Member Info for Rocktapper

All going swimmingly! I think we have to bear in mind that although they are 'only' looking to prove the technology and its effectiveness and don't intend on producing product themselves, if they end up licencing the technology out, the income value will be there from licencing and one imagines, there may be potential to negotiate a commission on the products produced by third parties?

I have always thought that the original deal / reverse takeover to buy Mowana and then become Cradle Arc was far too complicated to run smoothly or even successfully but I had to hold in here due to the original suspension and my 'huge' losses already accrued from the Alecto days and the vain hope there would be some revival.

I do feel there is an element of brinkmanship here but at the end of the day, if the subsidiary (Leboam) is basically in administration and then the parent has sought an administrator, it does look a bit bleak. For now though, we must hold out some hope that someone might step in to put everything right.

But I do feel that this has overall been a bit of a 'swizz'! Cradle Arc - Cradle of Filth, more like!

Correction, a 'corection factor' of 0.8 needs to be applied to that so they are looking at around US$ 200 million inferred value.

Based on the report, they have an inferred resource of around US$ 260 million of diamonds in the ground versus a market capital of around US$1.5 million! Even if they can only mine half of that resource at the end of the day, BRD looks slightly undervalued!

Somebody must know something....!

From 13th December 2018:

https://www.proactiveinvestors.co.uk/companies/stocktube/11610/skinbiotherapeutics-glowing-after-a-positive-2018-11610.html

Going through the presentation on the 'lemmings' website, it's hard to understand how the cosmetic business would not fund the medical side of the business when the figures produced suggest that the cosmetic market is around 5 times the value of the Eczema and Infection markets combined. I too am a little bit surprised by what has been reported.

There's a lead time in bringing potential mining projects into fruition but if anyone was doubting the current demand for zinc:

http://www.mining.com/web/zinc-market-tightness-confounds-bearish-expectations/

Be careful:
The (note) Exploration Target was published as being 8.8 M Oz and they are currently a very long way from defining anything close to that in any other resource category. CGNR Indicated and Inferred resources are between 500 - 600k Oz Au, depending on which piece of literature you read! Check www.jorc.org for the resource definitions.

As a guide, you could perhaps assume that of those current resources, say 50% may eventually be proven up as 'reserves' - i.e. as defined reserves they would have an economically extractable value. You're right though, even if 250 K Oz of resources were converted to 'reserves', for £3 million purchase of the entire share capital of CGNR, it would still be a snip!

In order to get anywhere near finding that target 8.8 M Oz resources, CGNR are going to have to be sure of their model (and the gold has to be there) and then find an investor with deep pockets who is prepared to spend 10's of millions of Dollars / Euros on a very intensive drilling (and other techniques) programme.

One can only hope that the recent talk by Conroy of finding a JV partner to invest is genuine and that perhaps they will find a company / individual to put the necessary money forward. As I have said before though, any investor coming in to this would need to take the control / lead of the project and push it along at a more dynamic rate. However, my perception is that in reality, it would be difficult to wrestle that control from the Prof. and current BOD.

Totally agree. Especially with the amounts being traded. I guess theoretically though, it may make the market for shares (if there really is one!) a little tighter.

Interesting! That appeared to come from nowhere...or the raising? Frustrating the RNS isn't appearing on LSE.

I did say a JV and not an outright purchase. I agree, now would not be a good time for P.I.s if a company was to try for an outright purchase of CGNR. Besides, I think the Prof and others would put up very strong resistance because they would be losing massively too. Anyway, this is pure speculation. It was noted that Conroy mentioned Dalradian several times in recent interviews but I suspect that it was more along the lines of, "Look! There's major interest in Irish gold!" rather than, "This is the type of deal for us!" Again, as ever, just my very humble opinion.

I admire your optimism and hope so too! We could certainly do with some prompt and further good news - such as a revised resource estimate taking resources into the Measured category plus a JV with a major! Now that really would turn things around!

