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assay assay assay, did you hear the one about the bloke that was juggling too many listed companies??

a bit of a happy monday over at Bezant, I'm sure Colin has been focused there and probably on Galileo and Tiger etcetc

presumably those who have committed £5m to this placing must be getting slightly twitchy as we all are as it drifts lower.

Very much hoping that 2 and 3 come together now and at least one of them is very decent. An average sounding hole 2 on its own just now could be a bit of a kick in the nuts for the share price.

Thanks for posting that sq52, v good to revisit
It’s obviously pre the current excitement of bush ranger but gives very good detail on the African assets and likely cash flow .

The manica bit of which is looking v solid with the $2million royalty payment by empress announced recently. I’m definitely more optimistic that the African assets can underpin 5p at least by the year end as Fairbrjde production gets into swing . Plus Zambia.

The whole of Bushranger for free right now, proper steal

Roll on the assays, I have a funny feeling for something tomorrow

Totally understand JCs post there - xtr could end up being half or double the valuation number he put forward a while back . I was never quite sure where the 3% came from and whether it might apply . I just had a valuation of my company carried out , the methodology was unexpected as was the final figure!
It ultimately comes down to what someone wants to pay for it.
It would be in xtracts interest to make it a “good deal” for AA. We don’t want them being put off by the fair value mechanism if there alternatives they can go and lowball, who might bite their hand off.
If fair value used ended up being 2% and we are at 3.5mt then we are still in an extremely good position.
I would say we are pursuing the exactly correct strategy so I am very content. Build a very sound model of a proven resource over the next 6 months and thereby get the asset in play . The more we can add over 2mt in an easily mined and logistically brilliant situation, the easier a sale becomes.

And we now have all the cash we need to carry out the plan while copper price rises and the majors are very actively seeking new acquisitions. Very good timing and that’s sometimes all that matters .
Gla

The fact that Empress are ready to stump up $2million now to buy the Manica royalty is very strong confirmation that , let’s say $3-400k xtr income per month at some point in the next few months .
Bit of a silent game changer in my opinion because it would underpin the current share price at anything over $500k per month - plus we also have at least £8millo cash on the balance sheet right now.

This is such a strong investment case now , gla

The Manica update via Empress is very interesting and a great vindication of the potential profitability of this project as it comes on line - albeit we still don’t know when that will be.

It states that the kit will be capable of going through 42000 tonnes per month , at 1.5 grams per tonne that’s 63kg of gold at say 40,000 per kg = c £2.5 million dollars top line per month.

Don’t have our share of that to hand but even if it boils down to 10% that’s a nice $250k per month for doing nowt. Would be great to get that incoming by year end .

Sorry stevem to be a bit of a pedant, but to answer the valuation question, that article gives an estimate of a potential valuation IF xtr hit 2mt cueq AND Anglo American decide to exercise their option. They may not .

The best way of making sure they do is prove up a figure well in excess of 2mt and showing that the deposit is a good one to mine in terms of geophysics and continuity of grade .

I think the continuity of grade in hole 1 is a good first place indicator of that , and the identification of multiple porphyria is giving a very good prospect of significantly exceeding 2mt
IMHO and GLA

Ah the rains down in Africa. Toto warned us of them back in the 80s, but they always come as a bit of a surprise to Colin and the team, probably helps with the alluvials washing though.

Come on lab boys pull your fingers out we want those assays!!

From a rough calculation of the 12million shares owned plus I believe c 30 million options, looks as though an approximate effective stake of c 5% for Colin bird in the company once all exercised .
Great that he has a meaningful stake to motivate to a great outcome .
He would deserve every penny if he netted £25million from this - every chance as the team keep adding to the scale of this discovery
GLA

Anyone who thinks xtr haven’t done xrf on every hole as they were drilled needs to get out more (as lockdown rules allow)
Let’s hope for a bit of xtc for shareholders as assays get released this week .
He definitely said late .3%s and .4% copper eq average for holes 2 and 3 this time which probably means .25% average but you never know!

hole 2 and 3 would have been had xrf at the time
if you look at the XRF for hole 1 they were actually pretty close to the assays
so i think they have a good estimate of copper from the XRF and as gold seems to be a bit of a side show, they will have a big clue
Once again I am hearing 4% !! let's make it so this time Colin - average of .35% plus would be a great result for these 2 holes, especially if there are no gaps in the mineralised zones as per Hole 1 - which I think was a realy good thing

by the way that buy must mean he doesn't have holes 2 and 3 in his hand right now, so a few days to go still on those I think

must admit i sold 1.2million shares last week at 6.8, cashflow thing
just bought most of them back
still have a lot of these, Colin has more now though!
that 1m buy is just a great sign, well over £100k invested by the man in last 2 buys (timed it well tho didn't he :))

Definitely an old interview post hole 1 assays - talks about hole 6 still drilling
Bit of a booboo, hopefully they will realise their mistake shortly , would be good to get a CB update

Haven’t listened to share talk yet . Never a great feeling seeing your share fall first thing like this , but on reflection I think it’s more than ok.

