Ann: Spectacular Gold Grades Continue from Pilot Hammer Mill, page-69

First 69 Last

Share
Profile

Follow
jj2

1,735 Posts.

30/12/17

21:24

Post #: 29953328
Share

Originally posted by Humphrey2017 ↑

Hi guys, it is great to see so much interest in OGX again, here is my guess about what went wrong...

Operations and Corporate Update 21 October 2016 (just after shutdown):
' The relatively small amount of production material processed to date from high-grade stopes throughout the mine (91% of material processed has been mineralised waste or development material) has been estimated to have head grades of between 12 – 17g/t gold depending on the stope'

Company Update 9 December 2016:
' A further 6kg of gold was recovered and poured from the material processed during the two months of commissioning and ramp-up, taking total gold recovered from this two month period to 13kg. The average (mean) of tailings assays from this period was 4.12g/t. The majority (92%) of material processed during August and September was mineralised waste or development material. The tailings are dry stacked, and are likely to be reprocessed to recover the contained gravity recoverable gold. '

Therefore according to previous company announcements we have 12-17g/tonne gold in our development material and at least 4 grams in our waste (tailings)!!!!

So what went wrong?...IMO our company had too many levels of clueless management and too many leeches (at least 189 employees?) on the gravy train. We had two geolgists running the mine (a Brazilian 'El Presidente' and Vice President, why?).... eventually we hired Richard Crew (our new COO) but STILL KEPT all the levels of management and so imo he was probably unable to do what he wanted to do at the mine - but now he can.

I will say again that the best thing that our new Chairman Smokin Joe Pinto did was appoint Richard 'Goldfinger' Crew as our COO allowing him to bypass all the Brazilian red tape/incompetence and get back to basics - ie finding & producing gold!

If our development material has 15-17grams/tonne gold and the tailings have 4-6grams/tonne of gold then it will certainly be 'game on' followed by 'game, set and match'...

Expand

same smokin joe that pumped his stock and sold you his shares at 4.5c

yeah great.. such a nice chairman.
what does that tell you what HE thinks about value here??

OGX Price at posting: 3.6¢ Sentiment: Sell Disclosure: Not Held
2 Upvote

0 Great analysis

Reply

Top Stories

Week 40 Wrap: China's nonsensical stimmy hype wanes (shocking!); HotCopper's picks; oil & inflation

BCI

BCI reaches close of funding facility for salt-first part of Mardie project

CKA

Cokal upgrades infrastructure for BBM ramp-up in Indonesia

WCN

White Cliff jumps 24% on 'bonanza grade' copper rock chips at Rae project, Canada

COD

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

BUX

Buxton projects new graphite province discovery at WA Narryer play

NTI

Neurotech knocked back by FDA as agency declares target condition not rare enough for special status

ACW

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

SLS

Solstice Minerals to ramp up drilling campaign at Yarri Gold Project

RCE

Recce eyes Indonesia for novel anti-infective as Indo-Aus ties grow stronger

There are more pages in this discussion • 2 more messages in this thread...

First 69 Last

Add OGX (ASX) to my watchlist

Ann: Spectacular Gold Grades Continue from Pilot Hammer Mill, page-69

Top Stories

Week 40 Wrap: China's nonsensical stimmy hype wanes (shocking!); HotCopper's picks; oil & inflation

BCI reaches close of funding facility for salt-first part of Mardie project

Cokal upgrades infrastructure for BBM ramp-up in Indonesia

White Cliff jumps 24% on 'bonanza grade' copper rock chips at Rae project, Canada

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

Buxton projects new graphite province discovery at WA Narryer play

Neurotech knocked back by FDA as agency declares target condition not rare enough for special status

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

Solstice Minerals to ramp up drilling campaign at Yarri Gold Project

Recce eyes Indonesia for novel anti-infective as Indo-Aus ties grow stronger

Featured News