Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Great stuff! Would add that results for Kapunda could also be in, drilling should be done by end Oct.
Gold - infill soil and stream results this week or next - start of grant funded 4000m RC drilling in October
Copper AE - awaiting final drill results, results of hydro geology work due Oct
Uranium - awaiting permit to drill (enviro permit now received), RC drilling along known high grade and untested areas
Tungsten - diamond drilling programme for resource optimisation
31st Aug ‘ all assay results anticipated in approximately 4 weeks.
Pump testing for initial hydrogeological baseline work forming part of the 'proof of concept' for ISR, including water characteristics, porosity, and permeability testing is scheduled for start of September. Preliminary hydrometallurgical studies by Mining and Process Solutions (MPS) on potential lixiviants for copper and gold recovery will commence once ground water samples are received. This work is all co-funded by the SA Government Accelerated Discovery Grant (ADI) of A$300,000.’
Without news it was inevitable that this would come back a bit and retest 0.875. I see this bouncing this week and moving higher towards, then past 1p.
So much for the last chance under a penny mob. I hope too many were not caught out.
I don't see why you wouldn't do a JORC on the gold unless its $1B known extractable. Current conservative estimates are £120m and more to be developed, JORC would be a significant boon to a company our size.
Gold news could come in anytime, don't forget targeted start of production was scheduled for Q4 which I just don't see but there you go. I'm also expecting big news on Copper next month including details on production plans. Similarly the expectation on Uranium permitting has been pushed back but could drop anytime. This could lead to a 'hype ramp' as you say (good start with £1b mcap ;-)) but this should be underpinned by material news elsewhere.
Uranium is an obvious JORC because it is what it is, maybe a hype ramp to 100M+ MKT CAP simply because hype is hype and we are on USA OTC as well so /shrug. But yeah USA stocks really ramp up crazy and nuke stuff and China and well we'll see.
JORC on gold generally requires a minimum of $1B known extractable before its even looked at & even then location location location (So Hmmm nada till other.) As for the that locals Nickel and Chrome, well that needs an independent estimate which the latest raise was related to so whatever whenever & cross those fingers.
This part totally speculative'ish - ONCE the enviro side is sorted then it's a whole different ball game as, unlike conventional pit/mine limitations, surface level leaching/extraction is only really restricted by suitable environments & the amount of vehicles/people you have available (not to forget it also leaches GOLD, est was around $100M as a biproduct of the copper extraction which is cool.) The other thing to consider is the proof of concept/viability so more value from vested interest in Enviro. Realistically, given the duality of an Enviro success I'd expect to see the MKT CAP exceed a billion - and no I'm not joking because if it does work then current "GREEN" forces will be on it like mad, media will go ape, hype (plus USA OTC) and it's no-where near as problematic as initiating open pits and mine production (plus NO clean-up costs etc.) Yes I am here for the Enviro/copper anything else is a bonus.
I'm looking for around 3p / £50m. The Uranium should provide a uptick and get us on the radar once the permitting goes through, but its the copper and gold that should move along materially in the next couple of months.
THR have massive exposure to copper and uranium. do you think these two alone can bring THR to 100m mcap next year? especially on booming copper and uranium price.
whats other people target here?
“With uranium prices at current levels, we are pleased to be in a position to commence
drilling at our Colorado uranium-vanadium project once permitting is complete. Based on
the historic mining in the region and our due diligence, we are excited to be testing this
prospective area which is known to host high-grade uranium deposits.
“In particular, Section 23 appears to have not been drill tested by previous mining
companies despite the geological setting which appears very similar to that of the nearby
historical high-grade production areas, hopefully providing Thor with a potential
opportunity to make a significant new discovery
King maker beware for he may be stabbed in the back : )
Hi, ad
I agree with you on this; and said something similar here on 4th September.
Best wishes
I suspect, and please let me be clear that I have no evidence of this, nor any inside information, and I am certainly not making any allegations, that there were some internal politics within the THR management, that the sale of Pilot Mountain was related to Billings departure.
Whether he gave an ultimatum to leave if the sale went through, or whether there was an internal coup to signal to Billings that he was no-longer wanted, I do not know. It could be coincidence, but I find it very suspicious that Billings departure was announced only a matter of days before the sale was announced.
I'd say the Pilot mountain move was more a statement to shareholders - given everything that is associated with it's previous pump and hinge trail.
As I've written before all they really need is that one big break and it will then be possible for them to facilitate the extraction of some of their other considerable resources without a 100% reliance upon JV tie-ups (basically better terms for whatever.) From that point on it's growth time, simple as that.
I think these projects are going to move ahead quite quickly. We could be extracting gold by the end of the year. The value in the copper project is the ongoing gov grants that is funding the drilling. I expect more to come as the ISM proof of concept (in Aus-already used in the US) develops. Our 30% equity in ECL May skyrocket in value once it is listed. Expectations for Uranium drilling have been dampened by the pushing back if the permitting deadline to December but I reckon this will come off way before then and THR will be a hot topic as the only Uranium drilling in the US, a country that imports all of its Uranium at the moment. The Sprott fund continues to but up supply in an already tight supply situation. After this countries will be keen to hold strategic uranium reserves and push for domestic production where possible.
My only issue with Thor currently is the Pilot Mountain sale to Power. Seems like this has been way undervalued, yes the cash is nice and we will own close to 5% of power but for the ‘largest tungsten deposit in the US’ a total package of around £2m doesn’t seem like much. News on this next month, along with gold, copper and the remaining tungsten project. Hopefully the deal won’t come off but I reckon POW will bite our hand off.
The share price seems to be moving sideways atm, expecting a move strongly upwards after a little consolidation and with news flow. Just wait for the Uranium permit to drop and drill to start before December!
GLA
excellent news for uranium players (i have THR mcap 15m, and AURA mcap 58m) and not many serious uranium players out there in AIM.
Uranium could hit US$80/lb by year-end, says Canaccord
https://www.mining-journal.com/energy-minerals-news/news/1418288/uranium-price-could-hit-ususd80-lb-by-year-end-says-canaccord
I’m on for the Uranium and copper via 30% in ECL but the The Molyhill tungsten project already has a feasibility study…
“fully permitted to start production”
“High grade resource”
It has already demonstrated it is profitable with low operating costs and early payback of capex.
Such a fantastic opportunity here at this MCAP
Imp, good luck with the interview! Yes income is important but having a job you like is too! As things return to normality and I may have to start paying a big wedge of my income (and time) on commuting again so I’m assessing my own options. I could take a pay cut and get more money and time back. It’s no good being stagnant in any case, had enough of that over the past 18 months.
Hi, Bridge
Thanks for the info on this. I am presently rushed off my feet by other matters; job interview today at a secondary school, and after it was over, I asked myself, why have I done this, when I already have a job I like? Answer, £5k a year more, which seems ridiculous, when my shares fluctuate by that amount every five or ten minutes. But income is important, because it allows one to take the long view, and tolerate an onscreen loss, without fussing about it.
Best wishes
Kapunda copper exposure is via our 30% stake in envirocopper which is using low impact subsurface mining techniques which is successful will lead to development and a separate listing. Many mining cos will be interested in effective environmentally friendly extraction. Our 30% could be worth a fair bit, not to mention that the drilling is being funded by gov grants.
Results due in October and should also now see some progress on the gold and uranium fronts following cash raise in August.
With the low mcap and upcoming news I've moved all my resources investments into this one with hopes of a bag or 2.
Great video, apparently there is currently no producing Uranium mines in the US....
Bit more Uranium reasoning. Looking forward to next few months. GLA
https://www.youtube.com/watch?v=tjgO26nQmnE