Member Info for aprogerson

@shareminator Thanks for the link
APR

I noted the presentation which was useful but more importantly what will halt the plunge in the SP and what price will cheap be cheap enough to tempt buyers once more given HUM seems to be serially "unlucky" and gold has gone soft?

To be clear I exited to pickup some AAZ and have since freed up some other funds to buy back in here, but sorry reading what has gone on I'm not (yet) tempted as I'm not seeing what has been done to resolve the management failures and restore confidence.

Am I missing something?
Do HUM still hold 10% of Bunker Hill shares?
ATB APR

The RNS terminating discussions with Conroy Gold is IMHO very good news as:
(1) Conroy has proven he is difficult to deal with and his conduct does not exactly demonstrate trust &
(2) AAZ have a lot of opportunities landed at no notice & quite frankly focusing closer to home is a much better use of their time & money.
ATB APR

@mcadder If I look at ARCM (Zambia) and CCZ (Aussie) who are both junior copper explorers sat at around £60m to £70m I'd say CCZ just needs modest drilling success at M4 and prove the link between M2 and M4 resources to get a huge uplift in JORC compliant resources and with the current copper price very likely it would become commercially viable.

IF that is the case on Copper alone (expect 9-12 months to feed into SP) that is an uplift of 10x 'just' for the copper which can then be split out and subject to a JV operator to take it on with no CAPEX or OPEX costs for GWMO would be my expectation.

Similarly IF GWMO get lucky with their 3km of planned drilling and/or hit the OMCO extension then their gold/silver portfolio could easily see the same SP growth in a similar timeframe.

For me I got into GGP at 2p and 12-bagged so here's hoping GWMO measures up and from what I can see the revised 2021 programme augers well for the SP !
ATB APR

@mcadder 100% agree ... reading through the RNS the drilling commencement alone is significant but adding in increased Olympic licence area and revisiting M2/4 copper resource are both wise and significant in their own right.

Nice RNS & I sincerely hope this is the shape of RNSs to come as the 2021 programme progresses !
ATB APR

@goingtothemoon There has been no delays and no 'cost' to GWMO concerning their JORC compliant M2 copper resource.

As a gentle reminder GWMO almost went bankrupt drilling M4 Sharkstooth site and rightly changed strategic direction as per RNS Nov-2019 when they swung from Copper to gold/silver focus and had to do a deeply discounted (-50%) placing to refinance themselves. FYI they had stopped drilling M4 back in Oct-2018 and had not gone back due to lack of funds just had not said so.

GWMO (in my view) rightly changed strategic direction back in 2019 and with copper being on an absolute tear since closing at $9,473 last night vs. $5,800 in Nov-2019 (falling further to $4,600 in Mar-2020) when they made the announcement ... to be clear that is a 63% increase in base metal price or 105% increase since Mar-2020. To say that is significant is a mild understatement !

"Great Western has an independent inferred copper resource of 4.3 million tonnes of 0.45% copper for 19 thousand tonnes of contained copper metal at a 0.2% cut-off grade on the M2 Copper Project on the Black Mountain Group of claims."

IMHO GWMO are very wise to take a low cost route to infill drilling at M2 given the new economic copper price reality and try to linkup M2 and M4 mineralised areas only M2 is JORC compliant. IF successful this should boost the overall copper resource base significantly for what should be a relatively modest outlay.

In my view the historic drilling of M4 sharkstooth was only ever a high-risk moonshot with a single 1km drill hole attempting to find the copper source, but instead hitting a very hard basalt capstone and a fierce Nevada winter that stopped drilling in Oct-2018.

Todays announcement is a welcome low-risk approach and given the massive change in copper economics the 'hurdle' required in terms of resource size/grade to be economic has dropped considerably making GWMO well placed as so much historic drilling data and a JORC compliant resource at M2 to build on is still there.
ATB APR

Comms 10/10 and some really useful information ... 3 takeaways for me ,,,
1) Drilling rigs (yes plural) secured with 2 drilling programmes commencing in April 2021
1a) M4 copper prospect to be drilled with light rig so swift and cost-effective
1b) RH and Olympic to be drilled in 3km+ programme
2) Additional land secured at OMCO to ensure area around suspected OMCO extension remains in GWMO licence area
3) UK labs results support commercial tailing extraction by gravity separation and tests on cyanide leach efficacy/viability for tailings continue. More or less confirmed cyanide leach will be required for 'production' extraction from primary ore regardless.

