Member Info for aprogerson

@GTMufo I point out that our M2 grades are actually relatively high and point you to the evidence of this and then you say that they are "our grades are not that great" ... not great based on what exactly??? What does "would would need a partner to dig it out to confirm it" mean???? You confirm grades by drilling and modelling to give you a JORC resource. more drilling gives higher confidece results !!

Read the geology reports for M2 with the JORC results and how they calculated it. They are intending to use acid leaching which is ideal for these grades with relatively low calcium carbonate content and still achieved 90% recoveries.

Have you actually realised that the Muletown site is HUGE and setting up acid leach pads is relatively cheap CAPEX and the crushing mill could also then process copper ore via acid leach pads????

ATB APR

@GTMufo Please check GWMO website and you will see key Black Mountain group facts about deposit at M2 and surrounding area:

>Approximately 5,000 metres of drilling to date

>Indicated and Inferred Mineral Resource (JORC) of 4.3 million tonnes at 0.45% copper

>Additional Exploration Targets (JORC) of 10 to 17 million tonnes at 0.4% to 0.6% copper

>Total target deposit in the range of 15 million tonnes to 200 million tonnes

>Development partner sought

As I keep stating this is perfectly acceptable grade it is just they do not have enough mineralisation identified via drilling to be confident that there is more hence need for a copper project partner to fund drilling.

For example GWMO grade is HIGHER than nearby copper deposits as shown on image 2 of photos ...

1) Macarthur = 243Mt @0.23%

2) Ann Mason = 1.4GT @0.32%

3) Pumpkin Hollow = 500Mt @0.45%

4) Yerrington = 154Mt @0.23%

Also I keep saying that if you check the map at M2 deposit you will see 2 areas highlighted with a gap that was not sufficiently drilled ... it is this "gap" that will "join up" the copper deposit so allow the JORC to be increased with a modest drilling campaign. If you now layer on recent seasons soil sampling and geophysical surveys GWMO now realise that there is a good probability of mineralisation over a much wider area hence their 200Mt exploration target.

So (again) please check your facts before making inaccurate and misleading statements

ATB APR

@loads I would much prefer copper JV being done at "project" level where any JV is held in a GWMO subsidiary so a 3rd party can do a farm-into project and GWMO get paid and/or 3rd party pays for a certain amount of drill spend over a set period ... think GGP / OMI / ARC type multi-year agreement where GWMO ends up with circa 30% of drilled up asset at no cost to GWMO. All these farm-ins included annual payments so helping with running costs of parent company!

Any buy-out would massively undervalue GWMO so for me is definitely not preferred

ATB APR

@Goldgirl, yes my understanding is we have had permit to build plant, water permits, permits to extract tailings so just waiting on permit to operate process plant so it can be brought online, commissioned and start processing operations.

I also understand that the Muletown site was previously used for gold/silver ore processing so licencing should be more straightforward; tis is why Muletown have all the equipment and are providing it as part of their JV contribution.

ATB APR

@GTMufo Inspiring and insightful stuff you post "So why are they selling their holdings ? To reduce it."

Amazing, I'm so glad you are here to point out the obvious

ATB APR

@GTMufo Please get lost ... your relentless negativity and mind-numbing repetiveness is seriously depressing. It's bad enough sitting on a heavy loss without you popping up twice a day to criticise something without anything to back it up.

"It's rusty" ... yes it is second hand equipment from Muletown and sits outside in the rain & snow so it will get rusty

"Placing soon" ... Yes GWMO are explorers so by definition will need to raise capital to pay for stuff & the whole point of getting into production is to reduce need for placements by generating revenue & hopefully a profit

"stuff will go wrong and not work first time" ... no s**t Sherlock, it's called life in mining & exploration as its difficult stuff

ATB APR

Hi Kewben, I used their RNS OMCO JORC figures & assumed POG @$2,000

JORC data from RNS is OMCO tailings JORC "Inferred Resource Estimate of 31,000 tonnes grading 1.6 g/t gold and 3.0 g/t silver in tailings associated with the OMCO Mine at the Olympic Gold Project."

