Member Info for aprogerson

Apologies @Fuku I'm not trying to be discourteous or even disingenuous I'm just merely mystified at such a poorly worded RNS on 7-Dec-20 given what you are now relating about the NvS conversation.

No wonder the market doesn't know what to make of it ... I certainly don't and I've been following them for years waiting patiently for this to happen (allegedly)!

RNS 14-Jul-2020 says
"During the exclusivity period, Anglo American will be permitted to conduct a technical review which, if satisfactory, may result in an extension of the exclusivity and the negotiation of a commercial transaction."

RNS 7-Dec-20
"Arc Minerals announces that, following the Exclusivity Agreement signed with Anglo American (as announced in an RNS on 14 July 2020), the Company has been informed that Anglo American has completed its technical review and will be submitting specific due diligence queries in respect of the Zamsort and Zaco companies."

To say this info is scant and can be read a number of different ways (as we clearly all have done!) is an understatement.
Nothing above says categorically that the original EA has been concluded or indeed that an EA extension has been requested, exercised and/or granted.

What am I missing as any DD questions could easily be submitted & responded to within the original 6-month EA period?
AIMHO APR

I must admit I find that absolutely remarkable 'IF' AAL have exercised their right to a 2nd 6-month EA already and no RNS from ARCM ... if that doesn't meet the requirement of 'market sensitive info' I'm not sure what does?

@san & @Deltalo Absolutely, plus we know lab results are expected before end of Jan-2021 as per RNS 4-Jan-21 "analysis of a consignment of the same material is being treated and analysed in a laboratory in the UK to determine the optimum method for producing precious metals on a sustainable commercial basis, first results of which are expected to become available later this month."

I'm not expecting much to happen over the next 2-3 weeks giving any remaining Placing shares time to churn through which is healthy ahead of any further substantive newsflow.
All good from where I'm sitting .
APR

@Alyhels I'm crossing everything I have they can now deliver on stated 2021 programme ... they have the licences, they've done the prep, they know that high-grade gold/silver is there as the historic mines & associated records re a dead giveaway (!) and they have £2m cash to be getting on with it.
Sit on hands and wait
APR

Looking forward to a well thought out Big One RNS with the full results and confirmation of Arya Drilling start over the next few weeks. Should put the SP on much firmer footing

@alyhels, Agreed I also think the BoDs comms improved dramatically in the last 2-3 months of 2020, but the 'proof' was always going to be on delivery against the 2020 Programme of works which we now know has been successfully concluded with first metal pour from tailings material and small scale gold/silver production 'Proof of Concept' confirmed.

Let's face it 2020 was pretty awful all round and GWMO had their fair share of Covid related troubles, let's hope the 2021 'accelerated' programme & £2m cash in the bank delivers what was promised in Dec-20 RNS.

My best guesses for timings & sequencing of 2021 Programme given we know the 'exploration season' is roughly end March to end Oct-2021 given elevation and mountainous terrain of licence areas !

1) small scale MJ tailings production ... design, build & start run
> UK lab results back & results available end Jan-2021 latest
> vat leach designed by end Q2 latest ... I expect prior lab %recoveries to be improved upon
> gravity separation fully setup in Q2 with contracts signed to operate & underway end Q2
> significant MJ tailings extracted & brought to Marietta base starting Q2 through to end Q3

2) Olympic, OMCO extension & RH group exploration
> IP & continuous Drilling programme & contractor/s plus equipment confirmed for Q1 or early Q2 start latest
> OMCO extension ... detailed ground IP survey complete & results mid Q2 latest
> Olympic, Trafalgar Hill ... drilling underway by early Q2 for completion early Q3 with assays early Q4 latest
> Rock House (RH) group ... drilling underway by end Q2 with assays by mid Q4 latest
> OMCO extension ... drilling underway by early Q3 for completion end Q3 with assays by end Q4 latest

Based on my estimates of multi-hole shallow drill programme with 2-3 weeks drilling in each location plus 1 week max relocation & setup. Assays 4-6 weeks max from completion at each location.

