Myles Gulf are slowly etching their way forward . lets follow along the lines of your suggestion and pick out an example to compare gulf with , you obviously travel around a bit and I would be happy for you to provide some more technical detail in regards to Gulfs current position and some calculated estimates on the potential of the Nowa deposit .
AXO : Increased ore reserves in WA from 155 - 207mt with over 87% of the tonnage classified as proven ore reserves . Modelling and estimates carried out by Golder and Associates . Total Balla ore reserve = 180mt proved 26.9mt probable for a Total Resource of 207mt . Cash reserves of 28M at current quarter . Share price at .12c down from 25c .
As you know Gulf are in discussions with the dse regarding drilling access for the upcoming programme , with the recent severity of the bushfires down here in Vic we may have to expect this process to take slightly longer than anticipated but overall they are in a good technical position to move forward . The 5 mile creek are has the " potential " to host between 50 100mt of ore with " possible " further deposits within the tenement . It is reasurring to talk with a geologist who is of the " opinion " that Nowa Nowa could host in excess of 300mt but to be realistic it is very early days and they havent even started the secondary drilling programme . exploration results in the early phases of drilling are generally not sufficient enough to gauge a possible mineral resource . There is a big difference between indicated and probable resource , if Gulf can achieve access to the priority targets it will be one step closer to having a jorc compliant resource but much work is required and hopefully the final step will be a scoping study to more accurately gauge the potential scale and grade of any deposit or deposits . AXO have 180mt proved with 26.9mt probable and there share price is currently trading at 12c with cash reserves of 28m at current quarter , Gulf is a tightly held ship but they are realistically a fair way off even a scoping study , anything else is purely speculating , Your comments are welcome Myles , so what do you say ?
GLM Price at posting:
3.1¢ Sentiment: Hold Disclosure: Held
