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Obviously, the Conroy guys read the threads here. They admit in today's podcast the Fosterville geology changed at 800 metres, they've only drilled to 300 meters in Ireland - it's obvious they have to drill deeper - even they've now admitted it.
WHY ON EARTH haven't they done it???
I don't understand why these guys think spending money on these podcasts same the thing over and over will change things. Drill deep guys, enough 'it could be...' , 'should be...', 'ought to be...' dreams, drill deep!
https://www.youtube.com/watch?v=HCyTTTl_Upk&t=1139s
The reason they didn't drill deeper at Clontibret was because Demir had to pay for it. I don't see how you can criticise Conroy Gold when they didn't have the money to do it. Same thing with Clay Lake. Why would you only drill 8 holes on such a larger target. Answer is that's all Demir would pay for. These are precisely the reasons why Demir exiting was good news. Clontibret, Clay Lake, Creenkill, these are all major targets. A partner who is willing to spend the money to bring in mines is required and that definitely wasn't Demir.
Fairview, fair points, so then it leads me to believe that CGNR should improve negotiation points to ensure that more meaningful activities are included in the agreement, such as deeper drilling. They've been on site for decades they know what they need to get done.
I think I'm just becoming very frustrated with these meaningless record on repeat interviews.
Yes I wasn't happy at all with the way the last JV was working out. They can't let that happen again. The stated aim now is to bring in gold mines. They have to deliver on that with the next JV
Total BS. All the targets were drilled and Demir walked. Placing on the way.
"The stated aim now is to bring in gold mines."
That was the stated aim of the last JV, or have you forgotten? What does this actually mean? Noone else in the industry speaks in these terms. Exploration needs to define a resource of sufficient size and quality that it can be converted into reserves through feasibility studies then a development and financing plan presented. Strategy to deal with community and stakeholder issues needs to be presented. Timeline to get planning - all standard stuff to develop a mining project. You certainly don't just "bring in mines", not anywhere in the world but especially not on the island of Ireland where the largest gold deposit in the UK and Ireland has stalled for years due to community and planning issues and the need to remove cyanide from their processing operation.
Clontibret stalled in 2014 after a scoping study without explanation. A resource update in 2017 showed a resource that had already shrunk from 1 million ounces a decade before. Infill drilling in 2018 was supposed to upgrade the resource but no update was announced. In 2022 they drilled step out holes with negative results and again, no resource update announced. Not even a diagram about where the holes were and what the results mean. If the argument is that Demir drilled in the wrong place then let's see why and let's hear why Conroy were not in full control of their project (there was no evidence of this at any point during the JV). This complete lack of proper technical updates to investors is highly questionable and so it stinks of BS.
Wow are you always in the kitchen at parties ,?
If BS concerns you so much why hang around here ,the worlds a big place
Having spending time with Kevin in Finland and London ,the last thing Kevin is full of BS,
He could sit on any major companies board,
World class geologist
Garth Earl
Andrew Murrells
Again world class ............
Fact !!
I suspect world class is stretching it. But all we have is a list of low grade drilling results, perhaps if they shared a diagram illustrating what it is they are looking at to be so positive about the outlook? That doesn't seem to be a lot to ask. Otherwise it smells like BS.
If funds are limited inhouse, which they obviously are, and you want advance your major asset and 'bring in a mine' then WHY divert funds and attention to base metals? Why not apply does limited funds to a deep drill to establish whether or not Clontibret is actually anything like Fosterville, which they go on and on about?
Why develop a new narrative to distract the main objective to bring in a gold mine?
Seems likely the base metal holes were drilled at the end of the JV programme when the JV was bereft of other ideas. You are dead right - why use bandwidth to talk about such meaningless results? Obfuscation.
October 2018: https://www.conroygoldandnaturalresources.com/sites/default/files/2018%20October%2011%20CGNR%20Significant%20gold%20intersections%20-.pdf
"The drilling was undertaken with the objective of upgrading the mineral resource at Clontibret and thereby accelerating development on the Company’s Irish gold property with a focus on commercialisation...."
Five and a half years on, still waiting for that upgrade....
Paul, it’s in the nature and history of the company to find things just ahead of a fund raising. Given that they must be almost out of cash, they need shiny things to convince Tim nice but dim to put in a million quid from the trust fund.
Legitimate fund sources will be cut off from them now. If you hold, you are just sitting on a dilution situation.
Dilution is the number one risk for investors,as it is true this has a history of relentless dilution over the years. I am worried now the JV is no longer.
Didn't you say the Demir exit was a "wonderful deal". Full of BS.
Ah but didn’t you say a JV would NEVER happen DS? How’s that memory of yours?
DS full of BS...His history of complete BS goes before him. He has admitted losing vast sums of money many years ago,and still blames the Prof. I am bullish on long term prospects,but ,honest enough to admit the problems facing the company regarding raising revenue to continue. i am honest enough to admit the company will probably raise at a discount,which will devalue the s.p. short term,and honest enough to see through the Profs attempt to divert attention to this by bullish podcasts. Now may not be the best time to be invested,as this could drop from here. Honesty is required,and a drop could be on the cards.
@Pedro I agree, but I can handle dilution if it moves the value proposition forward, by saying a deep drilling programme at Clontibret, but if they're just raising to keep the lights on and pay admin expenses whilst they search for a possible other strategic partner then I've no interest in remaining involved until that announcement is made.
Robemy the memory is fine thank you. Certainly I expressed an opinion that I thought the Demir deal would go the same way as AAZ once they did DD and they would walk. But they did the deal, spent €5m, then walked.
I also expressed a contrarian view at the time that Demir were not a major company (nobody had heard of them before this deal) and did not have a track record in overseas and refractory gold exploration but I got told to shut up, repeatedly.
What's your point?
Sorry DS, but I'm not sure the resource was 'downgraded'. Reading back, in 2008 the 1+Moz was at a 0.75g/t cut-off and ~1.25g/t grade. The 2017 Tetratech calculation is 0.52Moz at 1.0g/t cut-off and 2.0g/t grade. The latter is contained within the former which is still there, and should be higher now, post-Demir's drilling.
That said, between 2008-2014 many £M's were raised, presumably from you and your peers (several multiples of the present market cap.), and that money isn't lost.
With it scoping, feasibility and ore dressing studies were undertaken, process circuits designed and project managers appointed so what went wrong, the gold price? This went from $1,000 to $1,600 and back to $1,200 over the period, so maybe at current $2,200+ and a decade on it's just time to dust off the old plans, get to work and forget this nonsense about further exploration, second trends, zinc, copper, platinum and Finland for a while.
A drop from 1,000,000 ounces to 517,000 ounces is a downgrade by any measure.
You have to to hand it that idiot DS. He lost a load of money and thinks that posting incessantly on here will achieve something. News flash idiot. You lost the money and all your years of posting on here isn't going to change that.
Quote from the prof: "we are in an even better position now than when Demir approached".
That JV took the share price over 40p. This time it could go much higher.
Hands up anyone who agrees that sub 10p (the position now) is better than plus 30p (the position when Demir discussions were announced). So much BS.
"major companies coming to do site visits even before Demir"
Now the project is further forward. There was a million oz resource at Clontibret many years ago. Lots of drilling has happened since like the near 100m intersection at 1g/t with 45m at 1.5g/t. Plus Clay Lake looking more and more promising and Creenkill a possible new target.