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Hi Jerry the Marstons AGMs were the best , held in the Wolves ground. 300 attendees free cooked lunch and a £1 a pint beer, the next year was held at 8.30am tea and biscuits so hardly anyone turned up.

Hi Mr EMC2

I’m not particularly keen on AGMs, last time I went to one was in 2016 Carillion. A lady was quizzing the Board with some very difficult financial questions, should have seen their face’s squirming. I sold most of mine when I got home apart from £1200 in a Barclay account I forgot to sell, still stuck with those till next September.

Body language tells another story.

I thought Mark Barnaba body language was upbeat

The fan drilling can start as soon as they get to the ore but preferably below the aquifer contact and in its own exploration drive.

They can drill all at angles , there will be no waste drilling it will all be in ore.

Most of the drills from surface have not punctured the top of the ore they’ve come in from the sides especially at the NW end.

Will see a big increase in resources.

These drills can’t go too deep because of the height restrictions of the drill, so numerous levels of fan drilling all the way down.

Whether they will issue an MRE for each level is debatable , one per year probably.

There’s a great picture of fan drilling at Brucejack

Hi MFU

Once you get solely into the breccia the conversion rate of 86% in the sulphides should be at a lower %.

The more breccia that’s included in the MRE will result in lower reserves.

I know a lot of people don’t understand this process but the sulphides are quality, as Shaun says he has not seen conversion rates this high in his career. We may have around 4.5moz to 4.8moz resources in the sulphides this converts to approximately 4moz reserves, it’s this figure that will be mined.

Outside the sulphides in other areas of breccia the MRE may say 9moz so that’s around 4.2moz resources outside the sulphides. This may convert to 2.5moz reserves around 60% conversion.

As I said the sulphides are quality quality quality.

This will reflect in very high revenues.

I’m not excited about this MRE at all, the one to get excited about will be the one after the underground fan drilling starts.

Quality every time over quantity

What you have to remember about the initial Mining Plan or Starter Mine is that it’s only targeting the sulphide crescent and bits of the attached breccia.

The size of these sulphides haven’t changed much from the original size published in 2020.

Top level 500x20x350m

Middle 400x20x200

Bottom 200x20x200

You can see it getting smaller as it goes down.

The widths of 20m has increased in places.

Most of the high grade ore will come out in the top 600m, as stated in the last presentation.

The less breccia that comes out with the sulphides will mean higher grades.

Increasing the mining plan to 3m tons a year will have to include breccia. It’s impossible to stope that amount solely from the sulphides.

The decrease in grades can be seen in subsequent MRE’s which includes breccia.

At this stage you could have one MRE a month if they wanted to but it would make little difference to the size of the reserves within those sulphides due to the size constraints.

Changing the Mining Plan to include more breccia at this stage would be a nonsense to the viability of the mine.

High grade ore at the start means more Free Cash Flow in a short space of time to fund infrastructure works lower down.

By the time the Eastern Breccia Block cave infrastructure commences the upper levels will have made more than enough to cover those costs.

From the Mining Plan point of view the new MRE is irrelevant , it can’t alter the quantities that much.

An increase to 4moz reserves would be all that sulphide ore body could take.

Didn’t realise that was Lurhker5 absolute pain on ADFVN only out to down Ggp

Wow talk about being negative and twisting the facts.

One thing is true though the deeper stuff will take a long time to get out but the costs involved have been explained explicitly by Sandeep Biswas and Shaun Day.

Top down mining pays for future mining costs. I don’t know who these well informed people are but they certainly don’t understand the Havieron orebody.

The new MRE will definitely not double at this point but this is only a starter mine the rest of the orebody will almost certainly double/ treble in time.

The value of future ore is definitely uncertain this is why Newcrest used a low value of gold prices in their forecasts and a low discount, also Telfer has a high value due to its short life.

Havieron is a high quality, high value long life mine don’t let articles like this confuse the issue.

Https://www.ggpchat.co.uk/viewtopic.php?p=4978#p4978

Hi Summit

I never said the Decline was damaged, what I referred to was the slopes on the box cut had slumped.

On google earth or Bing maps you can see this quite clearly.

The reinforcement membrane has been rolled back to expose the earth behind, looks to me like water damage. I’m presuming they will use resin injection to stabilise it again , the rock bolting must have failed.

Hi MrEMC2

Well done asking your questions yesterday, I wish I had gone to ask Clive some questions.

Shaun did say about relieving pressure from the aquifer, I would say it’s not likely to be a gush of water from these rocks, it’s more like putting a straw in a sponge.

