Member Info for ART123

While it is good to have 2 drills working at the same time and that is certainly better than the 1 drill that was used for Phase 1, if Mr Bird wanted to get a move on proving up this asset then 4 or 6 drills might be a good idea.

GGP had 8 or 9 drills working round the clock to get the Havieron prospect drilled enough to come up with the maiden resource estimate.

Now Mr Bird has a better idea of what he is dealing with, as well as a target resource, then I think he should get a move on, if only to get the share price moving upwards.

At his age - did someone post that he is 78 - he should definitely up the pace, that is unless he is nodding off on the job. This pace is just silly.

Hi,
Can anyone who is following this closely tell me if Phase 2 drilling is going to be sufficient to come up with a JORC, or is that going to need further drilling.

Also, if this will lead to an upgrade to the existing JORC, will it be the 2 million tons target or is that going to need more drilling anyway.

Cheers in advance of a response.

I see that Hole 09 assays are on the other pdf too.

Basically it looks as if Mr Bird is withholding assay results. Tut, Tut. Naughty boy.

No wonder the share price is considerably below the placing price.

It seems that the hole 07 assays were mentioned earlier. Apologies, I have been out and did not look back through the earlier posts.

Nonetheless my comments regarding why they drilled to 846 metres but are only reporting assays over the strongest mineralisation are still valid. If the lower grade mineralisation will count towards the resource estimate surely they should be either assayed . If they don't count then why bother drilling to 846m.

Today's update is about holes 18 and 19 with reference to hole 08 as well. The recent assays were only for hole 08 and yet on the drill location plan there are clearly shown assays for hole 07 which as far as I can see have not been released to the market.

Hole BRDD - 21- 007 155 metres at 0.47% CuEq
including 110m @ 0.55%CuEq
and 38m @0.69%CuEq

The drill intercepts were:

"The second angled hole of the programme (BRDD-21-007) has been completed at 846.9m after encountering a well-mineralised 173m interval of copper mineralisation from 239m depth

· Multiple porphyry units were encountered in the hole, with persistent lower-grade copper mineralisation throughout much of its length."

The 155m high grade assays fit okay with the 173m of high grade mineralisation. Presumably there are also assays for the "persistent lower-grade copper mineralisation throughout much of its length" but at a lower grade than needs to be reported.

I am not sure why they drilled to 846m if it was all over by about 400m, unless these lower grade intercepts will count towards the mineral resource, in which case why are they not reported.

Wake up Mr Bird!!!!!!!!!!!

What we need is an update on Phase 2 and whether this is being extended or are we now in Phase 3.

Phase 2 was for approx 8,000 metres over 13 holes. That is from hole 07 to 19, which we now know is completed. The actual total drilled for the 13 holes according to the drill plan is 9259 metres, so we can assume that Phase 2 has done what was planned.

The previous update and the drill plan confirm that holes 20 and 21 are in progress. So has Phase 2 been extended or is there a Phase 3 and if so what is the planned meterage and number of holes.

WAKE UP MR BIRD!!!!!!!!!!!!!!

An operations update is now overdue and is what is needed to give this lagging SP a good kick up the backside.

The last update was included with the Q2 results on 1st September. At that time production was 1604 bbl./d net to COPL and rising fast.

Also this was drilled :
"Oil discovery at the 100% working interest Barron Flats Federal Unit (Deep) exploratory well expected to open new field developments. Six (6) oil bearing sands totalling 246' (net porous sand)/282' (gross sand) intersected. Production casing is currently being set to total depth of 9,220'."
"We are excited about our 100% owned Barron Flats Federal (Deep) oil discovery announced today. Our next task is to test all six of the sand intervals through casing over the next several weeks."
"Barron Flats Federal (Deep) 100% oil discovery to be tested through casing. The testing program will lead to initial production and define a further exploration/appraisal and an exploitation strategy for the targeted reservoirs."

"next several weeks" was the prediction from 4 weeks ago so this testing should be done by now.

"With the oil price and our assets performing well ahead of expectation, the Company is in a very good position for the short, medium and long term."

The only letdown and part of this that is not "performing well ahead of expectation" is the damned shareprice. That is lagging some way behind expectations!!!!!!!!!!!!!

And now my IG Isa holding has reappeared with the share number consolidated but at the old price. 1 million old shares are now worth £32.

Having said that my equal amount small holding in my IG Isa has now disappeared altogether.

It just shows how incapable these trading platforms are of handling consolidations.

My ADV holding, also in my IG Isa, still shows a total profit from their consolidation a while ago.

Who's complaining.

My II Isa account has increased the SP but not decreased the number of shares. So my small holding of 1 million shares pre con in that account is now worth £310,000.

As at 30 June 2021 the Group held cash balances of £8,084K. An operating loss has been reported for the Group, however, as at the date of the release of the consolidated financial information, the Group's assets have been and continue to generate revenues.

As is common with junior mining companies, the Company in the past has raised finance from shareholders for its activities, in discrete tranches to finance its activities for limited periods only and further funding would be required from time to time to finance those activities.

During the first half of 2021, the Group raised a total of £10.5 million before expenses.

The Directors have assessed the working capital requirements for the forthcoming twelve months and have undertaken the following assessment.

Upon reviewing those cash flow projections for the forthcoming twelve months, the Directors would not expect for funds to be raised through equity raisings, or require additional financial resources in the twelve-month period from the date of authorising the consolidated information to enable the Company to fund its current operations and to meet any future commitments in the event that the Company decides to continue with further exploration work including drilling campaigns in Australia and Zambia.

On the subject of location, even GGP's Havieron project is very remote and virtually in the middle of nowhere and in a place where it gets very, very hot at some times of the year.