Contained gold = 31,000 *1.6g/t / 31.1 = 1,594 oz

ATB APR

@Edgar Thanks for posting very interesting copper presentation focused around M2, M4 and Huntoon prospects particularly reference to getting investment in a project level to avoid diluting GWMO as a whole

ATB APR

@Whitebuffalo Thanks for pointing out my mistake ... calculations now rejigged & simplified using latest RNS below

Summary RNS 6-Jun-23

> Phase 1 JV Gravity Separation is anticipating a 50% recovery whilst Phase 2 chemical leaching expecting 90% recovery for an aggregate recovery of 80% via both stages when complete ie Phase2 recovers a further 30% of original materials metal content

> " Initially the mill will process approximately 35 tonnes per day and has the capacity to be expanded at minimal cost to 200 tonnes/day, once operating parameters have been established."

> "JV's aim will be to operate the mill for 70 or more hours per week for plus or minus 48 weeks per year to allow for maintenance and possible weather downtime. "

> "Plant capacity can subsequently be increased in excess of 5 tonnes per hour when needed with only minor investment and without a commensurate increase in operating expense."

>OMCO tailings JORC "Inferred Resource Estimate of 31,000 tonnes grading 1.6 g/t gold and 3.0 g/t silver in tailings associated with the OMCO Mine at the Olympic Gold Project."

>"Each partner has its own raw material available for processing which will be batch-processed and not commingled, except where the JV itself decides to buy in third party material and process it jointly. The JV will be a profit centre and earn a throughput fee from whoever owns the material being processed."

> JV will be selling gold/silver concentrate so expect to receive ~90% of metal price (assume gold=$2,000 & silver =$24)

Stage 1 Gravity Separation Throughput: assume 7 days/week & 10 hours/day operation

1) Initial @35t/day throughput = 35/10 * 70 hours/week *48 weeks =11.8kt/year or 1kt/month

2) Upgraded @200t/day throughput = 200/10 * 70 hours/week *48 weeks =67.2 kt/year or 5.6kt/month

Expected GWMO metal recovery (OMCO tailings):

> Stage 1 = 50% recovery implies 800oz gold & 1,500oz silver metal

> Stage 2 = 30% recovery implies 480oz gold & 900oz silver metal

Expected GWMO Stage 1 revenues (OMCO tailings):

> Gold = 800oz *$2,000 *90% = $1,440k or £1,137k

> Silver = 1,500oz*$24 *90% = $32k or £25.6k

Expected GWMO Stage 2 revenues (OMCO tailings):

> Gold = 480oz *$2,000 *90% = $864k or £682k

> Silver = 900oz*$24 *90% = $19.5k or £15.4k

Commentary:

1) GWMO have £1,162,000 of possible Stage 1 revenues minus extraction, transport & JV toll processing costs

2) GWMO have £697,000 of possible Stage 2 revenues minus extraction, transport & JV toll processing costs

3) Stage 1 processing of 31kt of OMCO tailings would take 31 months versus 5.5 months once plant upgraded to higher 200t/day throughput

IMHO the initial 35t/day throughput is impractically slow & uneconomic, but likely indicative of mill commissioning stage. The photos show lots of spare space between spirals to add more in parallel to increase throughput in stages & allow for maintenance by switching stations out not stopping whole plant.

ATB APR

Reprinted extract from my 13-Sept-23 post with all RNS data, %recovery, throughput & income calcs:

Summary RNS 6-Jun-23

> Phase 1 JV Gravity Separation is anticipating a 50% recovery whilst Phase 2 chemical leaching expecting 90% recovery for an aggregate recovery of 80% via both stages when complete ie Phase2 recovers a further 30% of original materials metal content

> "Plant throughput: "upto 5 tonnes/hour of feedstock but there is likely to be an initial period of lower volumes before the plant is running consistently"

> "JV's aim will be to operate the mill for 70 or more hours per week for plus or minus 48 weeks per year to allow for maintenance and possible weather downtime. "

> "Plant capacity can subsequently be increased in excess of 5 tonnes per hour when needed with only minor investment and without a commensurate increase in operating expense. "

So initial nameplate gravity separation throughput = 5t/hour * 70 hours/week *48 weeks = 27.4 kt/year. We know OMCO surface tailing alone is 31kt with Inferred MRE OMCO tailings = 1,600oz gold & 3,000oz Silver metal.

