Just a bit of an elaberation on the Swedish project.
As you will be aware this is a now dormant copper mine which for a 1000+ years was a world class copper mine. In the 1700's it supplied 60% of the worlds needs.
What has not been spelt out which is a shame, is that the GMR/Royal Group grabbed OzMinerals stake (when Oz had to pull out due to finacial difficulties back home) because the gold contained in this large structure is considerable in size and has, over the mellenium, been hardly touched because the zones that contain most of the gold are situated in hard rock. Unlike the copper seams, the gold adjacent to the main copper workings were almost impossible for past miners to mine becaus of the hard rock.
The good news is this poses little problem to modern diamond drillinh or mining using modern equipment and processing plant. The JV partners thus are sitting on a hell of allot of gold but still need to undertake drilling to ascertain the grade. However it is known to run from surface down to at least 1000 metres and over a large area.
The very little modern drilling has been shallow and produced excellent grages. OzMinerals pumped about $2M into it to complete a detailed areomagnetic program that threw up some terrific strutures to drill and built a geological model based on what data was available.
This is a large, very advanced exploration project and we can export more rippers like this soon thanks to the Royal Group.
Tiny market cap with world class advanced exploration plays being fed into it must mean substantial share price upside.
Buy & hold, you need to do no more than that.
GMR Price at posting:
5.0¢ Sentiment: Buy Disclosure: Held
