Member Info for ART123

One positive I can see here is that according to the recent 2cnd Quarter Results, OMI have received a further payment towards this years drilling costs. See:

"Initial funding of approximately $650k was received by Minera Anzá on October 2, 2020 from Agnico to restart the exploration program. And a further $1,130k was received subsequent to the period end on December 11, 2020. This funding is to be directed solely to fund exploration on the Anzá Project for the 12 month period starting September 7, 2020 and are the first two tranches of the required $4 million of expenditure for this 12 month period per the terms of the Exploration Agreement."

The first $650K funds the initial 2,400 metre drill. The $1,130K looks to be enough to fund around another 4,000 metres and the final $2.22M payment should see another 8,000 metres drilled. This needs to be done by 7th September 2021. This would be around 14,000/15,000 metres of drilling by September.

This, if achieved, and it looks as if the funds will be received okay, is a marked improvement on the first 2 years of the agreement with Newmont when no metres were drilled.

Not quite GGP, where Newcrest started their drill campaign within 2 months of signing their agreement and have been hard at it ever since. They have 8 drills in the field and are drilling 20,000 metres every quarter and have brought the agreement schedule forwards (Newcrest have funded GGP to the end of Stage 3 already which was due to be within 4 years but now has been done within 2 years).

Just a shame they can't get a move on here. Still, if not a GGP, this can always turn out to be a SOLG, who have spent years drilling but have got there eventually and they still a strong m/cap.

Management here are not great either. Such important information as receiving the next, and larger, tranche of drilling funds on 11th December 2020 should have been notified to the share holders at the time.

Having been sitting on this now for nearly 6 weeks it would be a good idea to start to spend it. Maybe Brad will outline the plans for this $1,130K of drilling in his presentation.

The m/cap was £3 Million a year ago and they still had every single one of the historical drill results from Waymar and the 15,000 metre drilling by Orosur.

The current m/cap is nearly £50 Million but nothing has changed since then except they have finally started on a paltry 2,400 drill campaign in an already drilled area - boring - which will just show pretty much the already known assays.

The last investor presentation was on 3rd December 2020. Nothing has happened since so I don't what you honestly expect to be any different. The link to the presentation is here:

https://www.orosur.ca/files/Turner-Pope-Investment-Presentation_December-2020.pdf

Please don't get too excited. Despite the excellent historical drill results from pre-2014 and 2017/2018 the current 2,400 metre drill campaign is the first time any drilling has been done here in three (3) years.

I suppose it is the price of gold that has got some interest back here.

This share was good at 2p, even at 5p but at 25p/30p there just isn't a great deal of upside - as can be seen by the recent share price movement (or the apparent lack of it).

This might change but it will need a huge increase in the drilling, and some pretty good consistent results.

The share price has been in the 2p to 5p range for most of the two years plus that Newmont have been on board, despite the historical drill results.

They need to up the game here. The speed of progress is dismal at best. It looks like Newmont were about to walk away from this prospect but instead they have got Agnico to share the costs but we still don't know what they will make of it. The price of gold may save the day here, though even that seems to be stuck in a range at the moment.

With $7.6M in the bank it would be nice be good to hear that they had acquired another asset.

This present one was acquired in 2014 and with a 12 year, three-phase earn in starting in September 2018 this isn't going to happen very quickly. Err that's September 2030!!!!!!!! and that only covers the exploration phase. Yawn, yawn, yawn

SELL ON NEWS sums up this share at the moment.

The share price has fifteen - 15 - bagged since the lows of last year on the strength the rising price of gold and a rather miserly 2400 metre drilling campaign.

How much more can be valued in at this early stage?

Orosur Mining Inc
Corporate and Colombia Update
RNS Number : 7502E
10 November 2020
Orosur Mining Inc - Corporate and Colombia Update
· Funds in lieu received
· Drilling about to commence

Orosur CEO Brad George commented:
"It is testament to the skill and diligence of our South American staff that they have managed to gear up so quickly and so safely for a major field program amidst a global pandemic. Challenges remain, but we remain confident they can be met. The first drilling program at Anzá in over three years is a major milestone for the Company, and the team is motivated and excited at the prospect. "

"The first drilling program at Anzá in over three years" indeed. Newmont signed their farm-in agreement on 10th September 2018, so in three years not one single metre was drilled and Newmont were even paying a penalty in lieu of drilling. What sort of an attitude is that.

Things have changed people will say - but then so has the share price. Considering the share price has already 10/15 bagged since the lows of early last year and there is only very limited drilling ongoing - a mere 2400 metres - and the assays due are only for the first of the 400 metres holes - I would say the upside here is limited.

We know the gold is there, and thumping good grades too, but it's no thanks to Newmont so far. Their effort here so far has been dismal.

But then you never know. This may get hijacked by the super-rampers who are all over the market these days and creating all sorts of super spikes over next to nothing....................

We shall see.

