Member Info for Goldbug99

@Banzai. Not at all. You are not responsible for the Twitter content. But 'good faith' is the issue here.

Who actually runs this twitter account, and why does it constantly regurgitate old content? Is it the company, or some ramper? Newish here myself, but after visiting the link you posted I can still check the RNS's for the last reference to Glenish. It wasn't difficult.

@Banzai. Posting links to a Twitter account that merely posts screenshots of three year old web pages doesn't really add much. Afaik, the Glenish results were announced in April 2020. If this is a genuine COMPANY Twitter page (which I doubt) they need to learn how Twitter works!

@parkez. Mushrooms? One might conclude management don't give a tinkers cuss about the SP as long as they have the JV, private placements to their mates to pay their salaries, and the opportunity to dilute down the troublesome punters.

Open pit mining only works with massive ore bodies. If you are following narrow lode zones it has to be underground, because on intersections of only a metre or so (like the recent drilling results) you have to extract hundreds of tonnes of waste to get one tonne of ore once you are deeper than a few meters, and even then, it's not possible to separate all the waste from the ore so you dilute the grade several times.

Not trying to create problems here, just hoping that some of these issues are being addressed, because all these paid-for "interviews" never ask the tough questions investors need answering.

Sweden's Boliden just put Tara Mine on care & maintenance, citing Ireland's high operating costs.

10% Zn @ $2, 400/t = $240/t ore value.

2.5g/t Au @ $2,000/oz = $165/t ore value.

If the Swedes think Ireland is expensive, I wonder what the Turks will make of it?

With all this talk of a mine go-ahead by year-end it would be nice to see some detail, a PEA perhaps? After all there is still a mining engineer and an economic geologist on the management team (Chris Attwood and Garth Earls).

hxxps://www.independent.ie/business/irish/shock-as-650-workers-to-be-temporarily-laid-off-at-tara-mines/a1797840770.html

Fairview. You can read up on channel sampling in the link. Basically chips are collected from a groove cut in the rock, and maybe ½ lb are sent for assay. If 350g of sample contain a single 1mm³ (sand-grain) of gold, the grade will be ~65g/t. This is the problem with AIM Companies. Unlike Canadian and Australian miners, they don't publish any technical detail on their procedures and results for investors to make informed decisions. https://www.minecogroup.com/blog/practical-exploration-geology-i-underground-channel-sampling

Parkez: I refuse to get excited about the "new geology" and so, apparently, does the market. We have known for decades that free gold exists as nuggets-in-quartz at Clay Lake. The company has been touting the fact for 30 years. Hammer of a piece with enough gold, and as little quartz as you can trim away and you have any bonza-grade assay you want. Mining it continuously over a ~2m stope is an entirely different matter. I wish they would just come up with a plan and stick to it.

@deathstranding I thought they had the processing all sorted? Bio oxidation pilot studies and test work completed ten years ago? RNS 30/7/2013. Mind you they had a PEA, project manager appointed and definitive mine plan in 2014.

Exactly, a budget of £5M should be good for over 25,000 metres of drilling, at least 1-2Moz if done right, and in under 2 years. Have we even got 10% of that so far? Conroy should (imo) concentrate on shallower (open pit) holes in a limited area (Clay Lake/Clontibret) to build resource - that's 100+ holes to ~250m. The fact the ounces haven't moved since 2017 is disgraceful. That and that alone will move SP.

Not sure why KDR shareholders have migrated over here to celebrate their ongoing dilution (nearly 300% or 35M>94M shares in 4 years for little apparent progress).

I can only assume this was CGNR getting an otherwise unrecoverable debt off the books. I certainly hope we didn't participate in the cash raising with funds better retained in treasury.

Yes, but afaik not based on new/additional data, drilling or assays . Just slicing and dicing with cut-off grades.

@parkez. Because it is easier to appoint family members as salaried consultants? Presumably with generous parachutes in case of a sell-out/take-over?

I'd be interested in totting up the metres drilled at what grades since that resource calculation in 2012, compared to the drilling that went into the existing resource. I bet it's a lot more, but still no upgrade!!!

"Mine ready status" can mean a lot of things.

Does it mean a significant indicated resource of which a sufficient percent is in the proven/probable reserve status to justify a mine?

Does it mean a completed Definitive Feasibility Study?

Does it mean fully permitted by government with planning approval and all hurdles/objections/challenges and judicial reviews (of which there will likely be several) overcome?

Does it mean engineering design and procurement finalized and project finance agreed and in place?

Presumably this has all been contractually set out with Demir in advance, but shareholders have just not been informed.

There was a time when M&As (which is what this effectively will become) were accompanied by a comprehensively updated AIM Admissions document, laying out the business in detail. Now shareholders just get feel-good geriatric ramblings on a paid-for publicity channel masquerading as financial journalism.

There have been dozens of RNS' about new and additional gold intersections over the last 5 years, and thousands of metres drilled, but the single resource at Clontibret has not been updated since 2017. Just how difficult is it to plug new drilling data into the model and press the update button?

Given that deramping is the opposite of ramping?

"Share ramping is a form of illegal market abuse that involves talking up the price of particular shares in order to mislead the market" -Lexisnexis.co.uk/Legal

Fairview, I was merely quoting Parkez. I don't believe they should, in fact I think they should have used some of the Demir's £1M in the bank to pay of Hannigans loan rather than issue 1.7M shares and dilute all other shareholders by 4%! It was basically a PP at 300% discount, so tes, they WERE raising money, back in last October!

Parkez: pretty sure they will be raising funds ...
Even if they raise through loans/private equity, it involves dilution. Most recently repaying £100k at 300% interest (Hannigan's conversion at 6p on a SP of 20p). Certainly not in the interest of the OTHER shareholders, obviously friends first.

Paul, the grade depends ENTIRELY on the size of the lump containing the nugget that is sent for analysis. Send a small lump and it is high, send a large lump and it is low. It is entirely subjective. The only thing this demonstrates is that there is free gold at Clay Lake, which was already known from the Clay Lake nugget.

£1.5M should cover at least 7,500m of drilling and assay. I'd be concerned to see how much is allocated to internal cost+ expenditure.
And £3M should be good for a further 10,000m plus a detailed resource and PFS study. It doesn't go far if spread too thin, so let's hope they spend it wisely, and quickly.

Be nice to see some sampling detail. Of course there is native gold in the area. Where does everyone think the Clay Lake nugget came from, but!!!

If you trench and find a 4" quartz vein and see visible gold, hammer off a fist-sized lump containing the nugget of gold, and assay it and get 123g/t, then drill a 4" core through the same thing, split and assay a meter of it, then the grade is only 12g/t.

It is actually called the "nugget effect" in statistics!

It is smoke an mirrors, and some perspective is needed here, and disclosure of the sampling details.