Member Info for Urbanracer

So my considerations clearly wrong or misunderstood Older?

Now then Mads, hope you are well?

I haven’t visited this board recently, (until last night) and noticed your post from a week or so ago, asking me on current views and wether or not I was a little cheesed off with podcast cancellation and general comms.

12 years here has taught me two things. Expect great exploration performance and expect little associated PR. As a result, and to some extent, I have become far more immune to the latter, especially in comparison to other and newer investors. Understandably so. That said, I was surprised at the non appearance of an associated MRE interview, but what did cheese me off was the cancellation of a podcast that I expected to provide a statement of intent even if limited in scope. I don’t read anything significant into the cancellation, nor do I discount any potential explanation. I just consider it poor form. I honestly think BH simply detests having to go through the interview motions. (He nearly always got RP to front them in the old days)

In relation to what is occurring, I have started to look at things from another perspective. What, in fact, might prevent a sale?

In my opinion, we have achieved Bills strategic target. There is absolutely no doubt in my mind that we can attribute 2 million ounces to Bam alone in terms of the 1.5 resource and additional 500,000 or so ‘other material’. (Research tends to suggest the old ‘unclassified’ grading is no longer used.) I also believe Bills statement that we have in excess of 4 million (Bam, Felix, Boras) without taking into account Lamaune which CC believes is a Bam lookalike. So, we have that 10 year mine life minimum with an annual production potential of 200,000 ounces AS A STARTER. All good then?

I don’t know if I honestly expected post MRE fireworks; in fact, I am not sure what I expected. Bill has a good geo team around him, so why would we expect otherwise in the area of corporate activity?

If all is not rosy in the garden on that front, and I am NOT saying it ain’t, then I would ask what exactly are we missing. My question would be what EXACTLY are these nda’s looking for?

We have target amount gold in resource. We have proven 10 year mine life. We have excellent and cross geo acceptance of significant further potential. We have safe jurisdiction, good transport, and permits in place. And we have a Board that want to sell. Oh yes, and we have some nickel that may play a part in this. Somehow!

My money therefore is on the fact that they are trying to achieve this. Yes, they may have contingency plans in place should continued expo become necessary, but all efforts now must be on sale.

Why would they not be? Or why would we not sell?

UR

Pmm,

There are no more drilling results to come.

The results are superb JW; well above expectations.

Just want to know the unclassified numbers, and, if in vicinity of 4-500,000 we can put this subject to bed and move on at this pivotal point.

https://twitter.com/MiningReviewer/status/1491191616744620033

Just wanted a new thread heading AM90.

Hopefully message will sink in; even at this late stage.

UR

Older,

Infill around 800/900 should read 2500 . The total should read 11,000 plus 11,000 plus 2500 for 24500. Apols for rushing.

Older,

All assays are in and reported on. The ‘missing’ relate to assays at below cut off. (0.3).

As for the unclassified.

In 2019 we had 441, 000 ounces of gold at unclassified. At that time the resource was 951,000 ounces. A portion of that unclassified subsequently infilled and the MRE was updated in 2020 to 1015,000 ounces. It is impossible to say how much unclassified material was lost to the MRE increase but figures suggest a substantial amount remained.

The campaign recently completed was for 22,500 metres:

11,000 m for infill to indicated
11,000 for exploration to inferred or unclassified
22,500 metres for infill around and beneath 800 and 900 E.

The initial 11,000 infill is like.y to have subtracted from current expo figure, whilst the 11,000 expo will have added to it.

There is no ‘missing’ figure. It is simply sat outside the resource as not sufficiently dense for either inferred or indicated into resource. The question is how much and Cube will release figure in PEA as part of ‘all materials’ . Note that we had 1392000 (smidge under 1.4 ounces in indicated, inferred, AND unclassified) ounces In 2020 BEFORE this last campaign.

If we have circa 500,000 to add to our new resource then we have our 2 million combined ounces, if we have 400,000 then we have 1.9 and so on.

My maths based on figures previously discussed says we will should not be too far away.