There was quite a lot of chat here on further funds needed. Generally speaking to get this done thoroughly and speedily more than 5m from last one needed. Only variable would have been Africa generating significant chunks of cash by q3 or q4.
I personally was always v sceptical of that so really a raise becomes inevitable- much better to do it early so you can plan and speed things up than turn around in 4 months and go “cr@p we only have 500k left”
Who knows on the assays but I think on decent results we could be back towards 7 before long .
Gla
Rollercoaster as ever !

I'm with andrew on all those previous alluvial results coming out at variable times, and I defintely think colin is very capable of being elastic with his interpretation of rules and timings etc. They always seemed pretty consistently disappointing though if i remember rightly and honestly rather in consequential sums.

However I think this is a very different ball game and sitting on assay results of this importance for more than a day or two to get their presentation ready would be a risky and dumb move and result in a loss of confidence in the whole project should it ever come out. It would be pretty obvious to the lab company management for eg if they release the results to xtract on day 1 and xtract only release on day +15 or something.

IMO they are simply just taking a long time or indeed the lab have been instructed to share Holes 1 and 2 at the same time to XTR.

Yup I’m convinced that the only time this share will go up is the day when 1day stops posting blue blue blue
Based on absolutely zip

1plus1 making 2 there, v good theory I think - the lab holds assay hole 2 results and sends over 2 and 3 when hole 3 assay is complete.
Gives a much better overview of the find and get a clearer understanding - and IMHO give a great shot in the arm to the share price

Yes Andrew that might be the case with the grades.
I think what we are looking for is nice long runs of commercial grades as per hole 1

This consistency over long distances and very large volumes even at non spectacular grades would imho make the mine a v commercial proposition over a large 20+ number of years .

Hole 6 really gave a clue to depth , significant potential extension of the volume and multiple porphyry potential .

Anything above .3% average on hole 2 would indeed be a nice result , maybe also with some evidence of good grades at depth.

I did block FTF to start with and definitely doubt his motives!
but there are some arguments put forward by him that are worth reviewing, in the end they have been somewhat distorted and comparing "apples with pears" but worth the occasional review to confirm again the logic of the reasoning of the great find we seem to have here-
you do have to ask why he's posting here if there's so much better value in the middle of the andes etc and tbf now it is getting repetitive, because the same principles apply:

GT gold has 1.5mt cu eq INDICATED resource
XTR is targeting 2mt and by many calculations and estimates including that of the Chairman we could be looking a long way beyond that.

Have you seen where Tatooga is? On initial review it appears to be in the middle of nowhere. Very far north - very cold maybe? It is also within a Native American homeland which I'm sure brings additional complications and costs.

Of course Bushranger is 100 miles from sydney just past the beautiful blue mountains, very close to other large mining companies.

It is predominantly copper rather than a mix of mineral values - simplicity of production "this one will fly on copper alone"
We could easily be looking at a porphyry system.

Personally I would much rather have Bushranger than Tatooga although of course they have proved the asset for sale whereas we are confirming day by day the existence of our own, larger, more viable resource. Still time to buy in FTF or maybe relocate?

I make it 1.5mt indicated and 2.5 mt inferred cu equivalent from GT gold July 2020 report. Thats using a 0.6139 multiplier to the gold per gram to get to cueq.

summary:
Saddle North Mineral Resource Highlights:

Indicated Resource of 298 Mt grading 0.28% copper, 0.36 g/t gold and 0.8 g/t silver for a total of 1.81 Blb of copper, 3.47 Moz of gold and 7.58 Moz of silver

Inferred Resource of 543 Mt grading 0.25% copper, 0.31 g/t gold and 0.7 g/t silver for a total of 2.98 Blb of copper, 5.46 Moz of gold and 11.64 Moz of silver

Amenable to open pit as well as bulk underground mining methods
Potential for expansion with mineralization being open at depth as well as to the northwest and southeast
The Mineral Resource forms the basis for a Preliminary Economic Assessment (“PEA”) expected to be completed by the end of 2020

full technical report link:

https://www.gtgoldcorp.ca/_resources/tech-reports/GT%20Gold_Saddle%20North_technical%20report_2020%2008%2020.pdf