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Along with the majority of you, I am comfortable with high expectations for the HAD006 to 009 results. My opinion is they will release 2 core results next week and the remainder in the New Year. It is a valid question as to how they keep the news momentum going in the 3 months there is no drilling in Patterson. GH said at the AGM that there would be a board meeting mid-January.
In the 20 August RNS he said “Our intention is to advance the Firetower Project . . . . We are planning a new drill programme which we expect to commence in the first quarter of 2019”. Nobody at the AGM asked for confirmation of this, we were high on Havieron!
If you look back a year to results and resuming drilling exploration: We had the crash following the announcement on 15 Jan. Three weeks later they were announcing an ambitious drilling programme at EG. Core drilling started as soon as weather permitted from March 12th.
My gut feeling is that the BoD will decide whether to start a preliminary shallow drilling programme at Firetower in February or to concentrate all financial resources on proving up & JORC of Havieron.
How exciting to have 2 promising Projects . . . . And I have not even mentioned Black Hills or Scallywag.
Thanks for the excellent AutoCAD work PaddyGall. It really does help to visualise the well paths of these last 5 core holes. In my former oilfield life, we used to rely on ‘Spider Plots’ in 2-D plan view, to ensure that wells with close surface proximity did not collide with each other 800 meters or more downhole.
Back on subject - the results from HAD009 is the one to watch but I do not expect any announcement before the New Year.
Time for a change of discussion thread. Back to Havieron and the potential in core results from HAD006 to 009.
Some of you may have missed the posting from PaddyGal on Tuesday 12:30, following the RNS early that morning on a drilling update. He posted a very informative 2-D plan and cross section of Havieron coring trajectories, based on info in the RNS.
https://onedrive.live.com/?authkey=%21ACnDY78Lz2L-GaM&cid=C6CE5E6022000526&id=C6CE5E6022000526%2110228&parId=root&o=OneUp
The information on the Patterson Project will be updated by GGP but maybe not until after the assay results have been announced. That could be up to 6 weeks away if the remaining 4 drill analyses are released at the same time.
In the meantime, there is a lot of consideration and due awareness about the well-paths.
One question in the forefront is the downhole area that will be proved up by this latest drilling campaign. HAD009 should prove to be the most interesting result. Where will they go in the 2019 drilling programme with 2 rigs? Further south / east or west of HAD005?
The results of these core holes will only raise more questions and not provide a definitive answer to the 10 million ounce / tier 1 potential discovery. It will, however, be further clarification of what this resource may hold.
I was there with Condorlini, listening to CB’s comments on recent cores.
True, they evaluate the entire core lengths, even the upper 400m of cover before the mineralisation starts. We tried to get an idea during Q&A session about time before assay results are released. GH was non committal- results will come when they come.
I also understood that CB stated there would be no Proactive interview this time while they are in London. There was discussion on dual listing for GGP on the ASX. Cost/ benefit analysis needed and realisation that reporting requirements are different in Australia.
Gemma Cryan, the Geologist from GGP was present again this year, at the back of the room during formal proceedings. I spoke to her. She has not got a work permit to enable her to be on site during coring or even walking the line at Black Hills, looking for small nuggets.
The meeting was sound recorded by an attendee near me. Next year I will ask & do the same. It would save a lot of typing and possible misinterpretation.
No confusion about Clive. I talked to him immediately after the meeting Q&A session finished.
The Rio executive was in the small group of about 5 who were talking to CB. He knew about mineralisation and there was some chat about the features in the photos of core boxes. Time will tell.
On another subject - drilling rigs. From response to questions, GH indicated that 2 rigs could be used on Havieron from next March. One would definitely have greater depth drilling capability that the current 850m True Vertical limit.
As for discussion about other Pro-jects, the focus was firmly on Patterson. Firetower drilling 2019 was not mentioned. Black Hills, Scallywag and the 20 odd other compelling anomalies in Patterson were the talk of the meeting.
mercedesman
I am not a geologist but am passing on remarks made by Callum B after the meeting. I was in the PI group looking at core photos of HAD006 (re- Comment on ADFN poster / PaddyGal). Despite the photos of nuggets & visible gold in Black Hills surface samples, the fact is that core recovery had spectacular mineralisation but likely no gold visible to the naked eye. Look up pyrite - fools gold. That does not mean to say that when the assay results are announced, there can not be more bonanza grades. You can not determine other by testing. CB went into detail on test procedure throughout all cores, from surface to total depth. It might be meaningful to GeoDave or Prospector but was lost on me.
Equally, in the group discussion, I was next to and chatted to a head honcho from Rio but did not realise at the time. Call me Dim . . . . . .
Mercedesman
It is a misconception that gold is visible in the HAD005 cores. Read the all important RNS of 1st Oct rather than look at the boxed core photos.
The language used was “ geological inspection confirmed mineralised brecciated calcareous limestone and sandstone with massive pyrite . . . . “ GH and CB were using the same language of massive mineralisation at the AGM this morning. Nobody knows grades until the assay results are released but I was in no doubt the results will be similarly impressive as 001 and 005 despite the fact that gold is not visible in the cores to the naked eye
I was at the AGM & I’m still there in the Club building. A very satisfactory meeting and all questions from shareholders were answered.