Bonus items not promised but would be good to see as part of an accelerated programme
> Trial vat leach setup by Q4 for start (re)processing tailings in Q4 (ie over winter 'closed' season) to confirm commercial %recovery
> confirmation of permit/s for extraction of further MJ tailings above current 900t licence limit

GWMO clearly need to get a wiggle on as they have set themselves a lot to do given they are a small team ... let's just hope Covid doesn't affect their 2021 programme too much!
AIMHO APR

Excellent news .... first gold poured and 2020 exploration programme complete all set up for 2021 programme as laid out by the BoD with a reminder of next steps in todays RNS.

What I am struggling with is what the big deal about the amount of metal poured is ? What part of 4t tailings material processed at a local lab was not clear? This was NEVER going to be a lot of metal ... it is a Proof of Concept and the concept has now been proved ... onwards and upwards !

As a reminder an extract from my post on Gold/Silver Production at 11:18 just last night
> MJ spoil heap recovery: Commercial development programme planning @RNS 18-Nov-20
> Commercial recovery: Targeting cyanide vat-leach ... evaluation & lab results expected early 2021 @RNS 18-Nov-20
> MJ Tailings Assays: Samples from 5x spoil heaps assayed reporting 2.28g/t gold & 658g/t silver
> MJ Lab Recovery: Crushed and pulverised samples. Gravity separation =30% gold & 15% silver plus cyanide leach bottle roll test =87% gold & 46% silver recovery over 48 hours
> Equipment: "The gravity separator is available now and a pulverising unit is currently being sourced"

Lets assume the MJ tailing assays apply to this 4t batch so 2.28g/t gold & 658g/t silver and that the lab only used mechanical separation achieving the same 30% gold & 15% silver recovery as GWMO own lab tests.
Gold recovery = 2.28g/t x 4t x 30% recovery = 2.74g / 28.35 = 0.1 ounce
Silver recovery = 658g/t x 4t x 15% recovery = 395g / 28.35 = 14 ounces

This was ALWAYS going to be a lab based trial and EVERYTHING the BoD has said supports this. How anyone figures you can get a 25kg dore bar of gold from 4t of tailings is just beyond me or rather I wish !
Apologies but someone had to say this !!
AIMHO APR

Overview & Production Roadmap @RNS 15-Oct-20
"There are numerous gold and silver prospects on the Company's acreage, including extensive historic mine workings which offer the opportunity for secondary recovery. "

"The Company aims to produce first gold and silver from selected spoil heaps following recent testing and, if this is successful, consent for a larger scale plan of operation will be applied for. Facilities could, for example, be constructed for continuous production at the GWM-owned Marietta property, utilising material from the remaining spoil heaps. Such facilities could in the longer term also be used to process material mined or recovered elsewhere on the Company's claims."

Gold/Silver Production ... the jigsaw pieces:
RNS 18-Dec-20
> Commercial viability: BH confirmed "there is commercial potential for recovering gold and silver, both from the many spoil heaps left over from historic mining operations as well as from unmined veins at Mineral Jackpot"
> First metal: "Bulk material from the site is being processed through a gravity separation circuit and the pouring of first precious metal is on track to be achieved before year end" Initial 25t tailings targeted RNS 15-Oct-20 refers

RNS 18-Nov-20
> Cash: BH confirmed "£2 million net cash and able to sign up equipment in a busy market"
> 2021 programme: MJ spoil heap recovery: Commercial development programme planning
> Commercial recovery: Targeting cyanide vat-leach ... evaluation & lab results expected early 2021

RNS 15-Oct-20
> MJ Permits: "Current permitting regulations allow for the initial displacement of up to 900 tonnes"
> MJ Tailings Assays: Samples from 5x spoil heaps assayed reporting 2.28g/t gold & 658g/t silver
> MJ Lab Recovery: Crushed and pulverised samples. Gravity separation =30% gold & 15% silver plus cyanide leach bottle roll test =87% gold & 46% silver recovery over 48 hours
> Equipment: "The gravity separator is available now and a pulverising unit is currently being sourced"
> MJ Spoil Heaps: "38 historic spoil heaps already identified at MJ" ... "about half of which have been inspected and are readily accessible." ... "a preliminary estimate of their combined weight could be as high as 12,000 tonnes"

