Member Info for strudel

"Random noise on a continuing long term down trend."

......that could describe many of my share holdings.

Cool(er) forecast.... Looks good for getting drilling on the go again. I'm presuming a rainstorm could wreak havoc with local ground conditions when moving heavy drill rigs around to new drill sites. But wouldn't be disruptive when drilling......

Or is the rig the tallest thing, conveniently made of metal, that lightning would seek out, hence any storm anywhere nearby would put a stop to everything?

C$526 million in March 2015 was, using a conversion rate of 0.7863, worth US$ 413 million.
In March 2015 mid range of gold price was $1,185.
Today's gold price is $1,485(ish).
Today's value of Borden would be US$ 514 million. Or £396 million using a dollar exchange rate of 1.30..... all for 2 million tonnes 50m down.

Now I have to stop myself from buying more GGP and get to my hall....

PG, thanks as always for the time/effort and now schmoozing an assistant to get the HAV 3D model into fine fettle.

Had a play to see how things looked and then a rummage around the other plots of other people's projects just to compare. It would appear our soon to be ten rigs need to get four to eight times of our current drilling completed to properly map our discovery. 120 to 220km of drilling seemed to be required to see what's what. Initial resource estimates will of course come in much sooner.

I then started following links to some of these heavily drilled projects. This link about Mining Technology to Goldcorp's Borden mine, the discovery bought out fom Probe in March 2015, was interesting for multiple reasons:

https://www.mining-technology.com/projects/borden-gold-mine-chapleau-ontario/

Discovery was 50m down along a 3km strike length - they opted for an underground mine
Just over 2Mt of gold to be extracted over 7yrs
Nearby existing mining infrastructure
$526 million Canadian paid by Goldcorp at the time - need to pro rata that into US $; and do similar with the gold price at the time.
.....and they made all their underground mining machinery electric by converting existing plant from another mine operation

We will know Newcrest are really serious when they start building a solar farm in the middle of the outback -- now we should be able to spot that easily enough on the satellite images.

Apologies to all who have already mentioned Goldcorp / Borden / electric vehicles / amount of drilling required for resource estimates / etc / etc.

There is only so much reading of this BB I can dedicate my life to when I have a hallway to self-level.....

Appears I was too optimistic by about 25%..... The majority seemed even more wildly optimistic though. Short term - it would be nice to be above 1p with a successful plug in the hole to stop the water ingress.

And then a medium to long term steady drill programme of multiple horizontal wells to get production / income increased.

PS. Nice New Year touch with fireworks coming out of the LSE logo on this website.....

.....I was going to keep an eye on the weather forecast - excessive heat that doesn't drop much at night may delay a restart after the Christmas break. I'm fairly convinced they've recentky only been drilling during night shifts when the temperatures are "only" above 30C and avoiding daytime temperatures above 40C by utilising all the indoor and AC facilities at the camp.

I do worry about the nerd depths this truck v conveyor chat is descending to, so I thought I'd reminisce in a light moment.....

Whilst being a tourist in Coober Peedy in early '99 I recall visiting a mining operation somewhere "nearby". I recall viewing a deep hole with a spiralling access road on its edges with "dinkie" little trucks hauling ore out. Those dinkie little trucks proved to be enormous when I saw them close up in the truck repair shed that formed part of the mining operation. I recall a tyre cost 7,000 dollars, and were chomped through at a remarkable rate on the gravel roads. They were also mad keen on employing more female drivers cos on average they drove "more gently" and didn't trash the trucks or tyres so much as the male drivers......

How very interesting I mused at the time....

A few years later I heard they'd updated their trucks to be GPS self driving with no need for male or female drivers..... The wages saved were worth it - despite the automated vehicle being unable to avoid every pothole in quite the same way (as the females!)

I think history has already done all your share price targets for CAP-XX but in reverse....

Not exactly comparable but Cascabel (nearing very iffy territory in northern Ecuador - too close to its border with northern drug barons for comfort) had 15 rigs on site. However these were all "man-portable" as the terrain was so difficult for anything mechanised. I'm presuming that a "man portable" drill is nowhere near as big or as quick at drilling as something that you drive into position on a truck. Hence if we get to ten drill rigs at HAV that is the very definition of going hammer and tongs.

What a stinker of an RNS about raising funding. Lots not to like, 9% interest. 7% commissions. Restrictions on monthly selling the £2M invested loosened if there isn't liquidity. Got a feeling our new maximum is 38.79p from what I have just read.

Think it was Newcrest..... Cadia.....

"Quarterly Exploration Report - Newcrest Mining
Phase 1 drill hole spacing is conducted at approximately 20-30m apart on drill section lines 80m apart, which is considered sufficient for initial testing of an orogenic gold exploration target."

Guess you choose spacing depending on whether your gold ore resembles raspberry sorbet or raspberry ripple.....

This JV is unfolding fast! It would appear that ten years is common from initial discovery to first mining. Granted infill drilling on a 25m spacing even with a dozen rigs is going to take a long time. But it looks like NC are trying g to cut that ten years norm down to about half that.

My prediction is that if Scallywag's first dozen holes produce good results like HAV but at much shallower depths to reach the pay zone then HAV will not have a decline constructed to help drilling proceed.

There again if Scallywag's is just a big lump of underground granite then the focus will remain on HAV and very possibly a 400m decline.

.....pls continue your rants about mid 50 book values, sub 30 share price and, according to that Friday RNS Schroders getting 15% of any gain above 77p, under the new ticker SUPP.

I'll be there, probably still fuming quietly as I read the posts. I only sold half my holding at 85p taking a painful 15% loss. Wish I'd dumped the whole lot. hindsight.

Brentharg, a good 99% of my annoyance is related to the fact that my holding in this share is trapped in my SVS account. I could be here until kingdom come....

Am I reading this wrong? The RNS appears to say:

"If we ignore good practice and just guess we have more ore without doing any drilling to prove it, we can change the 8 year mine life to 18 and get other people to pay for the development work. Oh, and we haven't bothered to do the calculations to actually prove 18 years of lower grade stuff will actually be more profitable than 8 years of the good stuff."

Why would anyone invest?
Why am I here?

Ze French haf left zee beel-deen.

Or reduced their holding by more than 4%. Oh merde, why am I still here?

Hmmm, 18% is indeed a decent sized wodge for an investment company. Makes my own over-episure here look slightly more palatable by comparison. Maybe I should be buying more....

Know how you feel Vanilla, I could have posted exactly the same words to describe my situation.

....underwater, soggy strudel, not good.

I think GGP will be spending their own money drilling at least half a dozen holes, to hopefully prove there are good grades at Scallywag, before any formal discussions start with anyone about any JV.

Timid, thanks for the info about Cascabel and number of rigs deployed......may read back into that history to educate myself a little.

Timid,

Seeing as we are about to finish one decade and start another I see no reason for HAV to be the find of the 10s; with Scallywag the find of the 20s.

;-)