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The mineralisation is very promising particularly HAD006 but I note that the key missing point is the locations. Why are they not mentioned.

Previously they trumpeted the fact that HAD001 was 200m away only for us to discover it was 50m away at mineralisation.

Have they done the same with HAD006? Ie we are just 50m away? If so the result of HAD006 means little. If it is further away it means a lot.

Given the spin on HAD005, it is impossible to tell how significant these results are.

Though the finding of mineralisation is of course good.

Well the share price is looking perky. In my view there are three possible reasons:

1. Shareholder anticipation of a Ureka deal. NASH is a hot pharma area at the moment. It was announced yesterday that Genentech bought Jecure Therapeutics. See the very interesting article below about the Pharma race to acquire NASH

hTTp://www.pmlive.com/pharma_news/roche_enters_nash_race_with_deal_to_buy_jecure_1266324

"Roche has joined the melee of pharma companies trying to claim a share of the market for non-alcoholic steatohepatitis (NASH) drugs, cutting a deal to acquire US start-up Jecure Therapeutics."

"NASH is a hot topic in pharma development at the moment, with a host of companies vying to bring forward new treatments for the disease, which is viewed as an emerging health crisis - and an untapped pharma market."

"Some predictions put the market potential at $20bn to $35bn a year."

Now we know from the Interims that:

"Ureka, ImmuPharma's wholly owned subsidiary, based in Bordeaux, which is carrying out research into treatments for Type II diabetes and NASH (Non-Alcoholic-Steato-Hepatitis) has recently demonstrated success in recognised preclinical studies.

Following an extensive review by ImmuPharma's Board of directors, it has been decided that Ureka, whilst having exciting and innovative technologies, is not part of the ongoing strategy of ImmuPharma, which is now fully focused on utilising its resources to develop late stage assets.

As such, ImmuPharma, with its advisors, will now commence a process of considering all opportunities to divest Ureka. The intention is to allow ImmuPharma to divest Ureka, whilst still retaining an interest in any future commercial success."

2) Shareholder anticipation of more Lupuzor news.

YoungHarry has stated "Mid November / early December, full analyses of PIII trial" and

"The company will receive the full data from the PIII trial by the of end July / mid August, analysis will take a further two months and answers to key research issues will take a further two months after that. The key research findings will be published in peer reviewed journals."

3) Misplaced shareholder anticipation

Take your pick.

A cynic would say that they could be getting their excuses out with today's RNS.

"new 3D geophysical models of the Havieron target have been produced and are reported here"

"Modelling of gravity data outlines a large irregular shaped body, some 300m across, from approximately 400m below surface..."

Where does this say in addition? It reads clearly as 300m across from 400m.

Previous magnetic and gravity estimate was 600m x 600m across with a depth extent from 400m to 900m. See RNS's before this one.

Now they are saying just 300m across. If e.g. 300m x 300m, that is just 25% of the previous area. The 500m depth has not quadrupled to compensate.

Yes. See:

https://www.kitco.com/commentaries/2015-06-03/The-Real-Value-of-Gold-in-the-Ground.html

They may get more but it is nothing like the fantasy figures you are erroneously banding around.

Chrome you have not got a clue

Median is $40.

Costs due to depth will be higher than most.

Actually, 10m Oz at $30/Oz is $300m not $600m

Not all of that will be capable of being in a reserve. Let’s say 80% or $240m.

Then they will have to dilute to prove up. Let’s say 25% dilution is down to $180m which is £140m for 10m Oz in the ground.

GGP is already valued at £56m.

I think that they may prove 10m Oz. But they haven’t yet and there remains risk. The drilling process is to prove up the resource. If it was worth 10m Oz now they would be selling not drilling.

Median gold value for in the ground gold at the pre production stage (i.e. later than now) is $40. In GGP's favour is scale, grade and location. Against them is early stage, very few holes and depth (underground being more expensive).

Let's say $30 / oz to be conservative.

That means that for every 1m oz of minable gold, GGP should be worth $30m.