I agree with the issue on the increased talk of finding a JV partner. If that were to happen and a suitably cashed-up and experienced partner could be found to run with this for the right percentage, it could certainly speed things up. Afterall, in terms of funding the eventual development of a mine, CGNR are not likely to be able to go it alone IMHO without more major support.

With respect, it's not really the geology that is being questioned or 'bashed'. It's the way the company has been run and the paint-dryingly slow progress that is the reason for most criticism. There's no doubt there is a gold-mineralised fault / shear system and that it contains good grades. We are repeatedly told about the 500 k Oz 'Jorc' resources (which depending on what you read are either indicated and inferred or inferred or just 'resources').

When the dust settled regarding the 'charlatans' ' (joebop's word, not mine) attempts at the boardroom brawl, a clear strategy was publicised in an RNS to start focusing on bring resources up to reserves for a section of the deposit (?Clontibret) with the aim of starting a mine that would finance exploration over the wider strike length. That is a sensible strategy. However, it doesn't seem to be playing out like that!

The frustration here is also that a programme of drilling of only around 1000 - 2000m diamond drilling has been undertaken. At most, that should take around 2- 3 months to complete with one drill working. Then you would be logging core, taking samples, analysising it all, getting it into your database and then interpreting the results. So far I think we are on about month 7 and awaiting completion. It just happens all so staggeringly slowly.

If you live nearby, perhaps you could provide us with some insight as to what is happening on the ground because then that would at least give the 'bashers' some reason to stop bashing! For example, if like in the UK, getting to the drilling stage is slow because a company has to get planning permission and land-owner's permission to drill before going ahead, then the delays would be understandable. But CGNR never mentions this in an RNS as the reason for the slow progress.
Like I said earlier, I have been in this for 10 years and initially invested for reasons I won't say but also because I could read interesting results and understood the geological aspects (and the risk). Ireland is a relatively stable jurisdiction too with a history of development of some metal mines. In 2008 / 2009 when I first invested, no-one was helped by the financial crisis. But since then progress has been slow, share consolidation took place for no real reason and 'idiots' like me have been forced to average down massively to even stand a chance of one day coming near breaking even - to the extent that I am up to my knees in it by around £40k as I said before. I am sure I am not the only one who is down a 5-figure sum on this. You are right in that 'bashing' may not be the answer but it certainly relieves a bit of the stress!

Yes, for over 10 years now and almost £40k so I think I am reasonably well qualified to talk!

An industry study a few years ago found that on average, it takes around 13 years from exploration to production of a successful mining project. Therefore, anyone who believes it is acceptable to be messing around for 20 years in the way CGNR have been doing is not really doing shareholders any favours at all! And most of us LTHs know that! I am inclined to agree with martina07, there needs to be a BOD with a sense of urgency. If Ireland really is such an attractive place to invest, then trying to get to mine development shouldn't be an issue politically as well as technically...
It's good to see that perhaps there has been a share price response to the Prof Conroy interview but for a lot of holders, the share price has to be around 2 to 3 times at least for them to be breaking even ever since the share consolidation.

It's no longer a core asset and set to be joint ventured or sold of completely. Things have gone quiet on this one. Aside from the political and local objection issues with the project, one of the problems was that Slovakia banned all cyanide use, making it difficult to process the mineralisation / ore. Ages ago, Ortac tried lab tests on processing without cyanide but this seemed to die a death. However, a similar process to that trialed seems to have successfully been developed by CSIRO in Australia. The Mining Magazine article below is interesting, particularly the last paragraph! As there has been no word on Sturec for a while, I wonder whether something like this processing technology could help revive it or whether it really has been sunk on political and other environmental grounds.

https://www.miningmagazine.com/chemicals-reagents/news/1345502/csiros-cyanide-free-gold-showcases-non-toxic-solution

Could be the Prof putting another 500k of his own funds in just to maintain control. If it is a single third party, it would be interesting to see whether an EGM is called using that 15%....Nevertheless, It's still relatively cheap for 500 -600 k oz of Inferred Resources (depending on whether you read the RNSs or the website!

What a difference: a badly worded RNS versus hearing things directly from the CEO! Wow! That's changed my opinion from this morning for sure!