I'd be interested to hear peoples thoughts on why they think Scallywag has now become 'later this year'?
The reason I ask is because we are an exploration company, but we've not heard about their explorations plans since 2019. Last month we saw other companies informing their investors that they're back out in the Paterson in July. I was expecting a Company Update, similar to the one we received last year in March before the season started. Granted, there have been delays due to Covid, but as mentioned above, other companies are being very bullish about their explorations plans in the Paterson over the last couple of months.
Gervaise said the following last November: 'The identification of this first round of high-priority drill targets further reinforces our view regarding the prospectivity of the Scallywag prospect area itself and the Paterson region more generally, a region which we believe could hold multiple tier-one gold-copper deposits. We plan to accelerate drilling of these new targets in the next field season'
'Later this year' is clearly no longer an acceleration of drilling. I believe something has happened that we are not privy to. I initially thought it could be because of the mining application(s) for Havieron, but Gervaise had the opportunity to mention that when he was discussing the details of the applications.
Why do you think we haven't heard about their 2020 exploration plans yet?
So, I've got until next Friday to take up my allocation on the open offer at 40p? By next Friday we will most likely have had design freeze and the share price could be motoring past 80p+? Sounds good to me.
Hannam & Partners estimated that the HGZ at Havieron had 5.5Moz based on the previous update in April. They put a conservative value of 12.9p on this. They pretty much ignored the breccia at the time, but that is now returning high grade mineralisation too. Numis recently put a price target of 15p (or 28p un-risked) based on the most recent update in June.
We have seen multiple drill holes to the SW which we still have no data on yet. And now we have a drill hole spotted 800m away that is approximately 500m x 500m that looks like a separate magnetic anomaly?
We’ve heard rumours of Havieron being compared to The Super Pit in Kalgoorlie . We’ve heard that drills results have been retested due to their findings. We know that they’re busy in the SW, yet no mention of this by either Newcrest or Greatland. We had one of the main guys from Sprott telling us that he’s never seen a CEO of a major mining company talk so openly about their plans to mine. We’ve had 8 consecutive sets of exceptional results and it ‘just keeps on giving’. Sandeep would’ve had the decline in weeks ago if he could.
Haverion is enormous. These types of deposits are rare. End of.
What’s £2-3b to secure potentially one of the largest mines in Australia, plus all of our neighbouring targets to the likes of Barrick (US$43b) or Rio (US$92b). Peanuts. Newcrest know this too.
I think we’re in for one hell of a ride over the next 6 months. Time to get Scally drilled, Gervaise.