I've just posted a bit of a summary on AGC, over on the AGC threads and thought I'd post it here too since we're about 10 hours away from commencement of trading in AGC, and MAG and the rest of us are all AGC holders!
AGC is listing in about 10 hours (10:30am AEDT, Wednesday, 20/01/2021), so thought I’d put together a bit of a summary:
- Gold, Copper/Base Metals focus
- IPO oversubscribed
- $10M Cash
- $10M EV
- Top 20 own 57%:
-- more than a third of all shares are escrowed
-- Chairman owns 5.9%
-- Vendors (related parties to MD & Chairman) own 25% of AGC
-- Gold Fields (one of the biggest gold miners in the world) own 2.6%
-- Others in the Top 20 that got on through the 20c IPO are:
--- Metal Tiger Plc
--- rich-listers/squillionaires:
---- Brian Flannery
---- Grey Egerton-Warburton
---- Antanas Guoga
----- not sure who Ashford Properties and Willi Rudin are but must have a bit if they’ve put in $500K and $330K respectively into the AGC IPO
----> I don’t think any of these guys are in it for pips
- 3 highly prospective projects in the Lachlan Fold Belt, NSW, Australia (~1,000sq km)
- 7 advanced, drill-ready targets
- rig secured and drilling commencing this or next week, and not stopping for 6 months
- 7 prospects to be drilled back-to-back
- all with multi-dataset evidence for shallow, high-tenor mineralisation
- results flowing from one prospect while they take the rig and drill the next one and on it goes
- shallow mineralisation (no cover, quick and low-cost)
- targeting Fosterville, Cobar, McPhillamys-style deposits over the various prospects
- targeting multi-million ounce gold and base metal discoveries
Moorefield Project:
- acquired from Gold Fields (one of the biggest gold miners in the world)
- 15km gold trend with 30m @ 1.60 g/t Au at one end of trend & 19m @ 1.28 g/t Au at the other end
- 1,000g/t Au & 416 g/t Au rock chips
- geological links to Victorian Goldfields (Fosterville, etc)
- Fosterville-style Orogenic Au and Cobar-style polymetallic targets
- Fosterville Gold Mine pathfinder suite Au-As-Sb
- Major 15km orogenic gold trend within Ordovician turbidites = Victorian Goldfields lookalike
- all within Fosterville analogous rocks (Fosterville reserve is 2.1Moz @ 21.8g/t Au)
- over 100 historic gold mines/workings at the project
Cargelligo Project:
- Cobar Hera Mine style Au and polymetallic targets
- 15km highly prospective shear zone
- coincident EM plate, aircore and soil Geochem + 2019 govt. flown aerial EM conductor
-- Hera Mine was discovered by lead Geochem & then drilling an EM plate
- historic gold in drilling & pathfinder soil geochem
- Multi-datasets highlight three immediate drill ready corridors
+ all point to shallow mineralised body with evidence for deeper continuation
- Orogenic gold targets/McPhillamys (2.2Moz) style Au
- Strong 1.5km surface geochem
- extensive historic mining district
- recent composite rock chips of 35g/t gold, 33g/t gold, 26g/t gold
- McPhillamys signature recognised
- underexplored for almost 50 years
- 5km long outcropping gossans
- no exploration since 1984
- historic drilling (in 1984) missed the soil anomaly
Strategic alliance with Magmatic Resources (MAG.ax)/MAG's Technical Team who:
- Led (pre)discovery of Boda Gold-Copper Porphyry, Lachlan NSW
- Led Sky Metals to Cullarin Gold Discovery, Lachlan NSW
- Early Stages of McPhillamys Gold Discovery, Lachlan NSW
- Past Exploration Manager, Gold Fields, St Ives Gold Mine, WA
- Discovery Team of Hera Gold Mine, Cobar NSW, PhD Cobar Region
Looking forward to these projects/prospects getting drilled out and results flowing through from one while another is drilled, and then from another while another is drilled...with that $10M cash available to drill those shallow targets.
