Member Info for Rocktapper

Nope, you're not the only one who thought the same thing! Seems like a bit of a blow, actually. I am sure it will be resolved but it also seems that the trials can't be started unless they sort the stability issue out in the cream.

Don't get me wrong though. I hope with publicising all of this, it will hopefully attract some more interest and push the SP up but I think it's an uphill struggle seeing as there is little or no trust in the BOD right now. I just want to get to a break even point which for me is around 33p!

In the broker report it states: 22,199m (so far!) with only 9,828.7m and 68 holes being used for the resource (p.21). About 1000m a year...!

Yep, the winds of fund raising and more dilution are blowing...They'll need that to fund all the drilling that the broker report and Paul Johnson were recommending! Plus paying off the ex-Directors....

As if by magic...!

They could have identified cobalt minerals in the core and the concentration of Co (element) might still be under 1% when the rock is analysed. The main thing is that it is there along with the copper!

I guess the RNS is a 'heads up' that things are progressing well, visible mineralisation has been observed in the core, thus verifying perhaps, things that hadn't been verified by ARCM / Ortac up to this point. It's good that they have two diamond rigs working and the RC rig is on its way. Expect quicker results once the RC rig is blasting through the deposit. Sample turnaround will be quicker but the speed on the analytical side and thus the results being presented will also be down to how quickly the lab they are using can push things through.

Nevertheless, I think this is going to be really exciting when the core has been analysed and the results are back from the lab. I am really happy about this now given the progress being made here and with Casa after always fearing losing everything during the 'Ortac days'!

The report referred to in the recent PR is tucked away at:

http://www.galileoresources.com/projects/Galileo%20Resources%20Star%20Zinc%20Gravity%20Modelling%2009072018.pdf

It's a little more easy to understand than the cryptic PR!
It's encouraging that there are more targets to drill test as a result of reprocessing and reinterpreting older gravity survey data.

Even more encouraging is the shallow nature of the potential mineralisation.

This interview appears to be the first clear sign of CGNR looking for a JV partner to assist in taking the project(s) fully forward. Certainly there is enough mention of that!

If I was coming into as a cashed up junior or a major though, I would be concerned with the Prof. Conroy's significant shareholding and all the 'emotional energy' he has invested. I can't see him giving up his control that easily for a company coming in and wanting a significant percentage of CGNR or the project alone. But I think he appears to have been inspired by the recent Dalradian deal for sure!

A point to bear in mind is that the market cap today is around £2.7 million. For that, a cashed up junior or major could obtain an inferred resource of 500k Oz gold. Even if you offered double the current SP to take the company in its entirety, you'd probably still be getting your 500k Oz on the cheap - and that's if you assume only 250k Oz of that ever make it into the Measured category or eventually into Reserves after more work!

I'd doubt that the Prof or any of the other major shareholders would want to sell up for that though! I guess now, we have all to continue with our 'slow patience' to see what happens! I have been 'stuck' in this for over 10 years now so what's another few months or year!?

SO what the BoD wants us to believe is that the value of the remaining resources in the ground beneath the existing pit is somewhere in the region of (300,000 * ($1250 - $668)) or US$175 million thereabouts, equivalent to around £5.58 per share where US$1250 is the approx. gold price and US$668 is the average mining cost per ounce inc. amortisation/depreciation. My question is: why on earth haven't they got a decent plan in place for mining this high grade zone before having to place the mine on care and maintenance, presumably whilst they scratch their heads trying to figure out what to do? Relying on reprocessing the 800,000 tonnes doesn't really cut it. And what's happening with the other projects? The consolidation and then free-fall of the SP is a testament to how badly things are being run.

That share in Andiamo originally cost well over US$ 1.5 million. A little disappointed at the loss but at least they got out with something and can move on to concetrate on core assets.

"Ore Reserve Estimate gives Mowana an after tax net present value ("NPV") of US$272.8 million (quoted in real terms using an 8% discount rate and a copper price of US$3.00/lb Cu) " This is the Reserve value NPV. With 60% attributable to CRA, the Mowana asset potentially values the company at around 59p per share. At least, this is the direction in which it should be heading!

