Member Info for PaddyGall

Hi magic - nice to have some professional opinion to back up my amateurish stab at trying to explain the map.

Looks very, very exciting from where I am looking. Have you noticed that the mafic dyke that runs through Havieron also continues up northwards and eventually terminates near the Outamind target and there also appears to be another splay fault that travels north through the RIO ground and bisects Outamind & Goliath - looks like there are multiple fluid pathways, granitic bodies, etc, etc.

All the necessary components, and we already know there was a mineralisation event (or multiple ones) in the region so the probability of other deposits have dramatically increased if this map is proven to be correct.

ATB - Paddy

I noticed there was a lovely new image on the Artemis release from last night that showed the whole area in detail with new interpretations of the Havieron Fault, Mafic intrusions & granitic bodies which I hadn't ever seen before. I decided to import the image into Google Earrth and see how it lined up with our targets in Scallywag & Paterson Range North.

https://twitter.com/paddygall1/status/1292772699727691786?s=20

See where the Havieron Fault Line folds back on itself and then dips to the South into the RIO ground - 3 of the Scallywag targets - London, Kraken & Blackbeard are all located in that area. That looks like a very good place to be drilling with the fault line folding around and surrounding the targets on 3 sides.

There is also another fault line that splays off the Havieron Fault Thrust and heads North through the RIO ground and up into our Paterson Range East and you can see where it goes to in relation to the targets up there also.

ATB - Paddy

Telfer can process up to 25 million tons of ore per annum. Initially if Havieron is going to be a high grade selective mine then they will probably be producing at maximum up to 2 million tons so I don't think capacity will be an issue at Telfer especially as there own ore becomes less productive.

ATB - Paddy

I don't think they are any more or less 'clued' up than the GGP management - remember the CEO at Artemis now is Alastair Clayton of Primorous who has been following the GGP story for years and has been invested here all that time. Alastair also is a qualified geologist who studied at Perth University and did his thesis on Telfer and Telfer style mineralisation so yes he has an intimate knowledge of the region but I don't think he will be any more clued-up than Callum Baxter.

Anything that Artemis turn up can only help GGP with their understanding of the regional structures in the Paterson area.

Good luck to them - we will be ahead of them with the drilling at Scallywag and the cover there should be substantially lower also, that's where our near term focus needs to be now.

ATB - Paddy

Which is that WF - the Balrog or the Kraken??? :-))

@Timber - yes and that was all after they had only been drilling at Havieron since May - this year we have 9/9 sets of results, we have applied for the mining lease, we know the camp is being extended to 250 person to cater for the decline construction teams - Sandeep's language & tone will be very interesting to hear.

Would that be a cousin of the Kraken.

@Bully - I'll take a boring afternoon like today ahead of the hysteria all day long.

Looks like 14p is the new 12p - what will be the new 14p and how long before we see it?
Next week could be very interesting - we know preparations have been carrying on at Scallywag for a minimum of 2 weeks now so expect some news there, it's over a week since the announcement of our joint brokers so perhaps they have now had time to prepare an update or two and lastly next Thursday night / Friday morning it will be time for Sandeep to sing from the rafters about the virtues of Havieron - the saviour of Telfer. He can't avoid mentioning the mining lease application, the stellar results, etc, etc and hopefully the Aussie brokers and analysts will quiz him accordingly on his plans.

Who knows - maybe NCM will deliver the long awaited concept studies - from my understanding these concept studies are used to inform the focus of the PFS, well we are well into the PFS stage of the farm-in so if the concept studies don't come out soon we will be into stage 4.

GLA - Paddy

@TMT - I guess the level of MRE is completely in the hands of Newcrest as they are the "manager's of the farm-in" - they will decide where and when to drill and when they are happy that they have what they need they will announce it to the world.

The Diggers & Dealers conference at Kalgoorlie is on between the 12th & 14th of October and Newcrest are down to do a presentation on Tuesday 13th @ 11.35am - that would seem like an opportune time to announce a nice big MRE to the Aussie and worldwide mining fraternity IMO.

https://www.diggersndealers.com.au/

ATB - Paddy

Hi mush - there's a s**tload of info on Telfer including all the geological bumpf on this webpage.

http://www.portergeo.com.au/database/mineinfo.asp?mineid=mn224

"In 1991 surface exploration diamond drilling intersected the I30 quartz reef within the Main Dome at 1000 m below surface. A mining feasibility study was completed in 1995 and a decline was commenced that reached ~500 m below surface by July 1997. An underground drilling program ensued, followed by a study of how to best extract the series of deep high grade reefs that were discovered. This work outlined a high grade core reserve in the I30 Reef of 1 Mt @ 15.6 g/t Au, 2.6% Cu, surrounded by a larger tonnage, lower grade gold and copper stockwork. This was, in turn, was part of an even larger underground resource on the eastern limb of the Main Dome associated with an additional eight hanging wall and three footwall reefs, collectively known as Telfer Deeps."

So reading this I guess they were still doing exploration drilling even while the mine was merrily producing - I guess this is standard practice at mining operations as they like to increase the reserves as often as possible.

If we had a similar system we would therefore expect it to be a minimum of 1,400m below the surface.

ATB - Paddy

Hi LA - I thought there was a lot of metres reported in the last report and I for one was very happy with it. I've just had a quick tot up and including the wedge holes individually there were 13 holes reported or updated.

I do think we will get a significantly larger amount of holes reported in the next interim report though - Paddy

@greenmile - personally I will be happy if the Hannam figures of 4.5Moz are proven up. It obviously depends on how much more drilling that NCM want to do before they declare.