Not all ore is minable, but I think in GGP's case as I demonstrated the other day, 80% should be realistic. So for every 1.25m oz found, GGP should be worth $30m.

At present the GGP market cap is $69m. GGP is therefore priced in at a find of around 2.875m oz of gold.

Personally, I think something in the region of around 2.5-3m oz to be fair based on current information. Clearly if HAD006 (etc) is good we could be looking at a lot more. Double or triple today's share price is more than possible, but that will be based upon drilling news, not speculation now.

Good to see the share price rise over the past few days, particularly after the astonishingly muted day 1. What an opportunity that was!

Why has the rise petered out a little? In my view we were previously in a risk off situation. HAD005 had very little risk after the announcement it was double the size of mineralisation as HAD001. We just didn't know how good it was. Investing then was a piece of cake.

Now, we are in a risk on situation. HAD006 is an unknown quantity. If the results are bad, then the share price here will drop significantly, perhaps down to 1.2p again. If the results are good, 2p will be obliterated. But that risk about HAD006, which was not so much there for HAD005, cannot be ignored. Hence the share price setting somewhere in between.

So we have 275m of gold mineralisation / intercepts, but how much of that actually needs to be dug out as part of an underground mine.

The answer is that just 62.5m of the 275m contains 81.8% of the gram metres at an average of 20.7g/t for those 62.5m.

Just using the highlights from the RNS, only the four key highlighted bands of 11.5m and 7.5m (upper zone) and 5.5m and 38m (lower zone) need to be extracted to get 1,293 of the 1,581 gram metres.

That is potentially an incredibly efficient underground mining operation. There will be majors (one in particular) swarming all over this. Could very easily see a farm in, which would put a real rocket up the share price.

Hi Tom,

Mineralisation started at 462m [for HAD001 it was 497m].

They are drilling an 808m hole.

Assuming the mineralisation at HAD006 is of a similar depth, therefore there is a maximum of 346m that could have been mineralised.

GGP found 275m of the 346m mineralised in HAD005.

They cannot in HAD006 find 550m mineralised, when mineralisation is starting sub450m and they are drilling an 800m hole.

Mathmatically impossible.

So not announcing the results early, like HAD005 is perfectly normal. To the contrary, I would be concerned if they did announce the mineralisation pre-assay results of HAD006.

The pre-assay mineralisation for HAD005 was market sensitive. It identified double the mineralisation 200m away.

Not releasing the pre-assay mineralisation today for HAD006 is not negative. It just means a return to business as normal. You do realise that double again (550m - which would be market sensitive) is physically impossible given the depth of the resource and the length of the hole drilled...

Some people...

in 2017

Thanks to catsick on another location for this information, but the drill results announced today, would have been the third best intercept per mine of any drilling done globally and no 1 of any exploration drill.

Table to prove it is linked below:

h t t p ://w ww.mining.com/2017-gold-deposits-boasting-highest-grade-drill-intersects/

Short term target (this month) 3p.

Medium term target (end 2019) 10p.

As a rule-of-thumb many geos look at grammetres as to whether or not a drill result is interesting. Simply put, this is the grade multiplied by the width....An intersection of 10 gram-metres may or may not make it. An intersection of 50 gram-metres is pretty good; of 100 or 200 gram-metres is pretty gosh darn good, and anything higher becomes exceptional."

http://www.straighttalkonmining.com/who-wants-to-be-a-billionaire/

GGP have just hit a staggering 1,581 gram metres. Just 200 is exceptional. This is a shed load of gold and a truly world class find.

Bear in mind that:

1. the guy who wrote the article is Keith Barron, who founded Aurelian Resources Inc, which was sold for $1.2bn in 2006 - he knows what he is talking about;

2. this article / comment was made in 2004, when the gold price was around $420/oz and major gold discoveries have massively tailed off since then too. One could probably significantly reduce Keith Barron's figures in 2018, but we don't need to do that...

Had005 has an RNS because it had double the mineralisation 200m away.