Hi
@EnsorDoone and
@FerretbreathPlease see my initial reference here:
https://hotcopper.com.au/posts/78942676/singleEstrella Resources ASX announcement from 15/03/2018, titled
"Sale of Mt Edwards Lithium":https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2995-01962212-6A876086&v=04711220c3a57065317ba4efca4a3459a4e46882
Screen shot of the announcement:
This seems to match the document that
@Ferretbreath shared.
The royalty might seem odd because it was supposed to cover lithium exploration and development conducted by Neometals, not the Munda gold project which was sold by Estrella Resources to Auric. As far as I am aware, there is only a rock chip sample that demonstrates the lithium content of the pegmatites hosted above the gold ore at Munda, but there doesn't appear to be a detailed geological model of the lithium bearing pegmatites because all subsequent drilling and modelling at Munda was for gold (hint: there is no lithium worth extracting).
At any rate:
- The conceptual geological model shows the lithium bearing pegmatites are mostly overburden and therefore are unlikely to be processed; and
- The relative mass of lithium bearing pegmatite that might be processed is a fraction of the gold ore, so an order of magnitude assessment shows the royalty has no value i.e. 75 % of $0.5 per ton multiplied by, lets say 1/4 of the gold ore that crosses over the pegmatite, equals $340,000.
What I find very strange about all of this, is that Managing Director of Estrella Resources, Chris Daws, was happy to sell Munda and even publicly support Auric on his LinkedIn, before pushing a Writ that doesn't seem to hold water. No later, the ESR serial shill-er
Timorlad / MissSmallcap / MrSmallCap (X@SmallcapMr) / The King of Pattaya Beach, who has long been suspected of being an ESR insider, and is also one of the top posters on the ESR forum, is engaging in a targeted smear campaign posting over 100 comments in a single month on the Auric forum, much of which was AI generated and false.
The whole thing stinks of deliberate pump and dump style price manipulation, but in reverse. Maybe this what
Timorlads previous account,
MissSmallCap, got suspended ...
(20min delay)