Gippsland Share Discussion Threads

[robjm66] 16/6/2009 14:36

You are no fun any more Marksnsparkle i am disagreeing with Chipperfrd on two different Gip boards at the moment just waiting for him to post something on three iii so i can do the hatrick ;-)

[robjm66] 16/6/2009 14:16

Do not think there are many moose in Egypt Chipperfrd maybe you should have said Camel pasture. I have been investing in mining companies including gold plays like Centamin for a while as well but i would not kid anyone it is the same situation now as when i started out.

Centamin started out with little more than a treasure map "A gold exploration company has used an ancient map to seek out an Egyptian source containing 8.26 million ounces of gold.

Australian-based group Centamin Egypt said in 1999 that it had used the 3,000-year-old document, thought to have been created by King Seti, in order to find the precious metal."

Just shows those ancient Egyptians knew something about gold mining even if they did not know enough to dig it all up. The key word is potential. If no money was ever lent to explorer's they would not find much.

As for the links i put them in for the convenience of other posters as well to show the increase in the price of gold. Think there is plenty to speculate on but i guess time will tell.



Robert

[marksnsparkle] 16/6/2009 13:44

post deleted, can't be bothered ... it will only kick off again :-)

[chipperfrd] 16/6/2009 13:25

I have been investing in gold companies for more years than I care to mention so I do actually have a good idea what the market demands of a gold explorer - and it is certainly more than just potential!

Until a company PROVES a deposit the licence is just 'moose pasture'. There are around 2,000 pm explorers on the world's stock markets and I would hazard a guess that the vast majority of them have a bit more than the 77k oz (inferred) at Seiga.

Whether I. Gandel is impressed or not is just your opinion. Frankly, I cannot see what he could possibly be impressed about - because there is no data.

As for banks lending money to explorers at the moment - are you kidding??

GIP may well have some decent deposits on their licences but until they PROVE they have something there can be NO value ascribed - its as simple as that.

I first bought CEY in 2002 when they had a proven resource approaching 2m oz so I am well aware of the performance of gold/USD over the intervening years. So please don't patronise me with links etc.

As for your last point, there is nothing to speculate on in the other prospects in Egypt or Eritrea simply because they are just paper licences until deposits are proved. But, as I already said, the tin project does have attributable value and the long-awaited IPO might just draw some interest.

[robjm66] 16/6/2009 12:57

Chipperfrd think Vespa simply got the wrong end of the stick over one of Gip's previous updates or the talk of further due diligence. Would think he has realized where he went wrong by now.

As for the gold prospects i would think Ian Gandel has looked at them and was probably more impressed with them than you. Think you are out on your time scales as like Abu Dabbab some work has been done on the gold prospects before Gip even arrived on the scene. Also technology has moved along a lot in the last 10 years let alone since the ancient Egyptians were pulling gold out of the same areas.

Then when Cey started up they were probably just another gold explorer to a lot of people if Gip can get the go ahead with Abu Dabbeb they will also increase there creditability and should find it a lot easier to raise funds than most junior explorer's.

If you look at the gold price ten years ago you can see why banks are more likely to lend to gold explorer's now.

This doubly helps Gip as i would say there is gold on at least some if not most of their prospects as i doubt it has all been found and dug in the past so it is a question of how much has been missed and is it economic to dig it up.

With Centamin producing gold soon Gip can use that publicity to attract investment and investors to the company to invest in exploring and developing the gold prospects again shortening the time to get value from them.
Looking at the long term charts it could be the best time for gold explorer's to raise money in a long time.


Where you are talking gold, mineral deposits do not have to be proved up to boost the share price they have to just show good potential in a lot of cases. With Cey being so successful a lot of the work should be done for Gip in the areas of PR and marketing as Cey have almost a ready made blueprint of what Gip should and should not do. The biggest factor could turn out to be any Egyptian new mining law.

Of course things still depend massively on Gip getting the go ahead with Abu Dabbab but if they do i would think things could move a lot faster with Gip's other prospects than we might expect.

Think we may be in for a "surprise" with one of Gip other prospects in the short to medium term but whether it will be a Australian Tin JV, Gip Egyptian gold prospects or its Eritrean ones we can only speculate.

