starting to really excite me hots

Poached this tasty morsel below from the frozen archives Hots.

Note the PRICES used for the preliminary study in Oct 05 for the 50 million ozs inferred "Bushveld-style" resource (11 mill ozs Au, 4 mill ozs Pt, 35 mill ozs Pd)....... and check out the useful/low figures indicated for mining costs too. Good starting point for our spreadsheeting, hey?

Try plugging in today's prices cf to the ones used here viz Au 400, Pt 800, Pd 180 and for the others as well ....... and eg u might start seeing paydirt as significant as Langer Heinrich's.

Way I read it, Galahad were forced to optimise their portfolio in effort to add shareholder value which was lagging behind asset value and this one was sacrificed to crystallise a substantial tax loss ...... 150 mill ?

Dont know what alerted PGM to be watching at the time but by Aphrodite, this restores my belief in Fairy Godmothers !!!!!

Interesting to note also that Galahad have no problem focusing on their advanced Mo play nearby, so open-pitting Greenland certainly doesnt scare them.

What can I say ........ my lower jaw remains dropped.

Last PGM Q-report cites we have nailed this completely and the boys think may even be ready for feasibility study next year !

And meanwile uncle Alf is telling us Au is now heading for 870 whilst Barrick seeks new golden provinces in the arctic regions !!! Can mighty Zeus's lightning strike TWICE in one lifetime ???

I want to see PGM's spreadsheet on this if they will but maybe strategically they wont yet until a JV partner is assigned ....... and probably not until the boys complete their own intense DD on this potential treasure trove.

When the Jungle King was 20c I was advocating a blitz shark attack at the first marker buoy. Well likewise, given the brief history and preliminary numbers cited here, if I were managing an Olympian fund for likely emerging Olympians, on sheer spec based the humongous potential evident here, I'd be bid blitzing NOW roughly what Galahad's tax loss was effectively worth to them ......... 50 mill right now for the lot (1.60 ps) ..... and then going straight back to Galahad first choice to do a deal in light of current and future likely precious metal prices. Olympian reward / risk MO.

But thats what I would do. Most fund managers however would probably wait til it was in the ASX 300 before they would even consider such a move.

Anyway hope Im on the right track cos my antennae are in full erection mode over what Aphrodite is presenting me here.

PURELY IN MY SPECULATIVE OPINION AND FOR MY PRIVATE PORTFOLIO BASED PERSONAL REASONING MR SPOCK ........ but bring it on baby, Im open to any suggestion.

Bit of tree shaking in progress methinks but there just aint many old leaves to fall at these levels by looks. And has plenty of Olympian ticks already.

What about all their OTHER stuff in Oz and yr Fort Batchelor poli Oly I hear u say? Well Im bending my golden rule here, cos its kinda in Canada or Euroland anyway where it is I guess and we just dont have a decent precious metals industry in Oz and this is one mother of such and open-pittable by looks !!! Reckon I wont need any other proxy to the gold and pgms price evolution from here ......... PGM represents EXTREME leverage to such IMO and at current 10 mill market cap, if/when this starts taking on any kinda reality morphology, we will be slaughtering rams dailiy for our good fortune, ONCE AGAIN !!!

In my biased OPINION of course. Have almost completed my core holding target and happy to remain patient for a bit haha. Technos look like we in A-3 start with a mid term target somewhere around where that bid would be launched at if any Olympians wanna get serious at this stage.

IMBOOC

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http://www.galahadgold.com/mediacentre/article.html?id=73

28-Oct-2005 Skaergaard Project Resource Estimates Announced
Galahad Gold Plc ("Galahad" or the Company") today announces the results of its recently completed resource estimates for its wholly owned Skaergaard gold/palladium project in eastern Greenland.

A Mineral Resources Estimate and Technical Report for the project has been prepared by Roscoe Postle Associates Inc and incorporates the historical data as well as all the results from Galahad's 2004 drill programme for the project. During 2004 Galahad completed eight diamond drill holes totaling 5,494 metres of drilling. The drill results confirm the continuity and extent of the mineralisation and further confirm the existence of a higher grade area within the overall Combined Zone.

BASIS OF THE REPORT

All the available drilling data was digitised as a basis for the development of a block model of the deposit. Previous estimates of the Skaergaard resource had been based on a more simplistic polygonal methodology. As there are distinct gold and palladium zones, the cut-off criterion for the Combined Zone was a geological cut-off encompassing all material from the top of the gold zone to the bottom of the Palladium zone. The gold and palladium zones were determined using a grade and thickness cut-off of 2.5 g/t Pd-equivalent over a 2m vertical width. High assays were cut to 7.5 g/t Au and 2.5 g/t Pd before compositing.

