Share
850 Posts.
lightbulb Created with Sketch. 207
clock Created with Sketch. 01/05/23
23:07
Share
Originally posted by Mentalist123:
↑
Shareholders just a heads up for what it’s worth. I asked my geo mate abutting WMG after the hype. He read it up: his say: At Mulga Tank that has everyone excited! To date not a single hole has intersected any mineral that would contain a single tonne of commercially viable ore. You could almost drill a hole by throwing a dart anywhere in australia and find these background results. Don’t take my word for it ask an experience, metallurgist, mining engineer or a director in the nickel play, or a mineral geologist. The intersections that are containing “ background material “ are so deep you would need $$500m just to access the ore. The holes that got everyone excited MTD022 intersected 114m @ 0.31%Ni, 0.33ppm Cu, 121ppm CoValue: based on today prices $US this is what they are worth. ( there are 1,000,000 ppm ( parts per million per tonne) there are 10,000 ppm in 1% Cu,Ni, Co. one ppm=1gram. 0.31% Nickel $35.20033ppm Cu Copper $0.08c121ppm Co Cobalt: $4.42cTotal $US39.20 per tonne is total value per tonne if mined. Cost to mine: $US20-60tonne depending on method of minining open cut, decline or even block cave. Processing $30 tonne. Then hidden costs. Transport to port, (TC/RC) smelter treatment charge/refining charges. ($100 tonne in concentrate) Then discount for buyer 5%. The holes that did intersect +1% Nickel were between 18” and 54” wide at 400m depth. The plant to build a processing plant for a mineralised zone (IF IT WAS EVEN COMMERCIALLY VIABLE IS $1 Billion $500mPlant and $500m to mine. I’m not even an owner of any WMG stock. I’m not a down damper and I’m not a shorter. I just know the mining industry. This may grow legs one day but at present it may as well be salt in the ocean. Surprisingly no one already come to shareholders rescue. So as you can see quite plainly, not even close to worth digging up, would be massive losses for each tonne mined. Gold today $US1992 ounce for 31.2grams, or $63.84c a gram. The nickel hole above if mined is worth $39.20 per tonne. So putting in perspective it’s gold equivalent is. So the nickel grade is equivalent to approx 0.6g/t. Au. Gold is 75% cheaper to process the ore than processing three minerals. (Ni, Cu,Co) Transport for gold is almost zero. TC/RC for gold almost zero. This text is for shareholders not the company. (Take it or leave it) WMG may find something that is commercially viable and at least they are having a crack, but so far nothing. Ring a guy in the west named mark creasy and ask his opinion. He’s the west guru in nickel plays. The old timer will say: no comment I bet ya! That says it all. Good luck punter
Expand
Are you a Nigerian banker by any chance who wants to pay me a lot of money!
(20min delay)