Robert

[chipperfrd] 16/6/2009 12:05

Still a long way to go before any real value can be placed on the other licence areas in Egypt - the GIP story remains all about AD only and I cannot understand this Vespa poster appearing to think that AD needs further exploration ??

Mineral deposits need to be proven up before any value can be attributed. It took CEY 14 years from the get-go to actually get within reach of production and they have had to drill a huge number of holes to get their JORC reserves & resources (I think it is of the order of 300km!).

GIP have done relatively nothing on their gold licences other than a few holes and some trenching. They will need an initial resource of c. 1m oz for a start and (using CEY a an in-country example of discovery costs) that will cost c. $5m to prove up - if the gold is there of course.

Timescale for initial exploration to production is usually around 10 years so expecting any near-term bonus from gold is pie-in-the-sky.

The Australian Tin JV is a different matter however. That clearly has real value and the possibility of earnings in the mid-term.

[robjm66] 16/6/2009 11:53

Thanks Shadowchaser have asked myself why i keep posting here sometimes then i remember it is to annoy Marksnsparkle and Unionhall!

Robert

[shadowchaser] 16/6/2009 10:34

GIP-You are certainly right in your last paragraph and this is certainly also true about your posts
-invariably very interesting and lively ,

Keep it up ,Robert!

Regards
-SC

[robjm66] 15/6/2009 19:48

Yangou think a lot of holders would be happy to get a tenth of that Yangou. Mind you i suspect a lot of things are going on behind the scenes and if they can get the go ahead for Abu Dabbab they will then be able to concentrate on their other projects.

The direction of the company will change if Ian Gandel gets fully on board as he seems he will. He is used to taking a fresh look at the companies he gets involved in and unlocking the value from the different parts. Maybe the best bet would be if Gip get the go ahead for Abu Dabbab for JT to concentrate in getting it up and running while IG works on Gip's other prospects.

Trouble is there are so many factors in play any predictions are guess work really. However if Gip are able to get full value from all there prospects Gip can still multi bag. Certainly what ever happens i do not see it being dull!

Robert

[yangou] 15/6/2009 19:08

Yes for a short while Shadow but expected to double if not by the end of this year then at the end of next. So Very good article rob. If they can get some gold out of them hills then where will the share price go from then. When i first invested in these the target was 250p so now where? hmmm

[shadowchaser] 15/6/2009 14:48

US Dollar strengthening -so GIP will probably nudge down again shortly.


-SC

[robjm66] 15/6/2009 14:06

Thought i would post up some information on the Gip Stellar agreement think i may have missed it out before.




The Agreement is conditional upon Columbus raising a minimum of A$10 million (≈UK£4.8M) and being admitted to the official list of the ASX on or before 31 December 2008 or such later date as may be agreed.

The Agreement prescribes that Gippsland will be issued with 15 million fully paid ordinary Columbus shares at an IPO price of A$0.25 (≈UK£0.12) each or the same number of fully paid ordinary Columbus shares that Stellar (ASX: SRZ) will hold in Columbus at the time of its admission to the official list, if that number is greater than 15 million.  Upon listing, Columbus will also invite a nominee from Gippsland (ASX/LSE: GIP, DB: GIX) to join the board of Columbus as a non-executive director. 

Gippsland holds a 40% free-carried interest in the Zeehan properties with joint venture partner Stellar Resources Limited (ASX: "SRZ"). Under the terms of the Joint Venture Agreement, which is subject to a number of conditions precedent, Stellar Resources has the right to increase its Zeehan ownership to 70%. The conditions precedent include the requirement of Stellar Resources to:

1 complete a comprehensive feasibility study recommending that commercial development be undertaken with a view to undertaking mining operations and containing all necessary supporting reports and data including prepared geological and metallurgical, financing and marketing studies ("Studies"); coupled with

2 a written commitment based upon the Studies by a corporation, institution or bank acceptable to Gippsland and Stellar Resources to lend not less than one half of all costs to be met by Gippsland for the commercial development of the project up to the date of commencement of commercial production.

Robert

[robjm66] 15/6/2009 13:33

Yes you are right Markensparkle still a big jump though would be nice if the ASX went up by the same amount tomorrow.

