Member Info for PaddyGall

I've been having some correspondence with a retires mining engineer who has been following the GGP very closely and here are some relevant parts from his latest email.

"During "Exploration Phase" we are drilling from surface to determine the size and quality of the ore body. ( the term quality will reference the presence of economic and all other minerals, their structural distribution, the competence of the ore body material and the host country rock etc )
After some months of attack by 9 drills we are no where near knowing the size or indeed distribution of the ore body in the Havieron Licence area ....... which is a nod to the exceptional size of the mineral emplacement.
Within the work regime of the "Exploration" phase for practical reasons our JV partner have put a voluntary time limit on the delivery of a MRE. (December ?). This is so they can confirm to the BOD the economic potential and so continue with underground "exploration" with the use of a decline.
Like you I think they will drill and multi blast (3 shifts 7 days). I suggest 12 degree incline and taking it to -500m from surface. 6 weeks to scratch the portal out taking it down to 25m depending on surface rock conditions ....... the tunneling 4 blasts a day at 2.5m advance on each blast. ( I am not that current on modern machines so I may be out some but about there)
This isn't SXX so a tunnelling machine will struggle to clean the bottom of the face at 12 degrees decline. It won't be one straight but will turn every 100m ?? Safety in case of run aways........ maybe !
But we will see !!
With the Exploration decline breaking below the unconformity that will be the LAST OF THE WASTE ROCK. Very significant that !!!
2.5 to 3 Km I think. I will say 9 months to sink to approx -500. So if they scratch the portal in December and start sinking in the new year I will call first gold in October.
They will use the expo decline to explore the ore body i.e. they will immediately tunnel into it to take bulk samples at various positions so they can study the characteristics of the various types of ore and mineral assemblages and they will do extensive sampling routines in the tunnelling to calibrate for head grade calculations. Any tunnelling they do along with any bulk samples will be gold rich and possibly from the eyes of the ore body so high grades and that will go to test the mill at Telfer.
Yeh Probably from October or certainly from December 2021 we will have a very significant income stream."

The crux of the matter is that once NCM get below the Permian, then even though the won't be a commercial mining operation the waste rock from tunneling should provide a constant income stream while the development continues.

Peter O' Connor from Shaw & Partners also alluded to 12-18 months so I think this timescale is entirely realistic.

ATB - Paddy

CB - I'm referring to the MRE mate - couldn't possibly be anything else :-)))

Surely the 18,000,000 shares will only hit the market if the employees decide that they want to sell them - chances are they will be tucking them away like the rest of us waiting for the really big news.

ATB - Paddy

Just had a closer look at the latest hole that we spotted on Kraken this morning. It appears to have a black sump liner like the ones we see at Havieron - this suggests to me that this time they have a Diamond drill on site at Kraken.

The other drills up to now on there didn't have this so I assumed them to be RC, which is good for up to 500m.

I'm guessing they have now decided to go deeper at Kraken and that is why they have brought in the diamond rig.

GLA - Paddy

Sentinel update from this morning.

https://twitter.com/paddygall1/status/1311942509640245248?s=20

Nothing major to report at Havieron - a couple of rigs moving about as usual but no new step-outs that I can discern.

The ground works around the new exploration camp construction seem to be continuing as one would expect.

The really interesting thing from today is the fact that they have returned to Kraken again - I noticed an area at Kraken 5 days ago that looked like it might have been a pad prep and it seems as though they are back there again. What are the implications of that??

ATB - Paddy

TMT, just catching up on the board and your post in particular. All makes sense but tom the bomb is correct. If you look back at my tweet I was very careful not to put a figure on the deposit size.

I only looked at the overall dimensions of the orebody from the plan and cross section views and calculated a volume and therefore possible tonnage.

It was Willem that suggested 10-15Moz, not saying I agree or disagree with his synopsis but it came from him. Now whether that can be seen as even more bullish on his part is up to others to decide.

It's entirely possible that I was used as a patsy to allow them to get a figure out in the open but if it's for the greater good then I couldn't care less.

Onwards and upwards - Paddy

Sorry Coach,
I'll write out 1,000 lines on the blackboard lol,
"I must not interact with trolls on the board"
Nice to hear from you - I hope you are keeping well.
ATB - Paddy

Hi lauren,
I get exactly the same information as you do - if you go to the company website you can see all the publicly available RNS announcements - I'm sure they are not put on there just for my benefit.
ATB - Paddy

Hi RC,
That's a very suspicious question that you have asked lauren there, we all know that s/he is here for purely altruistic reasons.
It's not everyday that you are lucky enough to have a poster like that come on your board to warn everybody of the pitfalls here.
ATB - Paddy

Hi lauren - the only financial reward I have got from GGP is watched my initial investment grow by nearly 1200%.

Now if I told you I'd originally invested about £190K could you work out the reason why I'm so happy with GGP.

As for the kind words - any time you are prepared to be helpful, I will be most forthcoming with the praise

ATB - Paddy

https://www.morningstar.com/stocks/xlon/ggp/ownership

Updated ownership showing the 2 Vaneck funds (I assume the US & UK) have a joint amount of 135,470,044 shares.
Also another fund - Invesco Oppenheimer Gold & Spec - has dipped it's toe in with 1,000,000 shares and Sprott have increased to just over 30,000,000 shares

ATB - Paddy

lauren - thank you for that informative post - I agree with all of the above, a very worthwhile contribution.

Thanks again - Paddy

Don't know AAA but I assume it's just directors - employees (not PDMR's) would not be aware of any material facts that would affect the SP I guess.

There's another good reason for the options to be converted. They were issued last September and only vested last Monday. Therefore this week was the earliest point that they could be exercised.
The tax system is Oz apparently means the employees would have to pay tax on the profit made from the strike price of the options and the actual share price when exercised. This would mean that if the employees thought that the SP was going to go significantly higher they could potentially face a much bigger tax bill. Conversely if they thought the SP was going to go lower it would make sense to hold onto the options and convert when it dropped.

Ducks, ducks, ducks IMO - Paddy

It's 4 weeks today Mickey to next Hav results so should definitely get some Scallywag news before then.

Hi AAA,
I noticed that a while back - thoughts are in here.

https://twitter.com/paddygall1/status/1293646078466764800?s=20

ATB - Paddy

@AAA

You can download it from here.

https://hotcopper.com.au/threads/ann-paterson-phase-1-drilling-7-deep-holes-7-priority-targets.5546537/

ATB - Paddy

I was just looking at the drilling around the Kraken / London area, It looks to be on the edges of the targets identified on the Scallywag release by Greatland last year. I thought I would look at the very latest geological model that was released by Artemis only last month.

It's interesting that the "cream coloured magnetic" rocks follow the structure of the folded fault and you can see clearly that the drill pads seem to be tracking this - looks like the whole area bounded by the fault line would be prospective.

https://twitter.com/paddygall1/status/1311289739161620481?s=20

Can't wait to see what is revealed.

ATB - Paddy

Edd - they're your shares mate so crack on if that's what you want to do,
be careful though - Scallywag news is due to drop any day, the run up to the next Havieron results could start any day, Sandeep could drop a bombshell at Diggers & Dealers in 2 weeks, or none of the above might happen - on your own head be it.
ATB - Paddy

Fair play Joe - I was only pulling your leg, as you know well.
It will all come out in good time mate and I'm quite happy to wait, good things come to he who waits, patience grasshopper and all the rest of that jazz.
Sorry if I rubbed you up the wrong way - it's was just a bit of good humoured banter.

ATB - Paddy