GRL

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1.9¢ godolphin resources limited

Covid19 - Effects/News/Management, page-32

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22/04/20

15:27

Post #: 44191964
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Originally posted by prawn_man: ↑

Amigos let's throw around some ideas about today's news. Firstly, they used RC drilling at Mt Aubrey which is much cheaper than diamond drilling (so they preserved their cash - and that's very smart). Second, they gathered all of the drill data and prepared a full report without a preliminary announcement - so they have a slow-steady approach (they can't be accused of pumping or priming the market - the opposite). Third, the drilling has given then enough information to show that the gold mineralisation continues deep beneath the three old pits. Also, they write that there may be supergene gold in some areas near to the surface. I don't follow the results about the basalt/sediment layer, so I'm guessing that this deeper layer maybe the limit or the gold mineralisation (but I may be wrong). Finally, the questions I have are: Do the results indicate that they can open-pit mine the whole area down to about 100m or so? Are the grades of around 1 or 2 g/ton profitable? How much gold is in a pit that size? Glad to hear some comments about the results.

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PM, I would think that the follow up drill campaigns will give them a better idea of what they have size, grade and depth wise. If it turns out to be a smallish deposit that doesn't justify a mill then trucking the ore to a mill in the area that is idle or has free capacity under some toll arrangement might be the best way forward.
What suitable mills are in the area ? Is 1gt or 2gt ore profitable to transport ? I don't know. The gold price is certainly in GRLs favour.
Anyone knowledgeable on the trucking option care to comment.

GRL Price at posting: 11.0¢ Sentiment: Buy Disclosure: Held
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Last 1.9¢		Change 0.001(5.56%)		Mkt cap ! $6.008M

Open	High	Low	Value	Volume
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