Member Info for Dcat80

Swiss- was it foraco that frilled for us earlier in the year?

https://twitter.com/davidca041980/status/1301478251743842304?s=21

For those not on twitter Valore have released a short 10minutes video on drilling.

https://www.youtube.com/watch?v=xpDj1dZJXD8

It looks to me that the surface area shall we say of the deposit is growing (see red blob and previous drill holes), whilst at the same time the intersects depth wise increase by multitudes. Will need to see a later resource report, but Trapia could hold multiples of the current resource attributed to it under the current NI43-101 report. Maybe even 5times?

You should do very well at Valore. I would like to buy some direct myself when funds allow and I can set up an account that enables me to . Great asset.

The real money will be made at Jangada through the pitombeiras project.

Yes, successfully extended the resource at Trapia in all directions, plus still open for further expansion. Exactly what was hoped for!!

It’s illiquid at times largely due to to the smaller free float. Still others had no problem selling Wednesday or yesterday morning.

Personally think it’s a poor decision to sell now, but if you check through the board you’ll see plenty of news due soon which should provide some liquidity

Fingers crossed we will have something further to talk about soon!

Keep checking to see if fodere group have added a presentation to their website giving further detail. Would be nice to see what our ownership percentage is, more so whether largo are now involved with them.

Tex you ruined the experiment by posting during trading hours ;)

If only I knew the secret to an SP rise was no posts on the lse bulletin board I would have posted less before :)

https://ceo.ca/@nasdaq/valore-announces-initial-drill-results-from-pedra-branca

Highlights from Initial Drilling at Trapia 1:

Drill hole DD20TU10
• 1.0 g/t 2PGE+Au over 52.8 metres from surface, including 2.14 g/t 2PGE+Au over 9.0 metres*;
• Successfully extends the up-dip mineralized body to surface in the southern portion of the Trapia 1 resource area;
Drill hole DD20TU12
• 0.69 g/t 2PGE+Au over 100.4 metres from to 93.2 metres depth, including 2.33 g/t 2PGE+Au over 11.0 metres*;
• Extends the down-dip mineralization at Trapia 1, and shows a thickening of the mineralized body at depth;
Trapia 1 mineralization remains open down-dip to the east.

Arcm we’re paying $150 per metre at least in 2018. The cost of a 10,000m drill campaign was between $1m-$1.5m before it was known whether the 33% partners would pay their share or relinquish part of the licence. Different country and ore, but doubt they’d be too much variance

Not sure if many picked up on the mining costs noted within the NI43-101 report? Has enabled me to run a few very rough numbers. Please note these include the Davis tube results from previous results, whilst recent grades are higher. It doesn’t take into consideration recovery rates either and there is huge variance dependant on what value we’d get from steel mill on the vanadium (they process to mane into vanadium ****, the either sell on or treat themselves in vanadium pentoxide).

$24 which added to the $36 transport to steel mill in November RNS is $60per tonne.

The magnetic ore was 95% iron which with spot of $100 = $95 per tonne

Just on the iron ore we’d get $35per tonne free cash flow.

Vanadium is 1.25% at $15k per tonne =$187.50
25% = $47
50% = $94
75% = $140

Not sure what % of vanadium value we’d get from steel mill. Could be anywhere between 25%-75%.

So free cash flow of $82 per tonne through to $175 per tonne.

300k/t per annum $24.6m-$52.5m.

£38.5k transaction at 3.3p from yesterday morning just popped up. Would appear to be a bit from the time stamp

JV/farm in is i think much more likely than a full sale. Still early in the project and why sell for pennies now what may be worth pounds in the future. Capital for any capex for trial mining needs to come from somewhere so an injection into the project for X% to cover this and provide a buffer for any complications at initial production would be a huge positive.

Even if we got an RNS confirming an MOU with a given party it would give us good steer.

Attached link might be if interest to a few. What stands out is that CIM (which ni43-101) falls under is a requirement for and Canadian public listed mining company. They were adapted by the Canadian Securities Administrators in 2001.

Really can’t see why we’d change reporting method to the N43-101 basis unless it’s for the purpose of a Canadian listed partner in one guise or another.

https://www.micon-international.com/mineral-resource-reporting-differences-between-cim-jorc-and-others/

Makes sense. Guidance for PEA was H2, early Q1 isn’t much movement from that guidance. I was expecting it earlier, but not additional drilling they seem in a hurry now to complete. To meet new guidance though they’ll surely need more rigs than used earlier in year. Drilling more meters with tighter timeframe.

Hopefully more news to help us understand wider intentions soon

D220- I didn’t foresee change to NI43-101 at all, although could well be some logic in it..

Finally we have the first real news.

Maiden resource 5.7m/t a good start against the overall target 40m-60m for the 1,650 drilled. Certainly enough for trial mining (TM) as that’s likely to be at 300k tonne for first 2 years then 600k tonne after until full mining licence we are well covered for a TM application (5.4m/t for 10years at that rate)

One thing that does stand out is company has elected to use the more stringent NI43-101 reporting method. This differs from the Jorc method we were expecting.

Jangada for example got to 2m Oz PGM using Jorc, whereas Valore are only using 1m Oz at present under NI43-101.

Surely there must be a reason changing stance and going NI43–101 over Jorc? Mind goes to Canadian listed companies usually use this method.

We all know a certain largo resources are Canadian listed with their vanadium mine being in Brazil. I’ve speculated before them becoming a strategic partner investing money in a stake if the project would be good for both parties.

Then there is also The Discovery Group angle. They’re Canadian and used to the NI43-101 reporting method.

I’m more convinced now there has been more going on in the background. The BOD aren’t taking salaries at the moment and with their high ownership (45%) have a big incentive to move this forward as quick as possible.

Whilst PEA is now delayed I’d hope they can still progress on the trial mining application. They have the resource to support this now and other aspects such as environmental issues were considered for nearby Pedra Branca.

As before expect this maiden resource is just the start of the newsflow and hope we get more substantial very soon.

Will calculate some figures based on inground resource and figures for trial mining based on the 300k/t per annum shortly

Just under the previous 52 week high of 3.375p.

Got to be near for Jorc now. Not sure whether we’ve drilled enough for Maiden jorc to meet the 40mt-60mt target yet, but should have a solid brought number to feed into a trial mining licence. That for me is key now, get to stage we can monetise early and when we’ve funds coming in we can drill to hearts content!

As I’ve suggested before with deposit outcropping and the technical persons report done last year I’m sure they’ve had a good idea what we’ve got. BOD aren’t taking salaries and with their ownership levels will want to progress quick. Not unrealistic to think they’ve had offtake discussions or finance discussions (possibly advance from offtakers) shoot drilling was progressing.

Any trial mining won’t be a huge operation. 300k tonnes PA referred to in logistics report. Won’t require any acid tanks. Just basic digging, crushing/milling equipment and a magnetic separator. Not too expensive on the scale we’re looking for and with the revenues we’d be looking at would have thought well within the limits for easy financing.

Hopefully are patience soon gets rewarded. If the company has eyes on warrants we’ll need news soon and the volume to allow conversion.

Tex- after last lists I had the idea maybe better splitting into 2 lists. News we know is due/being worked on such as our new tenement/jorc/pea and another lost of potential newsflow. Might be an idea to consider anyway