I would expect a junior explorer MCap with decent licences & well informed drill targets to be £16-25m MCap on or shortly after maiden drilling campaign announced. Addition of further drilling at M4 copper prospect actually very welcome given copper price rises above $9k/t and (my guess) looking to join up current known resources so materially increasing size of JORC copper resource to increase prospective JV partner interest.
AIMHO & ATB APR

and finally Part 3 reads ....
Follow up of the successful production of a first dore bar at the end of 2020, from a small pilot test production facility established by the Company, has been delayed, initially by extreme weather and subsequently by the need to replace parts and equipment, which is ongoing.

As well as continuing the processing of spoil heap material, promising new material has been collected in the last two weeks from and near the trenching carried out at the Rock House Group (RH) Eastern Sheer Zone last year and this will also be processed. A further three and a half tonnes of material will be processed through the pilot plant as soon as it is operational.

Great Western chairman Brian Hall commented: "We have a busy programme ahead of us in 2021 and we are pleased to have firmed up a rig contract ahead of the spring and summer work season for an extensive drilling programme, as well as a further drilling programme in difficult locations with a small and portable coring rig. Final analysis of our spoil heap material is quite a long process but we are confident it will be worth the wait and are greatly encouraged by advice we have received on the viability of commercial gravity separation. Drill-testing the OMCO Mine extension and the Trafalgar Hill prospect will be an exciting programme, together with our targets at the RH group, the M4 copper prospect and Mineral Jackpot. We have other gold and silver prospects which we are keen to evaluate further this year, if time and access permits. One limiting factor for Great Western is the continuing restriction on trans-Atlantic travel due to the pandemic and when these restrictions are eventually lifted, we will be able to accelerate our operations and cover even more ground."

Part 2 reads ...
OLYMPIC GOLD PROJECT
There are two primary objectives at Olympic Gold:
· OMCO Mine Extension: As previously reported, the OMCO Mine produced high grades and high volumes of gold and silver until the 1940s but mining ceased where the productive veins met a fault. Great Western's objective is to find a continuation of these veins on the eastern side of this fault and the recently-completed geophysical survey gave a strong indication of numerous anomalies which may be the key to this. GWM has therefore moved swiftly to acquire new ground to the east of the existing claim holdings and covering the area which may contain a faulted offset of the OMCO veins. 12 new claims have now been staked, increasing the total claim area by 0.92 km2 and permitting for drilling is under way.
· Trafalgar Hill Prospect: Drill locations have been defined following the recent geophysical survey which has established a very strong magnetic anomaly beneath the Trafalgar Hill target area, indicating the potential for precious metals.

M4 PROSPECT
At the M4 prospect, a large copper-rich breccia vein has already been discovered and a near surface intercept of this vein is the initial drill target. Although this is both a gold and copper target, the objective of drilling at M4 will be to appraise the copper potential at minimal cost with a view to attracting a larger industry partner to join the Company in exploitation of its copper potential. To avoid road building, the two-man portable coring rig will be used to drill this hole and possible follow-up holes.

PRECIOUS METALS PROCESSING
A sample load of Mineral Jackpot spoil heap material has been crushed to varying levels at a laboratory in the UK to assess the recoverability of gold and silver at each stage and is under long term analysis, but initial stage results now received indicate the commercial viability of processing gold and silver through gravity separation when crushed to 0.35 millimetres. Gravity separation is less environmentally sensitive than cyanide leaching and now potentially opens a path to commercial development.

The laboratory programme is now in the final phase, being a long term 'column test' which simulates a cyanide leaching operation and determines how long it would take to achieve optimum recovery of precious metals through cyanide leaching. The column test is likely to be completed in March.

Cyanide leaching should achieve greater recoveries than gravity separation in the longer term, but the results of the column test will determine its economic viability. Gravity separation offers an interim solution, but a decision to construct a stand-alone leaching project would need to take account of exploiting new veins in addition to processing existing spoil heaps in order to be viable.

to be continued ...

RNS missing in 2 parts ...
OPERATIONAL UPDATE
Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW), the mineral exploration and development company with gold, silver and copper assets in the USA, provides the following update on its operations.

