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Chickenlegs,
Looking at the trend, I suspect sub 2 was the lowest point.
The trend does show a bullish reversal, and it does seem a major correction might be forming.
As long as the company does not do anything dramatic i.e., issue 10s of millions shares, and an arrangement with Newmount/ Agnico is finalised, that is favourable to the shareholder, then this sp could explode again!
It does look promising, however, the risk of dilution is a large dark cloud at the moment!
All the best,
McG,
Hello everyone, and all the best for 2024,
I stopped following this company a while back now, mainly because of the new CEO and his presentations!
Re. Colombia, if he wants to prove the region, because of the complexity and awkwardness of drilling in the region, it will cost 10s of millions to drill Colombia, and to take it to a JORC compliant resource or similar will cost close to circa 100 million.
When I invested many years ago, the decision was made based on having a major involved with very deep pockets, although I accepted at the time, majors notoriously drag their heals on these types of projects.
I don't know why the current CEO thinks it is a good idea to take back the project, as it will definitely NOT add value to us shareholders!
(I do expect some payment if Newmount and Agnico pull out, however nothing near what is needed to do something with Colombia).
Even if he decides to focus on proving the smaller area (ANZA) to a compliant resource, (lets say 3 mill. oz au), no other miner will be interested considering Newmount and Agnico have just walked. For the area to be of interest, it needs to be a regional mining area, not a small deposit that is difficult to build a mine on. (However only a FS will prove the economics of it).
OMI successfully managed to keep the shares in issue low, which to me was another big tick in the box, however, now with all this expenditure coming, and including the other additional projects, all previous shareholder value will be diluted to NOTHING.
Apologies if you don't like what I write, I'm hoping to be proved wrong, but as usual I'm observing another good AIM listed minnow on the verge of shareholder value ruin!
All the very best to you all,
McGoogle,
AG1989,
Just a few quick points as I'm at work,
I believe Anza will contain a giant resource in some form (multiple VMS and deposit types), unfortunately APTA itself will be relatively small compared to your 10Moz suggestion. I am thinking a more modest 350- 500k OZ Au (not including Silver/ Zinc) based on existing drill results, with the potential to grow as confirmed today, the deposit is open in many directions.
APTA was chosen because of ease of access, not potential. I think Newmount/ Agnico will continue to explore in the near future which will give the project a real boost as they are only interested in big deposits, multi-Million Oz + Au (hint hint).
NOTE: APTA's existing deposit will be one of many VMS deposits, as VMS deposits form in clusters.
I believe, longer term there is a high probability for a different type of deposit containing multiple-Million Oz + epithermal Au will be found (epithermal and porphyry) (separate to the VMS deposit as I recognise there is an epithermal overprint to APTA VMS).
However, nice uplift in SP today,
Keep the faith,
Good luck all,
Regards,
McGoo
Morning all,
Please copy and paste the following link to get a brief/ easy to read description of VMS deposits,
Details the zoning of the metals as they cool, plus an overview of deposit deformation,
Note. one of the diagrams shows a copper - zinc deposit, if you assume gold in this case, you may be looking at similarities with the APTA deposit, plus consideration for deposit deformation.
https://www.911metallurgist.com/blog/vms-volcanogenic-massive-sulphide-deposits-ore-mineralization
Positives:
VMS deposits form in cluster or districts
From the Geophysics/ Geochem. there are a number of areas of interest
The deposits are formed from two off events VMS and some epithermal event
What do we have to look forward to then:
Two world class mining co. drilling (as everyone knows)
VMS clusters/ district over a huge license area
20km + of strike
Stringer/ Feeder zones at depth
Overlapping epithermal deposit, feeders??? further work to understand, deposit type?? is there a feeder?? porphyry?? what depth?? are there multiple epithermal deposits??
Porphyry target (La Cejita)
It will take time, there will be drill results interpreted as good and bad,
Good luck,
Regards,
McG,
Hi Dr Remington,
Thanks for the response,
To be honest, I have no idea whether Brad has been told to tone the enthusiasm or not, it would be just guess work at this point.
Maybe it is the market interpretation of facts, facts that may not seem as exciting as the preliminary result (hole 72), or should I say misinterpreted,
If there was a reason, maybe it was a way of stopping or slowing the rate of rise and fall and getting the SP steady,
Agree, it is well known APTA was chosen for ease of access, and that Guaimarala is the next target prior to moving North, so it is just the waiting game. With this in mind, if APTA is not the main target and proves to be a 1 Million Oz+ Au deposit, its not a bad start,
Just checked the charts now, looks like a reversal could be in progress,
Good luck,
Regards,
McGoo,
Hi all,
The sentiment has changed! Absolutely! Completely!
I've been sat watching the share price and activity on this board for a number of Months now, and I'm not surprised there is no or zero appetite for OMI at present. These past few Months have left me gob smacked and close to selling my lot.