UR

Older,

Apols for typos,

Should say need to drill further to reach the holy grail 2m etc etc.

Should say when BH clarifies this to the nth degree etc.

Should be our new resource not ‘out’

Cheers.

Ps I am concerned that this misunderstanding seems to be persisting and may have played a part in todays market reaction.

Hi Older,

Huge Apols if I am misinterpreting your point, however what you say is:

‘But if the Holy Grail is to reach a 2mn oz+ MRE, another 500,000 oz needs to be found, and if the same 21gm/metre productivity can be used (a big assumption), then another 23,809m of drilling will be required. That is one tall order.’

So, maybe I am misinterpreting but you appear to be saying we need to drill further the holy grail 2 m ‘MRE’ but this is simply not the point, and I don’t understand where this is coming from.

There IS a holy grail! It is 2 million ounces! And it is, says BH, what the ‘big Northern Ontario miners are looking for’.

What, however, it is NOT is a 2 million mineral resource estimate. It is a combined figure of MRE (now obviously 1.5 million) and unclassified resource for potential.

Older, please may I respectfully suggest that you listen to the podcast of October 21st 2021 when BH. Parities this to the nth degree. He says that the unclassified figure is almost as important as the MRE and that they want 2 million combined.

We have 1.5 in resource. We are now waiting to see the unclassified gold materials resource (it will come out in the PEA). If we have 500,000 in unclassified then we have our 2 million ounce COMBINED figure. The holy grail. But NOT 2mn MRE.

We should now enter a period of negotiations if it has been reached. If we don’t then there would have to be good reason. BH says they would then press on but let’s wait to see what happens now. The For Sale signs have been up a while; now we have out new resource alongside.

And, as I said, forget the 1.5 resource, forget the combined figure of hopefully 2 million once we have the unclassified figure, concentrate on the fact that over and above this we have a pretty nailed on 4 million, proven gold elsewhere on Junior Lake OUTSIDE this 4 million area, (Toronto Lake etc) and the fact that we are seeing better grades at depth and this, I repeat, is Greenstone with all the depth potential that these belts have.

If I have misinterpreted, I apologise. If not, well now you have it but please listen to that podcast on October 21st. It is rather good.

UR

Hi Older,

That was not my point at all.

I was replying to Catbert who was saying that ‘all indicators’ at Junior Lake were that we were sat on a gold resource in excess of 2 million ounces of gold (see post 09:40). My 3 point response included the point that the company were pretty satisfied they were sat on 4 million and that relates basically to zones east of Lamaune and 3 or 4 km’s west of Toronto Lake; the inference being that Junior Lake was well in excess of 4 million. BH then added that the depth was unknown, and that Greenstone belts often host mineralisation measured in depth of kilometres. In other words, I was talking purely about potential.

Now then. I have been in here for 12 years and once we hit gold, have listed to RP and BH talk about the golden 2 million ounce target in a combined figure of resource (NI43-101 MRE) and ‘True (his words) potential based not on word of his geo’s but through the drill bit at unclassified grade thus mirroring what geo-work showed at surface. I reckon this will have been achieved this year.

If so, I expect negotiations to commence without the need for further drilling OR raising.

If, however, the offers (should we have reached that 2m combined) do not materialise, then the company would need to have contingency plans in place.

Hope this clarifies my stance.

UR

It should read ‘a matter of’

Hi Catbert,

Couple of points. Firstly all relevant drill data has been included. Non reported holes over the 6 years at Bam that show assays Below cut-off albeit still with gold are not, as I understand it, reported. Main thing is that this IS the current MRE and we are not awaiting more assays.

Second thing is, there is no secret, at all, that the board want to retire. It is amateur of wether or not we have reached the threshold for one of the mining companies to seriously look at us. If so, we’ll we shall know soon enough; if not, then we shall have to look at a new campaign further west. I suggest they will take a breather in that for now and see what, if any, approaches are made.

