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@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
Anyone else notice how Donkey's posts ALWAYS get exactly 2 likes ... I wonder which ones
ATB APR
@SeisNav Personally I think sentiment will start turn far more positive once we get a clearer idea on scale and scope of drilling activities plus drill results but this will be weeks not days
ATB APR
I just want to know that the JV processing licence has been approved and we can move on to generating some revenue
Come on GWMO
ATB APR
POG now trading at All time Highs in every currency and now including the $USD hitting $1.146 overnight in Asia after closing at ATHs in monthly, weekly and now daily charts over last few days.
My target over next 6-12 months is $2,850 which will be transformational for both gold AND silver miners as expecting silver to break $48 (corrected!) over similar timeframe
ATB APR
POG now trading at All time Highs in every currency and now including the $USD hitting $1.146 overnight in Asia after closing at ATHs in monthly, weekly and now daily charts over last few days.
My target over next 6-12 months is $2,850 which will be transformational for both gold AND silver miners as expecting silver to break $8 over similar timeframe
ATB APR