Member Info for aprogerson

Worth a relook at GWMOs website for the historic maps by prospect /licence area with the cross-reference to historic mines and what was extracted overlaid by the known trend lines and drill/sample info to date just to remind yourself what GWMO are potentially sitting on as they complete 2020 programme and move onto 2021 programme to accelerate key targets.
http://www.greatwesternmining.com/home

Useful observation @Ortus, I'm also invested in the Aussie outfit Castillo Copper (AIM:CCZ) that has 2x Zambian licences it recently acquired that are prospective for Copper who also cite the supportive government and mining regulation (plus the Copper of course) as their main reason for investing and exploring in Zambia.
Apologies for the cross-BB reference but I thought it relevant
APR

@lootgaloot I think You'll find going from initial drilling to production takes a tad longer than 6 months. Fortunately exploration can be quite lucrative if you hit decent grades with long intercepts. Just look what happened to GGP when they found a bit of gold and their production is 18/24 months away.
APR

GGP has rallied on gold steadying and announcement of 2 further JVs with NCM allowing them to do another 2 Earn-Ins. Let us not forget that Telfer is a HUGE plant that has now been paid off so if they can keep it fed that gives them super-profits as CAPEX has already been paid down. NCM also has JVs with Antipa for similar reasons.

It is my firm belief that if Rincon Hastie's can not only be proven up but accelerated then there is a deal to be done with NCM. The good thing with Hastie's is that it is both high grade and shallow so should be amenable to open pit making mine build both quick and low cost as cover is very shallow PLUS it is a quarter of the distance to Telfer (12km vs 40km+) than Haverion making it a very attractive prospect for NCM.

Don't forget that NCM know Hasties very well as they are the ones that completed the 24km of drilling before selling it on when Telfer was shut down. Thank goodness Artemis did not complete their purchase of Rincon and GUN picked their 28% up cheap on the rebound!
AIMHO APR

Given recent super-quick cash raise I'm hoping PR plays a blinder at Rincon ASX IPO on 10-Dec-20 and gets to his 15% target post IPO ... hopefully we picked up the extra 6.45% needed (A$674k or £371k) as part of the A$6m cash raise. At 8.55% we were already the largest shareholder ... it would be nice to retain this position going forward and 15-20% would be great position for GUN to be in.

@setanta I'm personally a bit more relaxed about that as the strategy is sound and implementation is via 3rd party contractors keeping OPEX down. Accounting side seemed to have earned its keep with recent Placing at reasonable rates.

My current overall GWMO assessment is:
> Strategy = 9/10 set in RNS Nov-2019 shift from Copper to Gold/Silver licences was needed
> Cash position = 8/10 as £2m cash for £6m MCap Explorer is excellent place to be, but no one likes dilution!
> Prospective licences = 10/10 faultless as proven history of high grade gold/silver extraction in good postcode
> 2021 Works Programme = 7/10 ... seems sound & well funded, but not a lot of detail to give more confidence
> 2020 Works Implementation = 6/10, but tricky to know for sure as so little evidence/output provided and low 2020 expectations set. A presentation summarising findings and linking to 2021 Plan would be good
> Comms = 4/10 as decent, timely, informative & regular comms needed. Easy to fix and needs some thought on BoDs part
> BoD = 5/10 some doubts remain over past delivery (pre Nov-19), current comms & creating shareholder value
> BoD costs = 5/10 as lingering doubts over cost structure and value for money. Sort delivery & Comms and we might be more forgiving (maybe)
> Operations = 4/10 as having to rely on 3rd party contractor availability now an issue especially if BoD want to accelerate 2021 exploration with new Placing funds
> Other Opportunities = 0/10 can we have some decent shareholder value created from existing licences first please?

Overall 5/10 in my view across 10 areas. BoD please just sort Comms, provide presentation on 2020 plan results to inform 2021 plan and ditch other opportunities gets GWMO to a solid 7/10 awaiting shareholder value being generated from well implemented 2021 programme of exploration/production works! That's not too difficult is it?
AIMHO APR

@glorth gotta love auto-correct unless of course you know about some other boy bands getting in on the ARCM scene?

Looks like a lot of PIs have been waiting on the side lines deciding whether to take the plunge or not .... looks like interest has perked up at least. Rincon IPO imminent

Well @smiller all the best we pays our money and takes our chances is all we can do
APR

https://twitter.com/mining_great?lang=en

RNS @15-Nov-20 announced £1m Placing to accelerate works and outline 2021 works programme with stated cash position was circa £2m after £1m Placing vs. £6m MCap @4-Dec-20
News Awaited:
> confirmation of Gold production on Trial basis from MJ Tailings ... expected end Dec-20 using mechanical separation only (expect 40-50% retrieval rate at this stage)
> Results from MJ tailings samples sent to UK for assays ... expected early 2021

