and this is a totally different company"
We are now learning just what it takes to get that result
Agree with everything you said there DC. Also Oiltap, yes, Colin does need to up his game here with informing shareholders what is going on, and a lot quicker about it too. We have been left hanging on several fronts, many times and it needs sorting.
its been that way for a "long" time and agree time for CB to pull a big rabbit out of a hat asap, cb is in his swan song business wise be nice to go out on a high wouldnt it ?
Hopefully we can get a RNS soon
I think the big annoyance, is there is a big disconnect between the different companies and what is actually happening. XTR where I am also invested is very good at comms. If Colin farts, there is an RNS about it. Here, not a whisper for months.
Also, Colin if you are reading, please keep the next Zak Mirs interview strictly to GLR if you can. The last two have had our limelight stolen by JLP in the first instance and then this time around XTR.
We rarely get a nice interview, so would be nice to actually have the full interview focussing on us. The last one for example could have touched more on our other projects rather than a further 7 minutes explaining how good XTR's copper formation is.
Maybe cb has more to say regarding other companies hence why he always gets sidetracked. Guys/girls if an individual goes against "the party line" on here ( only positive or hype expectations) please try not to start calling them names etc...
Not everyone agrees on the same thing, data you've been great on here, thanks. But cb has also previously said " coup of my career" and " glr is a different company now" ... for it all to come to nothing. Yes its the past but come on some of us have been here a long time and not much has happened in the right direction, before anyone says we're a different company now and have progressed a lot, then I'll say look at the sp. That's what really matters and why we in the game in the first place. Assets, projects etc etc are all good if it actually has the positive impact it should have, at the moment it hasn't.
It seems like after each rns we get that doesn't do good for the sp, people are looking for points to find the next good reason why " its all going smoothly"...
Imo the market is NOT stupid or blind to facts... best of luck all.
Ella - i think you are spot on regarding XTR being a huge distraction to progress. It has dawned on me also in the last few months. Its the same people across "the portfolio" as CB calls it. And given the scale of what they might have found, it is no surprise that XTR is somewhat time-consuming.
That said, small, frequent RNS's would have helped paint the picture of progress across GLR projects this year. SZ ore being analysed as we speak which opens the door to royalties; Glenover, apparently, being sold; Ka****su drilling programme imminent; and a better explanation via podcast of what the drill results in KCB actually entail.
Only hard positive facts will now move the share price. And if they really are that short of time to devote to GLR, then surely they know people in the industry who they could pull in to help?
Thank you westland for a more realistic post. Gla
Iky - realism cuts both ways. Those popping up portraying the RNS as a disaster probably have an ulterior motive. Realistically, the RNS this week was very good. Free carry drilling on a first time hole paid for by the largest (?) player in the KCB right next to their existing mine ($4m will pay for 20,000m of drilling!).
Finding the D'Kar formation nearly every time when none of our competitors have is also huge. If you look at page 22 of the link Caterham sent the other day, you will see 3 major deposits all found within 30KM of each other, all near surface and on the boundary of D'Kar. So finding that formation, and calculating the width of the D'Kar tells us where to drill next. If the formation is very thick, then we are likely drilling in the wrong place - when you see the diagrams you'll understand. That's my non-geologist's guess as to why they went so deep. Interestingly, the hole that intersected copper at SFR's acquired licence was shallow - exactly as the thesis shows, and what the theory is with regard to drilling targets. So now they will drill more holes to understand whether the D'Kar is getting thicker or thinner - with thinner indicating target zones.
Do i think the share price SHOULD be 4-5p? No, not after we had to compromise on the SZ deal.
Do i think the 20% drop was a complete over-reaction that missed the point? Yes.
Do i think it's worth over 1p? Yes, but i'm not the one who makes the market.
Will it be worth more than 1p if Glenover sells? Very likely and surely we'll be over 1.5p at that point, with further uplift upon confirmation of SZ revenues coming online.
Do i think GLR will be successful? Probably, Ka****su is huge. My caveat is Ella's discovery that Siege have been granted an exploration licence as well. This again has been left unexplained by the company.
Do i think we will find copper in the KCB of the right size? Only God knows that, but we've had a good start.
Do i think the comms are truly awful? Don't get me started.
Am i still invested in a large way, and happy to hold since 2014? Yes
It's an infuriating investment but all i've learnt is that that is name of the game when it comes to mining juniors and exploration.
