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Hi L-a

Great post.

I think the 4moz reserve will be an absolute maximum.

The SE crescent infill drilling was practically complete before Dec 2021, so the MRE for the crescent is not going to increase much. The Northern corridor is the only place for a reserve increase which you can see here in my last post :-

https://www.ggpchat.co.uk/viewtopic.php?t=718&sid=c74ee9a17b0d88035439065628309634

I’m expecting the inferred to increase in the Eastern Breccia, SE Deeps and possibly the link zone.

The drilling from Dec 2021 included those 3 zones so must of the drills were in country rock.

The remainder was exploring Zipa, Havieron north and Mica

Hi Ggpt

Just pointing out these don’t compare.

If Havieron gets to have a hoist that could be 6mtpa plus 3mtpa through the Decline

Oops Cowal not Coral

Hi Ggpt

Coral operation

9mtpa for 360koz

Havieron forecasts

3mtpa for 400,000-450,000eq

Difficult to compare an open cast mine with Havieron high grade ore

Hi Tig

First post on this thread you can see where some of the drills were targeting

https://www.ggpchat.co.uk/viewtopic.php?t=580

An ex miner views

“I have criticised NCM protocols and approach to their construction of Hav Reserves and Resources and I am content in my criticisms. However I acknowledge the extraordinary complexity of the ore body. I have reflected on my Rand experience and the relative simplicity of those conglomerates. Here in the Patterson our Hav. ore body is imho extra ordinarily complex. Hav. is a multi event igneous implacement influenced by legacy structure and xcutting a sequence of meta sediments. The result is a giant vertical pipe with characteristic ovoid xsection with discrete zones whose mineralogy and Petrology indicate a history of sequential emplacement events with embedded clasts of the original metasedimentary country rock of various sizes. Thus we have very complex chemistry and structure over 3 dimensions. NCM have identified zone with descriptives such as Sulphides, crackle and cemented . In the Sulphides the grouping on mineral assemblages is reflective of value (Au) but also of a very high degree of variability. PQR, PCR, PYR etc. So with this high 3D variability a statistical approach to identifying and valuing blocks can't have been straight forward with a conservative approach. Hence the huge drilling effort. But it isn't easy to hit a 2m target at 1500m. The only reason it has progressed is the very high and consistent grades being seen and the massive blooms growing at the sides of the ovoid ie EB and now another between the SE Crescent and the EB.”

Great Stuff 🙂

Havieron is a young ore body in exploration terms , it’s only been known about for 5 or 6 years. Geologists , miners and academics are still trying to understand its formation,origins, structures and mineralogies.

This is a very complex ore body a massive headache for mine planners trying to decide how it will be mined.

The 6.5moz eq mineral resource is just a starter we are hoping it will increase to 9-10moz but there will be many increases overtime. This 9-10 might be static for a couple of years till the fan drilling kicks but what geologists are waiting for is news of other minerals adding to the equivalent factor. This is going to be a moving factor over the life of the mine with consistently changing mineralogies.

The dynamics of Havieron are still not out in the public domain, probably down to the complexity of this ore body.

Another one dear dear dear.

I will book you in for a maths lesson

If gold did go down to $1000 that would still pay for the extraction and processing costs.

Copper would pay of the loan in 2-3 years

Run along and plague somewhere else

Https://www.ggpchat.co.uk/viewtopic.php?p=4299#p4299

Regarding the $95 NSR shells the SE crescent will probably stay the same.

The Northern Corridor was $50, I see this rising due to the increase of high grades.

When bulk caving starts whenever, these figures will drop dramatically maybe down to $22 like Cadias

Hi L-a

If you look back at the dates when they were infill drilling it was practically completed by Jan 2022, so the reserves in the SE crescent are not going to increase very much.

Since that date they have been drilling SW to NE or vice versa targeting the deeper levels but passing through the Northern corridor infilling.

This is the area where any increase in reserves will come from but have they done enough to comply to Jorc, I’m not convinced they have which is why I’m saying 4moz of reserves would be a good outcome.

The 50% increase Shaun was saying is what he could have reported but he kept it conservative for Newcrest, this is likely to come in inferred resources mainly the Eastern Breccia and SE deeps.

The Northern Corridor is likely to give an increase in resources not reserves.

