I s'pose the best way to see the problem with GOR is to consider the announcement list over the last three years. (Printed below). Placements in italic just for interest by the way.
Looking at the news flow and it all looks great. Correct?
So now we are a couple of years down the track show me the actual bankable results....
They have only nailed a JORC (as of the current date) for 150 kOz since 2006. The rest of their resource base - the 900 kOz at Alaric - came into the company when it was founded. They have pocked around the edges of this and have lifted the confidence level since then, but not added too many ounces.
So on one hand we have a massive stream of news full of words such as Bonanza, Exceptional, High Grade, Abundant, Visible Gold, Excellent, Large Target etc etc.
On the other hand we have a measly 150 kOz of new gold at Central Bore which will be worth a whopping $43m over 4 years after spending $37m to get there.
Now I accept that the Justinin Jorc is not out yet and we don't have the scoping study for Attila which may change the economics.
But GOR is starting to blend in with all the other penny dreadfuls whose drilling results don't quite match the hype of being the next great thing...
More simply the adjectives in their announcements are starting to not match the content and warning bells are going off.
They might pull a rabbit out yet - but the longer it takes the less likely that will be.
2012 10/02/2012 Central Bore - Updated Resource and Scoping Study 30/01/2012 New Gold Discovery at Koopmans Find
2011 23/11/2011 New Gold Discovery at Yamarna Belt 14/11/2011 The Gold Symposium 2011 Presentation 07/11/2011 Gold Road Receives RESOURCESTOCKS Awards 17/10/2011 Exploration Success Continues at Yamarna 14/10/2011 Excellence in Exploration and Discovery Award for Gold Road 07/10/2011 Share Purchase Plan Offer Document to Raise $6m 07/10/2011 Announces $15m Placement and a $6m Share Purchase Plan 12/09/2011 High Grades at Central Bore and Resource Drilling at Attila 04/08/2011 Best Emerging Company - Diggers and Dealers Forum 2011 01/08/2011 Drilling Establishes Justinian as a Parallel Gold Trend 06/07/2011 High grade gold intercepts at Central Bore and Justinian 20/06/2011 Deepest Drill Hole at Central Bore Delivers High Grade 14/06/2011 State Funding for Regional Yamarna Exploration 01/06/2011 Significant Gold Assays and Potential New Gold Trends 20/05/2011 Third Drill Rig Arrives at Yamarna to Accelerate Exploration 05/04/2011 New Gold Anomalies Identified and Drilling Recommenced 18/03/2011 Central Bore Maiden Resource 01/03/2011 Exceptional Gold Mineralisation at Central Bore (32 oz/t) 22/02/2011 Abundant Visible Gold in Central Bore Diamond Holes 09/02/2011 Promising New Discovery 500m North of Central Bore 01/02/2011 1.5km-long Gold Anomaly Identified at Tobin Hill Prospect 18/01/2011 High Grade Results at Central Bore Continues 13/01/2011 Visible Gold in First Central Bore Diamond Hole
2010 16/12/2010 More Gold Intercepts at Central Bore 10/12/2010 More Gold Intercepts at Justinian 07/12/2010 Placement to Raise $9 million 30/11/2010 Strong Gold Anomaly at Hann Prospect 29/11/2010 Eleckra to change name to Gold Road Resources 11/11/2010 High Grade Gold Discovery at Justinian Confirmed 10/11/2010 High Grade Gold Assays Continue at Central Bore 25/10/2010 Bonanza Grade Gold Assays 19/10/2010 Visible Gold Intersection in First Justinian RC Drill-hole 14/10/2010 RC Drilling Intercepts Visible Gold at Central Bore 11/10/2010 Central Bore Gold Trend Continues to Expand 28/09/2010 Excellent Gold Recoveries from Gravity Separation Testwork 21/09/2010 Central Bore Au Discovery Expanding to North, South and East 14/09/2010 New Discovery Identified at Central Bore East 01/09/2010 RAB Drilling Program Completed 04/08/2010 RAB Drilling Program Commences at Central Bore Extensions 27/07/2010 Final Central Bore Assays Confirm Extent of Gold Mineralisation 13/07/2010 Central Bore Drilling Confirms Fourth High-Grade Shoot 12/07/2010 Excellent Gold Recoveries from Central Bore Test Work 05/07/2010 Central Bore Gold Mineralisation Extended to 800m Strike 01/07/2010 Hann Prospect - New Gold Discovery Confirmed 15/06/2010 High Grade Intersections Extend Central Bore Mineralisation 11/06/2010 Visible Gold Panned in Central Bore South Drilling 25/05/2010 Assays Enhance High Grade Gold Discovery at Central Bore 10/05/2010 High Grade Gold Discoveries - RIU Resources Roundup 10/05/2010 Bonanza Grade of 404g/t Gold Intercepted at Central Bore 03/05/2010 More High Grade Gold in Soil Samples at Hann Prospect 27/04/2010 First Batch of RC Drill Samples Dispatched for Analysis 12/04/2010 Drilling Commences at Yamarna Gold Project 29/03/2010 New Gold Geochemical Anomolies Identified East of Central Bore Deposit 08/02/2010 Strong 2.8km Gold Anomaly at Hann with Prospect Location Map 01/02/2010 Excellent Gold Recoveries from Metallurgical Testwork
2009 14/12/2009 Completion of $2.35 Million Placement 08/12/2009 Large Gold Target Identified at Byzantium Prospect 04/12/2009 Drilling Confirms High Grade Gold at Khan North Deposit 17/11/2009 Stage 2 Drilling at Central Bore Confirms High Grade Gold 29/10/2009 Drilling Intercepts High Grades at Alaric 2 Deposit 15/10/2009 New Results Enhance Central Bore High Grade Discovery 07/10/2009 High Grade Gold Discovery at Central Bore 17/09/2009 Drilling Commences at Yamarna Gold Project 13/08/2009 Yamarna Drilling and Metallurgical Testing Results 16/07/2009 High Grade Gold Results from RAB Drilling Program 19/03/2009 Placement raises $1million and Entitlement Issue announced
GOR Price at posting:
38.5¢ Sentiment: None Disclosure: Held
(20min delay)