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Willem Middelkoop who runs the Commodities Discovery Fund and has been long GGP for years is giving Artemis some love this morning.
https://twitter.com/wmiddelkoop/status/1602969086060789760?cxt=HHwWgICwiYL58b4sAAAA
ATB - Paddy
Hi Chartbuster,
Nice to see you're still keeping an eye on proceedings. Very encouraging results - although still lots to do and prove-up and funding will no doubt be an issue that needs to be addressed soon but what do you expect from a junior explorer with no income.
Still - just takes one HAD005 like hole and this SP will be history, that's the reason we are all invested here and at other junior specs.
GLA - Paddy
Very encouraging news for me at Apollo. After the duster results from there last year we now have evidence that there is mineralisation in the area.
Seems likely that the NW trending diorite dykes are now more important from a structural perspective that the NS dolerite dyke after both our Havieron North and ARV's Atlas holes showed up nothing significant.
This probably explains why GGP/NCM have decided to test the NW/SE trend further out at Havieron as we can see from the latest results which show HAD169 & HAD170 as pretty big step-out holes along strike from the main body.
https://twitter.com/paddygall1/status/1600760578926002176?s=20&t=-mFVEha2U3t6JHXTFz61wg
ATB - Paddy
Another set of solid growth results - filling in the gaps in the orebody and building confidence for the upgraded MRE.
The two drill traces that caught my eye were HAD169 & HAD170 - both awaiting results - these are testing the NW strike at extreme locations to the NW & SE. They will be results to watch out for in 2023.
Good to hear that the decline is now back on schedule and accelerating all the time - they have a much better understanding of what to expect as they continue through the permian.
No significant results from NOR02 and MECO which is disappointing but just goes to show how difficult it is to discover a Havieron and should make us appreciate even more how special this discovery is.
Very happy with the results and also all the feedback from the TH meeting last night - we are in good hands IMHO.
ATB - Paddy
I think he meant that the MRE resource update could coincide with the NCM report - if not then GGP are prepared to put out their own update.
The DFS would follow on hopefully by the end of the June quarter - using the new updated MRE resource.
That's my take on his commentary today - Paddy
New article out today from Charles Archer - not advice - DYOR.
https://investingstrategy.co.uk/stock-tips/the-2023-investment-case-for-greatland-gold-shares/
ATB - Paddy
Nice find Dip - I have shared it on Twitter too.
As alluded to - the delay shouldn't be too long and will be used to optimise the mining plan to allow them to extract as much potential as they can as they upgrade the 2mpta from the PFS to a minimum of 3mtpa. This should have a material effect on the NAV and IRR of the project as there should be minimal increases to the CAPEX although we need to be mindful of inflationary pressures since the PFS.
The big outlay on extending Telfer only makes sense to extend it long enough to still be in operation until the Havieron ore comes online. In the last quarter they were losing almost $200 / oz and I doubt that the head grade in the next cut-back is going to be much better. They need that high grade Havieron ore into the second train at Telfer asap.
Looking forward to seeing the updated plan in the New Year.
ATB - Paddy
He definitely said that @jaguarflush - I'm sure Dip will have the notes out asap but 100% sure of that as I replayed it a couple of times.
Also some interesting comments about "being the partner of choice" for JV partners that may want to divest some of their tenures. Could that mean that some of the majors with ground in and around us could be looking for Greatland to lead their exploration campaigns in the Paterson.
Worth noting that RIO have the ground directly to the North & South of Scallywag and FMG (Wyloo's parent company) also have ground in the Paterson area.
As people have continuously pointed out the new directors aren't here just for the 30% of Havieron - seems to be lots going on in the background IMO.
GLA - Paddy
@aim999 - yes that's the one, the very same one that their own resource upgrade in August then verified to within 1% of the earlier GGP number.
That says it all and proves that GGP know exactly what they have on their hands even if NCM aren't prepared to (for their own reasons).
ATB - Paddy
Good weekend to all,
Only 3 trading days to the next instalment of Havieron drill results and decline progress. As Shaun said yesterday it will be another positive step and not long after that to the feasibility study.
The NCM AGM is two weeks later on Wednesday 9th November - Hmmmmm
ATB - Paddy
Hi TT,
It's difficult to put a WHEN on it as we don't know if they have been drip-feeding the cores to the labs or will wait until the drilling is complete and send the cores in a batch.
I know from the sat images that they appear to have finished at the targets in the Paterson Range East and are currently back at Black Hills on the pad that had the RC collar finished earlier this year. I think only one (maybe two) holes were planned at Black Hills so I expect them to finish here soon. This should be the end of the Juri JV drilling for this year. It would probably make sense to then ship all the Juri cores and assay them so we should see the results from Juri prior to or maybe just after Christmas.
Once the Black Hills hole(s) are complete then the diamond rig should move onto the 8 Scallywag pre-prepared RC collars. Depending on the depth they will drill to then there could easily be a couple of months worth of drilling there so I don't think we will see any Scallywag results before February / March IMO.
We have an EIS co-funded grant for drilling on Rudall that needs to be used before the end of May 2023 so I expect they will begin there once the weather picks up at the start of next year - that will be a deep hole as the cover is quite deep in that area.
Hopefully we will get an updated plan from GGP early next year with their plans for Pascale, Canning & the Panorama tenements which seems to have moved up the food chain considerably after listening to Shaun's comments yesterday. As Bamps pointed out - there is a lot of activity on the borders of Panorama from neighbouring companies so worth keeping an eye out for results as they come in.
ATB - Paddy
Another passage from the Artemis note today:
"The current resource at Havieron, at 6.5Moz gold equivalent contained, is the first step
to defining a truly giant ore deposit, in our view. A box cut has been built and decline to
the orebody for underground investigation is under way; Havieron will be a mine, in our
opinion, and an important component of Newcrest’s mill throughput at Telfer. "
ATB - Paddy
What are Tier 1 deposits? There are many phrases bandied about for large, long-life mineral deposits, which are capable of producing strong returns for shareholders and which may become, in time, a significant proportion of global output. None of these phrases is really properly defined, in our view, and can be misused in the interests of marketing and spin. We prefer the term “Tier 1” to describe these sorts of deposits (as opposed to “world-class” or “globally significant”) and we would define Tier 1 assets as those that are:
• Company-making (for any junior that can keep some percentage ownership)
• Large deposits (resource is likely not be fully defined at the time of decision to build)
• Scalable (can be expanded, perhaps several times)
• Long-life (implies that the capital cost is immaterial to the returns)
• Low-operating-cost (although more-than-likely high capital cost to enjoy economies of scale)
It is these Tier 1 deposits that drive the interest of the majors. Tier 1 deposits should make a profit and return, even in cyclical price lows, and so form a premium part of a major’s portfolio. We would therefore classify the Greatland Gold/Newcrest discovery at Havieron as a Tier 1 deposit. Artemis is searching for such a deposit at Paterson Central in a similar geological setting, right next door to Havieron.
Here's where the assays that Bamps has alluded to are located in relation to the orebody.
https://www.ggpchat.co.uk/viewtopic.php?p=3254#p3254
ATB - Paddy