The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Further to the link posted Sat 18:30, the timelines for evolution from rank exploration to JV or mining are interesting.
It took 3 years for Newmont (40years ago) to progress from surface sampling to intensive drilling programme and defining a commercial reserve of 1.17m Troy Oz for open pit mining. We now know that Telfer is a 27M Oz deposit but the latter years of underground mining were in the deep reef lodes at depths around 500 to 1000m.
This insight should show how difficult it is to put a value at this point in time to the Black Hills - Saddle Reefs prospect. GGP have a lot of drilling to prove up this resource. It would be win / win if this was funded in a JV with Newmont.
That is enough from the LTH’s - I hand over to the traders on Monday.
Wow! Credit to you for digging up this USGS historical paper. When it comes to DYOR, applegarth is the undisputed champion. Sadly, I am more familiar with Lower Kimmeridge argillaceous carbonate than Black Hills auriferous conglomerate. I need to phone a friend - GeoDave.
Back on topic: 2 July RNS (Black Hills) stated GGP expects to make an announcement within the next few weeks.
I would like it to be tomorrow ⚒ 💰
In 2015, investors would have lost money in 72% of all the companies that have listed on AIM Aim's Wild West days have ridden off into the sunset https://www.telegraph.co.uk/business/2018/07/14/aims-wild-west-days-have-ridden-sunset/?WT.mc_id=tmgliveapp_iosshare_Aq6snGQb8cy8
Coach777, you should have had a memorable day at Wimbledon. The matches on centre court were top sport entertainment.
Between men’s and women’s events I was able to do some research on Patterson Project and Black Hills surface discovery. This article on the history, mineralisation and mining development at Telfer is well worth a read.
http://www.portergeo.com.au/database/mineinfo.asp?mineid=mn224
And I am guilty of inaccuracy in the number of shares Stephen Beetham is holding. Oh well, the intention to provide information to discuss was in good faith. We can’t all be perfect.
Enjoy your weekend all.
NicebutDim 😎
Rockfire is a precious metals exploration company with interesting similarities to Greatland. Following an RNS on 25 June that they had a near surface gold strike of 400m length at a prospect in Queensland, Oz, the share price doubled. It has been volatile since then, increasing 20% yesterday and down a tad today. On 11th July ROCK announced that a certain Mr & Mrs Paul Johnson had increased their holding to 8.7% of the company. He continues to buy.
Many will know that PJ was a Director of GGP for 5 months to August 2016. The last Annual Report showed they owned 4.7% of the company, some 93.7 million GGP shares. That is more than Stephen Beetham. He certainly knows the best place to put his spare cash.
Follow the money. Market is closed. Have a good weekend fellow shareholders.
Whatever happened to GeoDave? He was commenting a few months ago & gave valuable insight. He was the real deal - not an armchair prospector with no geology training but a guy who had field experience in gold exploration down under.
Off-topic, Rockfire Resources were up 20% today. It is interesting to compare the detail in their RNS to those issued by GGP.
http://www.lse.co.uk/share-regulatory-news.asp?shareprice=ROCK&ArticleCode=6g14k7jz&ArticleHeadline=Drilling_hits_gold_over_400m_of_strike_length
Greatland is not the only gold explorer in Oz who has come up with an impressive discovery. As with us, getting an offer from a Major miner is the proof of the asset value.
bhargav
I agree with your outlook. Another 2.7% down today and I do not see any significant news announcements before end Sept. It would be unusual if they assayed RC drill cuttings from one well at EG Meadows before the majority 24 holes were tested. 2016 campaign experience & announcements show that initial results are average grades over 4 meter intervals.
The next 3 months will be a long wait and I should not be surprised if the share price retraces further.
An interesting discussion earlier today on the subject of his Twitter feeds. When GH again posted that photo of Black Hills surface samples I was not impressed. My response: This repetitive hype of old news is wearing thin. Maybe that is why the GGP share price has been hammered this last week. Photos like this are commonplace on television. (Ref to Aussie Gold Hunters). As a shareholder, I am looking for announcements with substance. ☹️
There were 2 likes to this comment and one response from GH, which was to BLOCK me from future news feed.
I am not the first on this BB to be blocked after a critical statement. The previous commentator was surprised, if not very offended. I am not impressed by a CEO who can not take criticism like a man.
For the record, I have been invested since Oct last year and went to the AGM. I held on through the dark days after the Newmont announcement. I hold more shares in GGP than Mr Heddle himself.
