focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
Because 1. Unpublished news leaking from Far East ? 2. Overhang clearing ? 3. Good research summary from kobe on advfn
due to overhang clearing and some of the non-released news ? also good research by kobe on advfn
Despite the good news, the share price has not reacted accordingly and moved up a trading range. The shares started the year at 36p-40p and are currently quoted 30.5p-32p. The price is clearly sensitive to news releases and generally reacts well to positive newsflow, but tends to drift (particularly in the current climate) on any perceived lack of news. To us the stock seems unduly range bound in the 30-40p range, perhaps indicative that despite positive news, production is a way off. By way of background, the current market capitalisation seems to assign little value to an existing gold mine, which has 650,000 ounce gold resources, a mill, 158,000 hectares licence area and enough cash to carry out the necessary resource upgrade activities. Close to the Palito gold mine, 18 primary targets have been identified, each of which possess a similar geophysical signature to the Palito deposit. A 7,500 metre drilling programme on nine of these drill targets has begun and the plan is to identify two or three mineralised areas, similar in size to the Palito gold deposit, within the immediate mine site area. The board's multi-mine scenario envisages three 25,000 ounce per annum satellites trucking material to the existing mill. With the level of reserves suggested, the greater Palito project could become a 75,000 ounces of gold a year operation, with a mine life in excess of ten years. Further news on drilling results should emerge throughout the year. We expect Serabi to generate plenty of news as it continues to journey towards the establishment of a resource of 1.5 million ounces (gold equivalent).
next few days according to posters on advfn and iii fountains - 9 Mar'11 - 12:23 - 690 of 694 Fraser Mcgee has just confirmed to me that he is currently at The Prospectors and Developers Association of Canada and wrote (from his BlackBerry) that there will be an update regarding the Vietnam project before the week end.
sounds positive ?
i iike many small gold miners including TPJ, CNR, MVC
Based on my boots-on-the-ground walk through and into the mine site, I expect that there are unmined gold-bearing vein systems parallel to the existing mine workings. I also expect that the vein system extends much deeper than the current mine workings, which ceased production due to water table issues and World War II. That is, they did NOT run out of gold. These new mineral resources are likely discoverable via modern geophysical techniques, such as gravimetric and magnetotelluric measurement, supplemented by a judicious drilling and sampling program. The challenge will be to nail down more of the structure control in the faulted and sheared gabbro. It’s this structure that controls the gold vein mineralization. Find the structures and you’ll find more veins. Find more veins and you’ll find the gold. It’s not as easy as it sounds, but scientifically, it’s very do-able if you get the right people and apply enough money to solve the problem. Leveraging the Partners Under the newly announced LOA, Reservoir is leveraging Orogen’s experience and money to accelerate the Deli Jovan gold play. This takes Deli Jovan out of the realm of interesting history and arm-waving resource speculation into the arena of solid resource development. Under the terms of the LOA, Orogen can earn up to a 75% interest in the Deli Jovan project. That leaves 25% for Reservoir, at ZERO cash investment and with only the usual risks of time, technology and geology. At the end of the day, Reservoir’s idea is to rebuild Weifert’s old gold mine complex, which was, in its day, one of the most prolific gold mines in Europe. Indeed, my most optimistic comparison is with what happened with Goldcorp when it took over the old, “played-out” Placer Dome workings at Red Lake, Ontario. Goldcorp took the old workings and built one of the most productive gold mines in the world. Just to be sure you understand, that’s my best-case dream scenario. We’re just at the beginning of something and still a long way from that level of Goldcorp’s success. But the Goldcorp story shows that it’s not impossible to hit it big in old mines.
