Ann: Near-Mine Exploration Delivers Breakthrough Discovery, page-72

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speculator101

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17/02/22

09:41

Post #: 59628166
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Originally posted by red-frog: ↑

Had a talk to SL at the RIU Conference today.

A few points:
Firetail IPO is soon to be released. Already have the board sorted out.

Don Bradman MRE has been pushed down the pecking order, as has developing Melville and the Yalgoo region in general, due to uncovering good gold grades near Dalgaranga. Simon says (pardon the pun) that he would rather pump money into proving up resources that are next to the mine that spend it 115km away.

He didn't know that gold hits on the mine's doorstep had never been followed up until he took over and instigated a review. Melville had seemed the logical move for GCY to improve the grades going through the plant, but he has since found gold close by so would rather exploit that first.

Glenburgh and the other assets won't be sold out at a bargain price just so GCY has a bit of extra capital to throw into Dalgaranga. He said his record at FFR, where he in-specied FRB and plans the same with Firetail gives a hint on how he thinks the best way to create shareholder value is.

He has discussed toll treating third party ore with landholders close by but so far hasn't received any worthwhile proposals. He would certainly entertain the possibilty to toll treat if the right agreement could be struck as he has to find around 8000t of feed for the plant each day. He said finding enough profitable feed occupies plenty of his time and is why developning the new areas close to the plant makes sense.

He is a straight shooter who tells it like it is, so that is a plus in my books. Plenty here come across as bs artists.

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Cheers for sharing all that Red.
Very pleased to hear that Glenburgh is not going to palmed off for peanuts, especially when I have always viewed it as the more prospective project GCY has owned

Cannot help but be dissapointed that he has not been able to secure any 3rd party ore at this stage, but.... RTR is likely being greedy with their Western Queen asset, and of course the likes of MGV prefer to sit and get paid to dig holes.... anyway, it is what it is.
If he does discover enough gold to ensure Dalgaranga can be feed of its own volition, well, the companies fortunes will dramtically change.

Nice announcement today confirming that the Gilbey's North discovery may well turn out to be a true extension of the main pit (though they need to do a lot more drilling to prove that). Also looking forward to seeing what they can get out of Hendricks.

I won't spend much time on the Yalgoo asset being benched..... other than just a great big fat 'Damn'. Truly GCY has been a story of just how pivotal the right team is when at the helm.

SL is rightly excited, as the Stage 3 was based solely on low grades with huge stripping costs... this could potenitally change the whole Stage 3, if they can justify opening up Gilbey North to get cheap ounces.... while doing the large Stage 3 in tandem. Could open up the 200k+ ounces in Stage 3 (that is just my estimate), plus whatever else they get at Gilbey's north.

Hopefully you get time to chat/share with SL in the future.

GCY Price at posting: 25.5¢ Sentiment: Buy Disclosure: Held
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2 Great analysis

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