Now, the aftermath, who is going to invest into a company at this stage, especially with the share price spiking and falling at the rate it has, unfortunately no-one will be interested in the present risk, unless they know something.
Plus, if anyone reads the latest RNS, reports and presentations they will notice the initial excitement followed up by a sudden change in tone with regards to the latest drill results, although being really good with the exception of drill 75.
Another disappointing observation worth noting, part of the recent report stating the mine needs to be high enough grade to allow for underground mining was news to me and very disappointing considering that statement coincided with drill 75. I’ve always felt APTA could be an open pit mine, I was aware Anglo Ashanti have had difficulties with La Colosa, but stupidly assumed the issues were localised, not across Colombia. I stand corrected.
Further note, Brad has never ever stated we are potentially sitting on a resource of 10, 20, 30m oz Au. He only stated the fact OMI are drilling in Elephant country.
I'm also tired of others comparing this co. with GGP. The geology, mineralisation and economics of the project are completely different! Stop comparing OMI with GGP and estimating ridiculous share prices.
Rant over!
Apologies to the good, loyal, short or long term holders that try to add value and support others.
The price may well be touching 16- 17p short term!
With this in mind;
We do have 4 rigs in place, good!
Another rant coming….. However, where is the drill plan?
I still believe in the OMI and APTA as other gold exploration companies get excited with results <10m width @ approx. 1- 2g/t. APTA is much wider with higher grades and near surface.
Short term or maybe a silver lining, I am very interested in drill 80 as I’ve plotted the previous results, with the following interesting observation, although the vein is dipping from west – east, the high grade gold within the vein could be dipping from north to south (vectoring towards the feeder zone). This could prove to be so as previous drilling within the central region of APTA may not have been deep enough, therefore could allow for a strike of circa of 1- 1.5km towards the southern area, and with an av. width of say 20m at approx. at 3g/t Au we could still be looking at a resource >1 Million Oz, with my current estimation still estimated at a 3 Million Oz Au resource at APTA.
The difficult part now is understanding the shape and depth as VMS deposits can be disfigured and not have continuity of shape.
Good luck all,
Try and stay positive,
Hopefully good news is to come,
Agent B,
It is probable they are tweeting based on the mineralisation that is visible/ observed during the existing drill work! I doubt it’s based on assay results.
It’s got to break that 30p soon,
GLA,
Regards,
McGoo,
Hi all,
I'm going to just write a few thoughts based on peoples posts earlier today!!! If I get anything wrong, feel free to correct. IIt has been a long day and vey tired. What I'm trying to do is get people thinking of the true potential here! Open your mind to the possibility we have something very unique here! Not very often do you come across a small exploration company with full geological model on this scale within its license; from huge source rock through to multiple large Epithermal deposits near surface.
In regards La Cejita being low grade, and that Porphyry's not economic. I promise you, if they only had La Cejita on their licence they would be drilling it. Please read about SolGolds rags to riches story.
Porphyry deposits are gigantic, containing many millions of Oz Au, they are low grade, typically 0.5- 0.7g/t Au, however they 'DO' become mines, although high CAPEX costs because of scale.
Ok, now step back. Orosur, Newmount and Agnico are currently exploring Epithermal Veins located within the license containing high grade Au, this makes sense! Why? because these veins are 'NEAR SURFACE', high grade, therefore the potential for a high grade Au open pit mine with low CAPEX. Oh and don't forget to factor in the license is local to existing infrastructure. Projects like this can be quickly converted from exploration to production.
With this in mind, the previous technical report details high extraction Au rates per tonnage circa >90% (as I can remember) using standard techniques will help in terms of low OPEX or overall AISC. Assuming AISC circa $600 or lower, you can see how profitable a multi-million Oz Au deposit at APTA can be. But don't forget Charrascala, Guaimarala and Jesuitas.
I hope as they drill deeper they will discover feeder zones connecting the prospects, and these will be fed from a deeper source, the Porphyry or La Cejita. Now going back to economics, I don't think it will be hard to convert an open pit mine to an underground and transition from mining high grade deposits to low grade bulk tonnage, especially if they have generated billions in cash.
One thing to consider all, if they quickly convert to a resource early next year, don't be surprised if APTA is initially 500k Oz Au, however over a period of Months and Years, as the drill to depth and across strike the resource will continue to grow and grow BIG!
Either way, this country rock will host a mine. A mine that will generate a lot of revenue and for a long time.
It is all about patience,
Keep the faith all,
Good luck,
Regards,
McGoo
Hello,
I've recently listened to Brad George's investor presentation and for what was said has really strengthened my opinion on Anza as being a world class deposit! Absolutely!!!
With this in mind, although the investment from him was small, he may continue purchasing over the next few months, staggering his investment!
The overall sentiment at the moment with Gold explorers, GGP over £Billion MC on 3.5 Million Oz Au, wow! With that MC, I was expecting a 20 Million Oz Au initial resource. Just goes to show, how much the market is giving for each Oz Au in the ground.