Assuming just OMCO tailing processed via gravity at 50% recovery implies 800oz gold & 1,500oz silver recovery at 90% value to base metal as GWMO will be providing a concentrate not refined metal.

Throughput @27.4kt/year = 2,280kt/month

Gold recovery via gravity separation = 50% *2,280kt/31,000kt *1,600oz = 59oz/month

Silver recovery via gravity separation = 50% *2,280kt/31,000kt *3,000oz = 110oz/month or ~1.5 AU Eqoz

Revenue = 90% *60.5oz *$1,900 = $103.5k or $8.6k/month

Note 1: Update to Jan-2024 as POG is circa $2k/oz >>> Revenue = 90% *60.5oz *$2,000 = $109k or £7.1k/month

Note 2: Residual ore can be set aside for reprocessing when Stage 2 plant is up and running to recover a further 30% of original metal content as Stage 1 only = 50%, Stage 2 only=90% so Stage 1+2=80% overall recovery

Note 3: Plant throughput "currently" 5 tons/hour which can be upgraded with no change in running costs but capital cost not stated

Note 4: GWMO also gets 50% of any future JV revenue from toll milling fees

Note 5: calcs above only use OMCO tailings as other tailings heaps have no JORC (yet)

Note 6: OMCO has JORC for 31kt of tailings, processed at 2,280kt/month =13.6 months of feedstock assuming mill throughput has not been upgraded

ATB APR

Stunningly good news with confirmation of:

A) Processing JV mill & plant build complete

B) Permit to extract tailings confirmed

Next Steps in order of importance:

1) Grant of licence to begin gravity processing ore for GWMO and other local third parties

2) GWMO contractors to start extracting tailings form wholly owned historic dumps ready for processing

3) Start gravity processing tailings (50% recovery expected)

4) Confirmation of first revenues to JV & income from gold/silver tailings recovery

5) Apply for stage-2 leaching process permit

6) Start Stage 2 leach plant build (50% > minimum 80% recovery expected)

ATB APR

Happy NY Jules and thanks for taking the time to post

ATB APR

@bebeto Yes I agree as a creditor then RM retains an interest either way but lets hope that it does not come to that

ATB APR

Interesting and cryptic mystery equipment delivery .. obviously important or why bother posting it?!

Will be glad when funding sorted and out of suspension ... my best guess that both will be done at the same time

ATB APR

Wow, nice prospect CAD$5m MCap,1moz at 6.4g/t, CAD$5m revenue and a working mill ... that is very very good value and GUN now holds 4.3% for £200k

Lennie ,,, me too

ATB APR

@Trek wow that sucks

ATB APR

@GTMufo Give the Doom & Gloom a rest will you it is getting very tiring

ATB APR

@GTMufo There is only one person on this BB constantly trying to brainwash everyone with their constantly negative rhetoric.

ATB APR

@Chisler Yes encouraging RNS about M5 prospect and good surface polymetallic sampling results.

Personally I'd like to see some drills popped in near the previous copper resource at M2 to join it up to nearby copper mineralisation results from the 2017/2019 seasons which might dramatically increase the existing JORC resources for a relatively modest drilling campaign.

Roll on positive news about the Processing JV licence so GWMO can crack on with processing its large historic tailings stockpiles and get some revenue in

ATB APR

@GTMufo No mining this year as we had an Exploration programme which is what the RNS was reporting as you well know if you read the RNS instead of keep talking about placings

ATB APR