yeah classic lifestyle co mate ! i noticed a couple of weeks ago they gave someone 800k performance rights shares... who knows what the criteria they needed to reach to be given them but considering their share price and general glacial pace progress of their tenements, they clearly set a pretty low bar on their achievements... prob insider/ mate gift, cant see it actually being for good performance.
the webinar was as expected, mono-tone, no enthusiasm but plenty of pats on backs as they are doing so well ! i think they even mentioned that there wasn't too many juniors that were doing what they are doing / have achieved in their short asx life so far,,, well he got that right, not too many juniors with Li prospective ground in the Pilbara that aren't up +20 or 30 or 50% over the last few weeks... oh except flynn ! it wont be like this for ever though, if they maintain their consistency with releasing results to the market, we should get an update by next year some time...
interesting they decided not to got to present at Noosa mining conference a few weeks back and not attend diggers n dealers in kal, opting to instead to a webinar from their Melbourne office... speaks volumes imo !
still no update on the 1000m drill program at Portland they started 4 1/2 months ago other than the drill has hit a bit of broken ground. Great news they are thinking about doing RC drilling at Portland. If you have +30kms of prospective strike as they say and are going to drill 4.5m shifts DD, its going to take a very long time to effectively explore your tenement. they should have had an RC doing scout lines from day one imo. Of course they have a caveat / ready made excuse disclaimer in there of subject to the availability of a suitable drill rig... i dont know, maybe tee up and use the RC rig your currently using at Golden Ridge maybe... goodness me, these guys are unbelievable !
great to see in their qtly that they are having a go at data compilation on their west coast tassie base metals tenements. its a little weird though as the private company Flynn was derived from has had these tenements for at least 4 years.. are they saying that in that time no one thought to do a lit review / desk top study to assess the tenements ? reality is that even to apply for tenements in tassie, you need to to a detailed section on previous exploration efforts so the reality is that this has more than likely already been done. I spent about 2 hours ages ago on the Mineral Resources Tasmania web site. All the info is very easily accessed through the Map Viewer icon where you can select and see all of the tenements mineral occurrences and associated historic reports etc. in 2 hours i found three prospects with base metal mineral resource estimates, one with a JORC inferred mineral resource (Mariposa)... that has never been mentioned by Flynn Gold... if a pleb like me can find this info in a few hours, what are these guys doing ?
I did a rough back of the envelope in-ground value calculation. massive grain of salt with in ground valuations as so many unknowns obviously but can be used as a starting point, their ground has the below resources. i used the USD metal prices from **promotion blocked** prices as of yesterday 11 Aug.. So for a company with an EV of around $3M, they have prospective resources known and drilled on their tenements with an inground value of $663,000,000 ! but don't even mention them ??????? All of this mineralization is open and provide for walk up drill targets.
The historically mined Mariposa is very similar in geometry and metal ratio to Oceana with 2.6 Mt @ 7.7% Pb, 2.5% Zn, 55 g/t Ag ( i think pre-mining resource). Australian Hualong, a private company has been actively working on this for a few years. Their web site states...
"AHL has added 1.3Mt (@10.7% Pb, 1.9% Zn and 97g/t Ag of geological resource based on recent deep drilling, which gives rise to a potential underground mining operation in addition to open cut mining for the shallow resource, as currently planned." this proves that a small company who does work in the region can add significant value to their projects... trick is, you have to do the work and this cannot be done from your office in Melbourne.
Geological Interpetation and Block Model Report for the Mariposa Prospect, Zeehan, West Tasmania (Tear, 2006 - report 06_5290) identifies the 500k @ 7.1% Pb +Zn... which is in two loads and very open at depth. This may not be a stand alone deposit due to small tonnage ? but surely its a good start ? There is also Rosberry up the road who have a plant and are taking ore now from well below 1km depth as a toll treat option but again, Flynn hasnt even mentioned this opportunity ? why ? I would think this a no brainer to drill through the guts of the known mineralization to confirm and then target depth extensions... will they do it ? who knows...you cannot expect a junior to do everything all at once and they have been super busy their first 12 months drilling all of 4000m of diamond part time and thinking of ways to do any assays so maybe / hopefully they will get around to it. maybe they will stumble upon this opportunity now they have started their desk top studies on the west coast.
they also have Grieves which their prospectus says they drilled as a private company, i wonder why no follow up ? and Myrtle which was discovered in the early 90s by CRA who calculated an estimate from an aircore program. There are upwards of 50 prospects with anomalous mineralization some of which is in open and never followed up drilling eg at Pyramid with drilling intersecting 6.5m at 6.3% Zn, 2.9% Pb, 41g/t Ag with the paper suggesting the Oceana horizon had been intersected (Tear 1995 - report 96_3882). there are plenty of others...
rant over, pub time, have a great week end all !
(20min delay)