V03 hotcopper

A little late in my reply.
Most on the GIP thread are focused on tantalum.
Most on the early AGS thread were focused on gold.
Odd turn of events. AGS is now a uranium near producer.
And is GIP more a gold prospect? Entrepreneurs are strange people sometimes.

Is not the tantalum still dependant on some exploration?
Bagman if "exploration is not the place to be with serious dollars" why on earth are you a GIP fan.
Exploration and its outcome pays my way.
BAGMAN exploration is the life blood of speculation.
Otherwise ..NAB...BHP ..RIO and even Gerry and his retail stores!!
GIP is about to surprise away from the tantalum...
That is how Ian Gandel got his hands on the biggest Uranium find in 25 years.
Bought a little gold mine with uranium leases thousands of kilometers away!!

[marksnsparkle] 15/6/2009 12:05

3.23p in Aus ... Frankfurt probably suffers form very poor liquidity so big swings are to be expected

[here and there] 15/6/2009 11:32

3.7p on frankfurt exchange...up 40%

[robjm66] 14/6/2009 12:23

Copy of post hotcopper

Part two

Um Tiur

Um Tiur gold deposit is one of the most famous gold mines in Wadi Allaqi district. The old workings show that a considerable quantity of ore was extracted by the ancients, particularly in the central area where gold was mined in shallow stopes via several vertical shafts.

An early technical report dated 1912 reported that there were five prospecting shafts of depths 82m, 64m, 40m, 36m and 34m. The mine was still being worked in 1925 with a reported average grade of 15dwts (25.5g/t) throughout the mine. Exploration to date has included some surface sampling with a best result of 2m at 20g/t across reef material exposed in an old pit.

Haimur

The mine at Haimur is an ancient mine that has been worked successively by the ancient Egyptians, Romans and the British. The more recent work by the British was by the Nile Valley Company Ltd during 1904-07. Production by the British is in the order of 215t tons of ore which was treated through the Um Garayat mill. It is estimated that total production from the mine may have been in the order of 15,000t from underground and 3,000t from the surface workings based on the displaced volumes. The mining activities focussed almost entirely on high-grade quartz veins with only very minor alluvial workings.

Gold mineralisation is confined to two quartz vein systems, ... Geological mapping has identified a large shear zone trending parallel to the historical workings some 50-250m to the northwest along which three occurrences of placer gold workings have been located.

Twenty 10m channel samples from the banks of the wadis were collected in a series of offset traverses across the shear zone. The samples contained anomalous gold values with a maximum value of 169ppb. A program of regolith sampling on a 200m x 50m grid over a strike length of 1,400m was completed over the largely alluvial covered area and delineated two northeast trending gold anomalies corresponding with a large shear and the anomalous wadi bank samples. Within this area some 100m x 50m sampling was completed in the vicinity of the Haimur South workings. A mechanical excavator was used to dig thirteen trenches at Haimur to test regolith anomalies. The trenching results confirmed the presence of anomalous gold values within the bedrock. The best intersection was 5m at 44.45g/t in trench HT9. The results are considered to be very encouraging as they confirm the presence of anomalous gold in the bedrock closely associated with zones of shearing.


Um Shashoba

Ancient workings are located along two northerly trending veins. The area was prospected during the early part of the 20th century when a prospecting shaft was sunk in the wadi adjacent to one of the historical workings. There is no evidence of any mine production since the time of the ancients.

The main workings are small, but lie within a north-south trending belt of sericitic schist at least 1km wide that transects the dark chloritic schists seen on its west side.

Previous geochemical sampling has returned gold values of up to 0.63g/t in sheared sediments in an area away from the historical workings.

A single profile of channel sampling was conducted across part of ancient workings in the eastern part of the prospect. The work produced reasonable results with an average of 11.9m at 2.22g/t Au. The profile did not sample 1.6m across the ancient workings.

Seventy regolith samples were collected over an area between the two lines of historical workings. They were collected at 50m spacing along lines 200m apart. The best result was 6.27g/t Au at the end of one of the sample lines adjacent to the eastern ancient workings. Eight samples returned assays greater than 0.1g/t Au. The sampling identified an anomalous gold zone coincident with a shear that is associated with a north-south line of ancient workings.

