Member Info for aprogerson

@tom Agreed Aussie Mt Oxide is where it is all happening. I am also in ARC Minerals which is Junior Cooper explorer in Zambia sitting on some good prospects and in exclusive discussions with AAL who are looking to re-enter Zambia. In Zambia anything over 0.5% is considered good, but some of these deposits such as Sentinel are real monsters. The days of easy, large, high-grade tier 1 deposits in safe jurisdictions are almost over.

What I like about CCZ Zambian licences is the one surrounding the existing Chinese mine as if proved up there is an existing customer just next door that might be interested in expanding their resource base.
ATB APR

@vauch We only had the RNS update 3 weeks ago on the 1-Apr-2021

PRODUCTION FACILITIES
"Long term analysis of a sample load of spoil heap material from Mineral Jackpot by a metallurgical laboratory in the UK has now been completed and it has been concluded that gravity separation will be the most effective and economic means of recovering commercial quantities of gold and silver from the spoil heaps in this area. Under test conditions, material which was ground to a diameter of 0.35mm liberated 50% of available gold and 40% of available silver, further improved when the material was ground to 0.25mm, which yielded up to 140 grams gold and 20,000 grams silver per tonne processed. Following the laboratory results, Cyanide leaching is not recommended, due to greatly increased costs and a much longer lead time for commercial development which would deliver only a marginal increase in recoveries, and the Company will therefore proceed with a gravity separation project.

" The Company has this week signed a contract for the services of a highly-qualified, UK-based Metallurgical Consultant who is developing the specifications and sourcing equipment for a commercially viable gold and silver gravity separation project."

Commentary: So the contract for design of the gravity separation facilities was ~4 weeks ago & I expect 6-8 weeks to provide detail equipment specs that deliver required capabilty with installation/operating ,supplier and expected pricing. I expect any expansion options comprise a parallel mill and/or gravity circuit. Key will be plant installation design for expansion with space and/or services to support future equipment without having to rip it out and start again at a later date.

As you know I was bemused by (1) grades/ton quoted and (2) quoting a smaller grind size giving greater %recovery without saying how much greater. I am also bemused by the "50% of available gold and 40% of available silver" at one grind size whilst delivering "only a marginal increase in recoveries" at a smaller grind size without saying if that was 'metal or financial recovery' or on what basis they arrived at that conclusion.

Personally I still think the RNS was incredibly poorly written and whilst it may be 'factually' correct it was very information poor so I could not draw my own conclusions leaving me just to 'trust' that the correct decision was made using whatever cost/benefit analysis GWMO used to arrive at their conclusion.

A simple 'Using the UK Lab report GWMO concluded that a small scale XX ton/day gravity separation with YY grind size provided the best £plant / metal %recovery balance and an initial AA% gold and BB% silver recovery is expected. We will consider possible options for future expansion when prudent to do so as/when Olympic option has been concluded and/or new sources of gold/silver ore have been identified.'
AIMHO APR

@Potter I don't know about you but these jokes help me keep my sanity intact while we wait for results
AYB APR

I must admit I really like those Voisey Bay Infographics, but they lesson they teach is:
1) "Drill baby Drill" ... and then drill some more!
2) Don't let your licences go cheap and make sure you retain a share in the upside

I am in no rush for ARCM to do any deal, but if a deal must be done it is one where ARCM shareholders get decent upside share AND we fund whatever proportion of the exploration costs ourselves to minimise 'dilution' of our share in any JV agreed. We know we will be good for any co-investment as we have Kalaba plant production to look forward to as per Scoping Study.

However, I am in a hurry for ARCM to do more drilling at depth as I suspect what they have found to date is the tip of the proverbial iceberg and the more we know the higher the resource confidence and the higher any valuation once positively identified. They don't call the drill "the truth machine" for nothing !
ATB APR

Has anyone said "That there is gold in them darned hills" or "The best place to find new deposits is next to old ones" yet?
ATB APR

@ken Remarkable really as 43% of Empress disposed of but only 7.4% of Eagle Mountain which was the standout performer.

Or in other words 57% of Empress and 92.6% of EM2 retained whilst £218k or 54% of the initial cash invested has been returned.
Inspired and very sensible risk management is my view or as I would say 'manage your risk & run your winners'
ATB APR

Todays RNS outlines:
· disposal of 400,000 shares in Empress for total proceeds of C$186,515 (£107,810); and
· disposal of 213,169 shares in Eagle Mountain for total proceeds of A$198,035 (£110,257).
Total cash returned = £218,067

Commentary:
Initial Investments totalled £401k across these 2 investment in 2020 as follows:
Empress Royalty = GUN invested £146k RNS 23-Oct-20 pre-IPO
Eagle Mountain = GUN invested £255k in 3 tranches (Jul-20 to Sept-20)
GUN has effectively now top-sliced these investment to return 55% of their seed capital for reinvestment whilst retaining the bulk of their shares effectively now costing £183k of retained capital invested.