Reservoir is doing extensive geophysical work at the surface, along with a drilling program to cut across the vein structure and identify spots that the Romans and the old Weifert miners missed. I’m absolutely certain that the mineralization extends quite a bit deeper than the Weifert miners dug. They were limited by their technology, namely chasing the veins with nothing but their eyeballs. Modern technology can get you much further. Remember, the mining stopped in 1936 because of water table issues, complicated by the looming issues that led to World War II. The old diggers did NOT stop mining because they ran out of gold. In other words, there’s a lot of gold in them-there gabbro hills of Deli Jovan. The Future Is Now This just in, Reservoir management just broke the news that it has entered into a letter of agreement (LOA) with a group of Irish miners, Dublin-based Orogen Gold Ltd. This pertains to the Deli Jovan gold mining district. Here’s the deal. Over the next 42 months, Orogen will invest $3.5 million in exploration and development work on Reservoir’s mining concession at Deli Jovan, the site of the old gold mine dug by Georg Weifert in the early 1900s. It’s excellent news — and $3.5 million will go a LONG way in Serbia. It’s like investing $20 million in, say, Canada or Alaska. Usually, with speculative resource development, you’re dealing with a patch of barren goat pasture out on the other side of nowhere. Sure, the typical stock promotion is that there are signs of mineralization on some obscure mountainside. Maybe there’s some drilling, illustrated by a few vague maps and such. But with a lot of prospecting and development plays, you’re starting from scratch, in terms of building access roads and digging the basic hole down to the pay dirt. And scratch is expensive. But at Deli Jovan, there’s already a road system, a power line system and a work force nearby. Plus, there’s already a mine blasted nearly two miles into solid gabbro — some of the hardest rock in the earth’s crust. The old Serbian mining magnate, Georg Weifert, did much of the hard work for us, early in the last century. So now it’s an issue of re-entering the old workings, making safety improvements and getting promptly down into the ore zone. Digging for Gold! What about that ore zone? Well, the old-time miners used their eyeballs and dynamite to blast away and “chase” a gold-bearing system of quartz veins. Sure, the old-timers dug out a lot of gold, but they didn’t get it all. I’m convinced that using modern exploration techniques, the current generation of geologists and engineers can find a heck of a lot more gold in those hills. Based on my boots-on-the-ground walk through and into the mine site, I expect that there are unmined gold-bearing vein systems parallel to the existing mine workings. I also expect that the vein s
For some strange reason, nobody re-opened the old gold mine for almost 75 years. It wasn’t in the 5-Year Plan, I guess. A couple years ago, Reservoir picked up the gold mine concession from the Serbian government. Then Reservoir sent in its geologists to map the place. What’s Down There? So what’s down in that old gold mine? On my trip to the mine I found out. Let’s start with the copper mineralization. Here’s a photo of a rock sample that I picked at random from a pile of mine waste at the surface. I smacked a geological hammer against a hunk of gabbro, and the rock broke open to reveal extensive malachite mineralization. This rock, below, is probably about 5% copper ore. Then I put on my rubber boots, a yellow slicker and a hard hat. I walked about two miles into the old mine, down to the areas where the miners quit digging in the mid-1930s. There I was, walking through mine muck almost up to my knees, accompanied by two geologists and another rep from Reservoir. We all had a miner’s lamp on our hard hats, and flashlights. Other than that, it was pitch black. The sounds we made echoed up and down the tunnel, bouncing off the super-hard gabbro walls of the shaft. For safety, and to keep out of the muck, we walked a lot on the old gravel bed where the rails for the mine carts used to be. It was damp, cool and actually kind of pleasant — if you enjoy being in a three-foot wide hard-rock tunnel, hundreds of feet underground, that’s been closed for almost 75 years. Basically, the old miners followed the vein structure. They blasted the gabbro, and mucked-out the quartz veins with associated gold ore. Near the entrance to the mine, the workers were pretty thorough. But further down? Well, they left a lot behind. Further down, we located numerous areas where the quartz veins are still intact, with gold ore embedded in the crystal structure. In some areas, the gold ore just comes right out if you stick the pointy end of a hammer into it. The ore has the consistency of packed, wet coffee grounds. The ore is easy to mine. It’s the gabbro that’s a *****. There are different assays at different spots in the mine, but the numbers are quite impressive. We’re talking about numbers like 10 grams of gold per ton to way over 200 grams per ton. Nice ore. Very mineable. And this is what we were finding in the old, blasted-out, mined-out part of the mine. Keep in mind, we’re just talking about exploratory samples… not the entire proven reserves. We won’t know precisely the grade and quantity until full-scale production begins. But even if it’s only 5% as rich as what some of their samples suggest it would still make this one of the most concentrated gold deposits in the world! Take a look: Reservoir is doing extensive geophysical work at the surface, along with a drilling program to cut across the vein structure and identify