EXPLORATION & DRILLING
· New claims staked at Olympic Gold Project
· Rig contract agreed for 10,000 feet (3,048 metres) drilling programme at Olympic Gold and Rock House (RH) group commencing April
· Trial drilling planned for copper at M4
· Light, portable, two-man coring rig being upgraded in-house to drill prospects with difficult access at Mineral Jackpot and M4

PRODUCTION POTENTIAL
· Laboratory test results indicate commercial viability of processing gold and silver through gravity separation
· Completion of scheduled processing of Mineral Jackpot spoil heap material to recommence following equipment repairs
· Trial processing of precious metals for material recovered from the Rock House Group (RH)

2021 DRILLING PROGRAMME
New drilling is planned for the 2021 work season at:
· The Olympic Gold Project - OMCO Mine Extension and Trafalgar Hill Prospect
· Rock House Group
· M4 Gold/Copper prospect
· Mineral Jackpot

A contract has now been agreed with O'Keefe Drilling for a reverse circulation (RC) rig with a programme to drill 10,000 feet (3,048 metres) at the Olympic Gold Project and the RH Group. This will be the first time that the Company has drilled at Olympic Gold, over which it acquired a purchase option in 2020, and the first time anybody has ever drilled at the RH Group.

In addition, a light, portable, two-man coring rig has been procured to drill targets not accessible by the RC rig without further road construction or upgrades. This will firstly drill at the M4 gold and copper project and subsequently at Mineral Jackpot. This programme will most likely follow the conclusion of the RC drill rig programme but drilling operations can be unpredictable and may be subject to change.

Copper broke resistance at $9,360 today after 3 failed attempts over the last few days and closed at $9,464.
This uptrend resistance should now be good support as copper price pushes on again.
APR

Copper broke resistance at $9,360 today after 3 failed attempts over the last few days and closed at $9,464.
This uptrend resistance should now be good support as copper price pushes on again.
APR

@F29 Can't say I'm familiar with Voisey Bay Reference.
Do you have any sensible links to why NvS / Remy would quote it and why it is relevant to ARCM?
APR

@lantier Noted, but also if the markets do go there then that might be an opportunity for a cheeky top-up as certainly in Spread Betting you need to understand charts to help decide how to manage your risk both in and out of positions using your stops & limits. To be clear I very rarely spread bet and if I do it is always on very liquid stocks/commodities.
Same thing here really, but at least then my charts would have been good for something !
AIMHO & DYOR APR

Charts ... love 'em or hate 'em I find them useful but certainly wouldn't bet my PF on them and if I make a decision based on them I am really clear about my risk management and what I am willing to pay vs. my exit!
ATB APR

Morning @James As I said yesterday my Daily ARCM chart shows the 61.8% Fib retracement from 7.3p high at 6p whilst the last bounce and retrace went all the way down to the 61.8% retracement at 5p from 7.25p high. To paraphrase I am seeing higher highs and higher lows which is a good thing.

However, yesterday we gapped down to the 6.7p uptrend resistance/support (confirmed 21-Jan) so this is clearly an inflection point. We also have a very strong resistance line from 3.7p (12-Jan-21) and 5.45p (12-Feb) suggesting that there is a 2 day window IF the price were going to drop for it to hit 6p which while possible seems unlikely with the heavy buying going on.

I have a limit buy order set at 50% Fib retracement 6.3p, but don't expect it to be filled ... just saying.
APR

I just don't understand the talk about buying ARCM they would buy the underlying company that owned the licences surely allowing NvS to swan off and do what he does best with a company he led and turned around? AAL want the copper and the copper is held in the licences owned by Zamsort and Zaco which in turn ARCM has an aggregate circa 70% controlling interest. Any 'deal' of whatever shape will be with these companies which is why AAL did their DD on both ARCM and 'WhateverCo' that own Zaco/Zamsort.
By definition 'buying' ARCM will not give AAL 100% control of the licences as they are jointly owned but as ARCM own 70% it gets to decide direction that anything takes as 70% is a controlling interest. It's complicated
AIMHO APR

@CM Surely if AAL acquired ARCM Assets then ARCM would have no interest in Zaco/Zamsort licences but would be sat on a large cash lump sum which it could use to buy and explorer new licences?
It's year end date would be 100% academic?
APR

As per earlier post today "I'm expecting SP to retest 6.7/6.8p prior uptrend resistance ..." and so it has.

If we continue back up then should act as support, if not then retrace to 61.8% Fib and bottom of uptrend support at 6p a possibility. Either way price is exhibiting higher highs (prior high 7.25p and today 7.3p) and higher lows (as prior 61.8% Fib low was at 5p) which is very encouraging.

Think coiled spring whilst we wait and SP consolidates & then strong breakout above 7.3p ! IMHO I think any drop below 6.7p is going to be heavily bought into providing very strong SP support going forward.
ATB APR

@lantier Exactly what CB did ... I laughed so much my sides hurt and then we reported him