RNS 22-Jul-20 Olympic Spoil Heaps best results
> Trafalgar Hill = 24.2g/t gold & 12.4g/t silver
> West Ridge = 1.47g/t gold & 4.9g/t silver
> Rhyolite Dome = 0.26g/t gold & 2.5g/t silver

Presentation Sept-2020
> Olympic Tailing deposit estimate 41kt @1.67g/t gold

In summary:
Status: preliminary lab tests confirmed gold & silver extraction viable from historic MJ tailings. Initial production plant acquired for gravity separation only. Future optimal gold/silver recovery likely via cyanide leach under assessment before setup / expansion of any production facility & run by 3rd party contractors. Note: excess materials not subject to leaching now can be leached later to fully recover metals.
Clearly all subject to chan

Hi Freo, GWMO BoD is in Ireland and Operations are based in Marietta, Nevada.
.... Gold/silver production summary to follow
ATB APR

@holly Thanks for the Heads Up on the Times article. If you haven't already checked the quarterly RNS production updates and the latest HUM presentation on recent drill results plus PIs analysis of such on this BB should help you get HUMs measure.

You'll find this a well informed BB, but not immune to the 'odd' crazy popping up with little or no posting history and spouting random historic and now non-issues (switches to pseudo-Scottish accent) if you Ken what I mean?
APR

@mcadder nice summary. An interesting addition to the GWMO website on 18-Dec-20 was the updated MJ Magnetometer surveys results combined with spoil heap locations and prior soil sampling results showing Gold and Silver isoclines by mineralisation concentration. What particularly grabs my attention following the updates is the further confirmation of 2x new mineralisation trends (one 500m long and the other 200m) and the 350m extension of an existing Cabin Rock trend.

Reference materials:
MJ Magnetometer surveys 18-Dec-20 @ http://www.greatwesternmining.com/file-manager/presentations/magnetometry-survey-maps-for-operations-update-mineral-jackpot-20201218.pdf
GWMO presentation 7-Oct-20 @ http://www.greatwesternmining.com/file-manager/presentations/september-corporate-presentation-071020-1630.pdf

The REAL points being made about GMWO are:
(1) current MCap =£6.8m (Assets = £4.8m & Cash = £2m) ... one set of positive drill results from ANY licence & the SP will significantly rerate
(2) Tailing production revenues will help fund future explorations costs and reduce dilution risk
(3) Exploration guidance = 0.5Moz to 1.5Moz Gold set in Nov-2019 & ignores silver contribution such as OMCO historic production = 30koz gold & 34koz silver
(4) MJ Guidance 50-100koz does NOT include most recent new & extended mineralisation trends above
(5) OMCO 'extension' is actually the historic mine 'feeder' so higher grades than 25 g/t gold and 30 g/t silver to be expected

AIMHO GWMO is a Junior Explorer with good prospective licences and is a high risk / very high reward type of share. Once the tailings small-scale production comes online the downside risk will be underpinned by modest total revenues equivalent to the current MCap over a 18-24 month period to process the tailings of 12kt at MJ and the 41kt at Olympic ... this will be transformational for GWMO and its SP.
APR

LOL whatever the outcome we can (I hope) all agree that ...
(1) we can do nothing about it but take our position and hold for a good result
(2) the SP will be north of 4p ... hopefully by a decent enough margin especially for those (like me) stuck from the Ortus days

GLA APR

@chisler Just glad to see I am not alone in this thinking ... all we need to do is demonstrate it is economically recoverable, but with the historic grades of both gold and particularly silver being so high from shallow veins it is more a case of when and not if.

@scotty yes exactly particularly relevant as they themselves stated that they had been written off. All figures are from my prior NAV forecasts based on prior RNSs which no one has challenged/corrected albeit it has been a tortuous thing to trace from Oyster > ZTR > ZTR/Malachite/Federal Gold RTO > Angold.

