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Thanks for the clarity CB! There's gold in them thar hills! I'm happy to leave it in Newcrest's capable hands. We're on a winner and sometimes the mkt is just too cautious to price in what we think is obvious and needs its hand held. Today's action in Adriatic Metals - ADT on the ASX (soon to list in London!) - is a case in point.
Yes, I get that and held that view until I read thru what Newcrest was actually saying, which is pretty clear, see top of P.2 https://www.asx.com.au/asxpdf/20191024/pdf/449t5t2f4ccmgl.pdf
Mind you I have no idea what NCM means by high grade as it hasn't stated it but it seems to be referring to the at least +2g/t Au equiv. cut-off which might mean 3-4g/t ave. And I have no idea how geos track the HGZs when drilling.
I have no doubt NCM will mine it all one day but who knows how. No geotechnical work has been done yet as far as I know.
It would be great to have geos, mine engineers etc on this site to comment.
At end 2018, the Super Pit had a mineral resource of 273 million tonnes grading 1.3 grams per tonne for 11.7 million ounces.
Included within that amount are reserves of 193Mt grading 1.2g/t for 7.3Moz.
Saracen will outlay $1.1 billion to acquire a 50% stake.
Good see I was in the ballpark for Havieron valuation - lower $100, upper $200. Now everyone can do their own valuations on Havieron. I think some people are too optimistic thinking this name will get to 10p with the next couple of years. But hey, 7.5moz valued at AUD200/oz gives a SP of 6.75p. Sounds good to me!
Spratt1982 I think it's because Havieron is not a homogeneous deposit and Newcrest wants to define where the high grade gold zones are. Rather than 30 big stepouts holes showing what's there, Havieron looks like it requires +100 holes according to SB's 9-12 month timeline. So the pattern in the SW might be, drill 1 or two deep holes to locate the cyinder as it plunges SE and then closer spaced holes once its located. That seems to have been the pattern up to now. The same thing seems to be happening with the new holes in the NW.
Besides the gold I'm hoping to see a significant increase - >1%Cu - in these latest holes which appear to be going ~2km deep. In some styles of mineralisation you'd expect the gold grade to drop and copper to increase as the oerbody goes deeper. I hope we are lucky!
BHP reported some spectacular results from some deep holes in SA last month. I know it is an IOCG whereas not sure what Havieron is. https://www.mining-journal.com/copper/news/1373754/bhp-quietly-reports-strong-oak-dam-results
Yes PG, you & strudel are probably much closer to the truth. There looks to be a major fault line to the south in that image and some other structural controls I assume is meant by the broken lines. The gold had to find its way up somehow.
Scallywag looks enticing!
Looks like excitng times ahead, short & long term.
Looks like Newcrest drilled HAC9501 years ago in exactly the opposite direction to these new holes in the SW. No data is ever wasted!
https://greatlandgold.com/wp-content/uploads/2018/06/HavHistMag-20-06-18-v2.jpg
One thing I'm interested in Newcrest commenting on is whether it thinks there is higher grade copper down deeper. It would be nice to see copper hitting 1% in these deep holes and the pipe start to broaden under the heat and pressure from below. Happy elephant hunting!
Not my view Caveman, just reporting what I see around me. I'm agnostic to the wider market as I am here for an elephant hunt and the rest is just noise which I ignore. If gold gets to $1900, fantastic, but equally if it falls to $1200, it doesn't matter, as I'm here to see if there is something big at Havieron and also at Scallyway. All those fault lines are conduits for the gold which is down there deep. It just a matter of how any mineralising events there were and where did the gold flow too. Clearly multiple events at Havieron led to these HGZs that Newcrest is chasing.
Thanks Paddy. If my "wine bottle" anology is correct then it will be interesting to see in which direction those two SW holes are being drilled, E/W , or the way those two collars are relative to each other, WNW/ESE in which case get ready for some long sections of mineralisation. Can anybody say if the two features also running WNW/ESE are fault lines? That will throw a cat amongst the pidgeons.
JS,
All quiet, no chatter on a non-trading day so thought I'd post again! :-)
19 Nov, 2018: Greatland announces drill hole HAD005 intersects total mineralisation (combined intercepts) of
275m at 4.77g/t gold and 0.61% copper (275m at 5.75g/t gold equivalent*)
Compare this to the Fruta del Norte discovery hole discussed here from 1 minute 25 sec - https://www.youtube.com/watch?v=2X-ClHT-moI NB. It was the 51st hole drilled!
