"Derryhennet section of the target which is an orogenic folded black carbonaceous shale, is such that it could possibly be a world class gold target. Black carbonaceous shale hosted gold targets can contain multimillion ounce gold deposits"
"The Clontibret gold deposit to date has a defined gold resource of 517,000oz (JORC 2012). The deposit shows at shallow depths a similar style of mineralisation to the shallow section of the Fosterville gold deposit in Australia, and the targeting concept at depth is similar to the very high grade Swan Zone discovered at depth at Fosterville."
One way or another I think this is going to work out very well in the end. Demir had no real expertise in gold mining. They are a base metal miner.
No experience of large scale gold mining and mind numbingly slow was not a good combination.
With 100% of the licences back they can focus on getting someone in who wants to build mines.
Another option that cgnr have is to do a deal on the Clontibret holding company. A company like AAZ might want to develop a mine there. A lot of work already done.
Bigger target like Clay Lake could be a separate deal with bigger gold miner. Could come to an arrangement for shared processing facility. Lots of possibilities.
Well if Demir want to do a deal with KDR that's fine. All I know is that the prof has mentioned the Canadian miners a lot and the huge difference in valuation of very similar projects there. I wouldn't be surprised if some large mining companies are aware of that too.
We were told the same thing when they last talked about a JV. People just like you saying the assets are no good. Who would want to do a JV. Guess what 2 companies AAZ and Demir. There were others before COVID got in the way. The case for Clontibret and Clay Lake is the same as it was then only stronger because Clay Lake is getting bigger and the gold price is getting higher. Demir failed to test for gold at depth at Clontibret despite the fact that the gold veins are steeply dipping. They couldn't even do something as basic as that in 2 years.
All to play for here in my opinion and from a £4 market cap that doesn't even value the known asset at Clontibret.
Mentioned in the Sunday Roast. Opinion there is Demir too slow and Conroy Gold not happy at rate of progress. Turkish economy not great, interest rates at 50% in Turkey. Mutual agreement to exit JV. Conroy need a major gold miner to develop the assets as Demir not a big player in gold. Someone big will be coming in. Probably already in talks with someone.
There's an open pit mine at Clontibret right now. 1moz minimum but maybe significantly more. Wide intersections at Clay Lake over large areas so millions of ozs there. Major gold miners are going to be looking at this. Demir are not a serious gold miner and seems they never will be.
DS talks out of his ****.
There's probably a minimum of a million oz mine at Clontibret. There could be a lot more at depth. What kind of JV partner doesn't put down even one hole to test for higher grades at depth? What kind of JV partner only drills 8 holes at Clay Lake in a year. The scale of Clay Lake suggests millions of ozs close to surface.
Another partner will be coming in, it's just a question of when. In the meantime you will get all the scaremongering.
He can't just click his fingers and have a new JV partner take over though. I'm hoping things will move quickly because they have already been talking to people. The slow progress in the last couple of years is Demir. They should have been drilling constantly at Clontibret and Clay Lake. I'm not sad to see them go. Sounds like they gave no notice either. The prof said he had no idea they weren't continuing at PDAC and that was only March.
Hopefully the prof will be able to give an update on talks in the short term. Obviously can't give names but would be good to get an update.
At a 4m market cap with a JORC resource, high gold price and massive potential for large scale open pit mining this could really fly when a new partner comes in. This time the emphasis will be on mine development.
No I don't think so. The 5.65m includes the 1m they paid at the start for the transfer of the licences.
Demir had a choice. Continue with the JV and spend lots of money or take the NSR. The option of walking away with 25% wasn't going to work because it would deter anyone else so they wouldn't have got any money back.
I think Demir decided to exit. I think they were always looking for a big gold miner to join but it wasn't going to work with Demir holding 25% and cgnr wanting a decent % too. If they demanded their 25% it was going to be difficult to move the project forward. Taking the NSR allows things to progress and they get all their expenditure back.
Do you need to drill at depth at Clay Lake? Makes sense at Clontibret but Clay Lake is big. There's years of mining gold within a couple of hundred metres of surface.
As for finishing the JV without another partner lined up, they were looking. That's why they were at PDAC. They had interested parties but they didn't know Demir were exiting at that point. Working out a deal involving Demir and another partner was much more complicated than it is now.