Member Info for aprogerson

@Eeyore Welcome onboard. Good place to start is RNS from Jul-2020 with AAL 6-month Exclusivity announcement followed by extension in Jan-2021 that is still running. I would work through the RNSs and build your own picture as we move forward to an announcement of a transaction (or not). 99.99% of us believe there will be a transaction offered and the BoD have been doing everything to prepare for such. The details and timing however are anyone's guess and working through the breadcrumbs is what this BB does very well.
Enjoy
ATB APR

@CanaryDwarf nothing I can find anywhere, but remarkable week for Rincon touching intraday low on Monday of 19.52c and closing up yesterday at 29.29c with no news!

Agreed @sanboy I'm feeling like a fully fledged grouch today when I should be cheerleading

Thankyou @happyhaddock at least its not just me thinking the same thing!
ATB APR

LOL @Edgar I'm not accusing anyone of deliberately trying to mislead. I am asking for clarity as I think that to publish those extraordinarily high grades 'per tonne' without context or explanation and then to say that heap leach is not economic to extract further metal is not credible given what has been stated. The RNS figures imply a 435g/t Gold Equivalent Ounce grade at 68:1 Silver/gold price ratio or almost 14 GEO/tonne which is extra-ordinary given 1oz/tonne is considered Bonanza grade for an underground operation.

We all know there could be a 101 different reasons why this might or might not be the case, but someone without some background knowledge reading the RNS might not appreciate that.
ATB APR

Thanks @Chisler Good advice, I'll try to contact their Nomad Novum directly.
ATB APR

@mcadder Yes understood and if I have caused offence I will apologise as none was intended.

My point was the tailings grades quoted are so extraordinarily high I would have expected some further explanation to provide suitable context and/or much higher prominence in the RNS given those very high grades. Some acknowledgement of just how extraordinarily high and an associated cautionary note would have also been appropriate.
ATB APR

@simulator Yes 157.6% agreed

@penderos Agreed. My point was the disparity between quoted tailings 'bonanza' grades which would support considerable expenditure and squeezing out of every last % of metal vs. what we all suspect is 'somewhat' lower tailings grades albeit still 'high grade' as defined by World Gold Council.
ATB APR

@friedpotato I'm sure it is no consolation but you are not alone as my average is around 3.2p

All my junior explorers have dropped during 'closed' season as investors have drifted off elsewhere on no new news. My only consolation is that drilling should resume shortly and with it newsflow so hopefully the SP perks up too.
ATB APR

Just sent this to GWMO for clarification as you can probably tell I'm not happy.
......................................
Todays RNS
Dear Brian,
I am a big fan of GWMO (I hold just under 1%) and its gold/silver prospects. I'm also supportive of the recent decision to return to copper and the big push to generate revenue from historic tailings.

I consider myself a fair, reasonable, balanced and informed investor in the Junior exploration and mining sector who regularly blogs on the LSE BBs under 'aprogerson' so I'm not exactly hiding.

I was however very concerned that this morning RNS says "yielded up to 140 grams gold and 20,000 grams silver per tonne processed" is just not sensible, realistic or defensible especially as it says "per tonne processed" ... did you process a "nuggety" 100g sample or actually run a whole tonne through? IF these figures were indicative of the whole MJ tailings you would have refocused resources to processing them immediately and included heap leach as the metal recovered would be worth many times the costs involved and the current MCap.

My point is I recognise the HUGE effort GWMO has gone to get this far and I am genuinely exciting by this years extended programme however this should not be at the expense of GWMOs credibility.

I trust you will do the right thing and clarify the situation wrt the MJ tailings, decisions made and indicative grades.
Regards .................

I think the bottom line for me is that as investors in Junior miners we (well most of us) know that a sample or drill grade is not necessarily representative of an overall deposit as grades vary so much which is why producers have 'mine plans' and 'blend' their production grades to optimise metal production. We also have resources measured in terms of inferred, indicative and measured using the JORC code so we have an independently verifiable 'measure' of what is really there.

However GWMO is a junior looking to produce an attractive revenue stream from tailings from very high grade historic mines previously quoting 2.28g/t gold & 30g/t silver sample tailings grades which in themselves are actually really good grades.

I just think that quoting "yielded up to 140 grams gold and 20,000 grams silver per tonne processed" in todays RNS is just not sensible, realistic or defensible especially as it says "per tonne processed" ... did they process a "nuggety" 100g sample or actually run a whole tonne through?