Guess who bought into FDN? https://www.miningglobal.com/investing/newcrest-mining-invests-250-million-lundin-mining-fruta-del-norte-project
FDN is a breccia pipe, only ~18mt but has an excellent grade of ~9g/t au for 5moz. It is an epithermal deposit unlike Havieron.
Newcrest is bringing a lot of knowledge to this project and is chasing high grade zones. Forget about the size, feel the quality! Can Newcrest find 50mt at 4g/t Au? That's ~6.5moz. So far 4 high grade pipes found inside a low grade envelope.
A lot of info on FDN here https://miningdataonline.com/property/2968/Fruta-del-Norte-Project.aspx#Reserves
A bit more fun
Saw this Jerry - https://www.mockupworld.co/free/wine-bottle-with-label-mockup/
Vertical, plunging to the SE! That's something like what Havieron looks like down 400m in the Paterson Range, a buried wine bottle! The cap is up towards the Havieron camp . You can see why HAD 15 went underneath any HGZ - it needed to hit between -300 to 600RL - and HAD16 missed altogether. You can also see why those new collars to the NW (shallow) & SW (deep) make sense.
I hope that helps.
JS, for fun only, not to be taken too seriously!
Okay, H is a cylinder. Let’s say 100m radius (Sprott was 80m) and, let’s be optimistic, 1200m long. Area of the circle is 31,400 x 1200m x SG of 3 = 113mt of rock. Assume lowball 2g/t Au equiv gives 7.3moz.
150m radius and strike length of 1.5km gives ~20moz. (You can see why the stepouts add tonnes very quickly.)
Attribute USD100/oz – upper end of recent deals I think – gives 30% of H (7.3moz) a value of ~170m Pounds, about 4.25p which is pretty close to the Numis price target.
Be generous because there is no CAPEX for a plant and allow $200/oz on a dreamtime 20moz then GGP’s stake is worth ~925m Pounds!!!
But we’re dreaming.
JS, I don't think the SP can get to 10p. It seems to me that the discussion on this board is missing the clear signal from NCM about the high grade zones. It has moved on from the Sprott model so I have stopped my calcs because no one knows true widths and what eventual grade NCM will target. When they are seeing results like HAD18 - ~100m at 4.5g/t Au - HAD14 (75m at 4g/t Au equiv.), HAD12 (139m at 3.5g/t Au equiv) etc. I'm sure their eyes light up. Sure the low grade envelope can be mined years down the track but why truck <1g/t material to Telfer when you could be trucking ore at 3 or 4x that value. In the absence of assays all we can do is watch, via PGs satellite images, the direction in which NCM is drilling and how close-spaced the collars are. Look at HAD12. Would you prefer that intersection or 500m at <1g/t? So lets watch NCM chase the HGZs deeper - up to 2km downhole now? - and then it will need to decide if a decline is needed to keep chasing this steeply plunging cylinder to its end. As soon as NCM thinks it has found the limits of the HGZs we should see infill drilling really ramp up - 25m spacings - and Paddy's images will have black dots all over them. Or, drilling will have gone u/g sometime next year and all our fun will be taken away from us!
Watch this to see how one exploration company educates and informs its s/holder base - https://www.youtube.com/watch?v=D5Ttlq-PiJU&feature=emb_title
Okay, great, thanks. That 7597500 section line is where HAD16 was drilled which Newcrest surmised went over the top of the cylinder. GGP said Havieron depth suggested by survey was only limited by technology i.e. they had not found the bottom. That's what makes the latest drilling interesting, moreso if PGs images in due course show Newcrest stepping out south of that collar that has appeared in the SW.
hey news: "<>Newcrest said Havieron is 1.5km."
Did NCM say H is 1.5km deep?
On PGs latest image that SW collar suggests to me that NCM is going deeper, under HAD17 & 18 but 1.5km deep suggests total depth of ~2km allowing for 400m of cover. I can see that new SW hole going that deep. HAD17 had total down hole depth of over 1.5km reaching a depth of about 1400m. If they find the HGZs continuing that deep then it's happy days. The holes to the NW are targeting the top of the system so not so excited about those.