The spacing between the gold and palladium zones varies in a systematic manner across the deposit. The resource estimate includes a specific estimate (Comb 17.5 metres Limit) for areas where the spacing between the two zones is a maximum of 17.5 metres. These areas, which are well defined from a mining perspective, have a higher grade than the average for the total Combined Zone and would be targeted for mining in the early part of the mine's life.

ESTIMATES OF INFERRED MINERAL RESOURCES

Using this basis, Roscoe Postle has estimated the following Inferred Resources to NI 43-101 standard:


INFERRED MINERAL RESOURCES

Overall Combined Zone
Grades Contained Metal
Zone Tonnes Mt Au (g/t) Pd (g/t) Pt (g/t) Pd Eq (g/t) Au (Moz) Pd (Moz) Pt (Moz)
Combined 1,520.00 0.21 0.61 0.04 1.24 10.26 29.81 1.95

Contained Within the Combined Zone
Au Zone 106.8 1.68 0.59 0.05 4.43 5.77 2.03 0.17
Pd Zone 103.5 0.11 1.91 0.16 2.87 0.37 6.35 0.53
Comb_17.5m Limit
191.6 0.27 0.87 0.07 1.77 0.66 5.36 0.43


The mineralized zone to the south of the deposit has not been defined as there has been no drilling in this area to date.

The Skaergaard Intrusion is a layered intrusion, similar in origin to the Bushveld igneous complex in South Africa and the Great Dyke in Zimbabwe. Such intrusions contain nearly all of the world's platinum group element (PGE) deposits. The Skaergaard Intrusion contains several layers that are enriched in palladium, gold and platinum. Galahad is evaluating the economic potential of the individual layers as well as the Combined Zone encompassing all the layers.

In addition to the precious metal content, a recoverable magnetite content of 7.5% and an ilmenite content of 6.4% titanium dioxide TiO2 have been indicated by Roscoe Postle for the overall Combined Zone. Metallurgical testwork completed by Galahad on bulk samples and drill samples from Skaergaard has demonstrated that in conjunction with the recovery of the precious metals, ilmenite and magnetite could be recovered using standard processing techniques. The further development of Skaergaard is based on the concept of producing raw magnetite and titanium concentrates at the minesite, followed by secondary processing at a location in Iceland. The secondary processing would result in the production of vanadium pentoxide flake, pig iron and a high-grade titanium dioxide slag.

Based on the above grades and current and expected long-term metal price assumptions as defined below, the gross in-situ contained values of the commodities in the various zones, at current as well as long term commodity prices are as follows:

Overall Combined Zone
Zone Gross Value, US$/t, with Long Term Prices Gross Value, UD$/t, with Current Prices
Combined 52.94 82.95

Contained within the Combined Zone
Au Zone 71.99 105.42
Pd Zone 62.25 93.8
Comb_17.5m Limit 55.99 86.51


Note:

The Gross Value per tonne is the sum of the precious metals grades multiplied by the metal prices plus the value of the titanium and vanadiferous magnetite after they have been converted through the secondary processing.
The precious metals grades have not been adjusted for metallurgical recovery so the remaining commodities represent the gross recoverable value to the concentrates.
The above gross values have not been adjusted for the cost of mining or processing which are estimated by Galahad to total about $26 per tonne for the Pd Zone and $20 per tonne for the Combined Zone.
Long term metal prices have been used: Au $400/oz; Pt $800/oz; Pd $180/oz, V2O5 $15.00/kg; pig iron $150/t; TiO2 slag (85%) $400/t
Current Metal Prices are: Au $470/oz; Pt $929/oz; Pd $ 210/oz; V2O5 $30.86/kg; pig iron $337/t; TiO2 slag (85%) $400/t
It should be noted that the above resources are Inferred Resources and that considerable additional work is required before these resources could be reclassified as Measured and Indicated.

NEXT STEPS

Galahad is now proceeding to complete a scoping study for the project on the basis of a 35,000 tones per day year-round underground mining operation that would produce precious metals, magnetite and titanium concentrates, initially from the from the Palladium Zone and subsequently from the Combined Zone. Mining of the large widths available within the Combined Zone is expected to result in low mining costs, comparable to those that would be achieved with open pit mining. The concentrates produced at the site will be shipped to Iceland for further processing. It is expected that the scoping study will be completed by 31 March 2006.

The Roscoe Postle report prepared by Mr. David Rennie, P. Eng. and Mr. John Kerr, P. Eng. also recommends additional drilling and metallurgical testwork. Plans for this additional work will be developed concurrent with the scoping study.

Ian Watson, Galahad's Chairman and Managing Director, said "Galahad can now move forward on this project with increased confidence in the potential resources. We look forward to completing the scoping study as the next step towards the development of this significant resource