focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
By my reckoning they've either spent the phase 1 money or are very close. Personally I think Demir will be going to phase 2. There is more gold at Clontibret and who knows what might be at depth. Clay Lake is very big. They've hardly scratched the surface there. There were other targets mentioned back in September that are still to be drilled. Creenkill was a bit odd. Poor results yet they drilled some very shallow holes a year back that intersected gold. Where are the new holes? Why didn't they just extend the shallow ones deeper? I think Demir will want to continue.
We are near the end of phase 1 of the JV. Moving to phase 2 will be a big milestone. Phase 2 should be more focused on the best targets rather than exploration.
I don't think you can say that cgnr have achieved nothing. Getting a JV partner to pay about €6 million over the last 2 years is something in itself.
Thanks that is really great info. Very interesting what you say about Demir wanting to do things differently. It's been very frustrating the last couple of years. I always suspected that cgnr want to get on with starting a mine but Demir are doing a full appraisal of all the licence areas. Things have been very slow. I'm hoping that when we move to phase 2 it will be different. They need to focus on the key targets and do the kind of drilling that gets a JORC in place.
JORC update would be nice but constant drill results is what's needed. 6000m of drilling over nearly 2 years is ridiculous. A serious operation would do that in a month. Moving to phase 2 is an important milestone. Once that happens we might start getting somewhere.
Not much more to spend in phase 1 fortunately. I think they've just about spent the €5.5m. Should get some more drill results soon. Phase 2 can't be far away. Maybe we get some proper drilling then. Demir will have their 25% so maybe more incentive to get things moving.