The point I am trying to make is that kind of exaggeration is just totally inappropriate and if accepted needs to be beaten next RNS to get a market response. IF that is really what they found and really indicative of the MJ tailings as a whole then I would have expected GWMO to bag this morning and then bag again this afternoon ... it hasn't ... which says no one believes it which is not good if we cannot believe what is published on an RNS or is it just me thinking this?!

Why do I now have to feel guilty for criticising GWMO for what should be a really positive RNS with unbridled good news about superior % recoveries following the decision to go the Gravity Separation route as I just cannot believe the grades quoted?
AIMHO APR

WOW what an RNS! Lab results on MJ tailings samples are back ... to recap what we now know:
> Gravity separation most cost effective & recoveries in excess of 50% gold and 40% silver
> Recoveries of up to 140g/t gold and 20,000 g/t silver stated
> MJ Tailings of 12kt available for extraction

This is a Gob-Smacking HUGE improvement on prior RNS @15-Oct-2020 stating bench test gravity recovery of 30% gold and 15% silver plus expected grade from MJ tailings at 2.28g/t gold and 658g/t silver.

The RNS also confirmed that Heap leach NOT being pursued now due to the costs, but IMHO could easily be added later as post-processing especially when new ore comes onstream following drilling campaigns now underway. For comparison RNS @15-Oct-2020 confirmed 48-hour bench test for cyanide leach recovery at 87% gold and 46% silver.

Bonanza Grade Definition:
The World Gold Council defines a high-quality underground mine as having a gold ore density between 8 and 10 g/t (grams per ton), while a low-quality underground mine has a gold ore density of 1 to 4 g/t. Some view bonanza-grade as more than 34 grams of gold per tonne or more than one troy ounce of gold per ton.

For comparison a high-quality open pit gold mine of 1.5g/t gold is considered high quality. Tailings are about as 'open-pit' equivalent as you can get but easier as you just dig them up off the ground and load them.

Commentary:
I'd love to rerun my small-scale tailing production calculations, but frankly the tailings grade quoted is just too fantastic to be believable, don't get me wrong I REALLY want to believe it but it is Super, Uber-Bonanza grade from tailings. Put it another way at 60:1 Silver/Gold ratio the silver is 330g/t gold equivalent plus 140g/t = 470g/t Gold. IF that were true the 12Kt tailings would contain approx. 180Koz Gold Equivalent Ounces and if we assumed ridiculously high start-up AISC of $1,350 vs $1,700 sale price would generate $350 profit/ounce or $63m/£45.7m free cashflow (profit). These figures are incompatible with GWMOs "Heap Leach is uneconomic statement" as quite frankly I would heap leach the heck out it (probably twice for good measure!) for another 37% gold recovery alone if 50% recovery =140g/t then another 37% = plus 103g/t !

Brian Hall, something does not add up here. Clarification is urgently required, today would be good.

There are businesses Jubilee and PAF making money reprocessing old tailings for less than 1g/t recovery.

Someone PLEASE tell me I have misunderstood something and correct me if I missed something?! I know it is 1st April but this is an RNS Brian.
Clearly AIMHO & DYOR APR

@staffnumber RB shares are subject to a lock-in period so GUN cannot sell them on the open market hence private/off-market block sale to Akers; note shares sold are still subject to lock-in period so Akers has no intention of flipping them. Shares are illiquid due to lock-in hence cheap sale price. GUN must have a use for the proceeds or why sell a chunk now plus balance of 25% is still very chunky strategic holding so no worries there either as RB rises GUN can sell down slowly to recirculate cash into new promising investments as they appear once lock-in concludes.
ATB APR

Rogue Baron opened today at 8p and now 9p so Akers doubled his money already as he bought them off GUN for 4p ... nice

Very interesting turn of events with 3m RB shares sold to Chris Akers ... I honestly did not see that one coming as I thought Akers focused on Pharma and Blockchain. I'm guessing as he never invests unless he thinks it has 10-bag potential that he thinks RB will do well.
ATB APR

Stunning grades at Eagle mountain and a nice 19.6% boost overnight for Rincon ... and now for a decent coffee so perfect start to my day
ATB APR

LOL @Ella I have come across Afrimin before ... I just can't remember where

@Ella Clearly something is going on with the licences across Zaco and ZamSort licence areas as this kind of (re)classification and/or division/sub-division activity is done with particular forethought and malice.

Do you, or anyone else on this BB for that matter, have one or more clear, concise & plain English explanation/s?

I'm getting that distinct "ducks and rows" feeling again, but can't quite put my finger on it.
ATB APR

@westie LOL. can't say I've ever seen any of those on AIM ... you must be mistaken !