Good post Westlad,
I just came across this which doesn't look particularly good but I haven't found enough info to determine what it's about or if it's related to Star Zinc. https://dailynationzambia.com/2021/06/re-open-zinc-mine-cry-mungule-residents/
Hi Oiltap,
It would be interesting to hear more about the info provided at the AGM. Some things in the article don't appear to align with SZ but it seems too coincident. Also, the article is from June so things may have changed since.
Hi Ella, I noticed this a while back.
I posted this video in August which In the background I compiled to show operations and movement on SZ since the article was published in June....In the absence of being able to find an article of it being open again
https://twitter.com/Sharedata12/status/1421788122157928452?t=DdYIbjlLxzYrWxVCdk4C6Q&s=19
I messaged Joel about it and he didn't seem too bothered altho no firm answer wither way to be truthful
The article states noise etc so I really think it's the locals just wanting to be paid off and trying their luck. It's a local company doing the mining so have far more sway with the argument amongst themselves. However as seen in the video it does look like operations are under way, coupled with the AGM info and the statement about samples sent etc.
The small scale mining liscence applied for by siege on the 6th Sept, I imagine is belts and braces for the ministry to authorise full scale mining and no locals being able to change it.
Thanks for the info DC. I assume this is the reason we haven't had confirmation of SZ cash. I was searching for info on the deal with Ka****u when I came across this. We definitely need an all encompassing update from GLR.
glenover has been for sale since i came onboard pre concordia days gla
I thinkso too Ella. The audited results should be next month, but would be good to have some movement on at least one of the assets before then.
"Drilling is ongoing on PL253/2018 and drilling has just commenced on PL39/2018 with the aim of testing an extensive airborne EM target on this property, focussed on the margins of a regional scale dome feature"
2000 metres in 040 and 1300m in 253 and ongoing, 039 started.
I think we have time for more drill results before Xmas
I get what you're saying IKy, sometimes it can seem like replies on the BB are always positive. From my presepective particularly, if an RNS isn't very good its not that I'm dismissing how bad it may or may not be or ignoring the SP direction, it's usually that iv already taken it on the chin and I'm looking again to the future to decide if I should still be invested. I personally believe in GLR for its fundamentals and despite these bumps I think it will go far. We have the assets , the team and the money. So with that i remain positive about the future of my investment here despite current disappointment.
In terms of concordia iv been doing a little reading. Was it actually a flop? It's hard to tell. The Aug RNS 2017 states it had drill holes ranging from 0.26 % copper up to 0.88% and the estimate before drilling was 900k tons at 0.89% with 0.2% cut off. So to me it sounds like the copper is actually in concordia and they proved it
This article :
https://www.miningmx.com/special-reports/mining-yearbook/mining-yearbook-2018/34211-hayes-in-rethink-on-concordia-copper-plan-after-lessons-learned/
Seems to suggest it was some sort of break down of the relationship in the joint venture with Shirley Hayes and had to be settled in court and GLR lost.
"Bird got involved through Galileo Resources plc which set up a “co-operation and joint venture agreement” through which Galileo would commit the funds required for a 51% “earn-in” stake in Concordia. The amount specified was R10m over a 14-month period. It did not work out well.
Both sides have differing versions over what actually happened, but it culminated in Galileo bringing legal action in the Cape Town division of the South African High Court against Hayes. The Court ruled in Hayes’ favour in November last year"
Could be why today some of us newer investors I.e less than 3 yrs, see Colin steering well clear of joint ventures
I could be way off here but looks to me like concordia and the way it was explored was a success, but the joint venture was the problem. Fast forward to today, and the KCB, we are going it alone so that issue doesn't exist and we don't have to worry so much about concordia comparison?
Ella - did some research online and can't discount what you have found. Google Earth has a map last updated in May 2021, and that shows Star Zinc clearly with mining equipment on site with cleared soil etc. The article states that one family in Mungule is opposed to the mining having relocated two or three others. However, Munugule is 26KM from SZ, so i assume this is a reference to the area rather than the village.
Then, i re-scanned the JORC report on the Galileo website, and in there it clearly states that not everyone in the locality is positive about the mine development. The article also mentions underground mining from the 1950s, adding further fuel to this.
The GLR annual report says that preliminary mining has occurred, which is linked to the need to get samples assayed and QC'd by potential customers.
This could have happened prior to June, when the report says the mine was closed.