2021 Works Programme:
(1) Mineral Jackpot spoil heap recovery: Commercial development programme planning
> evaluation of Cyanide vat leach facility at GWMO site to be based on awaited MJ tailings assay results
(2) Olympic Gold Project: Drilling at the Trafalgar Hills Prospect and IP survey over the OMCO Mine extension
> Magnetometer infill surveys confirmed 4x leads with TH and OMCO leads identified for 'fast tracking'
(3) Rock House Group: Drilling at the Southern Alteration Zone prospect
> Not previously explored, drilling or mined. Drill targets identified via magnetometer survey
(4) Mineral Jackpot: Drilling at the Bass Mine prospect within licence area
> 2020 exploration doubled mineral footprint and confirmed that mineralisation at all 5x historic mines are connected
(5) Further evaluation of a short-list of new opportunities for gold and silver in Nevada

Also what we know and/or infer:
@Olympic Prospect:
> Project option cost remaining =$180k then exploration and/or tailing extraction licence would be required
> 41kt tailings grading 1.6g/t gold (TBC) @90% recovery would be 2,082oz Gold. At $1800 gold = £2.9m revenue as costs not known
@Mineral Jackpot Licence:
> current licence to extract 900t tailings only & 25t extracted Oct-20 for trial recovery plant
> 12kt tailings grading 2.28g/t gold & 658g/t Silver (TBC) @90% recovery would be 860oz Gold and 250koz Silver. At $1800 gold = £1.2m and $18 Silver = £3.5m revenue as costs not known

Still lots to look forward to and will not take much positive exploration news to move the current SP. Just wish the Bod would be more engaging!
AIMHO & DYOR APR

The time to get into Rincon direct was if you had access to the ASX IPO 2-3 weeks ago. Now to get into Rincon cheaply from the UK we go through GUN ... simples!

100% agree Setanta Report progress on current commitments first, progress current prospects and when proven up look for something else to explore ... repeat

Agreed @setanta a 10-Bagger would be £60m @SP=2p which is fanciful . I started plotting out what £18m or 0.6p would look like and despite the 'plan' outlined for the £1m realised I needed to do a bit of work to understand what was being proposed and/or how these activities would add value vs. cost vs. risk. Setting this stuff out in a comprehensive reasoned presentation to make the 'investment' case would help a great deal.
Other companies do this why not GWMO, they have the data, they decided how much they would need and what to spend it on ... so why not share some of this information?
APR

LOL @Alyhels Never one to miss an opportunity I see. Well you may or may not be right in much the same way as there may or may not be any Gold/Silver in them there hills.

What I think we can all agree on is the BoD comms are woeful and they need to provide a progress update as I have previously outlined. The BoD need to understand that investors do not have endless patience and trust needs to be earned ... in this respect the BoD need to do much much more to earn our trust and a solid progress update vs. their planned 2020 plan would be the place to start.
APR

GWMO BoD could be so much better with 5% more effort at comms ... heck really push the boat out and go 10% more comms?

Good article on V M with diagrams showing difference in current to planned pit profiles and reinforces DB statement that gold is deferred not lost

We are now at end of exploration season at our Nevada licences so now overdue news on:
> Progress to date & further results vs. planned 2020 exploration programme
> Presentation of at least outline plans for spend of additional £1m cash raise going into 2021 season
> Confirmation of minimum 25t tailings extracted, pilot plant setup, named 3rd party contracted with agreed start date
> Confirmation of assay results on samples sent to UK

BoD could do with accelerating some good news on existing prospects not chasing new ones
APR

Phenomenal buying opportunity at this price. Read the RNS, nothing is broken, gold it still there and despite Covid, record wet season and a military coup they are still trading with plant & pit operable but will probably miss target by 5-10% for the full year. Hats off to DB and the management team ... shame I don't have ready funds for a top up.
APR

Back in Nov-2019 when the BoD pivoted from Copper to Gold/Silver strategy the M2 JORC compliant asset was held pending sale or JV and Copper was circa $6,000 and has now risen to $7,600.

From the prior M2 related RNSs in 2018/19 GWMO were seeking to extend the JORC compliant M2 asset base by 'connecting up' areas that had been previously drilled key to which was establishing presence of high-grade Copper at Sharks Tooth (ST) target which was deemed to be the source of the copper mineralisation. Unfortunately whilst this may still be true it was not proven as the drill had hit diorite between 700-800m depth (cap of volcanic source rock) and drilling was very slow. Eventually drilling was abandoned due to onset of winter as temperatures hit -10DegC and water cooling drill bit was no longer viable. The drilling was never resumed and no reason given up to the BoD reset and heavily discounted placings in Nov-2019.

Commentary: My reading of this is that the M2 copper asset was deemed uneconomic at the prevailing copper price, size and depth of the asset in question which could change with further infill drilling and/or copper price increase. If I were the BoD I would not revisit M2 until the current Gold/Silver strategy has played out with GWMO sitting at multiples of current SP (ie MCap £50m+) and had significant cash in the bank to self-fund further studies of drill data BEFORE considering a follow-on £4-5m drilling campaign to increase the current JORC Copper asset size/grade.
AIMHO & DYOR APR