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I’ve been looking at Rio’s latest presentation, the figures are mind blowing paying out a $6.4bn dividend for the latest half year , yes I said half year , over $13bn full year.
Besides a Serbian for Lithium where there is a lot objections they have 2 exciting evaluations coming up. One of these is Winu where they are still talking to the Martu about their plans. First ore has slipped back to 2025 from a start date of 2016.
Statements in this presentation say they are still not ready to give a full assessment of measured volumes, with a lot more exploration programmed.
This is an open pit so there’s no decline plan at the moment but they have found deeper satellite sites with higher grade copper and gold.
Comparing Winu open pit grades and volumes with Havieron you can see straight away Havieron had the edge.
I’ve read in other articles that there is a metallurgical problem with the ore at Winu( I haven’t found out what that is) and they need the Satellite sites to provide a higher grade mix with the Winu ore. Sounds a bit like Telfer needing Havieron’s higher grade.
Winu has 503m tons mainly copper/gold not of silver with a contamination of bismuth.
Havieron has around the same tonnage down to about 900m but high grade gold to boost the average.
Consider the saying gold pays for everything, copper is the profit.
Winu copper might be for everything if the price escalates but some of the gold profits might go.

Remember this is Rio’s highly ranked evaluation target but had some known satellites and further joint ventures.

I think Ggp are in the right spot :))

Hi TMT
I totally agree with you apart from can we do a detour and take in Winu on the way to the Indian Ocean :))
Rio are classing it in their top 2 evaluation projects

Hi Zoros
I did read your 18.41 post and agreed with most of it, but you have to put the 4.2m oz sum to bed, it’s an historical figure way outdated although it’s the only one we have.
I’m wary of the fact last December when the MRE was issued the feeling of deflation with those figures. The cut offs in the cubes/shells reduced the volumes considerably, so this time I am more conservative with my assessment.

Hi Canary
The prices they’ve used $1,400 gold and $3.40 copper take into account the recovery factors.
Somewhere I’ve read the copper price for that calculation has risen to $3.60, I can’t remember where at mo.
The equivalent formula for the copper % has raised to 1.71%
There’s scope for substantial increases there.

If anyone is confused about what is happening with the MRE’s coming I would suggest re reading the initial MRE RNS fro last December.
A few snippets:-

? 2021 Growth Drilling: Growth drilling programme in calendar year 2021 will focus on the extension and definition of the South Eastern Crescent and Breccia, North West Crescent, Northern Breccia and Eastern Breccia zones adjacent to the current Inferred Resource.

? Infill Drilling Programme: Infill drilling is underway on the top 350 vertical metres of the South Eastern Crescent within the existing resource outline with the aim to define Indicated resources to underpin the proposed Pre-Feasibility Study.

The gold equivalent (AuEq) is based on assumed prices of US$1,400/oz Au and US$3.40/lb Cu, gold recoveries of 94% (Crescent) and 84% (Breccia), and copper recoveries of 84% (Crescent) and 82% (Breccia), which equates to a formula of approximately AuEq = Au (g/t) + 1.65 * Cu (%). In Greatland’s opinion both gold and copper have a reasonable potential to be recovered and sold.

The Initial Inferred Mineral Resource estimate, assuming mining by a bulk extractable underground operation, reported inside an AUD$50/t Net Smelter Return (“NSR”) shell3, including geological domains of:
? Crescent Zone containing 18Mt @ 3.8g/t Au and 0.61% Cu for 2.2Moz Au and 110Kt Cu.
? Breccia Zone containing 34Mt @ 1.1g/t Au and 0.15% Cu for 1.2Moz Au and 50Kt Cu.

South East Crescent and Breccia: Mineralisation remains open at depth in high grade shoots as demonstrated in previously reported HAD065W2^^ which included 120.7m @ 9.3g/t Au & 0.18% Cu from 1349.3m. Growth drilling in calendar year 2021 will focus on the extensions and definition of the identified zones external to the current Inferred Resource.

From that you can see that the new Indicated resource estimate will come with the PFS and will be based on the top 350m of the SE crescent.

We know with later results that the sulphide zone has increased up from 18m tons.
We also know that the grades are up from 3.8g/t to 5g/t.

Below this 350m layer we know that the grades and volumes have increased
Therefore an Inferred resource as announced by SD in December should increase considerably.
Sandeep had suggested the PFS would be hopefully produced in September.

My conclusion is don’t expect a great uplift with the Indicated, that’s not the whole point of the PFS, expect a plan for the way forward to a mine, that is where the fireworks will be :))

Hi Antigua
Well yes the volumes will be lower, there’s a chance it maybe lower but if you have seen my calcs the sulphides in that zone could contain 4.6m but you have to take out the dilution factor of 15% so that’s 3.9m and because of the cut offs I would say conservatively 3m but you have to add the copper and the adjacent breccia.
It might end up at around 4.2m eq but from a different volume matrix

Hi Zoros
The maiden inferred resource estimate included the SE crescent down to 650m and areas in the Northern breccia.
The Indicated resource due will only include the SE crescent to 350m depth.
The 4.2m in the maiden resource will be reduced for the Indicated resource, the volume is a lot smaller but within this new zone we know the sulphides have increased in size and also the grades have crept up.
The adjacent breccia in the crescent the volumes have decreased due to the sulphides increasing.
That fantastic drill 89m @11g/t is below the 650m depth.
The Indicated can’t be based on that 4.2m it’s just totally different, all the shell cubes would have to be reassessed with the extra drilling.
An Inferred resource in December is looking extremely exciting

Hi Zoros
I think you will find I said it doesn’t reflect the 4.2m figure.
The volumes and grades for the Indicated MRE will be totally different to the last Inferred MRE