GH was measured in his responses and certainly not speculating but only pointing out results that have been achieved since last year. He would not be drawn on giving a fair valuation for the company.
Most of the focus was ongoing drilling at Havieron. Final core 009 already drilled & presently interpreting wireline geophysical logging of the core hole. As for assay results - Labs are busy and results will come when they come. No specific deadline date for assay results.
I was particularly interested in a discussion group with CB after the meeting closed. There were questions about surface location of core drilling and he did say that the plan and cross section drawings on the website would all be updated. https://greatlandgold.com/wp-content/uploads/2018/11/Plan-View.pdf
He also said that you cannot see coarse gold visually in a core, even at grades of 250 g/t. Visual identification gets better with experience, once you have seen & recognise different styles of mineralisation.
HAD009 was the deepest hole at 850m TVD and it would take a bigger rig to drill deeper next year. Drilling to 1400m depth, for example, would be achievable with the appropriate equipment.
There were plenty of other interesting points from questions raised but I will leave that to other contributors. I’m off for lunch
I will be there again tomorrow morning.
Others who have expressed interest are RTC, Chickndinner, Funkateer, Citytilidie, Condorlini, & JerseyCrew. Tiburn & Bhargav were there last year but uncertain this year.
Spy was probably right in what we should expect from the AGM. Most posters have missed an important point: It is an opportunity to see the BOD’s in person. You have a chance to see Gervais, Callum and Gemma Cryan, talk to them and form your opinion of their character. The new kid on the block, Clive Latchem, will be there.
I’m a PI, not a financial advisor or trader. However, the professionals I spoke to last year said that a gut feeling for the people at the head table is all important. There are plenty of CEO’s heading the AIM casino companies who you should not trust at all.
I’ll leave the post meeting report analysis to the competent crew.
You are right RTC, maths was never my strong point. Self depreciation maybe.
I won’t hold a grudge and I’ll probably be sitting next to you and your minder in a tracksuit, front seats at the meeting next Tuesday. No time for social chat before the AGM as I will be hard pushed to make the hour’s commute into Waterloo station by the early start. (Early departure by my habits). We could offer to buy Gervais a draft Four-X once it’s over. He’ll have some good campfire stories from the Western Desert . . . . . ?
I was looking over the Annual Report and comparing the 2017 Report.
Stephen Beetham’s 6.2% holding has been commented on. 200 million shares on 8th October & interested in obtaining more. There has been little comment on who has divested and how many shares have been sold by significant shareholders this year.
I received a very informative e-mail from GH this week that confirmed Metal Tiger plc, Starvest and Paul Johnson held less than 3% of shares at end June 2018. Interesting! That means that 258 million shares were offloaded by these 3 parties over the year. The big share price peak was 27th June @ 1.91p. If the shares were sold before June 21st, when the BH gold nuggets at surface was announced, the price could have been less than 0.85p.
No wonder the share price had resistance getting to 2p. Equally, with these major shareholders out of the picture, another good RNS could break well beyond the 2p ceiling.
applegarth - 4p by end of December?
All on the Planning Application for Brockham:
https://planning.surreycc.gov.uk/planappdisp.aspx?AppNo=SCC%20Ref%202018/0140
You are referring to the table of vehicle movements. Note that no HGV’s allowed on Sat afternoon or Sunday.
Until Alan2017 passes comment, I will answer you as someone with site experience in workover and well testing operations.
The workover rig and some testing equipment, is on rental day rate. This is a significant expense for a small operator like Angus and it will not hang around on site for any longer than necessary.
They spot and assemble the truck mounted rig on the wellsite, get all the completion string and equipment (TCP guns, packer, production tubing) layed out, measured and lined up on the racks. The rig is necessary to run the completion string and provide well pressure control. Also, they may need to pull it all out if operations do not go to plan.
Once the well is flowing and cleaned up, it can be shut in for a period to enable the rig to be dismantled and demobilised away from the wellsite. End of rental cost. The well should then be able to be opened up without requiring pump or nitrogen gas lift equipment and the longer term flow testing begins.
I hope that is not over-technical and helps shareholders understand Brockham operations over the next few weeks.
It’s good to see Angus’ wellsite work programme set out for the next few weeks up to flow at Christmas.
https://planning.surreycc.gov.uk/DisplayImage.aspx?doc=cmVjb3JkX251bWJlcj01NTg4KmZpbGVuYW1lPVxcREVGXE1hc3RlckdvdlxEb2N1bWVudHNcUGxhbm5pbmdcU0NDIFJlZiAyMDE4LTAxNDBcQnJvY2toYW0tWDR6IFdvcmsgU2NoZW1lIGZvciBQcm9kdWN0aW9uIEV2YWx1YXRpb24gKFJldjAyKSAtIE1HTyBSZXZzIDE1LjExLjE4KDEpLnBkZippbWFnZV9udW1iZXI9Ni4wMDAwKmltYWdlX3R5cGU9cGxhbm5pbmcqbGFzdF9tb2RpZmllZF9mcm9tX2Rpc2s9MTYvMTEvMjAxOCAxMjo0NzowMg==
I’m prepared to stick my head above the parapet and state that I was with Bhargav at the AGM this afternoon. I endorse everything he said. The 2 of us made up half of the public who attended this meeting. There was a very frank and informative Q&A session after the formalities were over.