The Lost Gold of King Alexander I Deli Jovan is an ancient body of gabbro rock — essentially, basalt that cooled and crystallized at depth. Then over geologic time, the gabbro was intruded by hydrothermal waters that deposited copper, gold and silver mineralization. Over the ages, there was uplift, erosion and a soil profile developed. That’s where the Romans found the gold. Basically, some farmer or shepherd probably kicked over a rock, and saw something shiny. The Romans found so much gold in the soil that Emperor Galerius built an imperial palace not far away, at a site called Felix Romuliana. I’ve been there. It’s a U.N. World Heritage site, and absolutely fascinating in its own right. But let’s not tarry on Emperor Galerius, except to say that he was onto something. His big problem was that, for all its engineering achievement, Rome didn’t have chemical explosives, with which to blow holes in the gabbro rock. No, busting up the gabbro had to await the 20th Century, and a Serbian mining magnate named George Weifert. This too is a long, fascinating story. Short version? Weifert started out with the copper mine at Bor, described above. He made a whole bunch of money, and plowed a lot of it into other ventures. Weifert built a gold mine at Deli Jovan, starting in about 1901. Weifert’s miners found a large outcrop of gold ore near the surface. They mined and “chased” the vein system deep into the heart of the gabbro hillside. The gold output from Deli Jovan was such that it made Serbia a wealthy country — despite its small size and precarious position between the Austro-Hungarian and Ottoman Empires. For several years, before World War I, the Serbian dinar was literally “worth its weight in gold.” Indeed, success breeding success, Weifert went on to run the Central Bank of Serbia. His image is on the current Serbian 1,000-dinar note (see photo below). The King’s Gold Mine Weifert ran the gold operation through the 1920s, but eventually the mine passed into the hands of King Alexander I of Serbia. Politics, y’know? In 1936 Alexander, and his mine managers, closed down the gold mine. The “public” reason was that there was too much water seepage, and the pumping technology couldn’t keep the pits dry. There is, no doubt, an element of truth there. But another, larger reason for closing the gold mine was the looming prospect of World War II. The Serbs are no fools. They saw what was headed their way. So they sealed up the mine in the hope that the eventual conflict would bypass Deli Jovan. Again, there’s a long story in all of this. There was World War II, during which all of the mine documentation was destroyed, along with most of the top-side workings — blasted to smithereens. It’s only ruins, now. There was also post-war Yugoslavia and Communism. There was the Cold War. For some strange r
lucky TPJ are hunting for gold in PNG with this chap However, the key to Barrick’s involvement may be one of the directors of Sierra Mining, Peter Macnab. Sierra last year put PNG on the backburner while it concentrated on its Philippines. Sierra, which is one of the group of explorers headed by well known Perth mine investor Ian Middlmas, includes on its board Mr Macnab who worked for Australia’s Bureau of Mineral Resources in the years before PNG independence and did much of the exploratory mapping of the territory. Subsequently, as principle geologist for Kennecott New Guinea, Mr Macnab was involved in the discovery of Lihir. He is regarded as one of the most knowledgeable people on the subject of PNG mineralisation and now lives at Buka, the administrative centre for Bougainville. taken from this article Gold action in PNG http://www.theaustralian.com.au/business/mining-energy/gold-action-in-png/story-e6frg9ex-1225985567126 GLOBAL major Barrick Gold has teamed up with a little known junior to expand its gold exploration in Papua New Guinea.
hasn't had the guts to show his face here after calling it so badly wrong
Mon 16:46Tree-shakeal006.05No Opinion Results are not expected untill AT LEAST the end of this month at the very earliest. That's an awfully long time on the AIM, especilly for a share like TPJ that can drop by 15% in a day for no reason. The Magazine tip is losing its appeal and its already some 30% above the price it was tipped at. Such artifical rises almost always see a retrace soon after, and it looks to have already begun here.
Got my copy of shares through this morning. A good full page piece on TPJ as one of their small cap tips for 2011. Classed as extremely high risk but countered with 'the rewards could be suitably high'. It has to be said that the author of the piece does hold TPJ shares. It goes in to detail about the jv with Newmont and Barrick and the proximity to the Wafi-Golpu deposit. Then onto the jv with Gold Anomaly and when resource statements can be expected. Now I have this it will make some inteteresting reading over Christmas and a basis for some more detailed research with a view to investing in the new year.
is what I have heard