Member Info for Catbert

RNS

"The 134.10 and 131.80 g/t Au samples were taken approximately 60m apart on the same 1.5m-wide vein structure that outcrops close to the previously reported best gold-in-soil anomaly of 838 parts per billion ('ppb') Au, equivalent to 0.84 g/t Au. The vein outcrops over a strike length of over 150m and appears to be part of a larger network of veins;

A gold in soil anomaly which is good enough grade to get into a pit shell design. A bonanza grade vein in a trend of veins.

I don't think we need to worry about fund raising or dilution. Finding a partner to develop this should be easy.

The way I see it is that we've just had a wave of traders blow in and blow out again once they realized that this type of company takes time 3-7 years to get a real return. The price action followed this.

Nonetheless the above news doesn't seem to have registered at all. I think it's a watershed moment.

GLA DYOR

Brecciated Porphyry with bonanza grade gold found in a 1.5m vein on a 70m by 3k trend.

They are going to do magnetics to check the underlying structure.

I'm happy loading up. That's a mine right there. Hopefully sat right on top of a ruddy great big porphyry with Lord knows what else in it (do we have a licence for base metals?).

A Sprott rule of thumb is if it has 100g/t anywhere in it, he's interested. Others will be too.

I don't think the market has understood this at all.

Probably what is most needed is a revised JORC rather than an interview with the Prof.

Verifying the significant facts rather than spinning the story is what will change the share price.

Nobody wants to hear what "superb" results we've had or how "pleased" we are with the drilling.

Give the market the numbers. The share price should respond accordingly.

Hopefully we have plenty of time to do this before we need another raise.

My guess is that the Turkish want to see if we have a Copler type intrusion related Gold system as we have the right geological setting and whilst the company has not released detailed mineralogical data the company does nonetheless state on its website the idea that we have a possible setting and some of the diagnostic characteristics for a Bingham Canyon type porphyry.

I quote

Tectono-magmatic controls of post-subduction gold mineralisation during late Caledonian soft continental collision in the Southern Uplands-Down-Longford Terrane, Britain and Ireland: A review by Rice Cuthbert and Hursthouse.

"Mineralisation occurred in Early Devonian times (~418 and ~410?Ma), following arrival of the Avalonian continental margin at the subduction trench at ~420?Ma, coeval with the onset of regional transtension, post-subduction lithospheric mantle delamination and K-lamprophyric and mafic to intermediate calc-alkaline magmatism. Gold in the SUDLT, therefore, provides a case study for relationships between post-subduction porphyry and orogenic gold mineralisation in soft continental collision zones. The transient geodynamic setting between subduction and transtension, common during soft continental collision, provided the critical elements of the mineralising system: a metasomatically fertilised mantle source; transient geodynamics; favourable lithospheric architecture for the rapid transfer of mass and energy from subcrustal to upper crustal levels; thin-skinned deformation and relatively low exhumation favours the preservation of mineral deposits in the upper crust."

Our own Geo has permitted the statement about Bingham to be shown on the website. A Porphyry isn't something we should dismiss as quickly as Death Stranding might.

We clearly also already have a potentially commercial Zinc Lead deposit.

In short this apparent fumbling might be down to what possibly lies below. The mineralisation halo driven off the Porphyry if it exists is the diagnostic for the underlying structure if it is there we'll find it. In summary, understanding the mechanisms for deposition is the key to developing the discovery plan.

We've found gold. Sometimes people forget to ask why. If we know why we'll find more much more quickly. Intrusion related gold systems vs phanerozoic orogenic gold deposits. Do we have both types on the property?

This is about the gold but it is now also about developing a wider picture of the mechanisms for deposit formation and possibly to develop base metals targets.

Its on the Website.

I'm going to continue to hold because I'm a hopeless romantic and it's only money anyway.

Find us a ruddy great big Porphyry would you lads.

GLA DYOR

There was no indication that new management meant replacing Bill and or Glenn.

Rather it seemed to imply the appointment of a Project Manager to manage the delivery of the PFS.

There is also the possibly someone to manage the Marcoms.

Replacing Bill and Glenn wont make any difference at this point. Anyone coming in at that level will need to be given a shed load of shares plus whatever they decide will need to be cleared with Bill and Glenn anyway.

At this point we need the share prices of the majors to continue rising (the sale will almost certainly be a for shares deal if its a major) and for the BAM project to continue to be progressed. The strategy more or less writes itself from here.

If we can also raise value from the Lithium then now is the time to do that and if we could come up with a plan to realise the value of the Nickel without devaluing the Gold project even better.

Despite our leadership's increasing resemblance to Statler and Waldorf their age is of no consequence. I'm confident they will get this over the line themselves.

They have large shareholdings themselves and despite the poor performance of the share price their interests are aligned with ours.