Ignacio Salazar was prepared to give background information as to what is going on. Nothing price sensitive, but more than you get in the infrequent RNS’s. Sadly, the detail, as Bhargav stated, is likely to disappoint.
Newmont made some 20 visits to carry out ‘due diligence’ on the Colombia asset. Expect another 2 to 3 years before NEM make their decision. There will be no breakthrough quickly. The December technical report on Anza is a formality for the TSX. It will not contain any new information that is not already in the public domain.
So! I may be accused, like Bhargav, of making stupid comments. Speculation, mis-interpretation from an idiot with no credibility. You can all filter me if you like because, believe me, this is my last posting for OMI for the next six months.
Happy New Year. 2019 should show more potential.
This was discussed over the weekend. HAD005 is west of 001, as announced in the RNS.
There is no info on the HAD006 surface location from GGP. Beetham appears to be well advised and you can check out his post comments. He believes HAD006 was drilled from a location south of 001. Trajectory is inclined, possibly 70 degrees, possibly 200m distant, to come in below 001 total depth and prove up the mineralisation at depth to around 850m. I believe this is the depth limit with the coring rig they are using.
Today’s RNS will enable optimisation of the remaining holes to be drilled. Strike length south or west or wherever.
Can anybody go to the AGM? . . . . . Thebig123
Yes. Usually it is shareholders who attend but last year they were not bothered about checking shareholding.
They have a guy with a clipboard who will ask for your name and e-mail on his list. No photo ID required, unlike at OMI. Mind you, this is a Project in Australia, not the jungle near Medellín, Columbia.
The nice thing is that if you arrive early enough, you get to shake hands with Gervais. You can ask him about those campfire stories in the Western Desert at Patterson.
A very informative post, Valuefinder.
It gives some perspective on the concern someone expressed yesterday, that Stephen Beetham would not hold his 200 million shares until the sp reached 10p but dump them on any bad news RNS from Havieron.
It goes without saying that the drilling results from the next core assays are all important. However, there are bound to be mediocre grades when they define the boundaries of the mineralisation prospect. Time will tell.
And another little tale to tell, not that I want anybody to have a bad night’s sleep!
https://www.theguardian.com/business/marketforceslive/2010/dec/06/desire-oil-find-is-water
I wish all shareholders the best in the next 2 important weeks
Proselenes,
Good information on evaluating an oil discovery but not quite definitive.
Evaluation will be ongoing while they drill through the target geological zones. Possibly this week. Specialists called mud loggers will look at the rock cuttings circulated up from the drill bit. Oil bearing strata can be identified by UV fluorescence. Look it up on Google. More importantly, the possibility that the oil is light and will flow from the rock pores can be determined by applying solvent. http://wiki.aapg.org/Show_evaluation
Electric wireline logging, once they reach Total Depth, is a definitive analysis of the reservoir rock. It not only determines the oil or water saturation ratio in the pore space, but basics such as rock porosity, permeability and gas/oil/water contact levels. These figures are used by Reservoir Engineers to calculate the oil in place.
http://store-assets.aapg.org/documents/previews/707Mth16/CHAPTER01.PDF
Apologies if this is overly technical but it gives interested shareholders some idea of how scientific the evaluation of a discovery can be. You only have to look at what is going on right now in the Weald of Surrey and Sussex (ANGS & UKOG) to see that an unproven hybrid reservoir play can lead to scepticism.
What happens if a WH-1 discovery is not straightforward oil that will flow? Life is not always black or white.
To conclude my comment, I will say that PM is constrained by weather. If they have to conduct further testing on any discovery, they have not got enough time to carry out a Drill Stem Test (look it up on Wikipedia) or an extended well test.
No worries! Electric wireline logging at TD can answer the immediate questions. PM will need to know for a news release, whether the formation is tight - like squeezing oil / blood from a stone, or if it has productivity - can the permeability produce thousands of barrels a day from this reservoir?
https://www.glossary.oilfield.slb.com/en/Terms/w/wireline_formation_tester.aspx
The answer can be obtained on any well in the space of 12 to 24 hours rig time.
I hope this enlightens the few who have persevered in reading this post. Apologies to those who fell asleep reading it. The fact is that it takes time to evaluate a potential oil discovery. In my opinion, late news is good news. Having worked for MB in appraisal and development drilling, I can tell you that this will be tight hole - it is unlikely there will be any news leak before the RNS hits the market.
I’m planning to buy more MATD next week but it is still a 20% chance of success on WH.