RE: Phil Day27 Apr 2021 17:46
Not the RNS or interview we or the market might have hoped for.
Eck, you are right about Alba's said to be 'nuggety' ore, but poor grades do not make a JORC resource or help to raise funding.
SG has the JORC resource, but it has got to be got into. Phil says we now have an operating process plant, but getting ore to it is now clearly an issue and might explain the recent change of mine manager. The mining crew were transferred to helping with process plant construction for a long period as show in the documentary, so I doubt that the development is anywhere near to starting the first production stope. Hence both grade and tonnage will be limited while in development only and grades similar to that fed to the BPT. Until the first stope is in production, ore grade and tonnage will not be up to scratch.
Phil's comments and emphasis are strongly directed at consistency, performance and reliable forecasts, which are just what this project needs. He also points to what the geologists are indicating potential that he calls 'exciting.' I have many times said that I consider this project very worthwhile and still believe that. It is the delivery that is the problem and Phil has been appointed to solve that. I wish him well for all here.
There seems to be some perception that RG was 'desk-bound.' That might have come about during the long planning issues, but my first meeting with him was when he was helping Chris Sangster load gear into a wagon , assisted by the then geologist, Nyree. Cononish has not even yet been a place where one can be 'hands off.'
This RNS spelled out where we are at and need to go. The next at the end of May will need to tell just what is being achieved.
For HH, this could be a buying opportunity..........as long as further fund-raising doesn't include more shares in issue!
Regards to all, R.
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