Member Info for Ella10

Would you like me to give you another spade?

Hi Phoenix,
Great post. You might be able to enlighten me on a couple of items
Is 3.5m in the bank $ or £.
When did the SFR deal complete?
What interest is the bank paying?
How many of the SFR shares have we sold?

Hi everyone,
Thanks for all your helpful posts.

Hi Phoenix, I'm sorry to hear you have come to such a negative view and are selling - that's quite a holding and if you sell all within a short period of time it is likely to have a negative impact on the SP. Some of the items you are not happy about sound quite positive on the surface. I'm sure I speak for everyone when I say we shall miss all the in depth research you post on this board.

Hi Oiltap,
Where did you get the impression that I thought the team had forgotten about it?

The following was taken from the Oct 2019 virgo report.
https://galileoresources.com/wp-content/uploads/Kalahari-Project-Summary-Oct2019.pdf
'Potential for successful copper exploration results on Virgo’s Kalahari Copper Belt licenses is the highest in areas where D’kar Formation is present or where previous explorers have located soil and/or EM anomalies. The D’kar Formation is known to host copper mineralisation, but a lack of outcrop means geophysical exploration, as well as trenching or soil geochemical surveys, will need to be implemented to generate targets for follow up. '
So presumably at that stage QH thought soil sampling and trenching was required to define drill targets have we completed some exploration since this that precludes the need for soil sampling? Or is the suggestion that we have a full 22km of copper?

Hi Oiltap,
Reading the the RNS Kavango released yesterday I was struck by the soil sampling they had done and the further sampling and trenching planned to target their drilling. I recalled that our initial RNS mentioned soil sampling but could find no further mention of it in later RNS. Are you able to point me to any soil analysis that has been performed on either of the 2 licences we have targeted for drilling?

I was reading the Kavango RNS and then read I through some of the RNS on our licences. I assume there has been no soil surveys performed on our licences.
'Galileo's EM survey exploration program is aimed at defining the most prospective structural setting for sulphide accumulations within PL40/2018 and PL39/2018, as well as possibly directly detect geochemical signatures from soil surveys. The juxtaposition of a soil geochemical anomaly and a dome feature in the EM data represents the highest priority target for drill testing.'
I couldn't see any mention of soil surveys in any later RNS but could easily have missed it.

Cyber,
It was a late reported trade from the 12th.

It is definitely worth folk understanding what occurred with Star Zinc. I haven't sold here so am hopeful that it is not something similar happening here. With SZ GLR effectively offloaded their asset for a relatively small one off payment and a 3-5% NSR. I twigged there was something odd happening when I realised someone other than GLR had applied for a mining licence over the resource. It was over 5 months after the licence application before investors were given info from the BOD. In ARCMs case BOD have gone on record stating all is ok with the licences so I don't think we will end up in the same scenario. I have no issue with community projects but do have an issue offloading an asset that significant funds have been spent developing for a 3-5% NSR.

Fwiji is in one of the Zaco licence and was previously.

Hi SeisNav,
Fwiji was always in a licence on it's own hence my comment.

Star Zinc owned by GLR is an example of what can happen in Zambia when the BOD start referring to community projects.
https://www.lse.co.uk/rns/GLR/sale-of-star-zinc-project-strategy-update-xpz0siivm8sdl4z.html
I don't know how large Kalaba is but could it be partitioned off for the locals to work for their benefit?

I haven't been able to figure what the licence changes may mean for a deal. The licence changes don't support a Fwiji only deal. Has anyone any thoughts on what the community projects may be that are under consideratiin?

Many thanks for posting the responses from Wallbrook.
It is interesting that they feel they can comment on the margin but not on capacity. I will email Wallbrook these responses and copy Finncap asking Wallbrook to confirm the source of info particularly with regards to the margin.

Hi Gixxer,
While typing my earlier post of 'evidence' I wonder about the geo discussion. The fact that it hasn't happened isn't positive but may not be negative either. The assays are required for the gold grades and having postulated on it being higher in gold than copper these would probably be wanted prior to any public discussion.
If the shares were some of the previous placing warrants being sold that would suggest we should see at least a temporary increase in SP to the above the latest warrant price. I'm watching GLR as if the shares were part of employee/consultant options then it may be these funds get invested there.
I do agree that there is a possibility that P1 is a bit of a let down. I am still holding XTR where I correctly sold GLR on similar doubts so I hope my instinct is right again.

Or some of the warrants issued due to the 4th March RNS . As far as I can tell these warrants were from the Sept 2020 placing. Perhaps someone using gains from Sept placing to take part in the latest placing. From Gixxer's comment I assume it is someone with close relations to the broker. All speculation of course.

Could be whoever exercised the share options From 17th March RNS.

Andrew,
I interpret that as CB better be damn sure of what he has ( and it needs be on the positive side of mediocre).

Additional evidence
CB was very excited, about the quality of the core, when drilling hole 3. I'm pretty sure it was a photo of core from hole 3 that was added to the website.

I have come to the conclusion that drill 2 wasn't up to much. The important question is did all the other drills back up a significant find. I have not come to a conclusion on this.
1.Assay results very late - could be for a number of reasons
A. Waiting for further results to lessen the effect of 1 poor result.
B. In order that Bushranger investors don't adandon XTR until phase 2 starts.
C. In order to allow time for some other project ( Manica, Eureka?) to distract from any poor.news.
D. To allow for a significant 'news bomb'.
E. Genuine lab delays.
F. CB has a history of delaying bad news as long as he possibly can.
2. The share price is sitting below the placing price but as Iceberg pointed out it looks suspiciously like some placing shares changed ownership at exactly the placing price on Monday - presumably organised by the broker.
3. CB has been very quiet.

Interested to hear any other views that deviate from the 'news bomb' theory.