So we have a few timeline dates and drilling information coming up very soon with GNM. Here is my calendar below on what to watch out for:
ASX notice 16th September mentioned air core heap leach results due within 2 weeks. Yet Pay Dirt TV interview with Simon Coxell says with the gold exploration boom on at the moment its hard to get drilling rigs and the assay lab's are flat out. I take that as delays. But he did mention some of the heap leach gold was in shale rock but more of it was in the hard rock which he went to say may need some sort of improved technology to extract it. It sounds like this might be in the too hard basket. Lets see what the quarterly exploration report has to say about it.
ASX notice 7th October mentioned that Big Rush deep diamond drilling was anticipated to commence in the second week of October. Its now the end of the third week. Has it started?
Next Friday is the last working day of October when quarterly exploration reports are due out. So I hope by next Friday we have answers to points one and two.
Also is there plans for follow up RC drilling at Camel Creek and Golden Cup?
The Pay Dirt TV interview this week mentioned a JORC in Q1 2021. Will that JORC include all three exploration sites or just Big Rush and Camel Creek.
The TV interview mentioned we had $1.6mio right now in the bank. Is that enough money for the immediate drilling plan and the cost of the JORC? It was also mentioned that GNM has this year alone raised $4mio from us the investors. How much more do they need to raise next year given their plans to prove up a material resource as soon as possible? Do they have a monetary/budget strategy alongside their drilling strategy?
The AGM is happening Monday week. I hope they answer to us shareholder guys who fund them some answers for the above points so we know what their plan is for 2021 and beyond.
Finally the recent sell down of the GNM share price from a recent high on the 2nd September of 2.65c to yesterday's 1.7c does not inspire confidence. In fact I have looked at the transactions for this month and the bulk of the net selling has come each day from the CHI-X exchange rather than the ASX. This suggests to me its institutional/sophisticated selling as retail investors overwhelming use the ASX and not CHi-X. If I remember rightly the last share issuance notice mentioned that institutional investors (were coming on board for the first time) as well as some more sophisticated investors. It looks to me like (and I maybe wrong) that those institutional investors are moving on (very short term focus) to the next gold exploration company looking to equity raise. Unlike us longer term 'true believers' in the GNM North Queensland story (which is why I am still an investor).
I hope the GNM board does not consider at any equity raising next year giving those investors who have been dumping their holdings consistently every day so far this month any future stock allocation.
This is all my opinion and research. I suggest you do your own research and make up your own mind about investing in GNM. I am still a buy and held as I want to know the outcome of the deep drilling given the rock formation geology has close similarities to the Victorian goldfields and the October 7 ASX notice showed up some decent hits with no duster holes. For example, the map below shows one hole with both 4m at 20.73g/t and also 1m at 81.88g/t Au. That's why I am still in the stock. Waiting for the December deep diamond drilling assay results.
