I've managed to find a release from an ASX company Province Resources Ltd (they used to be SVD) who own the tenement next door to our new license application.
They have a bullseye target on their ground also and they have got some magnetic and gravity images on this presentation. It's worth noting that the target on their ground looks a lot smaller - looking forward to seeing what the interpretation of our targets looks like as they work them up.
GLA - Paddy
Hi Reddirt - great to hear from you, I hope you are keeping safe and well.
Tried to research a bit on that tenement but the Tengraph & WAMEX websites are down for maintenance this weekend.
Havieron looking better & better every day - excited to see what Newcrest meant with their mention of other targets on the Havieron JV project - watching out for any unusual satellite activity over the coming weeks.
ATB - Paddy
Nice clear image from Havieron today on planet.com - seems like the topsoil has been completely removed from the box-cut and you can see the change in colour as they have started to excavate deeper at the mouth of it.
There appears to be a drill-rig positioned just to the NE of the box-cut, I think Strudel or PQ alluded to it earlier. Seems a strange place to be drill testing unless it is some sort of geo-tech hole to get some additional data for the decline - having said that the decline goes straight for a bit and then veers towards the East so perhaps there is something worth looking for in that area.
GLA - Paddy
Just imported the new tenement application into Google Earth to get an idea of the location in relation to our existing licenses.
It's roughly 170km to the SE of Havieron, I will have a look later to see if there are any historic drilling reports from that area.
ATB - Paddy
As regards Hannam - there has definitely been scope to upgrade since their last note on the 10th September. That's over 5 months during which time we've been through at least 2 of the events that they themselves highlighted as potential catalysts for the SP - positive catalysts I might add. Here's the 2 paragraphs from the note.
"We are working on a bulk mining valuation scenario for the Main and the Northern Breccia zones via a caving mining method, in addition to the sublevel open stoping operation on the high-grade sulphide zone currently included in our model. The typical gold grades in the breccia zones are over 1 g/t, which are relatively high for a bulk underground mine and thus we are confident that the addition of a bulk mining scenario will drive a substantial increase on our valuation, although we would caution that our pre-JORC and pre-scoping study estimates are, by definition, subject to wide margin of error."
"In our view, the most significant potential catalyst over the next 12 months remains the maiden JORC resource, expected in Q4 2020. In addition, the completion of the concept study and commencement of the exploration decline are another potential major catalysts for GGP shares."
So we've had the JORC resource and the commencement of the decline and Hannam have been working on their bulk mining estimate since the 10th September and they don't even need to worry about a wide margin of error anymore as it will be post-JORC and not pre-JORC as they advised.
I wouldn't speculate as to why we haven't received an updated note yet, but it's going to make mighty interesting reading when we finally do get it.
GLA - Paddy
Not in Australia to my knowledge - but they are majority operators on mines obviously at Red Chris where Imperial have been kept in a 30% minority position.
Sandeep seems to be driven by ROI when he spends the NCM cash and whether the ROI that they would achieve by purchasing the remaining 30% of Havieron would be worth it or not remains to be seen.
Loads to play for here - either way it works out the SP is well north of here - Paddy
If you believe that is about to happen then you should be buying as many GGP shares as you humanly can, imagine what will happen to GGP's SP the moment there is an sniff of NCM building a stake to the point where they will launch a takeover bid.
Personally I don't see that happening (at least not in the near future) - we will be around until at least the PFS is complete towards the end of the year and then we'll see what develops from there, with 65km of growth & infill drilling to be completed before the end of June - that PFS is going to be a very nice juicy number which will make our 30% worth a very very tidy sum - but WTF do it know.
Not a ducking clue RRR, and I'm almost past caring now, I find the whole thing laughable even though my paper profits are down in the 7 figures from the post Christmas high. Admittedly my average is less than 2p so I'm still quids in.
I have unshakeable faith in GGP and the project from hundreds of hours of research and evidence that I've gleaned from people with far more knowledge in the field than I. You know what my position is but everybody should DYOR and trade accordingly.
GLA - Paddy
Wouldn't want to be out over the weekend - PMSL :-)))).
Enjoy the weekend folks - new satellite image on Sunday, weather permitting.
We're another week closer to pouring the first gold from Havieron.
ATB - Paddy
Nice section on the Havieron box-cut in the update video from Telfer this week just released.