Abu Swayel (unlike rest not gold but copper nickel)

The Abu Swayel copper-nickel prospect was one of two known major sources of copper in ancient Egypt.

In the early part of the 1900s the Nile Valley Company Limited sank a shallow shaft with a cross-cut at the 22m level to test the vertical continuity of the mineralisation. This shaft was deepened to 69m in the 1960s in conjunction with a diamond drilling program of ten holes to test the down dip continuity of the mineralisation over a strike length of 200m. Of the 1,205m of drilling completed, only 21 samples ranging from 1-2m in length were assayed. Three of the holes (DH01, DH02 & DH14) returned significant Cu and Ni values.

Sampling of the cross-cut in the 1960s gave an average 4.11% Cu, 1.76% Ni, 17.81% Fe and 9.94% S over 8m.

Except for geological mapping there has been no exploration outside of the immediate vicinity of the ancient workings since the early 1960s. The results of the previous exploration clearly show that mineralisation is present at grades and over widths that would be readily detected by geophysical methods such as electromagnetic ("EM") plus induced polarisation ("IP") techniques.
The Abu Swayel licence covers 16km2 of favourable stratigraphy along strike from the old workings which have not been tested for Cu-Ni mineralisation. Much of the area is covered by thin wadi sediments which can be readily explored by means of ground geophysical methods.

An exploration programme of geological mapping was completed during the first quarter of 2007 following which a 200m moving loop TEM survey was completed by Australian consultants GPX Geophysical Services over a local grid 1,000m by 440m covering the ancient workings and their extensions. Results of the survey show a good conductor to the north of the ancient workings. The interpreted depth to the top of the conductor below the sand cover is 40 to 50m.

Well i will probably be critised or accused of ramping by even posting about Gip's gold prospects so i will limit myself to some general points and not even mention the C word (clue it is a mining company in Egypt Lol.) These bits are all off the Gippsland website and i have only posted the highlights and no pictures so if anyone is interested

All these areas have been worked in the anciant past and many have been looked at later but not until Gip with modern techniques or technology. Gippsland have basically only stractched the surface at some of these prospects and some are already encouraging. Gip simply has not had the funds to do more and could have done with the funds they have spent on Wadi Allaqi recently.

Gip had to make a choice to either chase the Abu Dabbab prospect which had the most work done on it and a offtake or the gold prospects. At the time the choice they made was the logical one guess if JT could go back in a time machine now he would make a different choice. The gold prospects were not abandoned for being poor quality or because Gip thought the ancient Egyptians had found all the gold Lol.

Of course it will take some new factor and money to be introduced to encourage further exploration by Gip but i doubt JT or Ian Gandel (having already some gold prospects) will sit back and let these prospects stay in storage indefinitely (especially considering the present gold price).

One of the biggest factors could be a new mining law when it eventually comes into existence but i have been unable to find much recent information about it.

Robert

[yangou] 13/6/2009 22:59

Must take a look at that site again sounds even more interesting if theres some gold in them hills too

[robjm66] 13/6/2009 10:11

Talking of cobblers i got it wrong with the website under construction seems it has been under construction for years. However V03 has filled in a bit more information..

From hotcopper Vo3

Just for information Gandel Metals Pty Ltd main task has been to act as trustee for Gandel Metals Trust. But it is also used as a vehicle for private investments. Whether it will ever be floated in its own right as a public company is just a matter of idle speculation. Hows that for a Friday night Bagman....and of course the business of Gandel Metals Trust is certainly not public.

[robjm66] 13/6/2009 09:38

It okay realized what you meant Yangou nice to to see more joking across the different Gip boards.

Anyone who has not looked around the Gippsland website for a while it may be a good idea as it has been updated a lot especially the information on the projects. Some effort has actually been put in to flesh out the information on the different gold prospects for instance.

Robert

[yangou] 13/6/2009 05:15

Maybe i ment Cobber. it was supposed to be the Ausy slang Rob

[robjm66] 13/6/2009 00:40

Got plenty more cobblers where that came from Yangou :-)



Robert

[yangou] 12/6/2009 19:21

Oh good on yer cobbler robjm66 need some positives on this share now we are through the worst