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Https://www.stockhead.com.au/stockhead.com.au/resources/riversgold-raising-1-85m-for-drilling-to-define-maiden-gold-resources-at-northern-zone/ Stockhead.com.au 16.5.24 [RNS in Australia]
"Proceeds will ACCELERATE drilling to DEFINE A MAIDEN RESOURCE at Northern Zone, KALGOORIE, W. Australia. FURTHER RESOURCE GROWTH to be achieved by STEP-OUT drilling. Exploration TARGET 200-250MT==0.4-0.6g/t au gold for 2.5-4.8MOZ GOLD of contained gold."
Comment: For clarity, I follow a Aussie and she pointed out that Riversgold on the ASX ROSE 42.86% last night on the announcement that DRILLING is starting NEXT WK. DYOR. NIA.
NZ has bags full of potential, just a shame we gave (or have nearly gave), 80% up
That said, lets hope this next Campaign yields positive results and a JORC Resource 1Moz+
With the Price of an Ounce of Gold sitting just under an all time high at £1880, you can soon see how such a deposit, so close to surface can become lucrative (Under the right management and Direction that is)
To be fair AG, giving away 80% might not have been such a bad move as we just don't have the cash right now to have done anything with it and as such, better to keep 20% while someone else pays to get it to MRE stage than us just sit in it and do nothing with it for years.
20% of something, is better than 100% of nothing. To be fair, they're struggling to raise money to keep the company ticking over, never mind a drilling campaign. Weird to say they have one of the richest men on the planet lurking in the shadows and being a majority equity holder here. I think placings are done for now, if we soon see director buys then that' confirm it. onward and upwards. Hopefully the copper silver acquisition goes through and we give a chunk of that to allow exploration at no cost to Oracle themselves.
I'm not saying lets not do anything of it, but NZ was the reason i bought into Oracle a couple of years back. The signs were all there, and the data provided on the projects page clearly pointed to a large system that delivered positive results with historical drilling, and a couple of drill campaigns wouldn't have broke the bank
It's all hindsight, i just feel the millions pumped into Green Hydrogen over the years, if that money went into NZ, i believe we'd have 100% ownership of a pretty advanced project. But thats the way it goes, Naheed has hung her hat on Green Hydrogen and this is where we are. The milestones are being ticked off, lets hope the end results overcompensate the 95% loss we've incurred over the years. I don't buy into the Market conditions Naheed always alludes to, they simply don't have confidence in her delivering. I somewhat do, but it's been a very harsh ride in something that investors could have been extremely happy about
And I'm not against a JV at all, i was all in favour of one, i just felt it was a little premature and not done on the best terms, terms we could have amplified with a little more progress on our end. But everyone has an opinion i guess
Some points to note:
[1] In Australia, there is a lot of work to do to prep a drill eg heritage clearance if any etc.
[2] Drillers need to be hired and to get the best price and good drilling outfit & an Aussie is better placed vs from UK ie has extensive Aussie contacts.
[3] This is going to be fast tracked drilling.
[4] A$1.85m was raised and not possible for ORCP to raise that type of money.
[5] Aussie investors wont buy into a London AIM co without Aussies on board or AUSSIE LISTED , hence RGL ie Riversgold.
[6] Lots of geo work to be done and it needs EXPERIENTIAL Geo's who know the ground at Kalgoorie, work there etc.
[7] In my view, it was "gifted" to ORCP. It could have been given to any AIM co. Even for a major, that is the type of terms ie look at Havieron. I dont know the full details but that is the range.
[8] Aussie chased Riversgold up by a lot on the news the drill is starting NEXT wk. Think it shows confidence in the drilling experience of the mgm since they did the initial work as well. They have the contacts with Saturn Metals etc given heap leach mentioned etc. My view only and hence why I came in.
To be fair, it kind of was gifted to ORCP, £90,000 + plus a share package, and to retain 20% moving forward is better than moving the project on Completely. Its in a brilliant jurisdiction and i think with the current drill Campaigns, Riversgold will have completed their earn in, or not far off it, establishing the 80:20 JV
Most importantly of all, AFTER THE DRILLING DONE and Maiden Resource issued, it is WHAT TO DO WITH THE PROJECT. Ah, ORCP does not have that type of M & A contacts in Australia. Also, RGL is getting a lot of publicity in Australia ie STOCK OF THE DAY COVERAGE, Stockhead.com. au, Proactive etc. So, AUSSIE PROJECT with Aussies and Aussie INVESTOR INTEREST. Cant run it from Britain and no one would be interested without AUSSIE GEO EXPERIENCE & CONTACTS.
Its a good job he likes Naheed. Cos Broker...asked for a project or get a project and run it with him = NO.
So, thankfully, he likes Naheed, ORCP CEO. LoL.
To be fair our point of call was Ed Mead, our Geologist in Australia with bags full of experience in the field. I think we held our own. We've raised money for GH on some shocking terms, but we've probably raised north of £3m so far, so it is possible. I'd have like to have seen a few more drill campaigns, delineate our own resource and potentially get a stronger JV but it's not the end of the world, and, NZ is being progressed
As ya know, Ed Meads came from ARV, then to RGL & assigned to ORCP.