The issues here are more about shareholder impatience, timing and markets than they are about bad management.

It is convenient to have someone to blame however sometimes the best decision is just to hang in there and keep going.

Neither of these two is short on grit and nobody knows more about this project than they do. I may be in a minority now but I think they should keep going.

https://www.911metallurgist.com/blog/geology-of-porphyry-copper-deposits

See Porphyry Formation. Maybe we have another reason for a couple of deep drills.

Are we getting a lot of Zinc and Lead hits on the ground sampling because we have an underlying Porphyry system?

https://www.conroygoldandnaturalresources.com/projects/base_metals_target

In the course of our exploration it is not unrealistic to suppose that we might discover a base metals project of worthwhile proportions. Small Copper Porphyry deposits are already known in the area. A big one would be a game changer. It is also already clear that the area is prospective for Zinc and Lead.

There are a number of unknowns at this stage all of which are potentially drivers for positive price action here.

"Similar examples of well-developed metal zoning occur at Bingham porphyry copper system in Utah and Mineral Park porphyry copper system in Arizona."

If we find one of these the gold will turn into the second prize.

My favoured option is these situations sleeping. Fishing is good too.

On the subject of Newts has anyone seen Tiny?

He's my newt.

13.67 buy and 13.71 sell according to reports on the Telegraph Group.

Give them nothing.

A large transaction 100k shares at 8:46 showing as unknown price opened Yahoo Finance shows a transaction at 9:46 at 14.19 which takes the share north to 14.5 so it looks like a buy to me. News incoming?

How Bill and Glenn must dread issuing these RNS messages.

Almost every time they do one it drops the share price. No wonder Bills famous quote is "Silence is golden".

Not that we want silence either. We want to know what our money is doing. He can't win.

For every rule however there is an exception ours is an RNS announcing gold finds at BAM.

The only RNS that raised the price was the news at BAM.

I realise that the NOMAD probably made us issue the one about the review ending but now we are clear of that process so hopefully we can look forward to the sorts of RNS that works for us shareholders. The ones announcing Gold finds.

Many view the SR as a failure but it did leave us with cash for this year and no imminent need to raise which is good.

Our gold found per meter is pretty good and if we are drilling mostly at BAM this year we have every chance of it being very good.

The MMs look as though they colluded to drop the price ( we can't be sure) on a news item which was essentially a nothing has changed item. They all dropped the opening price over night in a deliberate attempt to stampede the herd and take out the stops and now they have cheap shares to sell. I guess they have to make their money somehow.

Speculation still remains about whether or not we'll need to raise again if we don't conclude the Lithium sale. I don't know the answer to that, however if we do it won't be until the share price recovers and furthermore it will be to increase the size of the prize from 1.5Moz to 2moz gold in any case, so if anything a final raise should more than wash its own face.

In the meantime we have enough to get drilling again at BAM and we also have some drill related news due from Lamaune.

We didn't get across the line in 2022 so we reset and go again. This year we have absolute clarity about what is required.

GLA and Happy 2023.

I guess none of the buyers really understood us.

Ironically in terms of gold in gold equivalent we are already at 2.5 Moz (if you count the Nickel). 58% Gold and 42% Nickel albeit with some PGEs too not added in to the calculation. (Back of the envelope maths here so do your own).

Where can you get 2.5moz of gold equivalent for this price? Its nuts.

The Gold miners maybe just didn't want the Nickel.

I wonder if they could spin off and float the Lithium/ Nickel like the deal Wallbridge did when putting their Nickel into Archer Exploration.

It might be a way to fund without diluting the gold piece of the cake.

We have funding for this year in any case. Plus a possible Lithium sale so all the drama seems overdone.

Plus Bill and Glenn are big shareholders and so they have as little appetite for dilution as we do. I can't see it staying at this price for long.

Clearly the management knew the terms of the deal at the outset. They knew that this financing was dead in the water not just as of 31st December but long before that.

They decided not to go ahead and receive the funds because they didn't want to pony up the security that the lender was asking for. Fair enough.

Nonetheless they were happy for PIs to continue to buy here in the belief that acceptable funding had been secured whilst a big seller off loaded.

Finally they come clean on 10th January.

Their failure to disclose that the funding offered was not acceptable to them was an act of deceit. A lie by omission designed to create a perception about the state of play that was incorrect.

They would have known all the while that what they had been offered was a no go.

As for their current cash position, what do you believe? What about their production numbers what do you think?

Lets just say that if they were any good they would have issued an RNS to say so.

This might come good of course and if you are still invested, I hope that it does.

As for trusting this management ever again, that is your call.

GLA/DYOR

"Advancing" not advanced. As in the process referenced is continuing.

I'm not entirely surprised at the delay in a deal with so many participants and thus a vast number of moving parts, especially one involving numerous lawyers.

Lawyers are more or less compelled to try to show their client how clever they are.

