Member Info for ID78

Good post itsyou, but his had briefly crossed my mind

- rising POG
- falling pound vs dollar

Both means greater profit in pounds for GCAT. I had not gone as far as to check the pog in pounds. £35 off an all time high. Interesting.

The SP is a joke

Look at the pre-opening spread!

Never seen that before on GCAT.

Or a bounce off the downward channel lower tendline?

Next resistance 0.726p (20SMA), then 0.825p. Break that and it’s 0.9p plus in time for the MRE to be declared?

I think we are due more drill results before the MRE RNS? Maybe that is giving the SP a tailwind?

Good to know, I bought more yesterday :)

I suspect JORC resource can only be determined by an independent lab and that the trenching south of the hill will not be part of the MRE.

It does, however demonstrate there is gold all over the area

I agree, the disputed area is not a significant concern. Yes, it would be good to get the area back, but most JORC tonnage if ore was on the hill- and now we are investigating areas that have zero JORC exploration that can significantly change things.

Does anyone have a view of the 8th October RNS on the trenching work south of the hill. Will this be included in the MRE? ‘40m at 4.85g/t’ was the headline grade

Good post JC

The pace of change is the very thing, JC.

Ultimately any investment I’ve had, the CEO is always bullish and in my experience has a tendency oversell the company.

What I see here is a company that has got the mine up and running, that has completed exploration of the hill and has investigated and now added additional production via HL.

The action on the ground has been quite remarkable

Appreciate the posts yesterday and today on the funding question.

I had until this week been certain there would be a fund raise of some sort, but a placing cannot happen until towards December (if a placing were to be chosen as means to raise funds).

One less thing to worry about, so thank you.

If memory serves me correct someone here asked why Maghor has become the priority next drill ahead of Teng Teng.

I’m reading the 2021 CPR by AMS again.

‘An average grade of 34g/t over 76cm over a length of 147m was reported’

‘The Maghor target area shows the biggest concentration of reefs and mine workings in the area of interest’

Meanwhile ‘the Teng Teng reef proved very irregular’

It’s the same area.

Page 16 of the CPR by AMS states that Aug2018, a prospecting licence for 10.4sq km was granted to Bao, covering part of PL189. The licence for Bao was PL/2018/0072

So there is confusion over the area and dates- but there is no second area lost to Bao, it’s the same area

10.4sq Km - so it does sound like a second area

It states the disputed area is 10.4sq km.

Perhaps appointing Ambassador Kazungu as a NED I’d the solution to this. He served as the cabinet minister for mining in Kenya prior to becoming the high commissioner for Kenya to Tanzania, is the solution to this issue.

Removing red ray from the figures has a huge impact on that measured resource figure, but Kilimepesa Hill dwarfs Red Ray for indicated and inferred which the drilling done to date will change, hugely.

Aprogerson, page 43 of the prospectus (footnotes)

In 2017 Bao Hill Gold applied to the Ministry of Mining for the red ray portion of the exploration licence. The ministry asked KPGL (now Caracal) if they intended to object, which they did, lodging an objection. Following the objection and meetings with the ministry and the cabinet secretary KPGL we’re informed Bao we’re granted the licence.
The red ray area has been excised from the exploration licence (PL/2018/0189).

Since August 2020 the matter has been discussed with the ministry and the cabinet secretary both of which indicate their support of KPGL and there is confidence red ray will be returned to the prospecting licence

In my posts today I’ve been trying to demonstrate why someone would sell, that 13000oz figure stands out and may be why there could be sellers. However, I’ve also tried to show the number is based on hardly any drilling and is just not correct. It will change considerably, and soon.

I also noticed a few times in the prospectus that Maghor is the largest mineralised are in the area of interest and is perhaps why it is the next drill site? On Twitter they mention 12 holes to be drilled. There must be more than 12 planned? 12 holes should only take a few weeks…

I agree Suggins, I was saying the same thing last week.

The share price and MCAP is crazy.

Hi JC- it’s the 151 page prospectus dates 19th July 2021 (you can find it on the company website, corporate documents dates 20th July 2021)

Kilimepesa
Measured = 13000oz
Indicated = 92000oz
Inferred = 426,000oz

Red Ray
Measured = 49000oz
Indicated = 31000oz
Inferred = 61000oz

Total
Measured = 62000oz
Indicated = 123,000oz
Inferred = 672,000oz

So measured resource at Kilimepesa, based on 5 holes drilled in 2012, is 13000oz.

This may be part of the lack of confidence in the share.

However more than 20,000oz of gold has been mined from Kilimepesa. The 13000oz number is nonsense and is a consequence of next to no exploration and assay work in the hill.

Caracal have now drilled over 90holes and we will soon know the impact soon on the measured ounces.

It’s difficult

- most shares are struggling just now
- this is in a downtrend, are people reading the trend and pushing it lower?

- is it that the measured resource at Kilimepesa is only 13000oz? That is the only thing I scan see that is an issue., however, the measured gold at Kilimepesa will change in the coming weeks

I should maybe clarify that statement.

The measured gold at Kilimepesa is currently 13000oz, based on 5 surface drill holes, and 234 underground chip sampling sections. The now completed hill drilling activity will have results from more than 90 holes.

I hope you are correct, JC.

Interesting how the earliest a placing could take place coincides (hopefully) with 2000oz a month and after an additional 6months of drilling to help the share price move.

And then there are the warrants discussed last week.

I’ve been going back thorough the admission document. The measured resource at Kilimepesa was only 13,000oz and 49,000oz at the disputed Red Ray,

I expect the MRE to make a significant difference to that 13,000oz.