Anything between 4.5 and 8, especially if it's just the high grade sulphide would be a great results IMO.

ATB - Paddy

Hi aidin,

That is one of the delights that the depths of Havieron "might" be holding for us as we go deeper - we know the Telfer deeps were where the "reef-like" deposits were found after they had exhausted the high grade near the surface from the open-pit. If 400m down equates to our open-pit then how deep do they need to go before they get to the equivalent.

We won't know until the get down there but every report up to now has stated "still open at depth" so we still have every chance.

ATB - Paddy

@MFU - the holes that you are referring to in the SW are even further SW than the map and I haven't even shown them on here for fear of confusing people even more.

You are correct with the amount of holes to still be reported and I'm pretty sure a lot of these holes will have multiple 'wedge' holes from the same collars - so lots of results to come in the reports from now on.

Paddy

Mineral Resource Estimate or in this case Maiden Resource Estimate as it's the first one - Paddy

@jaguar - the drilling is from the SW back towards the mineralisaton - it's not a new area IMO.

Guys/Gals,

I have just been back over the satellite images for the past 2/3 weeks and something blatantly obvious has struck me that I didn't notice before - probably spending too much time looking at Scallywag recently. Have a look at this image.

https://ibb.co/6HZywVs

The majority of the rig activity has been in the original SW area (circled) and the newish most westerly hole (circled on it's own) which has had a rig on it permanently for weeks now. The activity in the very far NW seems to have quietened down a bit recently so I'd be hoping to get the results from up there in the next report.

The increased activity in the highlighted area though suggests to me that they are concentrating on the area between HAD066 and the end of the known section of the sulphide zone - are they trying to get enough drilling into this area to allow them to include it in the MRE? We know the mineralisation found in HAD066 displayed the same characteristics as that found in the crescent zone. If they were to prove this area up and it showed the same mineralisation levels & depths as the crescent zone then the MRE could conceivably be double the Hannam estimate of 4.5Moz of high grade material (still discounting any allowance for the breccia).

GLA - Paddy

Newcrest keep coming up again & again and this is the paragraph that stands out.

Among the gold miners favoured by the fund manager is Newcrest Mining, Australia's largest listed producer.

"They're actually starting to deliver some pretty exciting results out of an exploration prospect up next to their Telfer asset in north-western Australia, and they're also delivering some fantastic results out of their Cadia asset in NSW."

Now I wonder what exploration prospect that could be?????

ATB - Paddy

2/2

Tribeca is also bullish on the outlook for base metals, with copper and nickel exposure accounting for about one-quarter of the portfolio.
Both metals are expected to benefit from the rebound in global economic activity, especially in China, and growing demand for nickel for electric vehicle batteries.
"We thought the pick-up in the Chinese economy would be reasonably V-like because it is a command economy and we've seen that across a whole number of indicators: coal consumption, retail sales of cars or property, congestion indexes," said Tribeca portfolio manager Ben Cleary.
"Everything is pretty much back to normal levels."
He said China's consumption is "mind blowing" given almost every commodity is up year-on-year in 2020 in terms of consumption despite the economy being shut for six to eight weeks.

end

Managed to get the text from the AFR article below.

https://www.afr.com/markets/equity-markets/newcrest-saracen-set-to-ride-bullion-s-bull-run-20200805-p55ime

Tribeca Global Natural Resources is betting the gold price rally has a "long way to travel" and is backing Newcrest Mining, Saracen Mineral Holdings and Westgold Resources as the precious metal smashed through $US2000 an ounce for the first time.
The fund manager has 30 per cent of its portfolio invested in precious metals because it believes gold will continue to benefit from the massive stimulus unleashed by the world's central banks to combat the economic hit of COVID-19.
"There has been a huge amount of money printed and we've now got a situation where, amazingly, what seemed liked an unrepeatable event of the GFC of 2008 has now been well and truly exceeded in terms of stimulus and money supply in 2020 to the tune of five times," said Tribeca's head of research, Todd Warren.
The increase in money supply and prolonged negative - or inflation adjusted - interest rates offered a "fantastic set-up for the gold price".
Mr Warren noted the world's three biggest central banks had increased their balance sheets by eight times since 2000, while gold had only increased six-fold. Gold is also trading at a record against a basket of the world's top currencies.

"In comparison to previous bull markets we have a very long way to travel," he said.
The fund's interest in gold stocks is also based on attractive valuations.
Gold mine developers are trading on an enterprise value-to-resource ounce multiple that is about the same level as 20 years ago and well down from the peak of 15 years ago.
Gold stocks also look cheap on a price-to-net asset value multiple. Miners of the precious metal are trading around net asset value, compared with historic levels of around two times.
"There's been a significant de-rating and an opportunity with regard to gold equity valuations," Mr Warren said.
Among the gold miners favoured by the fund manager is Newcrest Mining, Australia's largest listed producer.
"They're actually starting to deliver some pretty exciting results out of an exploration prospect up next to their Telfer asset in north-western Australia, and they're also delivering some fantastic results out of their Cadia asset in NSW."
Saracen Minerals is another pick given its ability to strip costs out of Kalgoorlie's Super Pit and "make this asset sing".
Saracen acquired a 50 per cent stake in the mine last year, while Northern Star Resources acquired the other 50 per cent interest.
"They are stripping out some significant costs that accumulated over time as this asset was run by some significant North American majors and frankly wasn't an asset of significance to them, and so they didn't focus on how best to operate this mine," Mr Warren said.
Westgold Resources, which operates mines in Western Australia, is viewed as being "particularly strong" on generating cash flows.
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