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Hi Strudel
I had difficulty in understanding what you were implying and I will try to respond to what I think.
Red Chris is different scenario it’s PFS is for a lower bulk cave so you have to compare with our bulk cave which is 6-7 years away.
The Decline will be able to handle continuing deeper works and take out the sample ore plus the shaft material. All works will be interrupted when the blasting takes place.
When the Decline exploration speed increases I believe the nerves will ease. I still think they will be close to the ore next summer and taking some out by this time next year.
A lot of work by mineralogists and engineers will be required as the Decline hits the ore to decide what they can and can’t take out for support purposes.
2 years from start of Decline would take full production from the stoping of the summer of 2023, this may involve a second Decline to achieve whatever full production is but there will certainly be ore coming out by trucks before then they will not stand there looking at it.
SB in an earlier presentation suggested the FS may come quicker in the early part of next year this would fit in with removing ore in the Summer.

I still think Cannocord are still being conservative with their numbers but the 311m tons I worked out might be too high unless they are assuming high grade ore from other zones like the Octopus:))

Using Cannocord figures
20m oz x 31.1 = 622m grams
Divided by 2g/t = 311m tons
Copper at 0.31% = 964,000 tons

So that’s about half of total tonnage if resource is 1,000m deep
Or a third if 1350m deep

Cannocord thinking on the copper is that the credits coming back from the smelters will be worth $270 per ounce gold which will bring the AISC down to $330.
That is the average rate for the SE crescent it should be lower with the bulk caving.
The initial extraction of 1 to 2m tons per annum is likely to see totally different economics.
2m x 5g/t •/• 31.1 = 321,000 oz
Copper 0.6% x 2m = 12,000 tons
Cannocord state AISC $800 at this tonnage
Yesterday price $1780 -$800 say $1,000
Therefore
321,000 x $1,000 = $321,0000,000

Copper price $9,000
4/5 ths of that for copper concentrate $7,800 x 12,000 = $93.6m

Total $414.6m
Ggp share =$124.38m pa

The contract for the Decline ends October 22 I believe so 18-21 months is a bit too long.
What is full production?
I take that to be from the stoping as they haven’t decided on another method yet.
Bulk caving is due 2028 according to the brokers so it can’t be that.
Full production I would assume will happen when a new dedicated conveyor decline is ready as the current Decline will only handle 6m tons pa, Cannocord are suggesting 8m, this could be 2024/5.
Getting lower tonnage out by truck is still very profitable .
When the Decline reaches the ore there’s still about 900m or so to finish this stage of the contract including loads of shafts

Hi Btb
The geology is governing the pace of the Decline, there were a lot of hopeful signs of the Decline going very quick but I did warn people that the start would be slow.
Those machines are big, there’s only one way in and out at the start, when the jumbo had finished at blasting taken place the bloggers go in scoop the ore up and reverse out to load the truck.
When the first side tunnel goes in there will be turning room so should go quicker.
Changing to 24hour shifts will certainly increase production.
When we first talked about the Decline rate I was looking at 4-6m / day but our mining colleague said that should be per shift.
I would suspect the bonuses to complete will up the production to 8m day which would take it till next July.
This ties in with the original timeline plan of mid summer 2022
My initial assessment of May didn’t cater for the amount of work needed at the start.
When they hit the ore face they will start taking loads out as samples to Telfer to gear up one of the production trains and it won’t stop once they start removing ore it will gradually build up.
By this time next year they should be drawing out some ore.
What did Sandeep say “ Oh no, we are going at full speed “
Scotty we need to go to warp 9 :))

Hi Paddy
Yes that’s good news they’re catching up with me :))
Did you see that LinkedIn post from Marika looking out her office window in Havieron:))

You can’t go on market cap who knows what’s going to happen.
In early 80’s my wife wanted me to buy Next at 4p and I said they look as though they’re going bust, £80 what the ?
Then bought Croda £1.40 now over £92.
Ggp at the moment don’t look as though they will get anywhere near £3, but when they were 0.6p who would of thought they would get to 37p and £1bn m cap.
I don’t personally think a lot of people realise what they’ve invested into, it’s not a quick make a buck and sell. This is a one off, a chance in a lifetime share.

Look at that link I put up today quoting what Cannocord are thinking $600 AISC but when you deduct the copper credits it comes down to $330, that’s big guys territory.
They’re saying 8m tons per year at 2g/t
8m x 2 •/• 31.1 = 515,000 oz pa
30% = 155,000 to Ggp
Cannocord have used $1790 - $330 =$1,460
1460 x 155,000 = $226,300,000 per annum to Ggp

But it doesn’t stop there that’s only for the stoping / sub level caving expect more tonnage to come from the bulk caving.
I’ve said before this is massive without any other licence , we are heading for the big league.

Cannocord are saying 400-700 k oz pa so that’s 1.55-2.75g/t

https://mobile.twitter.com/FilResnik/status/1428679774625419266
Just chatting with Hydrogen this is mega AISC $330 for 8m tons pa for 20 years.
8m tons of sulphides ore at 3G/t = 771,000 oz x 20 years = 15.4m oz total

If the breccia are mixed in say a low 1g/t = 257,000 x 20 years = 5.15m oz

This is not including the bulk mining

You can see Had138 on this plan
https://greatlandgold.com/wp-content/uploads/2021/07/210722-GGP-Announcement-Havieron-Exploration-Update-JORC.pdf
Page 11
138 starts in the West then for 1506m curves through the northern crescent 200-300m into the side of the ore and then on through the northern breccia and out to the east over the Eastern breccia.
The assay pending bit is from the sulphide ring in the west right to the end of the drill about 750m.