It’s easier working in dry conditions than wet ones, the wagons for instance form ruts in the floor and have to keep grading it to keep working.

The other 2 aquifers were totally different to this lower one far more unstable.

I didn’t really see any plan of action to get through these, the photos I’ve seen looked piecemeal planning.

I was talking to Paddy and others at the time and was very surprised they didn’t line that first section with steel formed sheets knowing how soft that ground was. I could see the trouble ahead from the clay content in that aquifer. They continued using resin and in places thick steel sheets, a very slow laborious method.

Some of the box cut slopes can be seen having slumped with possible water damage from behind.

There’s been a survey done for the environmental approvals at that stage water volumes were on the low side of estimates.

Earlier cyclone storms this year may have boosted volumes.

Yes they will know how much water is coming out , the estimates allow for the size of the ponds to be designed.

I have heard of further ponds added in a revision to the approvals , this could be to cater for getting all the water out at once.

I haven’t seen any new work on ponds yet but there are restrictions to expanding it northward due to 3 heritage site finds very close by.

They might stop for Xmas but the pumps will keep working.

If they start the shaft from surface before Xmas I can’t see them pausing for a break, might create issues structurally.

Hi Oj

I refer you back to this thread

https://www.ggpchat.co.uk/viewtopic.php?t=729&sid=4c4a0199a48a3c72120ee564c96b1b72

The green design is the exploration phase of the Decline.

At the moment they’ve paused the main Decline but turned left to get to the vent positions whether that means they will turn right and carry on with that vent drive through the aquifer I don’t know. They definitely will be doing the vertical vents there’s 2 small ones to be excavated. There’s an underground machine on journey from Perth to Telfer/ Havieron.

There’s also 2 long shafts from surface and at least one needs to be sunk to join up with the lower vent drives.

Water is being pumped out at the moment in some quantity into the evaporation ponds from 150mm bore holes.

See here:-

https://www.ggpchat.co.uk/viewtopic.php?t=847&sid=4c4a0199a48a3c72120ee564c96b1b72

The white area in the left hand pond is the hypersaline water from the lower aquifer, that’s a huge pond.

Going to take time to drain it to a trickle.

You’re not likely to see gold veins in these cores.

Imagine looking for 1g/t that’s 1 gram in a ton of rock, then thick about 0.1g/t.

Even if you think you can see it , it could be pyrites

My thoughts on Scallywag:-

There’s a NW trend following fault lines from Havieron through Scallywag and Skylar( to the south) on up through Blackhills to the granite on the new licence Blackhills North.

We have drilled a few holes now on Teach, London, Kraken, Blackbeard and Barbossa where only vector results can be seen. They’re all close to a source but no sign of it yet.

Hot magma could have run horizontally at least 3km below ground level without breaking to the surface.

The closest we have to reaching the surface is Blackhills at the moment at Saddlereef.

Pearl and A35 are something different, they both look like supergenes where weathering has taken minerals down to a trap and formed thick layers of rich deposits.

In the case of Pearl it has a fault line running alongside it with very loose rubble fill allowing the super rich liquids to overflow into it.

In the case of Winu that is similar but has a hypergene coming up from below getting trapped by a supergene trap.

Pearl is not likely to have a hypergene as the fault gives it a means of escape.

However there is a conductor down lower in that faultline which they drill targeted and awaiting results.

A35 has a supergene which they’ve targeted.

The big question is are these 4 or 5 zones linked as one big anomaly supergene.

Blackhills sticks out the surface has it all been weathered into this supergene, there’s evidence all around Saddlereef of anomalous gold deposits stretching down to Swan.

At the moment it doesn’t look like any Tier 1s on Scallywag but plenty of smaller mines could be targeted if they feel their worthwhile.

This is what I’ve found on the Tabletops 1 and 2

https://www.ggpchat.co.uk/viewtopic.php?t=215

Scallywag isn’t going to be a tier 1 mine, more likely 2 or 3 smaller mines.

They’ve added Ramses into it from Rudall.

The company objectives are Tier 1.

Canning has the big chances of 2 x Tier 1 mines if mineralisation is found, that news of the survey completion and review is due imminently.

Https://www.ggpchat.co.uk/viewtopic.php?t=847

This is a satellite pic from last Saturday showing the evaporation ponds, the big new one on the left is filling up, the liner is already nearly 2/3rds covered in salty water from that lower aquifer (area in white).

This has happened in 2 weeks.

The FS has been delayed partially due to a new mining plan with operations to limit the amount of water entering the lower levels.

This is not a running water aquifer, it’s in a sound, strong rock so is percolating through it.