Here's another interesting exchange between Mathew & Sandeep.
Yeah. That’s fair enough. And, just a reminder, just what more needs to be done before we get into production at Havieron, what are the key milestones and the timetable there?
That’s a critical part always the decline, because once the decline is done and the ventilation shafts in and what have you, because it’s a top-down method. Let’s assume it was just long hole open stopping or something like that. You can just get into it straight away.
I would highlight the last sentence in Sandeep's reply - "You can just get into it straight away". So they are talking of 2-3 years from the start of decline to the start of commercial production - I would wager a month's money it will be closer to 2 than 3 and as NCM have broken every timing record on this project up to now it's not beyond the realms of possibility that it will be less than 2 years from now.
I think I have a bit of a man crush on Sandeep TBF - ATB Paddy
New vacancies for a "Senior Surveyor - Mining" and a "Surveyor - Mining" for the Havieron operation have been advertised on the NCM website tonight.
Staffing up for the big push to production - ATB Paddy
There is a complete transcript of the NCM call from last night available on seekingalpha.
One small paragraph from the answer to the question from the Morningstar guy.
"And then over time as subject to drilling, if the Breccia material proves to be mineralized and some exciting intercept which we’re seeing, in a broader sense, that would open up the possibility of down the track, a bulk style mining operation, which would be able to much better utilize the whole milling -- a lot of the milling capacity at Telfer that sort of top-down mining method like an SLC or just I’ve been stopping would not feel. So high grade coming first with the potential of a larger operation, and by then the Telfer open pit would probably been exhausted by then, and then it’d be on Havieron.
So, again, that’s the vision. I mean we’ve got to actually do the work, do the drilling and what have you, but that’s, and look, and that’s without considering are they going to be other discoveries nearby that will be far more commercial and profitable by pigging back of the Telfer infrastructure part.
So look compared to how we were thinking about Telfer two years ago, it’s like chalk and cheese. We’re talking about the end of a mine and now we’re talking about the beginning of a great new mine, right? It’s chalk and cheese. It’s incredible."
The beginning of a great new mine - from the lips of the Newcrest CEO.
GLA - Paddy
As a follow up to the earlier tweet that showed what areas were only included in the MRE by Newcrest here is another showing the plan of the latest drilling from the December Newcrest report. It shows a lot of the drills results from the drilling of the Northern breccia and far from being the barren wasteland that SW would have us believe just look at the grades and intersections of some of the assays here.
HAD101 is a thing of beauty - 147.2m @ 1.1g/t Au & 0.18% Cu from 1083m AND 92.5m @ 1.9 g/t Au & 0.06% Cu from 1296m AND 53.3m @ 1.5 g/t Au & 0.25% Cu from 1593m - the last intersection being in the Eastern Breccia
HAD105 - 298.8m @ 1.2 g/t Au & 0.11% Cu from 801.6m
HAD103 - 90.6m @ 2.3g/t Au & 0.18% Cu from 822.7m
There are numerous others also and what is the Northern breccia and Eastern breccia going to look like after they have drilled the bejesus out of it over the next 4.5 months, and we still haven't even mentioned the North Western sulphide closure which had only had minimal drilling up to now. The breccias expand out to the South East, East and North of the crescent so odds are that it will expand to the North West also.
Do as you must but my hands are parked - Paddy
If you look at the Newcrest report from September it shows all of HAD084 with the intercepts in the Northern Breccia also.
It's on Page 21 in here -
ATB - Paddy
We'll continue to get the results every 6/7 weeks as before. I think they were a little slow getting of the mark after Christmas due to the inclement weather out there but the pressure will be on now to keep the pace up. We can expect some of the start of the 65km in the next interim but I'd expect the higher volume of results from the next quarterly on IMO.
ATB - Paddy
Great to see your methods and calculations and it's all there for people to take on board.
Still everyone should be doing this for themselves with whatever figures they feel comfortable with - I know I do.
And then there is the 65km of additional drilling which will be completed over the next 4.5 months (end of June). A picture always paints a thousand words so again looking at the briefing book for last night's presentation you can see the size of the area that NCM have included in the MRE in December and also a flavour of the results from outside that area when they have highlighted HAD084.
Can't wait to see what the results from that growth drilling turns up - ATB Paddy