Bottom line is that what was once effectively written off as illiquid, opaque and valueless is now quoted, liquid and desirable and as such valuable = RESULT !

As such the Angold listing now 'cuts away' that history so tracking the investment value is easy. If you have a better way of expressing Angold's prior 'costs' to GUN I'd be happy to hear it
AIMHO APR

@F29 Agreed, not much point extending EA if there is no intention to negotiate towards a commercial agreement and as such that would be based on a MOU or Heads of Terms as there must be some sort of understanding in principal as you what you are negotiating towards and that there is 'value' in this to BOTH parties ... otherwise why spend any more time and money?

My sense is that to move to the next stage the DD must have been completed or at the very worse complete subject to concluding one or two loose ends that have been risk assessed and fully understood by both sides or one/both parties risk being blind-sided which just won't be allowed to happen after the amount of time, expense & opportunity cost/gain invested so far. Interestingly (for me at least) the scope of the DD would have to cover ANY likely transaction or risk going around a second time unless of course that is already well understood as part of a draft MOU/HoT agreement. I say draft as if one had been agreed that would need to be disclosed as 'material' to the market.

We will know within the next 2-3 weeks regardless and have a better idea of the 'shape' of what they may be trying to negotiate towards including what the CLN drawdown is/was being used to fund. Or I hope we will!
AIMHO APR

So Angold's TSXV debut done and closed up at C$0.50c so updated cost / valuation is:

GUN holds: 712,500 shares @C$0.50c of sum 83,941,831 shares or 0.84% @RNS 30-Sept-20
GUN profit (to date): cost £58k & value=£206.6k or 256% uplift on investment

.... and as reminder:
Angold Cash @31-Dec-20 RTO: £4.94m (£4.65m new capital raised at RTO plus £290k cash)

Angold Info: https://markets.businessinsider.com/news/stocks/angold-completes-acquisition-of-federal-gold-1029913618 & https://www.angoldresources.com/ & link to RTO presentation available

Plus another £40k at full ask after the bell ... what a nice way to start the New Year for GWMO!
ATB everyone
APR

@slippery He is indeed but knows his stuff and knows that area very well with his past connections with Artemis as a director and shares held (I believe) in both Artemis and Wishbone plus now Rincon and GUN as per his Twitter update. I first came across him with my ill-fated dalliances in UKOG, REM and PREM so know what you mean!

Zak Mir 2020 Top 20: https://www.share-talk.com/top-twenty-the-stocks-of-the-year-for-2020-2/#gs.pdrazn
3) Gunsynd (GUN): A Galloping Pace
Perhaps what has been the most remarkable aspect of the rise and rise of mining investor Gunsynd, and what has placed it in the top three of this particular collection, is the way that the company managed to emerge from being an obscure shell to the favourite of both punter and professional investor alike. Given the small initial market cap and by implication relatively small funds to play with, we were treated to an exemplary run of investments by the company, culminating in the run up to the Rincon IPO at the end of December. While there is no question that there has been a boom in the Australian mining space, Gunsynd has proven it is not a one trick or one geography pony, something which sets the company up for even greater achievements going into 2021. Underlining the merits of team, Messrs Harris, Strang and Ruse, has been the latest addition of serial entrepreneur Chris Akers to the shareholder register.

David Lenigas on Twitter 30-Dec-20: https://twitter.com/DavidLenigas/status/1344178815321436160 confirming buying lots of Rincon and 2m 'more' GUN yesterday

Rincon (ASX:RCR) IPO 21-Dec-20: Closed at A$0.385c & A$18m MCap GUN holds 8.46m or 16.9% cost £642.8k & value £1.67m up 160% since Jun/Dec-20 purchases.
Empress Royalty (TSXV:EMPR) listed 29-Dec-20: Closed C$0.54c GUN holds 1m or 1.4% cost £146k & value £315k up 116% since Oct-20 purchases.
Angold (TSXV:AAU): Lists today on TSXV at 14:30 UK