All it takes is for one of them to require last minute clarification of some point or other and the deadline is a kipper.

"KEFI now has a platform of three advanced projects for development in the next few years: the Tulu Kapi Gold Project in Ethiopia which is advancing to full project launch in light of the improvements in the Ethiopian working environment during the past twelve months and for which a formal update will be announced shortly, the now larger Hawiah Copper-Gold project in Saudi Arabia, and the Jibal Qutman Gold project, also in Saudi Arabia."

"Advancing" To move forward in a purposeful way.

That's good isn't it?

If we couldn't get the finance that wouldn't be advancing. That would be we're stuck because we can't raise the cash.

The spread is easily explained. Good news has moved the price up but we still have a decision that will move it down if TK is a no go. Why would a MM want to take the risk of buying a bunch of shares that carry that risk. So they widen the spread so as not to do so. They are not investing so they don't want to carry a risk premium. Fair enough IMHO.

GLA/ DYOR

LTH here. The RNS was good. IMHO we are still not far off the capitulation price and undervalued, however Feb 21 was a spike that wrecked a lot of holders confidence in the share. Either way on a gold in ground basis we are undervalued.

This is a long term hold for me and I'm not expecting immediate fireworks at all. Both Fare and Bibemi could ultimately be 1.5- 2m oz each but both will take time (at least 2 years).

For me the biggest short term prospect (besides Fare if Managem want an exit) is the Lithium in the CLP.

Lithium is so hot right now that any serious find (and no we wont need to drill it / prove it up necessarily) could be hugely cash generative for us. It is essential however that we move fast on this as the prospects to potentially spin this out and retain some sort of economic interest too might be a game changer for us. The market is hot for Lithium prospects and it looks as though our first mover advantage might pay off in cash terms.

A large highly prospective area with district scale deposit potential could generate a significant sum i.e. in excess of £10m plus NSR. It might even give us the scope to expand into a poly metallic play with the right partner.

GLA DYOR

Legalwolf is absolutely correct the sale isn't the sale of Oriole's assets.

However, this transaction between IAMGOLD and Managem does create a few possibilities that perhaps didn't exist previously.

1. Managem accelerate the development of Fare
2. Managem dispose of Fare
3. Oriole dispose of their stake to Managem
4. Oriole dispose of their stake to an other

With new partners at Fare there is now a greater likelihood of a change in how Fare is progressed.

Options are in play that didn't exist before (perhaps).

Our worst case scenario is that we stay the same with Managem being no better or worse partners than IAMGOLD.

My guess is this is an unlikely outcome as Managem is clearly ambitious, acquisitive and forward looking. Whereas IAMGOLD had a cash management issue to resolve and had adopted a somewhat more watchful and cautious outlook.

A more ambitious new partner is no bad thing as may open a range of possible options. Options which the previous status quo did not.

This is an opportunity for our management to seize the day and to make something happen. Everything is negotiable. Let's see what they can do.

The other possibility which exists is that Barrick is a potential buyer of the Fare project.

Barrick are just waiting for their share price to recover more and once it has they will be on the acquisition trail.

For me the RNS is positive. Let's see what the market thinks.
IAMGOLD although a sizable entity was financially mismanaged hence their need to make disposals. That is not to say that theirs was a bad business it wasn't but it has been poorly run.
Our assets at Fare are part of a regional trend the Northern Arc, we are still outstanding the results of IAMGOLD's auger drilling campaign on the site which was attempting to map the wider area I quote
"IAMGOLD has recently commenced its Year 5 exploration programme at Faré. The programme will initially comprise a planned 9,600m auger-drilling, with two samples being collected per hole (holes drilled to an average depth of 8m) to assess the sub-surface geology and to identify potential extensions to the existing mineralisation. Drilling will predominantly focus on testing the strike extension (southwest and northeast) of the main c.six kilometre-long structure at Faré and a grid has also been planned to test a gold-in-soil-sampling anomaly (previously identified by the Company) c. three kilometres to the east of Faré. The budget for the programme is US$1.5 million and is expected to be completed by the end of May 2022."
Fare already has some spectacular hits with the drill and a small maiden resource estimate which Oriole commissioned.
As far as I am aware the auger campaign has not been reported on but I suspect the results are known to IAMGOLD at least. The site also boarders Barrick's Gounkoto and Sabodala properties.
We've had no news on Fare despite it's development potential on the Northern Arc Trend see link for maps
https://www.chesserresources.com.au/projects/diamba-sud-100/
This news may be nothing more than a shake up but a shake up is what is needed. If it results in progress at Fare or cash for development of our other projects then we are in luck.

DYOR GLA

AGM at 12 noon today is anyone attending?

Some news/ any news beyond a facile quote from the Prof including his obligatory superlative but excluding any data on drill results progress or performance gratefully received.