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Timber, I do mention Decka, fingers crossed. I think RIO have thrown their hand in, in my opinion. They have let us take over their leases. If we do find anything we have to give them %30. Flyn in Tasmania we get %1 if they find anything. As for the RC drilling it is one of the reasons we need to restrict to shallower deposits. RC drilling is cheap and fast. I am hoping they find something. Was it Apollo that they hit at 900 meters. A total waste of time if you ask me. Look at Haverion and the amount of drills needed to get the MRE. Imagine doing the same from 900 meters. It would cost a fortune.
MH01 Big companies are very political. They will follow their processes until they stop working. Newmount may realize that tier one mines will be harder to find. Newcrest walked out on the 5% that tells us they are following their own tried and tested methods. It is all my opinion. It is why I not a big fan of drilling deep targets. Find as many shallow targets as you can. GGP should be searching for low hanging fruit. I do not know if they have any.
Spade, Did they not follow the gold down from the top. Without Sandeep in my opinion Newcrest would have done the MRE upfront. Realized it was not going to return there expected ratio. $60 million dollars upfront cost for MRE. They would have sold it or passed it on with a percentage of future revenue to a smaller player. Sandeep had to fall on his sword. The smaller player may have done a smaller decline, vertical tunnel. Now the tunnel is dug we have a different game. That is why I believe 400 meters is the limit because Newcrest walked away.
SpadesaSpafde We are talking about digging the tunnel. When did we start and when will the ore be extracted? 3/4 years. and a $400 million dollar investment. Newcrest, Newmount are looking to make 10x, 15x return for each dollar invested. Wyloo would take 8x every dollar they invest. They would never have started the decline. These are guesses so do not hang me but this is how these companies scale. Higher up the food chain they want a bigger rate of return. My guess is Havieron is not giving Newcrest the return they expected. Newmount it may be different as they could see the initial investment as something in the past and so they may look at its current rate of return. If the decline reaches the ore body then someone like Wyloo expecting a lower rate of retunr would be more than happy to take it over. The closer the ore body the lower the risk for shareholders.
Thank Sandeep for that. He started digging before all the drilling results were completed. If they had waited I doubt they would have gone ahead. IMHO. The current Newcrest board see Havieron as a waste of money, that's why the fired Sandeep. Now they have spent the money and are near the ore body all that will be history. It is why RIO have the left the region. Let us waste money drilling for gold. I do hope we find gold because I am invested. That's why 400 meters is my limit for drilling. Every 100 meters is a year digging. One of are targets is 900 meters deep. That's nearly a decade of digging before you see a penny. Never mind all the drilling needed to firm up the MRE at that depth. Well over a billion dollars needed if we hit serious gold at that target. Better places to spend your money.
I have not. We have plans by the company then we have individuals suggesting if all things go well we could be reaching the ore body by Christmas. I would love to reach the ore body by Christmas. To reach it we should be seeing increases in digging. Shaun hopefully will give us an update. Decline is less than 2000 meters then reaching the ore body by Christmas is extremely unlikely. You can never say never but for me it is unlikely. Last update was over 1900 meters. More than 10 days since then. I want to see the results for Deca. Only 200m deep makes it a good target. ANything over 400 meters is a waste of money,
700 meters to dig to reach the ore body by Christmas. Sept, Oct, November and December that is 120 days. Approx 5.8 meters a day. So far the digging has been slow. So I will not get my hopes up. When Shaun arrives he may give us a decline update. I would expect it to be over 2000 meters in length to reach the ore body by Christmas. Less expect Feb next year. All this over enthusiastic stuff needs to stop.
if ***** find gold then it is a bad deal. if ***** do not find gold then shaun did the right thing. havieron is 2024 for production . tells me that every 100 meters of depth is a year of digging. 900m is a decade. wasting time and money drilling that deep. i guess this is the reason rio are leaving patterson. i would set a depth of 400 meters. no exploration for anything deeper than that. we are lucky that sandeep took the bait i think most would have walked. we are not far away and have a large resource so i doubt they will pull the plug now. unless they hit other issues with the decline.
To me Tasmania though small was very shallow it would be a cheap and quick exercise to check it out. Both prospects are in the middle of a gold mining region so both have very good potential. A 500k/oz find split with a local miner would give us a good little income. Instead we hand it over to Flyn for a few K with 1% smelting fee. Now we take over the Rio prospects. Most deep, if not very deep. Decka is shallow, 200m, so I am praying. We also give RIO 30%. Shaun did say he wanted big finds. For me you should always take the low hanging fruit first. I do not see the Tasmania deal as good business. Especially when we give Rio 30%
Rudal, they drilled 900 meters and hit gold. Very good gold results. Rudal is to deep so it will add very little to the SP. Scallywag the results were disappointing, South Paterson is shallow so a hit here will literally blow the doors off.
So my estimate is fits in with GGP, 30 meters a day for 2 weeks is approx 420 meters depth. Use an 8 hour shift. Time spent logging samples and other activities, paper work, site chores. Then 2 weeks is not a bad estimate.
I think Stingray is a good area to investigate as it is shallow. Rudall is far to deep for now. I think RIo left as they have lots of licences around the world which they feel have better potential. This is a good opportunity to make an amazing discovery. A find at these depths would launch GGP into orbit.
I will leave conspiracy theories to others. This means the result at 420m could double the volume of gold in the top section. I am guessing they will do sampling closer to the ore body. Are the any other samples through this area. It may be a section that has broken away from the main body over time.
If this area has little to no drilling and they have found a strike like this that potentially increases the volume massively. They will need to define this section so I am guessing this will be done from below. Why they did not do it as part of the drill campaign is very strange.
Bamps,
About Havieron, According to Hydrogen some research you have done places a drill result at 420m and in an area with very little drilling. If correct this expands the top area dramatically of Havieron. I think everyine would be interested in this result.
As for Stingray, I hope we find something decent. One of the sites has never been drilled.
The time scale to start production at Havieron is 3 years. The ore body is roughly 400 mtrs under cover. The cost for the decline is $360. With inflation we can say $400. A rough guide for for mining costs and time scales is:
For every meter of depth costs $1 million. Every 100 meter of depth will take 8 months. Havieron is on the edge in IMO. Rudall is 700m below the surface. Using my rough estimates this means it will cost $700 and take 4.5 years to reach the ore body. The Rio Tinto leases the ore bodies are 200 meters below the surface. Giving a cost of $200 million and time scale of 1.4 years.