Why has the sulphides though got very low copper?
10.8m @6.8 g/t 0.07% copper
Hydrogen thinks it can’t be sulphides but I think it’s because it’s very thin at this point 0.8m @73g/t and 0.28% copper
The ring seems to be intermittent at this point but if you lower in that area there is something extroadinary happening.
I’ve nicknamed it the Octopus take a look
https://greatlandgold.com/wp-content/uploads/2021/06/20210610-GGP-Announcement-Havieron-Exploration-Update.pdf
That’s a huge blob of sulphides but there’s also a hump back whale and calf above it.
I thought this was a lump of gold not an aquarium:))

Hi TT
I think we are stuck in a PFS production line.
Firstly Cadia has been announced
Then there are Lihir and Red Chris
We are last in the queue unfortunately .
Did SB say all in the next couple of months?

Hi TT
My thoughts on present drilling is that it will have little effect on any decision in the PFS.
My reasons for this is they can’t go deep enough.
Look at the part drill awaiting assays in the last results Had 138, on plan it looks as though it’s going through the Eastern breccia.
Well the zone starts at around 900m of ore but the end of that drill finishes at 820m.
The bulk mining will proceed but what level do they go down to that’s the big question , exploration from the decline will be restricted to where they can reach.
It’s all very intriguing I mean why is 138 drawn outside the ovoid and above the Eastern breccia? Is the upper ovoid bigger than we all thought?

Great pic this of a longitudinal section through Firetower
https://greatlandgold.com/wp-content/uploads/2011/05/Firetower-drill-long-section.jpg

Hi Redirons
I believe it’s Wednesday 9th September 11.30ish

Thought I would post this again

“ RE: NCM UPDATEWed 23:37
There are 15 drills not reported in the last NCM exploration report marked assay pending.
Only 2 of these are targeting the sulphides but below the MRE inferred resource level.
The MRE indicated resource has enough drills to put into the PFS down to 350m.
In the MRE RNS it states under Jorc rules not enough drilling had been undertaken to include the Northern breccia except some high grade pockets.
These 15 drills and 1 part drill are targeting the Northern breccia and northern crescent apart from a few targets in the SE breccia.
6 of these drills have poked out through unexplored zones in the eastern breccia and southern extension. That is very exciting to increase volume.
What are these drills likely to find ?
Well SD was getting very excited about the Northern corridor of high grade zone. This looks to me more high grade breccia than sulphides.
The last MRE was split into 3 Domains of mineralisation which didn’t include the weak crackle.
This again doesn’t look as though it’s been targeted for the inferred resource in December.
It’s the high grade breccia they’re after not as high as the sulphides but decent long grade intercepts.
I would imagine these would be split into 2 Domains for the coming inferred resource down to around 700m.
What are these Domains best to look at the last MRE RNS
“ domain- specific metallurgical recoveries of 84-94% for Au and 82-92% for Cu, a AUD/USD exchange rate of 0.75, as well as treatment and refining costs, payabilities and royalties, similar to those at Telfer.
Ordinary Kriging of gold and copper was undertaken into 10m x 10m x 10m blocks and re-blocked into 5m x 5m x 5m blocks. The resource model was domained utilising the geological units of the Crescent Zone, the Calcite Cemented Breccia and Actinolite Cemented Breccia. Hard boundaries were used between all three Zones.”

We know from this that the MRE was formed by using these 3 geological mineralisation.
Now we are expecting no sulphides apart from a few pockets so there are 2 Domains of breccia calcerite and actinolite. I’ve read somewhere on the NCM web site that the calcerite has slightly better recovery %, actinolite was also one of the minerals at Telfer producing the gold and copper, so that’s very positive.
I’ve read that the actinolite degrades to chlorite and carbonates, i believe copper accumulation occurs with the chlorites and gold in the carbonates but that needs confirming
The northern corridor sounds like it’s both these 2 Domains but they haven’t been itemised as far as I know, it stretches from under the SE crescent zone and rising up through the centre and out into the North west extension.
All very exciting and growing :))”

Hi Droverman
From what I can make out the box cut is founded on top of the upper Tillite aquifer layer following the same gradient.
The section of the layers with the decline drawn in shows it slightly different with the tillite lower down.
The Decline at 99m is entering the mudstone layer and the Saprolite above.
We have about 350m before the Decline is fully into the tillite rock.
At the vent position about 750m from the box cut it’s midway into the tillite.
There could be issues with water and the mudstone and with rock bolts in the Saprolite.
We have around 250m of issues before any speed can develop in my opinion.
There is the added issue with reversing the machines out all the time until the first side stockpile is excavated.

Hi Tom
I would do that for you
If you send your number to Bottle I can ping you

Hi Zoros
Some of my very early postings on the Decline construction remarked on the amount of work required around the portal due to the nature of the rock above it.
It’s seems quite obvious they are having to do additional support to the roof in the early stages, probably the rock bolts aren’t enough to hold the roof up.
Being an aquifer layer they could have water issues but suspect it could be the roof, when the decline gets deeper roof support will be less of an issue and should go quicker

Hi Tom
Ah you’re on about the depth.
420m cover to the top of ore, the decline is going just below that.
The portal is 23m deep plus 14m = 37m