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The key words in that is ‘continuous mineralisation ‘.

That will allow for bulk mining 🙂

The sulphides have come up from somewhere, I can’t see that they’ve found the link yet where they’re coming from but certainly looks like the link zone. Too deep at the moment to keep drilling, will be later.

Hi MFU

Was always going to be close even with NCM.

Shaun mentioned 450koz eq so will be close with Newmont

Looks like Newmont put everything into equivalent figures and use these to grade their Tier structure.

Tier 1 for instance is 500koz eq per annum with 10 years LOM this is different to NCM of 300koz au over 15 years

Hi TT

The infill drilling to the MRE was practically completed by December 2021 which formed the basis of the next MRE, Ggp in March 22 and NCM in August 22.

Growth drilling carried on throughout 2022 and into May 2023. This was to expand the future MRE into the Northern corridor, Eastern Breccia and under the SE crescent MRE.

The expansion of the next MRE will occur in those 3 areas and looks likely to be around 9.5moz eq of resources.

Reserves are the important figure as these are used in the formation of the mining plan.

These should increase to around 4moz eq mainly in the SE crescent expansion of the sulphide zones and also some high grade pods in the Northern corridor near the crescent.

The Decline advancement has now got to 1,776m that’s right in the middle of what I was thinking 1750-1800, based on previous advance rates.

They’ve really struggled through that aquifer with rates around the 1.5m per day, that looks to me like they’re using resin injection again. Really slow things up.

This aquifer is a sandstone always difficult when there’s water around , as soon as it loosens it can form running sand, so the resin will harden this before excavation.

This latest advance must have included some of the aquifer especially in the roof as it leaves the aquifer and also drilling up into it for the rock bolts would allow water entry.

The next layer is the lower siltstones, it’s still a weak strata but should see some better rates going down through it similar to the upper siltstones above the aquifer.

The Decline will leave this 4th strata when it reaches around 2100m.

By my reckoning that looks likely to happen around the end of October.

This leads us into a few scenarios as we enter this hypersaline aquifer. According to the original boreholes this layer has a low water content estimate. The middle aquifer was average to high.

It’s a structurally strong strata so good advancement should be achieved depending on the water situation.

Byrnecut in 2019 at Jundee hit a company record advancement of 750m in a month that’s 25m per day (that is some going).

I’m not saying they will achieve that rate at Havieron but they might. If they do they could reach the end of the exploration decline (where it turns right) very early. This could be early as December .

A 6m advance though a completion date for the same point would be end of March.

NCM won’t be able to sit on their hands if the faster rate is achieved it will advance the whole project.

Decka I think is a pig in a poke 🙂

By that I mean RC drill to what they think is the target then down hole survey and recalibrate and redrill.

They haven’t done the susceptibility modelling they only have a magnetic model so no vectoring of the magnetics, might be in wrong place.

I’m not sure if they have permission to drill Atlantis yet but don’t think they will be drilling it this time.

Possibly might link up with PRE Atlantis, drilling both side of the border.

There’s a small breccia pipe on PRE side.

Might be planned with NCM to test both sides of the border, I think they will zoom back to A34 and 35 with rig after Decka

Hi Paddy

Yes same process as HAD005

Last drill of the campaign

Next campaign drilled 006 straight down next to it then 007 to the bottom of it from a different direction.

We do have clues to what might be at Stingray that are pyrrhotite, copper and bismuth.

Looking very similar to Havieron make up, all great stuff, fingers crossed they’re still high fiving in the office 🙂

Now on Decka apparently 🙂

Hi Stellabob

https://wcsecure.weblink.com.au/pdf/ARV/02301115.pdf

Page 6

You can see the pale yellow magnetic rock unit to the west of Artemis boundary following the thrust fault north to south curling around Outamind in the north and back into Artemis land

Like ducks in a row 🙂

“Paragenesis is a petrologic concept meaning an equilibrium sequence of mineral phases. It is used in studies of igneous and metamorphic rock genesis and importantly in studies of the hydrothermal deposition of ore minerals and the rock alteration associated with ore mineral deposits. The concept and application of paragenesis, from the Greek for born beside, was first applied by August Breithaupt in 1849 in his work Die Paragenesis der Mineralien.”

From Rio Jv RNS

“Further, reverse circulation (RC) drilling is planned at the Decka target, which is a basement magnetic and conductive anomaly 20km NW of Havieron. Both targets show consistent periodicity in that Stingray is ~10km from Havieron and Decka is ~10km from Stingray on the same trend. This may indicate a consistent paragenesis for all three anomalies .”

Also Atlantis is on the same trend 6-8km further north.