I did ask this question recently but can't remember if anyone here came up with an answer so I'll ask it again:

Is there any reason why they are not producing from the Kimmeridge at 200/300 bopd while the Portland is shut in for a PBU?

I can't see why they haven't been flowing from the Kimmeridge while the PBU tests on HH-1 have been ongoing. At least that would be 200/300 bopd bringing in some revenue. The length of time allotted to the PBU appears to be absurd.

Is Sanderson mad?

He buys out most of the other partners and purchases all of the equipment which was previously leased so he must think there is plenty of potential in Horse Hill - and then he shuts it all down, bleats on about a PBU, and doesn't produce any oil at all.

These are the actions of an idiot. Why buy out the partners if this is a duffer? Why buy the equipment if it isn't needed? The man is a fool.

It didn't take long for the exaggerations to creep in here.

The 30th October RNS said that the first vessel of 58,000 tons was loaded and they were targeting another 4 or 5 loads by the end of the year.

Then today's RNS says that "as at 31 December 2020, two vessels had been loaded and departed for China". It doesn't say if that is two more in addition to the first one or just two altogether but it certainly isn't one plus another four or five.

High risk drill results incoming for one 300/400 metre drill hole.

Hit high grades and the SP might go up by 10%.

Miss the high grades and the SP might fall by 20%/40%.

But of course all the rampers here are far too clever for that. They will ramp away and then sell a day or two before the results come out for their 10%/20% profits.

Last update from Horse Hill:

"5th November 2020
UK Oil & Gas PLC
Horse Hill oil field update
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that surface-based intervention operations at its 85.635% owned Horse Hill-1("HH-1") well have now has been completed. The well has now been shut in for a long term pressure build up test ("PBU"), designed to provide data necessary to understand whether the Portland reperforation programme has achieved the desired optimisation of well inflow performance."

How long does the idiot intend to keep this PBU going on for?

I reckon the share price here would soon be back to around 0.08p even with just the 200/300 bopd flowing from either the Portland or the Kimberly. There was never a single drop of water from either the HH-1 Portland or Kimberley. The only water was hit during the stupid, unnecessary HH-2 drill.

If he could be bothered to comingle them together it would soon be over 1p.

The man - Sanderson - is a total idiot. He really hasn't got a clue.

Yes the presentation due this month - unfortunately it isn't going to say a single thing that wasn't in the last one, or even the one before that as next to nothing has happened here for a long time now.

The historical drill results have proved that there is high grade gold here. That should be enough to justify a full-scale drilling campaign which should extend to tens of thousands of metres, not just p*ssing around drilling 2400 metres, inot a previously drilled safe zone which doesn't apparently have very good grades.

Plus if even one of the six holes at around 300/400 metres each misses the high grade gold targets this will plummet through the floor.

The people who made money here did so when the share price rose from 5p to 45p in September and October. Sadly I was not one of them. You can guarantee that they are the one who are still ramping this share to death. They have either already made a huge profit, as the share price had never been higher than 12.5p since the farm-in, or they now have lots and lots of free shares with very little to lose. They can quite happily ramp away all day and all night.

For the rest here this is quite a high risk as even at 20p to 25p the share price is a lot higher than it has been during the last year or two.

Unfortunately only proving up this resource will give any long term gains and they are not going about that the right way at the moment.

That is quite a post:

"We already know these holes are not the best and have been drilled for ease of access."

I personally did not know that these holes are "not the best" and are being drilled for "ease of access".

We don't want to expect too much from these assay results then, do we. Any old rot will do as long as they spend the cash for the farm-in.

Funny how Orosur managed 23 holes themselves back in 2017/2018 without having to worry about ease of access.

I bet you that mediocre drill results WILL cause a price collapse.

Only a few months ago - in August to be precise - this was sub 5p. Mediocre drill results and it will be back down there in a flash.

Exactly. This first hole - and the subsequent other 5 - need to hit the motherload of gold otherwise we all know what the market is like - we will get a 25% or 45% immediate drop.

When they are drilling 23 holes, as in Orosur's solo campaign, then a few duff holes do not make much difference to the share price.

One dud hole and this could be 10p.

I bet there was plenty of moaning here when the share price was as low as 2p earlier this year.

In truth since then all we have had since then is a 2400 metre drill campaign and instead of Newmont walking away, which it looked as if they might of, they have roped in another major to share their costs. Maybe Newmont will still walk and leave it to Agnico.

Whatever happens, things are not right here. In the same period since the farm-in Newcrest have drilled over 125,000 metres at Havieron and the GGP share price reflects this.

Webbs

I can see that. When the farm-in was first announced the share price rose to just over 12p but then due to the inactivity it soon fell back to between 2p and 5p where it has been languishing for nearly 2 years until the current revival of interest, which I might add is largely due to the higher price of gold.

The majors need to show more commitment. A 2400 metre drill campaign isn't going to prove up anything. Omosur need to tell these majors to get a move on or walk. I believe that Continental Gold proved up their nearby asset themselves and have since sold it on. Drill costs are not that high. At least it would get done if they did it themselves.