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Maybe RRR will get lucky and attract a partner who is willing to spend some cash on drilling a few holes.

"The astonishing gold results from Southern Cross Gold's Sunday Creek gold discovery has seen the company rise very quickly to a market capitalisation of nearly A$600 million, and SXG is beginning to attract international attention. These drill grades are associated with the same dyke that crosses out of SXG's ground to the west and is believed to run westward into Red Rock's ground. Recent research by our geologists uncovered small but high grade historic production at Donnybrook, which may be within this possible continuation of the dyke containing Sunday Creek."

RRR and POW have had the Victoria gold prospects for years and have done nothing with them. Another company whose name escapes me for now have been underground mining high-grade gold for a while now in Victoria and now Southern Cross hit a massive high-grade deposit right next door. It is just a complete waste of an opportunity.

Maybe there will be a fairy-tale ending here after all the years of frustration. RRR get the DRC cash and spend it on a few holes at Kilmore and suddenly we have a £300M+ m/cap.................yes, please.

Blimey, Southern Cross Gold have some bloody good drill holes in their Sunday Creek tenement - 455.3 metres at 7.2g/t and 331.5 metres at 7.1g/t Au Eq. That is up with Greatlands best. I don't know what further encouragement they need to get some drilling started. I'd take a m/cap of £300M+ anyday.

I just watch a lot of Aussie Gold Diggers on Quest TV and there is gold absolutely everywhere in Australia from the far north to the far south. One little metal detector and it just pops out. Then they scrape a few centimetres of soil off the surface and more pops out. Victoria is still full of great big nuggets as well - hence the 473 g/ton 0.5M.

Page 12 of the latest Presentation dated March 2024 - link below - sets out detailed plans for the fast-track programme for 2024 and 2025. Are these plans - drilling, design, testing, studies, plant design, permitting, construction, mining, etc all now completely obsolete due to the major new discovery ???

https://wp-empire-metals-2018.s3.eu-west-2.amazonaws.com/media/2024/03/EmpireMetals_Powerpoint-March-2024_updated_140324.pdf

Okay so all the drill plans are now off. Is that what he said, because if so the JORC Exploration target might as well be shelved as that was only relevant to the RC and Diamond drilling.

More questions than answers as ever with this discovery.

Is the JORC Exploration target still needed or necessary or even relevant now a much better and more conventional source of titanium has been discovered on the prospect?

Also, the plan as per the latest Presentation for H2 2024 is for 12,000 metres of Reverse Circulation in-fill drilling.

This was then to be followed in H1 2025 by a further 24,000 metres of RC in-fill drilling plus an additional 2000 metres of Diamond Core drilling.

This is a fairly substantial plan and will not only need quite a lot of funding but also take the best part of another year from now. But the question is whether this will now go on at all or whether EEE will switch over to drilling and assessing the 'new discovery' or whether they will continue with the original plans and add more drilling on top to assess the new discovery?

Questions, questions, questions!!!

Shaun Bunn answers please.

So they have actually sold an asset with a book value of US$2,003,945 for US$1,000,000.

The other US$750K comprises "three cash payments of a further US$250,000 each that would be paid within 10 days of the end of June 2025, 2026 and 2027 if the gross production rate average for each intervening period is greater than an aggregate 250 bopd. This oil production rate is higher than the current production rate, but is less than the assets have produced in the past and could be achieved by workovers or drilling one or more production wells."

So you can't count in the extra money beyond the initial payment of US$1,000,000.

Maybe an RNS update would be a good idea - just to let the market know that everything is progressing to plan and to maybe give some guideline dates. Yes, there has been an abundance of tweets but the UK market does not give too much credibility to these, especially when most of them are rehashes of previous podcasts, etc. and apart from the tweets, the last official progress update was on 23rd April which is more than 6 weeks ago. I think this is what is needed now to get the share price moving up to the next level.

Sorry KON and not KUN...........