9-10moz eq will be a good result, 10-11 very good and 11-12 excellent.

Regarding the FS I believe the material change is going to happen with a contract for Renewables mainly wind power.

Somewhere there’s going to be windmills and a solar farm.

From reading the Environmental Report.

People must not expect great things from the next MRE, it is a gradual process over many years to achieve figures that some are expecting.

The MRE has to conform to Jorc compliance procedures, these are very complex and I’ve tried to explain it here:-

https://www.ggpchat.co.uk/viewtopic.php?t=718

The growth this time will basically be within the old hard boundaries of the resource shells, it is here that the infill drilling was targeting and it is here that 86% of the resources have been converted to reserves.

Forget the resources they can’t be added to accounts, it’s the reserves that can.

2.4moz have already been included with the previous MRE in the SE crescent.

There’s still another step up the ladder to measured or proven reserves.

If we get to 4moz of reserves I shall be very surprised.

The fan drilling will be needed to get the drill density for the Northern Corridor to comply. They’ve been drilling this over the last 9-12 months piecemeal on the drill path to lower levels. Fan drilling is not likely to start till end 2024 or early 2025.

The MRE is required to help formulate a mining plan, this mining plan coming will still be for a 3mt plan as stated many times in remarks about the incoming FS.

An increase in the MRE has no relevance on the future mining plan at this time.

The forthcoming MRE is not likely to be a trigger for an sp improvement in my opinion, now a change in the way the mining plan gets the ore out will be. The environmental report though is indicating a 12 year mine life, so that’s a slight increase probably to do with the MRE and doesn’t look like a material change to the mining plan.

Take time to browse that link and see what a complicated process it is to produce an MRE.

This is more to do with the rigs and exploration guys finishing at Havieron to keep them working in my opinion.

Let’s hope Blackhills gets peppered 🙂

Hi Archways

Yes I would be up for the Trentham estate, when you are up to I’m sure others would make the effort. You have always put yourself out to meet others least we can do is to put ourselves out to meet you.

Good luck

Hi Archways

It has always been a great pleasure to meet you at events, one of the nicest gentleman around. I’m saddened by your news I hope all goes well for you.

If you could think of a pub near you I’m sure a few of us would come up to meet you for lunch sometime.

Tig

I’m the one who had mentioned that the MRE is irrelevant at this point in time and I still maintain it is.

You have got wound up on this and it’s not good for you.

You mention we are a tiddler explorer but you want an MRE which just so happens is on a mining licence that’s 2 separate issues.

We are classed as “Greatland is a leading mining development and exploration company “ this doesn’t sound like a tiddler to me.

An MRE has no impact on exploration.

The risks are not with an updated MRE that went when they reported reserves for the mine previously.

The mining plan will mostly likely come with the EPA approval in the next fortnight or so, this will be the basis for the Feasibility Study. The release of this study will further derisk the mining project not any exploration project.

I repeat again the MRE incoming is only for information on future size it has no impact on the FS or decision to mine , it is irrelevant to this process.

It’s not detrimental to the Mine project at this stage and it certainly has no bearing at all on any exploration project

Hi 96dc

Please read my earlier post regarding the MRE.

The MRE is irrelevant at this point in time.

Oops

mine not time🙂

Also when I was in CERP I told everyone not to accept the merger with BPC they will lose money and told them I was going to sell out.

Petersalkeid will vouch for me and is in my history on my LSE profile

Freddie

You won’t be the first to insinuate that I sold , some idiot on ADFVN spread that rumour around . I haven’t sold any and still topping up monthly.

I invested before that Lasonde curve , I invested in the first rise of the curve and been investing all the way down the curve. I will stop after the decision to time.

It’s my personal decision mine alone.

I will sell when I need the cash and it’s no business of others

The Lasonde curve has a lot to do with it and the risks.

The GDXJ got it wrong before they invested, they work on free float in a share and didn’t take into account that HL etc were nominee companies and not Institutional Investors. When they bought in a shareholder on here wrote to them saying their figures were incorrect and they had to buy loads of shares on the open market to conform to their own rules. This had a tremendous effect on the sp. When you say it was over done well yes more than likely.

Coming down every trick in the book to get their money back is a possibility.

Has it been overdone the other way?

That is my feelings at the moment