This trend is highlighted on an Artemis geological plan of the area showing a “magnetic rock unit” running up from Havieron, Zipa, Stingray, Decka, Atlantis and Outamind

Hi Trippy

That’s just revenue

L-A has lots of figures for costs taxes etc

Out of my 2 options I would prefer to use the equivalent factor as the copper grades swing wildly through the sulphides.

I’ve not mentioned credits either silver is a definite, but quantities unknown

Gold recovery they’ve quoted a conservative 88% that lifts production to 390koz

Ggp’s 30% = 117koz

Say that is an equivalent value including copper then

Then using an AISC $643 revenue $1260 per oz

= $147,420,000

If gold reaches that on its own then copper revenues need to be added and an AISC of $1050

Then gold revenues $100m and copper $216m

Remember more than 3mt will reduce the grades and the revenue, that needs to be for later.

Free cash flow is the target everything else is incidental.

3 years payback is quoted probably will come sooner

Hi Toby

85% of 3mt is 2,550,000 x 7.8g/t divided by 31.1 = 640k

2,550,000 x 4.6g/t divided by 31.1 = 377koz

I’m more comfortable with that figure but if you add in the equivalent factor for copper then 450koz is way achievable.

If you’ve worked in mineral processing what is your view on other credits, I suspect you know my view 🙂

Hi Toby

The 450koz came from Shaun in an interview with Liam.

Looking at the grades in the sulphides 5 g/t looks achievable but having to remove breccia to get at it will reduce the grades.

The company have quoted average grades , 2mt pa had an average approaching 3.6g/t reducing below 3 when the tonnage increases to 3mt due to the breccia addition.

However the drill logs showed increased grades in the mining plan

450,000 oz is around 4.6g/t whether we can get to that remains to be seen but it has a great chance.

I don’t know where your high grade has come from but there are zones much higher than that as the one drill showed 120m @10g/t

They’re being very conservative with their recovery factor and have stated that increases are very likely, I’m still hoping for around 92%.

Thanks for the question hope that answers it

The logistical challenges of getting more ore production at the moment will be quite tricky, more ore really is a future consideration.

Take a step back and I’ve remarked on this previously:-

Cadia production is set to achieve around 500koz from 35,000,000 tons per year.

Havieron is likely to be achieving somewhere between 350-450koz from only 3m tons

Ten times more Ore to get roughly the same amount of gold.

I hear what you are all saying get more ore out say 6mt pa and have twice the amount of gold.

Well I’m afraid it doesn’t work like that.

To increase the tonnage means taking in greater amounts of breccia and reducing the average considerably and consequently less gold produced.

Less is more as they say.

Going back to production the Decline will be at its optimum haulage of around 3mt , they’ve said we might get a bit more in the PFS but that’s the figure the FS was going to be based on.

The new electric road trains being trialled at Olympic Dam can carry 165ton

So 3mt per year = 50 road train trips per day

6mt = 100 trips

9mt = 150 trips

Starting to look unlikely trucking is the answer and you know I’ve been saying this for sometime.

The other point is the primary crushing, a jaw crusher can cope with 300 ton an hour so that’s 7200 ton per 24 hour shift.

3mt pa is 8,200 per shift so that is just about manageable but probably needs 2 crushers.

Why do we need to crush it at Havieron?

To reduce the bulking factor and get more on the wagon depending on weight.

Until they get to the ore they’re not going to know exactly what specific gravity ore they will be dealing with.

If it’s higher than thought around 3 at the moment each cubic metre could be heavier and contain more gold/copper. I’m thinking of chalcopyrites if it’s mainly these this could be around 4 sg so that’s a third heavier.

This weight reduces the cubic metre each truck can carry .

In conclusion more concentrating on the sulphides initially will bring better rewards costing a lot less to get out than mixing with lower grade breccia, producing a quicker free cash flow.

Https://www.ggpchat.co.uk/viewtopic.php?p=4366#p4366

It’s all in the same orebody it was just not included in the initial MRE

At Stingray it looks as though Rio clipped the edge of the anomaly.

Ggp have moved 600m further north after re evaluating the remenant inverse shell and located a conductor to target.

Probably the reason for leaving A35 till later

That area has been defined now it will increase the tonnage in the next MRE.

Fan drilling in the centre will define the top layer better.

The top level hasn’t had that many drills through the top, they tended to come in from the sides on their way down to lower targets.

The north end of the orebody has had limited drilling and is still showing weak breccia at the top and round the sides, that my change when the fan drilling starts.

The 0.5g/t boundary before it goes to 0.2 , runs across the centre I’m expecting this to move NW eventually.

Remember Minyari grade boundary’s are at 0.1g/t there’s a huge difference of 0.1 to 0.5