It is what I said the other day before various posters argued that the company was either going to go into administration or Karam would take the company private. To repeat:

"Corcel will stay afloat all right. Karam and his Italian partner at EXT will make sure of that as they both have very deep pockets (as they have shown so far). But there won't be a buyout as they will just get an exemption from having to make an offer when their holding exceeds the limit, which is I think 30%. There are many companies on AIM where the Chairman or even other companies own up to 60% or 70% or more of the shares and have no obligation to take ownership."

I can't see much point in continuing to chuck good money at KUN-11 and KUN-12 though KUN-16 looks hugely exciting but will need quite a lot of funding. As for new prospects, they will cost money as well and CRCL does not have a lot of that and they can be a bit iffy as KUN-12 has shown.

Hopefully this will be enough to convince whoever has been selling since the suspension was lifted to hold on to their shares as that has been very annoying.

This is my understanding of the MOU-5 rig situation:

RNS dated 12th January 2024:

"Subject to the regulatory approval of Guercif Petroleum Agreement Amendment #4 to extend the Initial Period of the Guercif Petroleum Agreement to 5 June 2024."

RNS dated 1st May 2024:

Ratification of Guercif Petroleum Agreement - so the extension was agreed.

So the First Extension Period commenced on 6th June 2024 - ie today but today's aptly timed RNS clearly states that:

"The MOU-5 well will now commence drilling as soon as practical after entry into the First Extension Period following the unforeseen delay to the scheduling of the Star Valley rig 101 programme due to other commitments."

so it would appear that they do not have access to this rig otherwise drill plans would be announced today. If it was a short-term delay to PRD getting the SV-101 rig I think they would have made this clear and given some dates, hence why they are talking of sourcing an alternative rig.

OZ - well you're in luck because I do know the start of the 1st Extension Period, but knowing the date doesn't make it look as though they will be using the SV-101 rig - hence why they are looking at sourcing a new rig and why the drilling of MOU-5 will not be starting any time soon - that is unless it was announced today, which it clearly was not.

I'm assuming that they cannot drill MOU-5 because they haven't got a rig.

Regarding financing:

"The Company is fully financed for all its near-term operations.

Following the results of the Sandjet rigless testing and the first two well workovers in Trinidad designed to re-establish oil production, the Company will re-assess its funding needs for the next 12 months."

This does not appear to include the drilling of MOU-5, for which they do not as yet have a rig or know the costs.

Knowing PRD the rest of the sandjet equipment could take another month to arrive or even 3 months. After all, how long has it been in the planning so far? Whatever happens, the only certainty is that Mr Paul Griffiths will have a damn good excuse worked out to keep the ever-trusting shareholders happy.

Sandjetting has not commenced and it is not 'only 5 weeks to see how this has performed'. The RNS actually says:

"The early stages of the Sandjet rigless testing programme have commenced with the arrival of some well services equipment at the MOU-3 well site and the preparation of the well for re-entry and perforating."

ie. some of the sandjet equipment has arrived.

Also regarding drilling MOU-5:

" The MOU-5 well will now commence drilling as soon as practical after entry into the First Extension Period following the unforeseen delay to the scheduling of the Star Valley rig 101 programme due to other commitments."

So when exactly does the First Extension Period commence? because some time after that drilling might start.

Also they are going to start the process of sourcing another rig - not that they have one sourced already.

There have been loads of companies delisting from AIM over the last year or two. If they announce that they intend to delist then the share price will immediately sink by up to 80% and they will then hold a GM at which shareholders can vote yes or no. Every vote gets passed, usually on a show of hands when the only people who bother to turn up are the BOD and their staunchest supporters.

Well, these days if the management decides to delist and take a company private they do not do it at a premium. It is usually done at an unspecified share price which usually turns out to be about an 80% discount to the share price at the time of the announcement.

Corcel will stay afloat all right. Karam and his Italian partner at EXT will make sure of that as they both have very deep pockets (as they have shown so far). But there won't be a buyout as they will just get an exemption from having to make an offer when their holding exceeds the limit, which is I think 30%. There are many companies on AIM where the Chairman or even other companies own up to 60% or 70% or more of the shares and have no obligation to take ownership.