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It's going to look even more undervalued when they start drilling and releasing results at Marahui, which has all the hallmarks of a high-grade, multi-million ounce deposit to me, IMHO.

I've had a good look at, and analysis of, the top 20 or so gold deposits/mines in Cote d'Ivoire, and the geology and size of it looks to be right up there. Anywhere the Birimian greenstone is at the surface, with rock chip samples showing high grades and extending for many kilometres, is going to be huge with a decades long mine life. I suspect that Guitry may take a back seat once they prove-up what they've got there.

I've taken another 200k this afternoon, as FRG's market cap is a mere £4m.

For that you (currently) get about £25m worth of assets, rising to about £55m if they acquire the projected 45% of Limeco.

That's an impressive raise as it's over a 100% premium to the current share price!

Oh, and gold's approx $200 an ounce higher now than the average for last quarter, which bodes well for the printing presses!

All-but $60m FCF in the quarter (assuming $900 mid-range AISC), with absolutely loads of potential high-grade, high-ounce deposits to exploit; what's not to like.

I still think the biggest surprise going forward will be the scale and quality of the Marahui prospect in Cote d'Ivoire. I've taken a close look at the top ten or so gold deposits in the country and I reckon from the data I've seen and compared that it's right up there. All IMHO, of course.

... which is equivalent to about 43.5p.

Well, it's just gone over 80c in Canada!

Returning to my post of 15th April:

"Regarding Thor’s recent presentation, there’s something very significant in it that no one’s even mentioned.

As far as I can ascertain, Thor have never previously mentioned their Marahui project, a 250km2 licence in NE Cote d’Ivoire - it certainly didn't appear in their January presentation maps/slides of Cote d'Ivoire.

They have mapped the entire area for gold-in-soil anomalies and, not to put too fine a point on it, it’s pretty much everywhere. However, there is one particular area in the SE of the licence area which has spectacular soil anomalies over a 4km strike length, with results up to thousands of ppb. These soil anomalies are also coincident with excellent rock chip samples and magnetic survey data.

Segun says he is “particularly excited” about this prospect, which they will be trenching and drilling this year, along with additional targets on the licence.

My personal opinion is that this is a new potential multi-million ounce discovery, that’s gone virtually unnoticed until now."

In today's presentation you could sense the ever increasing sense of excitement from Segun regarding this prospect, so much so that he's talking about advancing this project and leap-frogging the Guitry project.

The strike length has now been extended from 4km to 5km, all of which has been backed up by rock-chip sampling from the surface greenstone bedrock which in indicating up to 30g/t samples. Furthermore, this greenstone extends for some 12km in total.

This could prove to be an absolute monster resource containing a huge amount of gold, and could be what ends up making Thor a significant gold producer.

All IMHO, of course, DYOR, etc.

Schmidt1,

Did you mean... Cash on hand: + USD 33 million (rather than +23 million)?

(72-39=33).

ps thanks to schmidt1 for his excellent analysis and 'back-of-a-***-packet' analysis.

@schmidt1, what do you believe this quarter's numbers look like, in terms of profit, given similar ounces of production?

What we want to hear, before all the other stuff, is that the mine life at Segilola (and surrounding areas) is extended by another five years or so at current prices. That's because this is low capex and pure profit, which in turn funds everything else into the future.

I have NO doubt that's coming but, a bit like Douta, they just keep deepening the open pit profile, finding more offshoots, satellite deposits, and possibly a whole new deposit, relatively nearby - all of which serves to delay the inevitable significant mine life extension being quantified and stated in black & white, which is what a lot of more cautious investors are waiting for.

From my own perspective, I believe all the above has been telegraphed for quite a while now, so I have no problem investing now on that basis.

I couldn't resist adding some more this morning; crazily good value!

The current application which we are awaiting approval for relates to the Hussar-1 well re-entry, not Hussar-2.

Closed at 65c in Toronto on Friday, equivalent to 35.10p, on decent volume; onwards and upwards.

Georgina's prospective resources may be about to double or even triple. Yes, it's early days, and it's not been analysed in detail yet, but the additional/second LARGER target structure has been identified as a 60km2 closure as part of the seismic reprocessing.

To put this into context the main Mt Winter prospect itself is a 3,400 acre (13.75km2) seismically defined closure, so the newly identified prospect is about four times the size, and possibly double the size of Hussar and Mt Winter combined.

Georgina could be on track for a potential trillion cubic feet of Helium in a few years time - not to mention the Hydrogen and natural gas.

All IMHO, DYOR, etc.

In addition to the 15% resource increase at Mt Winter detailed in today's RNS, a very significant detail is the reduction in anticipated total drilling depth, which now requires a deepening of only about a third of the original additional depth, with a subsequent time and cost saving/reduction.

They were originally anticipating having to deepen from 2,650m down to 3,400m (aa additional 750m), and now believe that they'll only have to deepen the well by another 250m or so, down to 2,900m, to penetrate the Heavitree Formation reservoir.

Personally, I've bought a load more this morning, so thanks to whoever's given them to me on the cheap.

These are the sorts of numbers (and concentrations) that could make Georgina a huge He producer.

There's Hussar, Mt Winter, two other highly prospective well re-entry targets, and now another potential 60km2 target for after all that - blimey!

You can add 33% to them, when the 100% ownership is completed.

It's also important to note that interview and Segun's comments about the economics of deepening the open pit were framed within the context of a gold price of $2,160, so any economical deepening will likely be far more extensive now.

The same applies to the economics of trucking/processing near-mine satellite deposits.