GLA listed about 2 years ago raising $2.5m by way of 12.5m shares @ 20c. At 7c GLA has a MC of less than $3m. (40m shares on issue, 24.5m ops)
It still has about $1.2m and it's expenditure is minimal as most is done by bringing farm ins
It has five main tenements. Two are uranium, Lake wells and Manyingee East. M East is 15 ks ESE of Paladin's Manyingee Deposit and in the same Paleochannel. Lake Wells is out on the edge of the Simpson Desert and will be explored later. Much later, my guess. But it's not the Uranium I'm about. If you wish to know more, you'll have to research yourself.
It's the southern properties that interest me:
Six Mile Project: A small area consisting of three tenements just 2.5k from the world class Kanowna Belle Mine (4m ozs). Barrick (via Placer) has taken a majority interest in this. Little work done to date.
Gindalbie South: On the same NW/SE fault that has Silver Swan Nickel, and the rich but small Black Swan gold mines. Little work
BUT it's Hogan that has my interest. If you're still with me.
Hogan is about 45 ks SE of Kalgoorlie. covers 325k2 in area. It borders the original rich nickel, Carinya Hill mine on three sides NSE. and it's borders extend to close to VREs troubled mine, BUT also about 7ks south of IGRs Red Dale deposit, which is quickly gathering noteriety.
IGO has a 70% right to any of Hogan's nickel in the Lake Lefroy area. They are using the new SQUID (low temp EM sensor, supposedly able to penetrate the overlying salt. Initial attempts stalled but expected to recommence this month. IGO need to spend 3m (?) for this right. These tenements like IGO's Long Mine and others, SMY for eg, were formerly owned by WMC and now in GLAs hand.
The gold in Hogan was last qtr farmed out to a Newmont-Sipa JV with 80% right by spending $2.75m in three years. Abundant discoveries are being made in the area.
As for the Board. Plenty of experience but a possible cloud over chairman, John Palermo. Make of that what you wish, but importantly the spend is little, and JV partners, Newmont and IGO must have some confidence and they are the one's doing the bulk of the work.
Summary. GLA exploring for gold, nickel and Uranium. Concentrating on the Hogan's Ni, Au atm by having nearly $6m spent over the next three years by two different consortia. For a company with a Market Cap of less than $3m, any sign of discovery will send it's SP flying. Last Qtr spend was $72,000 only and has about $1.2m cash left at end of Qtr. I believe my small punt is worth it. Speculative for sure.
GLA Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
