Member Info for Professor1

Mickey

Agree. Was it ST who posted the West African project news timeline. Worth seeing that again

This is good news as it would seem that they are still negotiating to reach an "AMICABLE AGREEMENT"

HIGH COURT OF JUDICATURE FOR RAJASTHAN
JODHPUR
S.B. Civil Writ Petition No. 13521/2018
Metal Mining India Pvt. Ltd.
----Petitioner
Versus
State Of Rajasthan
----Respondent
For Petitioner(s) : Mr. Vikas Balia
For Respondent(s) : Mr. Sandeep Shah, AAG
HON'BLE MR. JUSTICE MANOJ KUMAR GARG
Order
18/01/2021
List this matter on 05.02.2021, as prayed.
Till then, interim order, if any, shall remain in currency.
(MANOJ KUMAR GARG

Hi Intothedeep

I have been trying to download but the system is not allowing for some reason.

Good morning all.
And thanks Womo for the article.
Gather case is in the afternoon

Hi Womo

Thats great. Thanks.

Hi Womo

After our 54.5% holding, there was £1,000,000 raised by Moydow which reduced our holding to 46.15% ranking us the same as existing shareholders at also 46.15% and the balance of 7.70 % held by the drilling co.

Hi Womo

Please find the info in the link as requested.

https://markets.ft.com/data/announce/full?dockey=1323-14623992-3G4MSGDEQ7GHL0H6RLROR4PQTO

Good morning Mickey

Absolutely agree. Bido and Bassala are huge too. Bhukia will send this company to a different league

ST

Bido and Bassala look very large projects. If Bhukia materialises into a JV, we could realise huge funds from the Rajasthan state owned co which could be used for Bido and Bassala. But who knows, Mr Bolton could bring in other JV partners so thats an option

Typo for existing shareholders = 46.15 %

Sorry recalculated percentages:

1) Panthera owns = 46.15 %
2) Drilling co = 7.70 %
3) Existing shareholders = 46.16 %

Womo
Looking at the issued share capital of Moydow, it appears that these are £1 each and the shareholding is held as follows:

1) Panthera = 46.2% with 3,000,000 shares
2) Drilling company = 7.7% with 500,000 shares
3) Existing shareholders = 46.1% with 3,000,000 shares.

So Moydow has only 6.5m shares of £1. So it seems that the existing shareholders own slightly less of the company than us.

What I have NOT been able to establish is :

1) Who these other existing shareholders are

2) Is there any LEGAL CONNECTION between (a) the drilling company and (b) existing shareholders

3) Is Moydow Holdings not yet listed on aim / tsx and if so are there plans to be listed?

Grateful if someone can shed light on the above if they know

https://www.mining.com/nornickel-joins-blockchain-network-for-responsible-minerals-sourcing/

Thanks Womo - will look at it now

No worries at all Mickey - I really enjoy researching the stuff

Hi Mickey

You had asked me for some estimation on LABOLA.......which I now detail :

****Based on the previous drilling however, an Exploration Target of 15-30Mt grading between 1 and 1.5g/t Au (0.5 to 1.5Moz gold) is interpreted. The area has previously been extensively drilled by two companies, Taurus Gold and High River Gold, who each held separate parts of the area with some overlap. All up, over 65,000m drilling has been conducted on the project as shown on the table and image below. " THE AREAS OF ARTISINAL MINING SUB-PARALLEL TO THE THREE MAIN ZONES SUGGESTS SIGNIFICANT ADDITIONAL EXPLORATION POTENTIAL EXISTS OUTSIDE THESE ZONES AND NOT COVERED BY PREVIOUS DRILLING ". *******

Please feel free to correct me on the undermentioned parameters / assumptions that I have used in my calculations and if required, I will re-calculate the workings:

PARAMETERS (AND ASSUMPTIONS) USED ARE AS FOLLOWS:

a) Strike length = 9km (=9000m)
b) Width = taken average across the strike length = 0.3km (=300m)
c) Depth = taken average across the strike length = 0.1km (=100m)
d) Density for the area = assumed industry average in west Africa = 2.4 Tonnes /meter cube
e) You will note later in the calculation that I will aim to take ONLY 1/10 th of estimated resource figure to take account of the fact that even though some holes may have returned say over 100 g/Tn, these COULD BE isolated ones or indeed the width of the depth in some areas may not be the same as assumed throughout the strike length of 9km. I have even gone further to reduce the strike length of 9km TO ONLY 1/10 th on the assumption IF the strike length was NOT CONTINUOUS ( IT MAY BE THE CASE THAT THE WHOLE OF THE STRIKE LENGTH IS CONTINUOUS and I therefore do not need to reduce 9km to 1/10th)
(f) Based on the company data I have taken 1 g/T grading
(g) Recovery rate of gold = 80%

So, here it is:
(1) 9km x 0.3km x 0.1km x Density
(2) = 9000m x 300m x 100m x (2.4 Tonne/meter cube)
(3) = 270,000,000 meter cube x 2.4 Tonne/ meter cube
(4) = 648,000,000 Tonnes
(5) Resource in grams = 648,000,000 T x 1 grams /T = 648,000,000 grams
(6) Resource in ounces - 648,000,000 grams / 34.2857 = 18,900,000ounces DIVIDE BY FACTOR 10 = 1,890,000 ounces
(7) Recovery rate of gold (say 80%) x 1,890,000 ounces = 1,500,000 ounces
(8) ********This would be similar to GGP's share of their recent find.*********
(9) If this turns out to be the case then at 1.5m ounces, the impact on PAT share price can be very significant. AND, IF ARTISINAL MINING SUB-PARALLEL TO THE THREE MAIN ZONES SUGGESTS SIGNIFICANT ADDITIONAL EXPLORATION POTENTIAL EXISTS OUTSIDE THESE ZONES AND NOT COVERED BY PREVIOUS DRILLING then there is potential to increase the resource as the company has suggested.

