Scallywag16 Nov 2020 12:10
I remember, many years ago, being drawn to a company called Greatland Gold. I think that it initially showed up on the ‘main movers’ index and I decided to have a look. After a bit of research, I decided to buy a few; bearing in mind that in those days you could happily purchase a million or so shares for about half a crown.
Things went well and the share price began to lift nicely. Then the talk of the town became an area of tenements in the Yilgarn Craton named Ernest Giles. The year was 2016. Exploration work began in earnest (apologies) leading to the discovery of gold mineralisation. Historical and other work led to the discovery of further targets within EG and gravity surveys were commenced. Eventually we had around 1600 square kilometres of interest.
In May 2017, Greatland and Newmont Mining signed an agreement allowing the latter access to EG to carry out their own work whilst Greatland continued with theirs. The period of time agreed was 6 months, however that 6 months came, and went. Finally, in November 2017, we were informed that we would be updated within a few weeks, and then in December we were told that all would be revealed in early January 2018.
Well Urban Racer, this is all well and good but it is ancient history. This has no bearing on the Greatland Gold of the modern day. Well in a way, I agree, but you can’t stop folk talking (even though there are those who would try!).
Many of us were convinced that a deal would be done with Newmont. They had had 6 months for heavens sake and had still not decided. Surely, we thought, they would know by now if it was a dud. This is nailed on we decided. The price rose until that unhappy January day when we received the ‘not at this time news’. That this had been a very very close run thing I have no doubt. People had been convinced it was a winner but quickly had a mind change after the unfortunate result, and to many it became known as the’EG fiasco’ .
So what is my point. Firstly, I believe that Greatland and Newcrest have a great relationship. Secondly, it was for no small reason that the rights of first refusal were incorporated into the Hav agreement and it is therefore a given that Newcrest will be all over every bit of data (assays, surveys and the lot) as they come in from Scallywag. Newcrest are ‘inside’ on this. Thirdly therefore, and in my opinion, if things are looking good then (and I have just seen that this conflicts with Paddy’s view unfortunately) I think that results (which let’s be clear ARE overdue ) will be delayed whilst the full implications are digested by Newcrest. That was the reason for the first refusal aspect of the agreement. This could well lead to a second Hav style JV.
I feel just like I did in those old EG days. Very very exciting, and, I think the outcome will be .....don’t want to scupper things!
My views only on a rainy north western morning. UR
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