One would hope that work on the 3d geological model followed by a maiden resource estimate would encourage a rise in the SP. It doesn't always work that way though. What a lot of people won't realise is that due to the high zinc values in this deposit, there won't need to be a very high tonnage as compared with other styles of mineralisation, to potentially make it an economic deposit. Key things to look out for will be continuity, depth of mineralisation, processability of the ore (crushing and extraction of zinc). It's relatively shallow so that box is ticked. Mineralised widths look good. By all accounts, the potential ore can be processed to gain acceptable recoveries. But the information on the website is pretty scant. Would be nice to see a few maps of drill hole locations, initial interpretations, dimensions of the area of interest etc. This might help raise investor interest (and possibly the SP!?). Otherwise, its the wait until June for results of the geological modelling. Hopefully, this will provide a clearer indication of the potential size and value of Star.

That was my thought exactly! It's an exciting little company with diamond sales being reported every month. You can see positive outcomes and it makes the investment risk seem worthwhile. A figure every three months...not so!

Am not sure how they have undelivered. However, switching the reporting of sales to every three months must have dampened people's enthusiasm because before with monthly reporting, there was consistent news flow which was demonstrating good income from diamond sales - always a good sign for investors. Having to wait three months has just meant a lot of PIs go elsewhere out of boredom. Also, there still hasn't been a resolution to the impending court case as far as I am aware. Maybe once that is sorted, there will be a tick up.

I am afraid I didn't really agree with you coffee. They haven't completed enough work to know whether it is truly 'viable' and as far as I know, we are only talking inferred resources - which means that they don't have enough data, close enough sample spacing etc. etc. to use 'modifying factors' to convert this to reserves - and by JORC (and other) code definitions you can't go from inferred resources to probable and proven reserves without doing a lot more work to take you to Measured and or Indicated Resources first. As regards their commericalisation / strategy: I thought that after the hassle with the attempted take-over that things had settled down and that there would be a new focus into properly developing a mine. However, things don't seem to be playing out that way. I had envisaged that the aim might be to prove up a smaller deposit first, start a small scale operation which would generate income which would pay for exploring and there potentially expanding the resources (and hence reserves) accordingly. To my mind 400 odd or even 1000 metres of drilling isn't going to bring the company anywhere even near this strategy let alone anything else.

I don't think the geology is unknown. They are pulling core out of the ground and should have some (vague) idea of what's going on! Trouble is, at the rates at which they are drilling, it will be another century before they manage to put enough data together to improve on the inferred resources they have now. With one rig turning, the 1000m should have been drilled in a month with all the chemical analysis back within the following month to six weeks...This morning, despite some 'interesting' grades (and maybe one or two widths), the market seems to be reacting accordingly.

One month on and no further news about the remaining 937.4m of drilling allegedly being drilled......

I think we need to wait until the conclusions and implementation of the DMS study and the 2018 Q1 production results are published. Until then, to the market, it's still an unknown quantity (hence the initial 'crash' after relisting).

4th December RNS: "The drilling programme will provisionally be up to 1,750 metres (m) on its Star Zinc project ("Project") in Zambia and will be a mixture of resources confirmation and resource enlargement." If GLR have one diamond drill rig, you can assume roughly 1000m per month of diamond core drilling if it's good ground . The deposit is near to relatively near-surface so there will be more moves presumably as they must be drilling shallower holes and the ground may be more broken. So assume 2 months to complete the programme. Then there's laboratory analysis: hopefully within 4 - 6 weeks if you're lucky....It takes us into early March, probably... Star Zinc isn't directly comparable to the likes of SOLG who are exploring for porphyry copper deposits. The potential Zn grade is much higher than the equivalent Cu grades and the material to process is oxide and/or silicate so a totally different style of mineralisation. A small, high grade zinc deposit which can be processed with known technology at a profit is a nice thing to have right now!

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/OTC/13489191.html