The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
LL010 did its job of finding further quartz veins and delineating the widths and dip etc. Assaying for whatever gold may be present is of minor secondary importance as, has been mentioned umpteen times, the bulk of any gold will be concentrated in high grade zones. It is more than likely that a single drill hole will return minimal or even zero grades of gold while a few metres along there could be bonanza grades. One can imagine the squealing of the traders on here and resultant s/p plummet should GF decide to publish meagre LL010 assays, even though the overall gold grades throughout the quartz may ultimately equal the historical 17gms/tonne. Hopefully it would see off some of the impatient whingers on this BB.
There was a time when the brokers note suggested a potential value of 14p a share. Of course that only factored in everything always going hunky dory with no setbacks. HH fizzling out quickly put paid to that particular target, otherwise I remember my own calcs arrived at 3-4p just for that asset alone. One damp squib gone pffft but perhaps several rockets still to come! :-)
It's comforting to see that an independent expert's estimate of our graphite potential is 5-10x more than previous figures. Just need the summer drilling campaign to go without any setbacks, covid or otherwise. That being so, we could be in for a nice re-rate by year end, especially if we also get a JORC for TBS with uprated figures for the sub permafrost and sub sea areas.
Yes, plus a couple of tier 1s added in will see us well over 50p IMO. :-)
Thanks, keep us posted, 90GH90.
We don't have vast resources of gold, we are currently in the process of scoping out a potential fairly modest amount of 500 kozs of (albeit premium valued) Welsh gold. We don't yet know how much of that will be realised - and we don't have a single ounce of lithium.
I'll drop my pants on Camberley High Street if the overall Au content of the dump is anywhere near 50gms/tonne!
The fact remains that we have yet to confirm the scope of any of our potential assets, so why would the wider market believe us? We stumbled badly at the first fence of HH, so have already lost some market credibility. The Clogau deposit doesn't lend itself to being easily quantified prior to actually being mined, and there are bureaucratic hurdles to navigate, so that's a wait and see. This leaves the Greenland assets which, all being well this summer, will add some reliable numbers which the wider market can then hang its hat on and hopefully get us moving into the pennies.
At least we now have SN (and by extension the US govt, as presumably SN was behind the latest $80k lobbying fee) earnestly fighting our corner.
elir71 - appreciate your realistic valuation potential of Amitsoq graphite. Since we are also moving towards a drilling campaign for TBS, care to have a stab at a similar valuation and s/p effect for that asset too? I think we currently stand at 1.9mts contained ilmenite at around $250/tonne, a quantity which ought to rise nicely when the sub-permafrost and undersea areas are also scoped out.
Yes, this is why I say we have a good quality but pretty modestly sized graphite deposit (so far) Over in Mozambique the Syrah owned Balama mine has - "Proven and Probable: 114.5 million tonnes (Mt) at an average TGC grade of 16.6%, containing 18.9Mt of flake graphite" So, perhaps of a lower quality but still 100-200x more graphite than we currently have.
Please point any of the ignoramuses who don't know the difference between alluvial gold deposits and quartz vein gold to this interesting historical account. Nothing for days or even weeks then Bam! the pay zone eventually emerges to make it all worthwhile.
The graphite grades may be good but 500kts is still a pretty modest deposit. Let's hope a good drilling campaign can unearth a lot more potential by the end of Summer.
Those dissing the grades as being poor are showing their ignorance of the geology and the fact that most gold will be found in occasional high grade zones separated by large areas of low or gold free quartz. That said, I would have liked to see wider intervals of quartz averaging over 1 mtr wide.
A quick perusal of the Ukog BB and people's thoughts on SS's latest interview suggests that due to bureaucratic hurdles he has largely given up on UK oil and has moved on to try his luck elsewhere. Things here would have been mightily different had HH come good. Perhaps there is still hope for HH otherwise there's no good reason for Alba to retain the services of an oil consultant.
I'm also not optimistic that the tailings will contain much gold. Most of the quartz will have been non gold bearing with a few areas of high density (and highly visible) gold which will have been picked clean by the, let's say 'frugal' locals. ;-)
I'm not up to speed with the elections there but it looks like after a few current squabbles have settled down a coalition govt will likely be formed. Some have mentioned the new govt may not be as mining friendly as the last one? I doubt that the Western world, gagging for critical raw materials, will be happy about that. Food for thought...
Maybe George wants another worker at the mine to ensure the others aren't just turning up, locking themselves in and then sleeping half the day? - Been there, done that! :-)
Remember the story of the Bluejay guy commissioned to go out and do an environmental assesssment of the possible negative impact of mining on the local walrus population near Thule? He asked along the coastal villages about how the walrus population were faring. "Aah, yes there used to be walrus here in the old days - but we ate them all!" :-)
Maybe the next generation of Greenlanders will be more environmentally sensitive tho...
Upward would be a nice change given Gwmo's history. A quick look at the 2011 half year report reveals shares in issue back then of 37m (now over 3bn) plus a now familiar sounding "£1,015,718 raised by the placing of 9,233,800 new shares in January 2011" Mcap then was around £4m, now around £7m. Factor in 10 years of inflation and we have basically gone sideways value wise but at a cost of nearly 100 fold in share dilution. Perhaps a name change to Crab (or similar) Minerals would be apt? Nice steady income for the BoD and contractors over the years at shareholder expense. :-(