Anyhow, I was attracted to OMI a few years back, they had a low MC, found gold, a major paying for the drilling and there was a Porphyry target in their licence, now with Brad's presentation, this has more than strengthened my views or reduced any concerns.
Brad's words; APTA wasn't the most attractive target and was only drilled due to access. This is incredible in my view! APTA is open across strike and depth. Also the Porphyry will be the feeder for all these Epithermal deposits and there are more initial targets. Lets think about this, there may be a high grade feeder at depth connecting both APTA and Charrascala, as well as Jesuitas and Guaimarala, if so the source must be huge, that being La Cejita.
I believe APTA is potentially 3 Million + Oz and this doesn't include the others, so we could be talking many 10s of Millions of Oz Au on the license.
The potential is off the scale and don't forget the market appetite for explorers at the moment!
Amazing!
Good luck all,
Regards,
McG
Very good point mrdigit,
For all newbies, please see below - snap shot taken from the NI-43-101 Technical Report:
***'Furthermore, the Anzá project is located on the eastern side of the Cordillera Occidental of Colombia, specifically in the Metallogenic Belt of the Middle Cauca, which mainly presents gold mineralization porphyry and/or epithermal type with a strong relationship with the Cauca-Romeral fault zone, and constitutes a suture zone associated with the crush of the Choco Arc. Moreover, the most important gold mining districts of the country are located in this zone (Marmato, with reserves estimated to 8 Moz Au; Colosa, resources estimated to 29Moz Au and Buritica resources estimated to 3.7 Moz Au) (Sillitoe, r.; 2008)'***
Unbelievable potential..... 170 Million shares in issue and a major paying for the drilling! Gold located, APTA considered a discovery. Gold price circa. 2000$/ Oz.
Been following gold companies since 2009, never seen an opportunity like this before!
Good luck all,
Best regards,
McGoo
Morning all,
Just finished reading the Tech. Report available on Orosur website,
Absolutely incredible! I have no doubt in my mind there is a sizeable gold discovery to come! I've followed a number of Gold companies and after reading independent tech. reports, there was always some doubt in my mind. However, what we have here in Colombia is significant.
Quick overview from my notes taken and NOT going into any detail on Geology,
APTA - N - S - 2.5km Strike, drill depth to 400m and open, further work is required to confirm continuity of deposit from the Central region through to the South and extent of depth throughout Strike,
Charrascala - approx. 2km west and parallel to APTA. 5 exploratory drills confirmed the presence of gold along a strike of 800m, thin vein and approx. 1g AU, however is subject to further analysis. Amazing result from just 5 exploratory drills as part of the main drill campaign at APTA.
Jesuitas - 1km north of APTA and analysis suggests the same geology as APTA.
Guaimarala - 1km south of APTA, here the tech. report suggests the potential of a major gold discovery as this area is located within a number of faults (Aragon Fault intercepting Caracol Fault).
NOTE - La Cejita is a potential for a major Porphyry discovery, with a gold anomaly measuring 1km2!
Based on the minimum information to hand and only considering APTA,
-2.5km strike
-400m depth
-10m true thickness
-Assuming an average of 5g/t Au across the deposit,
Potential >4Million Oz Au at APTA,
Based on an industry average $150/ oz AU (this was taken as an industry average when gold was approx $1200/ oz), could work out to be £0.66/ share to OMI.
For a while I've always felt APTA could contain approx 3 Million OZ AU, BUT taking into consideration the following;
-APTA being 2.5km Strike and open at depth
-Jesuitas and Guaimarala could be extensions North/ South
OMI licenses could contain an Epithermal Gold system containing >10 Million OZ Au (>£1/ share to OMI)
AND if La Cejita is a Gold Porphyry deposit, here lies the true Blue Sky potential!
Don't forget, all local to existing infrastructure.
I haven't seen an opportunity like this since Solg!
Good luck all, 10p is coming as a base prior to drilling, and then a major re-rate following! (my opinion!)
All the very best,
McGoo
Evening all,
Out of interest, what is the estimated or guesstimated resource at GGP?
I remember looking at the company back 2009, at that time, sp was 2p with an MC of approx. £2 Million. I remember thinking it was a good buy, however with an MC >£500 Million and the sp being approx. 17p I hardly see that as a real shareholder value (if a very LTH) too much dilution.
However, OMI has a healthy 160 Mill. shares in issue and a major is paying for the drilling. Total shareholder value with multiple veins containing >1 Million Oz AU, not including the 1km2 area containing a porphyry deposit (deposit types containing many millions of Oz Au (>10Million Oz AU))!
BLUE SKY!!!
Good luck all,
It’s our time,
Regards,
McG
Morning bhargav,
What are we waiting for in terms of Uruguay?
It is going to be interesting to see who the new CEO is going to be, this alone could be the first catalyst to a steady rise into NM commencing some form of drilling campaign,
Good luck all,
Best regards,
McG.