GUN have retained "600,000 shares in Empress and 2,500,000 shares Eagle Mountain." these are valued at:
> Empress Royalty 600k shares at CAD$0.42c = £146.2k
> Eagle Mountain 2.5m shares at A$1.00 = £1,380k
Total value remaining shares = £1,526.2k vs. £183k capital tied up and £218k cash released today.

Way to go GUN and another £218k cash available for reinvestment ... nice top-slice!
ATB APR

@techtonic Yes if Rincon could manage that sort of performance and MCap I would be very happy indeed. Rincon is sat at £7.8m today so a more realistic 6-bag would be a very modest £46m MCap.

We know Rincon is sat on a lot of excellent historic NCM Drill data and more recent geophysics results so if it hits further copper/gold mineralisation at the kind of grades and lengths seen before then we could see some SP fireworks .
ATB APR

@techtonic possibly but as my funds only became available in Feb-21 so I was very happy with investing in Rincon at £7.5m MCap vs. Eagle Mining at 0.35/0.45c or circa £40m MCap at the time. Clearly EM2 has done fabulously since and is sat at £114m MCap today.

If only my foresight was as good as my hindsight !!
ATB APR

Nice after hours close at 140p just above todays 20DMA at 139p. Hopefully todays positive news allows SP to firm up a bit more. Next upside target for me is still to close above 140.5p which seems to have been support/resistance for the last few weeks and the 50DMA at 142.5p.
ATB APR

@solstace Thanks useful new addition to the GWMO website showing a whole host of historic drill collars, fault lines, historic mine shafts and adits overlaid with soil sample results, new licence area and 11x planned drill locations.
ATB APR

I also follow ASX:Rincon (copper/gold) junior explorer closely as it has flatlined as drilling/exploration season is really only just (re)starting after super hot and/or wet season where little can be done in Aussie. I am expecting CCZ to start to pickup as activity and associated newsflow picks up in the coming days/weeks.
ATB APR

@techtonic I have been looking at TME data on SPAC IPOs and the money raised is just truly HUGE in the US both this year and last all chasing something to buy. Personally if GUN are convinced it is a good investment then why only invest £50k or is this just dipping of toes as SPACs are 'new' ?

Would need more information to form decent view, but how different are they from say Pires, SVV, GUN, Pluto, ARB or other investment vehicles other than their focus (in this case) in new media. We know that a number of the blockchain ventures have been stunningly successful for both ARB and Pires; ARB is highly leveraged to the sector and Pires less so. GUN is definitely far more diversified and has a definite growth focus on resource companies (key metal explorers and royalty streamer) with Low6 and Rogue Baron providing the diversification.
ATB APR

Price at 138p is currently sat on daily 20DMA it will be interesting to see if we can close above 139p and break both the recent downtrend and close above the 100DMA currently sat at 138.7p.
Next upside target would be 140.5p which seems to have been support/resistance for the last few weeks and the 50DMA at 142.5p.
ATB APR

Recent drop to 117p on 15-April following news of modest FY2021 outlook now looks like being both misplaced AND a very good entry point ... albeit very brief !
ATB APR

Fantastic a 5-year extension to existing Gedabek licence area leaving (at least) another 5-year extension available in due course.

What is REALLY encouraging is "This extension has been ratified by the Government of Azerbaijan during on-going negotiations for the Company to increase its land under concession in Azerbaijan both through enlargement of its existing contract areas and the licencing of new areas. This will enable the Company to expand its operations in the country. "

AAZ is clearly doubling down on Azeri focused exploration and production; with a supportive government, 3x concession areas newly returned and being assessed plus possible new licence areas to apply for this makes good business sense and should play to AAZs strengths.
ATB APR

A Special Purpose Acquisition Co. investment focused on 'new media' targeting IPO later this year and raised £3.3m cash with GUN Investing £50k. Looks like high profile BoD and investors ... should be interesting
ATB APR

@lukey Hard to judge BH style with drilling news as last time GWMO did any drilling back in Oct-2018 BH was a non-Exec so did not call the shots. Typically juniors drill, report on visual mineralisation indication, send samples off to lab and report assay results in tranches often aiming for some sort of newsflow every 2-3 weeks.

It will be interesting to see how BH wants to play this given the 11x RC drill programme announced RNS 16-Apr-21 at Olympic licence area:
> Olympic Trafalgar Hill = 6x holes ... already underway
> Olympic West Ridge = 2x holes
> East OMCO fault = 3x holes in new licence area

PDF map @ http://www.greatwesternmining.com/home
I suspect we will get at least one RNS per Olympic drill site depending on timings et al ... then drill rig moves to RH group for next stage of drill programme. We already know planned works run into Jul-2021.
ATB APR

Steady 250k / £17.25k block buying continues into this morning.
I continue to sit on my hands & await news
ATB APR

@Techtonic Nice one ... you beat me!
ATB APR