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Dore bar was a proof of concept.
and what happened about the dore bar no size or sale price given for this
They've been scratching around for 15+ years without finding anything much. I find it suspicious that the previous CEO said they think there is a huge IOCG core under Sharktooth mountain containing millions of tonnes of copper ore worth $billions and yet they haven't pursued it beyond one abandoned failed drill attempt a couple of years back. This is in an era of clean energy and ever increasing copper prices, so you'd think they'd be falling over themselves to get stuck in and locate it. No, as with many an AIM share it's been a nice never ending comfortable little earner for management while delivering the square root of naff all for shareholders. :-(
Terrible results apart from that one shallow hole, the delay has not helped as there is the suspicion the BoD were aware of these for a while and only released RNS after their due testing, all hinges on M4 and copper grades. Yes they are funded for further exploration on some of these holes, but they will have to raise money for operations next year and with the huge amount of warrants at 0.3p to yet come, I do not see value in this share at current prices, unless a monster grade of copper is announced
@Scipio I was invested in GGP a couple of years before it went ballistic through 2 possible JVs and a lot of drilling before they hit the motherlode. I can tell you there was a LOT of ups and large downs and many who had unrealistic expectations and some who sold big and early. I stuck with my guns at GGP from 2p and sold out at 23p in Sept-20 before the last big speculative SP melt-up and collapse. I took my money and invested in a number of other shares on my watch list including GWMO and I am still waiting patiently knowing that these things take time.
ATB APR
Fair enough mate, good point well made.
@Scipio - much as I share the sentiment that many have unrealistic expectations about the junior mining sector, you mention GGP being a once in a life time find (clearly it is something special) and then say a comparison with GWMO is laughable as we are drilling on already drilled ground...
GGP's Havieron was found by drilling deeper under "already drilled ground".
A skilled and inspired geologist may still find something where others have looked, after all there's an old quote in this industry that "the best place to find a new gold mine is adjacent to an old one."
Who knows if GWMO will make it big, or even at all... I've done my research, taken a small position and I'm willing to give them the chance, but I am under no illusions that anything is certain and even if things do come good it may takes years rather than weeks or months.
All junior explorers come with a high risk/reward ratio... the huge number of unknowns they deal with mean major institutional investors steer clear until things are much more proved-up leaving us juniors the playthings for the fickle sentiment of private investors, all of whom are chasing dreams. It's just that we vary in how honest with ourselves we are about the likelihood of catching that dream.
Of course we all want every share we own to be "the next big thing" but life doesn't work that way... clearly today's results have disappointed many, partly that will be the results themselves, partly that will be to do with unrealistic expectations.
Companies aren't made on a single drill result but over years of drilling... so long as there is enough in the last drill results to justify drilling the next holes then things keep moving forward, not necessarily at the pace others want, not necessarily with the huge up lifts in share price folk want... but things keep plodding forward.
The last 12months saw a lot of excitement in the sector, which drew in a lot of new investors... many of those are now learning the slow day to day realties of investing in junior explorers and that as a whole the sector loses a lot of money each year.
Might GWMO be "the next big thing" ... well up until the point the drills stop turning any junior "could be" ... but most won't make it... that's why this sector is such a risky speculative area to play in.
Next GGP, jesus christ... the lack of understanding on this board... GGP is a once in a generation find. GWMO is dusting for tailings and drilling literally on top of already drilled ground... There is potential for good return here but you have literally no idea what you're talking about comparing the 2. It's literally laughable.
Seeing the calibre of idiot that posts here makes me less confident in my original investment with the company.
Having read the RNS in a bit more detail now, i cant quite make sense of the drop in price. Im not overly concerned however because this could be the next GGP in the making, so ill come back next year!