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23/05/24
05:43
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Originally posted by kyngdominion:
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From my understanding and happy to be corrected ... They are not interested in proving up a small resource... ‘The broad spacing of these holes is tailored to finding a large gold deposit, so it is important to not be mesmerised by narrow high grade intercepts and to not drill too close too soon – a situation that can result in over-drilling and overspending for too few ounces defined. As previously stated, it is important to first understand the overall three dimensional stratigraphic and structural architecture before attempting to zero in on sweet spots.” They are now looking for continuation of mineralization between previous holes... That if proven could be used later to prove up a large resource over 1500 metres. “Numerous gold mineralised veins now identified in 5 wide spaced holes spanning 1,500 metres of strike at the Goornong prospect” And "Two initial follow up holes have been designed to assess the degree of connectivity or otherwise of the gold mineralised zones identified to date." Hole 5 and 6 were the best intercepts of 12 metres at 4.1g/t and 10 metres at 4.2 g/t Hole 7 same collar position as 5 and 6 and drilling to the North same as 5 and 6 but they (5,6) are 400 to 500 metres apart at hole end so probably down the middle of these 2 to infill- hole 8 will be from same collar position as 3 and 4 but drilling to the South to infill - hole 5 They went away to determine next steps after drilling 1 to 6 and have come back to drill 7 and 8 so they are not just plugging away deep holes they must of seen something or have a plan and want to further test the theory... They were initially drilling 10 holes…. One thing for sure is if the hit another high grade pocket while doing this the T/H will come about for visuals rather than assays as all the drilling Kirkland/Agnico has conducted that hit the Ultra grade stuff showed strong visuals in the core...The swan zone had an initial Mineral Ore Reserve of 2.34Moz of gold at a grade of 49.6g/t, refer to the NI 43-101 Report dated 31 December 2018). That drill rig may be destined to head up to Glenlogan after completion of these holes. Here's hoping.... This management team headed up by MB IMO will not disappoint and 2024 looks to be the year IMO … Buyers happy to soak up around these levels – 1.2 million taken in 1 bite and a further 640k in another….. But still no urgency so they are sitting and waiting....The IP Geophysical survey could also create strong interest if they uncover some or an anomaly on the strike extensions of known gold-endowed structures such as the Fosterville and O’Dwyer faults…. Geophysics A broad induced polarisation (IP) geophysical survey has commenced in the northern part of the tenement following the signing of eight access agreements with local farmers. The survey covers the strike extensions of known gold-endowed structures such as the Fosterville and O’Dwyer’s faults, which respectively host the Swan and Curie deposits on Agnico’s Mining Lease, and which are largely concealed by shallow transported cover of the Murray basin in the northern part of the tenement. The aim of the IP survey is to identify hotspots along these structures which may reflect the presence of disseminated sulphides which tend to indicate areas of most intense hydrothermal alteration and, by association, gold mineralisation. Previous limited IP coverage on Agnico’s Mining Lease has shown a good relationship between chargeability anomalies and known sulphide alteration and gold mineralisation (see S2 ASX announcement of 16th February 2023). They $7.43 million at quarters end They spent $1.58 on operating activities and $1.33 on exploration for the March quarter. They should have a cash injection of C$ 1.5 million or A$1.65million from the Finland sale So total $9 million… So should be able to get to end of 1st Quarter 2025 before another CR… However they do need to get this share price much higher by whatever means they can (preferably a substantial discovery) so that the CR is at much higher price…. DEV good example still explorer with a 150 million market cap and climbing…. No discovery hole just anticipation of drilling to commence after the wet season and TG buying on market….AIMO… Rerate potential could come from a number of possibilities – just hope its sooner rather than later… Need some urgency to get off these lows...GL
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Morning all. Nice post @kyngdominion I am biting at the bit to see Glenlogan drilled. I hold LGM so no bias there of course. Everyone likes the project in Victoria and being previously owned our neighbour with one of the highest grade mines on the planet, gets the attention world wide. The puzzling geology and the need for close space drilling makes it expensive to conduct the search for an ore body that could mimic Swan. We are all here for that possibility however. If we look at the Bulls Eye Target at GlenLogan, we could have a hit with a very small number of holes. One hole could even do the trick like the discovery of Carrapateena. Upcoming drilling at GL will give us very rapid answers and a Bulls Eye Hit will change things rapidly. Not long to wait now and the timing could not be better for the metals space. I did have the historical holes in the discovery of Cadia and most would have written it off due to how small and low grade they were. How things change with a bit of determination. Mark B has a similar story in his search history- finding the goods with almost zero bank balance. Let's have another look at the RIO previous holes. I wonder which project has the potential to excite the market in the short term? My guess is GL. Ah I am brilliant with that answer, dah. Kind regards, Wack.