The final point I would make is that 2 million ounces is one thing; 4 million ounces is another and THAT is what Chris Cooper believes we have, AND other geo’s from other companies agree with him. This is all in the public domain from previous interviews. Bill also went on to say that the 4 million ounces does NOT take Lamaune and still further west into account. Nor does it look further east towards Toronto Lake. It is therefore, no ramp, to say that this WILL be in excess of 4 million ounces. Not just 2. And, don’t forget, Bill stated that this is Greenstone and could run to 2 or 3 kilometres deep. The multi ounce potential here is absolutely nailed on.

Cheers Catbert and ATB.

UR

Listen.

We have just witnessed a full on 50 per cent increase in the Landore MRE. That is simply superb.

Reason.. 2015-2019. 36,000 m for 1.015.
2020-2021. 24,500 m for 500,000 ounces.

Superb hit rate on difficult en-echelon lithology.

I repeat. Absolutely superb. I am thrilled.

Yes, we have to wait to see the ‘all materials’ figure and 500,000 ounces less dense exploration grade is what we need. There is every chance we are there or thereabouts in relation to that all important ‘combined’ 2 million ounces that Bill has talked about.

How the market has failed to grasp this is simply beyond me. It is NOT rocket science. …… 1.5 million resource (TICK) plus 300, 400, or 500 thousand ounces of unclassified and we are at a major major milestone and, in fact, target.

We await the PEA.

There is no reason whatsoever for any disappointment with this. It is excellent.

(Just note mind; the comments re the 7km west potential is old news. This emanates from the superb 2019 and 2020 geo-chemical campaign which tended to concentrate on Bam West to Boras Lake (Felix zone) and slightly beyond. )

UR

Hi Older,

What I have tended to go off is the oz meterage figure due to the difficulty I finding owing to the lithology and drill ratios necessary for the 3 cats they use (as measured not in play).

As such, so long as they report ‘Bam average ‘ overarching results once assays are received, I find it quicker and easier to base my calcs on that. I accept it is quick and dirty but, as you aware, there is no chance of us coming anywhere near the accuracy necessary to predict the engineers final findings at Cube.

As such, I think that if we utilise the current resource figure of 1.015 million ounces and divide by the meterage it took to achieve this, we get a figure of 28.19 oz / metre. If we then use the new campaign figure of 24500 metres at 28.19 we get 690,655 oz’s to add on for at least imo, a figure of 1.7mn.

My difficulty then is an inability to accurately attribute drill density between the 3 categories as well as any grade increase last year or change in cut off. As such, I utilised the last MRE figure rather than the all gold materials number of circa 1.4. Hopefully this provided an under, rather than over, estimate .

I agree that if we used my system but at 1.4 rather than 1.015 we would see 1400000 divided by 36000 for 38.88 oz per metre. 38.88 x the new meterage of 24500 for 952,560 plus 1015000 for 1, 967,560 ounces.

For me, the fact that I cannot attribute specific meterage for density (eg we know that 11,000 was purely for infill to indicated level) means that I am trying to be conservative.

The flip side, of course, is that far less dense drilling required for unclassified or exploration at the other end of the scale will result in far more ounces (albeit at lower confidence levels ) per metre.

We shall know soon enough Older and then it is hopefully negotiations time.

Cheers

UR

Very interesting figures on all counts there Samroy; very interesting!

Imagine a conservative $1700 oz variation.

Hi greendave,

You don’t explain your rationale for the statement. What are you basing it on?

We currently have an ‘all gold materials’ (Indicated, inferred, and unclassified) at a shade under 1.4 million ounces. It took 36,000 metres of drilling at ‘Bam grade’ 0.99 - 1.04 g/t to get there.

We have just finished a campaign of over 24,500 metres of drilling now to add to the above. The key questions are:

1. Are we still at that ‘Bam Grade’ OR perhaps a shade above? (Some hgz ore now)

2. What are the drill ratios like in respect of the 3 categories. We know that at least 11000 metres was concentrated on infill for upgrading previously listed inferred and unclassified into the indicated category so we should expect a significant uplift in indicated. How will the new inferred to unclassified look?