I have to agree with Hydrogen on the funding issue they seem to be way financed at the moment.
SD talking about the Tasmanian assets I’m half expecting another firm to buy in and pay for the exploration.
Then there’s Ernest Giles SD has been talking this up since he’s been here somethings brewing.
If there’s a placing am I worried about one, well no not really but it won’t happen before the shares are issued to original owners.
NCM seem to want to keep Greatland on side so I would expect them to want to increase their loan to us, but the directors seem keen to get a cheaper loan if needed.
This is only a temporary blip on finances anyway you’ve all seen my calcs on first production revenues of $9m-12m per m it’s huge, why panic about a short term blip

Hi Spoonkey
The top 350m is crescent shape 550m long
The lower 300m isn’t a crescent it’s a lot shorter so it will be a lower amount.
That drill though of 89m @11g/t is in that zone plus a few good breccia results.
You also have to add in then the Northern breccia which fall into this depth criteria and that zone has increased considerably.
Overall it’s looking good from my view point :))

Hi Chester
This MRE is going to be a tough call to predict if it is based on the top 350m depth and leaving the lower 300m and Northern breccia to the inferred. It’s a totally different volume than the last one so you just can’t assume the 4.2m will be just increased.
The positives though of greater sulphide volume and grades should keep the gold equivalent values around that figure.
The other positives with the rise of the copper price is the formula for working out the equivalent value has increased slightly but makes a big difference.

Hi Bellers, Peter
I’m saying forget the 4.2m we are going to get an Indicated MRE for just the top 350m of the SE crescent which is a totally different volume to the last MRE.
I’m hoping for 3m oz + copper from this zone.

Peter the Institutions will start investing when the Decision to Mine is released officially, probably next Spring. Some may invest after the PFS is released.
An Indicated resource may give a bankable asset on the current accounts, right at this moment apart from some cash we have very little banked assets.
When this happens Institutions will see less risk.
Remember we’ve taken all the risk, early investors should reap the bigger rewards :))

Hi Pickandshovel
A copy of my post on the MRE
“This is a note from the MRE Announcement on NCM web site last December. It’s in the small print down the bottom in the commentary.

Please take note of what it says:-
“
Further work

Infill drilling is underway on the top 350 vertical metres of the South Eastern Crescent within the existing resource outline, looking to upgrade the resource category to Indicated.

Growth drilling is planned to extend the limits of the mineralised system and infill drilling in the existing defined breccias looking to establish new Inferred Resources outside those stated in this announcement.”

That’s quite a strong statement of what we should be expecting.
An Indicated resource estimate is likely from the top 350m of the SE crescent.
That leaves the bottom 300m still in Inferred category.
Also the Northern breccia pockets are still in Inferred category.

SD has pointed us to December for the growth drilling, so an increase in the Inferred category due in December.
Sandeep mentioned the PFS will hopefully be in September with an MRE (Indicated) prior to that.

The MRE top 350m can’t be based on the 4.2m in the previous announcement, it’s different volumes and grades .
Both grades and volumes have increased a lot.
Basing a calculation on the known sizes of the sulphides 550x50x350 deep x 3(Sg) x 5g/t = 4.6m oz
Less 15% dilution = 3.9m oz gold only
Some of this may not be included in the shell cubes due to Kriging variations within the cubes , so my estimate would be around 3m without copper or what’s in the breccia“

You won’t be able to pinpoint what drills or proportion of drills are in the MRE that’s major computer stuff.
We also know that some drills are for survey work and won’t be reported but will be used in the MRE but possibly the Inferred one in December.
Great stuff though :))

Hi Hydro
It’s just a case of systematically going through each drill to see if they’ve gone through that level and then pin point where. Be easy with the Leap frog software.
I’ll get through it.
That sketch I showed you I’m putting in the high grade points on the drills and trying to get a 3D image on it. That’s the first 9 drills and 2 historical ones 9502 and 9503 , these 2 were both classed as hitting alteration but when I’ve plotted it it became apparent that they are both in the crackle.
9501 is way to the SW with alteration and weak grades.
It wasn’t the case of going deep enough , it was more a case of knowing how to drill the difficult cover sequence. It seems so easy now but back in 1991-95 they struggled with 15m per 12 hour shift

I’m trying to put together a plan of the 4700 layer, as the ones that are published don’t reflect that layer, showing layers above and below all mixed up, very confusing.
This is something Hydrogen and myself talked about.
One thing I do know the crackle is the dominant ore at that level but the grades are ok though from what I’ve seen so far for our weakest zone.
It’s very difficult each drill position at that level needs to be worked out, I’ve done about 20 so far .
They will probably get gold out before I finish that one :((

Hi Strudel
They did find one layer of mineralisation but it was at 900m deep.
They only did 3 drills though, if they had found something big it could have been accessed through our Decline but wasn’t to be Havieron sucked out all their gold :))
I missed your satellite postings, did you see Paddy’s tweet regarding that hole on the old explosive store position, it’s on top of Havieron north

Yes BR would probably do that not sure if he has my email though
Zoros has it
I don’t look at my e mails very often though

Hi the doors
That seismic section on page 9 really shows the cover sequence very well and why it’s no good going further east it’s too deep and uneconomic .

Are you in contact with Tig/Fred they have my e mail

I have used autocad in the passed but I haven’t got the software, so it’s all by hand which I find is more revealing. Bit rough at the moment. I’ve drawn the first 14 drills and marking on the high points putting in my own shape of the sulphides. It’s very hard to do and time consuming

Morning Peter
It’s the colours of the rainbow in order normally white very high then roygbiv (vibgyor in reverse)
So deep blues very low