At BIDO, some of the remaining 8 targets are indeed bigger than KWADEMEN so who know what these will reveal when drilled.

.......CONTINUED

TAKING No. 8 KWADEMEN INITIAL DRILL RESULTS AND ESTIMATING RESOURCE......
I was impressed by Kwademen past drill results. It may turn out that Kwademen and Kwademen South are linked and this forms one long target zone.

At Kwademen, historical work has returned several encouraging gold intercepts in broadly spaced drilling
(~200m to 300m line spacing) including:
• 16m @ 1.07g/t Au from 69m
• 10.4m @ 2.14g/t Au from 191m
• 23m @ 1.53g/t Au from 143m
• 2.25m @ 7.74g/t Au from 155.8m
• 1.45m @ 16.0g/t Au from 52m
• 1m @ 40.0g/t Au from 90m

"Soil sampling conducted by Panthera over the last two years has shown that this drilling is located to the
west of the main gold in soil anomaly and also west of the area of artisanal mining activity (Figure 3). The
main part of the gold in soil geochemical anomaly and associated artisanal gold mining activity CAN THUS BE SEEN TO REPRESENT A HIGHLY PROSPECTIVE 'WALK-UP' DRILL TARGET, with over 1,000m of strike potential."

Based on the above statement in the RNS (i.e. these (HIGHER GRADE) results are from the WEST OF THE MAIN SOIL ANOMALY AND CAN BE TAKEN AS REPRESENTATIVE OF THE MAIN TARGET ZONE), I have attempted to see what sort of resource we are likely to get at Kwademen (North):

ASSUMPTIONS / PARAMETERS USED:

(a) Strike length - given 1km (=1000m)
(b) Depth =It appears from the above drills that they have drilled up to 200m
(c) Width =Not given - Hence I will give 2 estimations based on 500m and a reduced width of 300m
(d) Density for the area = assumed industry average in west africa = 2.4 Tonnes / meter cube
(e) As with Labola, I have taken only 1/10th of the total calculations to account for the fact that some high grade outliers are ignored as they could be in isolation and the width and depth may not be the same throughout the whole strike length. I have indeed also reduced the strike length itself by taking only 1/10 of the overall result in case it was not continuous throughout.
(f) Recovery rate of gold = 80%

So, here goes:

1) Estimated Tonnage = [1000m x 500m x 200m] x 2.4 T/meter cube = 240,000,000 T2)
(2) The average grading works out to be 2.87grams per tonne as follows:

% OF EACH DRILL Grams per Tonne
----------------------- -----------------------

29.57% 0.32g
19.22% 0.41g
42.51% 0.65g
4.16% 0.32g
2.68% 0.43g
1.86% 0.74g
--------
AVERAGE 2.87g
=====

Based on the above average of 2.87g/T, the calculation will become:

(2) In grams = 240,000,000 T x 2.87g/T = 688,000,000g

(3) In ounces = 688,000,000 /34.2857 AND dividing by factor of 10 = 2,006,667 oz

(4) Recovery 80% = 2,006,667 x 80% = 1,605,334 oz.

** If the width was only 300m as opposed to 500m, the end result would be 965,000 oz **

BEEN RE-CAPING OUR BIDO PROJECT FOR ALL THE BENEFIT OF ALL THOSE WHO JOINED RECENTLY

The target strike on the map on page 27 of the doc appears to be 8 to 9 km long and between 3 to 6 km wide in places.
The number of targets in this documents are shown to be no less than 9, namely:

1)BIDO VEIN
2) SOMIKA MINE
3) POUNI WEST (to the west of BIDO)
4) POUNI (to the east of BIDO)
5)KAGA VEIN (to the south of SOMIKA)
6) POUNI SOUTH
7) OLD ORPAILLUER AREA (to the south of POUNI WEST)
8) and to the west of all of the above KWADEMEN (north) and
9) KWADEMEN SOUTH(to the south of KWADEMEN)

If you have looked at the target areas in OMI than these look identical to those in OMI BUT we have 9 mentioned in the original AIM document.

**** MOST IMPORTANT OF ALL, the map is GEOCHEM COLOUR CODED and ALL OF THE TARGET AREAS ARE MOSTLY SHOWN IN DARK RED IMPLYING = MORE THAN 500 ppb gold **** - ******(MATCHING THE GRADES ON OROSUR MINING LTD GEO MAP)*****

TAKING No. 8 KWADEMEN INITIAL DRILL RESULTS AND ESTIMATING RESOURCE.................................(CONTINUED)