I certainly hope that there is some progress made this year on monetising Saddle Reefs. If a Major is not prepared to offer -at this time- then further drilling will probably not take place until March next year.
Your comments are of interest.
GGP website has confusing information, to a dimwit like me, on concentration of gold grade. My brain hurts after the wine tasting.
The conversion factor is provided on the Internet.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=53717339
So, in comparison, HAD001 grade of 137.69 g/t converts to 137,690 ppb gold, or did I get that wrong?
But then it was found under 573 meters of rock cover, not less than 100m.
For those who missed Stephen Beethams comment yesterday evening 8pm - this man is a Significant Shareholder, with 4% of the stock or 121M shares. He commented at the end of June, 2 weeks ago, that he was increasing his holding. I have no doubt that as the sp retraces, he will continue buying.
There was some discussion over the weekend about the 600m maximum depth for RC drilling. It is because that is the limitation of the truck mounted rig. They would need to bring in another, bigger unit to drill to 900m and the higher day rate, mob/demob charges would eat up cash.
Equally, there has been an expectation that first results from Meadows could be released any time. Wishful thinking in my view. The results from drilling 24 holes at EG will be released in Oct. if it follows the timeline of the previous campaign in 2016. Look back over the historic RNS and the announcement in Jan. 2017.
Tiburn, I like your timeline and SP guesstimates. I do not think they are unachievable.
There was a time when I thought we would be lucky to get one project that is commercial & of interest to a mining major. The last few months has shown CB to be a visionary exploration director. More than one prospect has potential to multi-bag at whatever price you bought in. As I have stated before, my hopes are on EG Meadows being the flagship. My date is October for results of 24 hole RC drilling. I share your belief that it will be a memorable Christmas in 2018.
I was at the last AGM in London and will be at this years gathering. There should be more good news by November.
Hold for gold.
woody2002, a very good point and a question I raised yesterday.
10 core holes starting in September, each down to 600 m depth. The best gold grades are at increasing depth with the bonanza vein at 573 m. Why are they not going deeper, to 700 m. It is not because the rig is at its depth limit because there are examples where core has been recovered from 1000 m.
Maybe I will ask CB or GH when I attend the AGM again in November.
Chaebol
Day rate of a land rig is expensive. Rig is not needed as there is no drilling, running or pulling production tubing string.
The well test setup only needs a crane. Most operations downhole are done with a wireline. A crane supports safety equipment like the lubricator or simply the slick line pulley. They will be running pressure gauge monitoring equipment downhole while opening or closing sleeves to selectively flow different pay zones.
GGP’s part time Geology Manager has a useful background in field exploration activity, mapping & sampling + office assignments in historical data review & interpretation.
https://www.linkedin.com/in/gemma-cryan-2472821a/
In Gemma we trust ⚒ some luck of the Irish is what we need.
Here is another consideration. Right now at EG Meadows, the contractors are progressing with 24 holes using reverse circulation drilling that started 22nd June. The first 4 holes at Havieron, some 22 km to the south east, was diamond core drilling. They have just announced results that look good to me & they intend to core drill another 10 holes, each up to 600 m depth vertical, although gold & copper can be found to 300 m deeper. They could drill deeper as the grades were higher with depth. http://www.citigold.com/about/features/25-gold-three-kilometres-deep
The bonanza grade came in at 573 m depth, close to total depth. Why are they not drilling to 700 m? Core drilling is more expensive than rc but it delivers accurate and indisputable lithology. The RNS stated that the Sept drill programme will ‘further determine the extent and direction of the high grade zone’. The bedding and structure map info indicates NW to SE trend, along the line from HAD001 to 003. The higher grade seams could run east to west, for example, in which case only HAD001 would have intersected the mother lode. Where is GeoDave - we need his opinion. If results are exceptionally good at EG, the likelihood is that core infill drilling would be required there.
Any other thoughts for discussion over the weekend?
news
That report is the most interesting link I have seen this month.
http://www.newcrest.com.au/media/resource_reserves/Technical%20Reports/Technical_Report_on_Telfer_Property_December_31_2013-Final.pdf
Aside from the points you make, page 22 history shows they were drilling 1000m vertical holes and finding commercial gold / copper grades late in the life of this mine.
The Black Hills field work has only started to scratch the surface of a gold deposit similar in style to Newcrests Telfer mine.
It is mind boggling!