3. Has the uplift in pog AND remodelling affected the 0.3 g/t cut off. My maths says that a zero cut off at current 1.015 m could uplift us by as much as 45 to 50,000 ounces. Not insignificant and obviously could be up to 75,000 depending on what new figures are like.

Depending on the exact answers to the above, we could be adding 24,500 x (1.015,000 divided by 36,000) 28.19 for a further total of AT LEAST 690,655 ounces. Once drill density is accounted for (a good proportion of this will be at much lower density for unclassified), the 690 figure could change upwards significantly and this is WITHOUT accounting for cut-off change to the good, OR potential uplift to the current average ‘Bam grade’. This tells us that we have a very good chance of achieving Bills ‘combined’ Resource and Unclassified (exploration) target of 2,000,000 ounces. UR

Hi Samroy,

I also am minded that the MRE will land next week. The big question then, is what next. If we have hit our target ‘perceived’ then there should be no reason on earth why we are not entering negotiation territory immediately. Some may argue that a suitor might require PEA or PFS prior to talks, but I am not so sure.

One hint of talks and this will explode I reckon.

Cheers mate.

UR

Let’s say we have hit the much vaunted targeted ‘Perceived’ 2 million ounces of gold…..

A reminder of what BH stated, in interview, on the 22nd July 2021.

1. The big Northern Toronto companies want to see this ‘perceived’ figure.

2. Within the current targeted area of Bam and Felix (Boras Lake ), Landore Consultant Geologist Chris Cooper maintains we have over 4,000,000 ounces of gold. This does NOT include anywhere outside the stated area.

3. Cooper believes the lithology ‘repeats’ ALL ALONG from East to West with proven gold already at Toronto Lake to the east, the western extremity of Junior Lake, and at Lamaune. As such, the only conclusion that can be drawn is that 4 million will be exceeded. The only question therefore is by how much.

4. The Geologists from companies being allowed access to Landore exploration data under non-disclosure agreements agree with Mr Coopers conclusions.

5. Because of the 500 US dollar increase in the gold price since the 2019 PEA, AND owing to the discovery of high grade shoots beneath the open pit designs, Cube of Perth will remodel the pit structure leading to a marriage between open pit and underground mining potential.

6. The depth, at Bam, (Felix, as we know, has been subject to extensive geo-work but not yet drilled), remains open. The key thing is that this is Greenstone, and, as such, is quite possibly running to ‘2 or 3 kilometres in depth!’

If anyone is in any doubt as to the massive potential, that is True Potential of this thing, then think again I would say. How will fair value be assessed?

We have literally just scratched the surface but are very likely to be in that 2 million perceived ballpark with way way more in our back pocket!

Watch this space…..

UR

Samval,

READ what AM90 has actually written for heavens sake.

I cannot spend my life going over the same things.

Explorers give target dates. They are simply that. Target dates. They have, believe it it or not, provided results over the the years that preceded the target date; some that went beyond.

Another issue is the constant bad management nonsense spouted by many. I am not, for one minute, saying that the Landore board get everything right; far from it, but to use that phrase in connection with exploration target dates is simply disingenuous at best, or unbelievably Ill informed at worst as a supposed low cap exploration company investor.

Has you ever, for one minute, considered that good results at the drill may actually cause a so called delay in reporting as they may decide to pursue other further objectives whilst they have the rig(s) in situ. This, in turn, would then lead to the associated reports being put back in order to report the good news and additional resource. Are you telling me that is bad management.

We are also drilling difficult ground. If you don’t understand that, then look up the meaning of narrow en-echelon formations in Greenstone. We have an unbelievably low gold per metre coatings due to the fact that the team are tracking these spurs and shoots so well. That’s good management. If we were hitting duster and after duster then I would accept this but we are not.

Ntm no doubt lists me as one of the bullish investors on here. The reason for my support is that I believe results are what count, not this single minded determination to criticise on the grounds of ‘lateness’.

For gods sake grow up.

Top post AM; absolutely spot on.

My considerations are:

1.2 Moz indicated.
0.2 Moz inferred.
0.5 Moz unclassified.

We are, therefore, pretty closely aligned in our predictions.

UR