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Way undervalued here no matter what way you look at it. A new partner and a major rerate coming.
FV: 3Moz isn't MY definition, it's THE definition. I don't necessarily agree on the size, but I'd be happy to hear your reasoning.
MM: Fortunately Clay Lake isn't subject to Irish planning law, it's in the UK.
FV, I don't "blame" CGNR but I hold them accountable. In most JVs the majority partner wears the pants and is the operator. If not, the minority operator still has to abide by a program agreed with the majority partner.
Claylake in the UK. Would that be the same UK that has delayed Dalradian Gold over 10 years and tied them up in a public enquiry that at the last count cost Dalradian 90m, with no approval in sight yet.
Times have changed. Humans in whatever jurisdiction don’t want an open scar near them, the farmland torn up is more valuable to society, and the world doesn’t need more gold.
It’s over.
It wasn't negotiated well. Demir were hopeless. It's a great result getting rid of them. A senior executive from Barrick joining the board tells you that they will not make that mistake again.
Noone is going to put proper money into this before the Dalradian decision. If they get knocked back, it's all over.
"Major companies coming to do site visits even before Demir"
That was with gold at $1300 / oz
Yet they went with Demir, a previously unheard of company with no operations outside of Turkey.....
"More people coming to us than the other way round"
@moleman.your talking tosh .i live on portland dorset we have stone quarries so what are you blind.another hole somewhere else wont matter.it is called industry
It is not a quarry. It is a hole in the ground plus process plant plus waste dumps plus tailings. All for very little financial return.
Price approaching 7.5p - as predicted.
They are talking to people. They are lining up a new deal. I hope that those selling will have to pay a lot more to get back in.
A stone quarry takes the stone away from a very concentrated area of that stone seam, by definition. A gold mine grubs up a large area then has to deal with that volume of earth as waste as only a fraction is removed.
If Portland Downs had never been quarried, may be a different story if they tried to open it up today, is my point.
There was some hope 20 years ago you could grub up large areas of land in Ireland for gold, but not now.
Raving lunatic out.
Since Demir left "far easier for us to bring in one or other parties"
2 mill trade there.
😲 who's just sold 2 million
mm: it's actually a bit more complicated than that. you need to dig out 10-20 tonnes of the surrounding rock to get one tonne of ore.
the ore then needs to be ground up (milled) to expose the gold, and the gold leached out with cyanide.
biox uses bacteria to digest the sulfide minerals first, leaving a toxic fluid of sulphur, ****nic, cobalt etc.
that rock needs to be piled up/stored somewhere, and at 2g/t that is 15 tonnes of ore and 150-300t of waste per ounce, and the 15 tonnes of sludge needs to be stored in a dam. permanently.
rain then can leach the remaining heavy metals and sulphur (acid mine drainage) into the environment if not managed in perpetuity. look at photos of parys in anglesey.
****nic
Are scenic 🤣 LSE censorship at its finest.
the biooxidation process is for the pre-treatment of refractory ores and concentrates ahead of a conventional leaching for gold recovery. the gold in these ores is encapsulated in sulphide minerals such as pyrite, ****nopyrite and pyrrhotite thus preventing the gold from being leached. the process destroys the sulphide minerals and exposes the gold for subsequent leaching thereby increasing the overall gold recovery that can be achieved.
the process has many real advantages over alternative refractory processes such as roasting or pressure oxidation.
these include:
• improved rates of gold recovery
• significantly lower capital cost
• low operating cost
• robust technology that is suited to remote locations
• low levels of skills required for operation
• environmentally friendly
FV. I agree, which is why biox is the chosen methodology, although recent free gold discoveries may need a re-think on milling/gravity.
However, the are-scenic, sulphur and heavy metals are still there and require responsible handling and lifetime management.
If I know this, you can bet the acquisitions depts. of all the majors do even more so.
Why is it that every statement of fact gets treated as bashing around here?
Goldbug the prof said that numerous major miners were interested. Back when the last JV was announced we had all the same talk of nobody would want to do a JV.
Here is a question. Do you believe the prof when he says there will be mines?
FV: There are companies which attract investment because of the management team's track record. There are those that attract it because of their assets or products. Ideally you have both. In CGNRs case I'd say it is down to 0.5Moz worth £1 billion in the hand with obviously more to come, but certainly not the management flannel.
Track record? Galmoy was 40 years ago, took a decade to develop, was underground, and lasted 15 years afaik. I've DMOR and Galmoy was around 60,000t Zn a year and Zn was ~$2,000/t in the nineties/noughties, so around the same value as the Clontibret resource.
Why would anyone believe a professor of physiology that there will be mines? Just give us a study and an investment case.
Thanks Goldbug.
I think having someone of the experience of Marian Moroney on the board will be very helpful in talks. Clontibret and Clay Lake together have a lot of potential. Just need a partner who can get things moving. Can't afford another Demir who drill a few holes and then nothing for months.
Goldbug, 0.5Moz at Clontibret is not worth $1bn, not even close.