Solgold's prospect also has a very unfortunate location - both remote and very hilly and not in a very advanced mining jurisdiction - certainly not as advanced as other South American countries.

The Bushranger prospect does have a very good location - with maybe just the risk of forest fires if those are trees and forests showing on the drilling program.

Apologies - watching the utube video it was the other guy asking the questions who came up with the inflated figures and not Colin Bird.

Anyway the price of copper is going to fluctuate. Today it is down to $9000 a ton but as I posted the other day the inground value here of the 2 million ounces of contained copper equivalent is way higher than the maiden JORC at Havieron which came with 4.2 million ounces of gold equivalent. And the price of gold will fluctuate as well.

An update re-drilling plans might be a good idea.

The placing in April (at 5.5p which is still unbelievably higher than the present SP) was to fund 20,000 metres over 6 months.

Phase 2 was for 8,000 metres over 13 holes.
According to the drill plan from the recent RNS -
http://www.rns-pdf.londonstockexchange.com/rns/5169M_1-2021-9-21.pdf
- 11 Holes - that is 07 to 17 have been completed for 7,834 metres. On top of that hole 18 has been completed for another 732 metres and hole 19 appears to be still ongoing, plus they have already started holes 20 and 21.

So Phase 2 is now completed according to the original drill plans. Or has Phase 2 now been extended? Or are we now in Phase 3 - in which case it would be nice to see the drill plans for this phase.

Also you cannot make a mistake with your sums to the factor of 10. That is absurd and needs an official correction.

Maybe they should concentrate on what they are doing a little more. And why not have 4 drills working on this? Or even more - 6?

GGP hit an outstanding m/cap around the time of the release of the maiden JORC. But it wasn't done with only one eye on the job as Newcrest had 8 or 9 drill rigs in operation at the same time to get the asset resourced as quickly as possible.

It looks like the shareprice is loitering around at a 20% discount to the last placing due to sloppy management. This was 8p/9p earlier in the year on Phase 1 drilling and it would be nice to see at least that now.

I see that 10 holes were completed during the first 8 weeks of Phase 2 so the assays should be coming out thick and fast soon.

I'm surprised the SP hasn't kept it's level or stayed rising as every hole drilled so far has been successful.

Art : 10:08

In addition to the copper and gold there are also useful amounts of silver. It all helps to sweeten the pot.

Yes, Cygnus7 - the 2 million ounce resource will contain any other metals contained within but the JORC will be in copper equivalent as that is the main resource.

GGP's maiden JORC, for example, was for 4.2 million ounces of gold equivalent, comprising 3.4Moz GOLD and 160Kt COPPER.

GGP's shareprice and m/cap rose for a whole year - 12 months - in anticipation of the JORC. And Newcrest had been drilling for 7 months before the shareprice even started to rise at all. Actually when it came out - December 2020 - it was the time to sell as the shareprice peaked and has been dropping ever since though the m/cap is still somewhere around £700M or $1B.

If anything this project is more advanced than Havieron was at the early drilling stage as there is already a target resource on the table - at 2 million ounces of contained copper. At some stage this will similarly start to rise steadily in anticipation of the 2 million ton resource. And we have a major in the background when the 2 million ounces is achieved.

As for the Phase 2 drill holes:

08 - 591m total depth with strong mineralisation over 120m interval - look at what that has given us!!!!!
07 - 846m total depth with strong mineralisation over 173m
09 - 735m TD and mineralisation over 236m and 132m intervals
10 - 769m TD and mineralisation 356m and 168m intervals
11 - Hole BRDD-21-011 was completed at 673.3m, having intersected 512m of visible copper mineralisation from 110m, including two intervals of stronger mineralisation over 43m and 162m lengths in the main (western) zone and one stronger mineralised interval in the eastern zone over a 49m length.
12 - Hole BRDD-21-012 was completed at 498.4m after intersecting a 187m interval of visible copper mineralisation from 204m-391m, with a stronger 74m zone of mineralisation intercepted from 204m to 278m.
13 - Hole BRDD-21-013, drilled at -50 degrees within the south-eastern part of the conceptual Racecourse open pit, was completed at 855.5m having intersected intervals of chalcopyrite mineralisation over about 305m length from 84m depth
14 - Hole BRDD-21-014 was sited to the southeast beyond the limit of the current Racecourse Inferred Mineral Resource and the conceptual open pit area to test a new MIMDAS IP target not investigated by previous drilling at Racecourse. The hole was drilled at -55 degrees towards the northeast and reached a final depth of 816.5m. It intersected what appears to be a new segment of the Bushranger porphyry complex, with significant widths of pyrrhotite-pyrite mineralisation and associated copper sulphides.
15 - Hole BRDD-21-015 was targeted at the Northwest extent of the interpreted mineralised zone and was completed at 780.5m depth having intersected 566m of visible chalcopyrite mineralisation from 204m depth
16 - Hole BRDD-21-016 was targeted in the Southeast extent of the interpreted mineralised zone and was completed at 645.5m depth, visible chalcopyrite was intersected over a 492.5m interval from 93m depth, which includes two stronger zones of mineralisation from 162m to 302m and 430m to 525m

and so it goes on............... every hole is hitting big mineralisation.

XTR is without doubt GGP all over again. GGP's shareprice loitered around for ages before it started to rise and then it was meteoric.

Look at the figures:

2 million tons of copper at $9300 per ton = $18,800B

4.2 million ounces of gold at $1750 per ounce = $7,350B

This copper asset is huge.

GGP m/cap was £1475B when their resource estimate was announced.

Here the 2 million ton resource may be achievable from this current 20,000 metre drill campaign giving more than double the inground value of GGP's Havieron JV.

2 million tons of copper and not ounces