RE: Ha17 Jul 2025 07:49
441,200 ounces in an open pit at a head grade of 1.53 g/t gold (CGNR website) doesn't cut it as a refractory gold operation. A much larger resource is needed. The Demir JV's first program was stepout drilling which was negative. No growth ounces at Clontibret so had to explore for open pit ounces elsewhere. Clay Lake was even lower grade so no good. Thousands of metres elsewhere which presumably came to nought. €5 million spent, no ounces added, no wins, no surprise Demir walked.
Marian had them focusing on deeper potential to get higher grades. Great idea but no evidence yet that it exists. How do you start looking? Geophysics? What's the plan to find the next Fosterville and how much does it cost?