Mining Minerals & Metals Share Discussion Threads

[haydock] 24/1/2008 15:09

1waving

o.k I can live with that interpretation, all agreed.

[1waving] 24/1/2008 14:02

Deleted. Got adouble post of the above

[1waving] 24/1/2008 14:01

Yes to the dr1lling update being overlooked, it is quite minor in terms of the overall article, and yes to increase in Jorc.

As to the resource update in June, this is similar to what happened in early '07 when comments came out that the Initial resource estimate would be ready by the end of June. What happened was the drilling for that estimate ended in June, at the end of the drilling season, and the estimate came out in October. I am taking it that is what is meant again this year.

If it does come in June I would be pleased as long as they have completed all the drilling possible and practical for that estimate. For my own purposes I will expect it a couple of months later.

[haydock] 24/1/2008 11:44

Nope, don't agree, reading carefully is about the only thing I do right, with shares.

The aim is to complete between 12,000 and 15,000metres of further drilling by next summer. "The current resource total on Komana West", says Mr McCullough, "is in my view very much a first pass". The next resource update will be in June, and if Mr McCullough is right to be optimistic about what the drill results will show, and right about the changing market dynamic, then next year Glencar is unlikely to be short of suitors.


I think that the next drilling result has been overlooked by Minesite?

Resource update probably means an increase in Jorc? Have I got that right?

[1waving] 24/1/2008 10:27

Haydock, I read the minesite article as the resource increase drilling will last to June ( The end of the drilling season ) with all the data then going to SRK Consultants to complete the resource update.

The drilling results from late last year will be released as soon as they are received from the labs. Would expect about 2-3 weeks.

[haydock] 24/1/2008 09:46

I take it you mean the Minesite article on Glencar?
A good read, but what happened to the results of the last drilling due soon?
June, is next the man says?
Rolling itupfor a big one or more delays?
J/v's several? Still talking,but hints that the property is in play & demand is now very good cannot be negative.

[serpicouk] 23/1/2008 22:49

I was wondering if that was your article 1waving =)

[1waving] 23/1/2008 22:01

Excellent article on minesite.com today, 23rd Jan. Required reading for all interested in gold mining juniors.

[bongo bwana] 22/1/2008 22:58

Gold appears to be the sole asset with a dependable store of value in these markets.

[1waving] 22/1/2008 22:14

Sitting on my hands, and not at all concerned about Glencar, in fact after the rate cut today, read reports of traders buying gold and an informed report saying the next major point for gold is $1650. Time frame not clear.

Nothing has changed at Glencar fundamentally except for an increase in the gold price and support for gold coming in above $845.

The newsflow coming in over the next 6-8 months will help to drive Glencar.

[serpicouk] 22/1/2008 21:09

1waving, look forward to your article. Think the next drilling results will make things clearer for your valuation...

Nice to see GEX still holding up. Clearly no hot/leveraged money in here.

Guess the 'emergency' 0.75 rate cut will be good for the price of gold - even if it does underline just how bad things might be. Either everyone, including those supposedly running the show are gripped by unjustified fear...or things really are that bad. Not sure which is more unsettling.

One thing is for certain - it will be interesting to see how things pan out.

How's everyone else playing this current turmoil?

[bongo bwana] 22/1/2008 07:32

That wil be very informative 1waving and I am really looking forward to your valued contribution here.

[1waving] 21/1/2008 23:00

Couldn't agree with you more Serpico123 !!!!!

I am looking at posting an article on valuation of this gold play but will wait for the next drilling results to get a clearer picture.

[serpicouk] 21/1/2008 21:04

wow, GEX must be under-valued if it didn't fall in todays market! ;)

[pecker1] 16/1/2008 19:32

1waving,

thanks for pointing that out. In the present state of fear/funk in the market (not surprising as many think a crash is just around the corner) Hugh would be well advised not to issue any news until he has a substantial number of assays to suggest real progress.

Ideally, this will be on three fronts:

first, the promise of a major resource upgrade at Komana West because of a combination of both deeper and infill drilling results;

second, a bigger resource at Komana East than Randgold had found because GEX have got the geology right;

third, a potential new discovery along the Komana shear zone (to the south).

In all, not much to ask for - LOL!!

But it's place your bets time: what is the downside compared to the upside?

[1waving] 16/1/2008 16:26

From page 32

Additional Potential
SRK considers that the resource statement presented above is likely to represent only a
portion of the mineralisation present at Komana West. Certainly, the spacing of the current
drilling does not allow all the structures that are likely to be present in the deposit to be
modelled with sufficient certainty. It is also likely, with closer spaced drilling, that narrower
higher grade zones could be defined and the resulting grade and contained gold within the
deposit increased.
To illustrate this, SRK first ran an IDW2 interpolation which was not constrained by the
modelled solids but rather restricted by a NE-SW oriented search to within 50 m and 75 m of
the drill hole data. Within 150 m of the surface, this resulted in an increase in tonnage of
some 30%, an increase in grade of some 8% and an overall increase in the contained gold of
some 40% (that is, 200,000 oz), a portion of which could be expected to be incorporated into
the JORC compliant resource statement given above following further, largely infill, drilling.
Secondly, SRK also investigated the potential for the grade to be increased following more
selective mining and based on the short scale grade variability as indicated by the
semivariogram data. SRK's conclusion from this is that mining on a 10 x 10 m selective
mining unit could increase the mean grade above the 0.5 g/t Au cut off by between 10 and
20%.
Finally, SRK also considers there is good potential to increase the resource reported here by
further drilling along strike as the orebody is open in both these directions.

[1waving] 16/1/2008 16:15

www.glencarmining.ie click on projects, then Yanfolila, then download SRK report

[bongo bwana] 16/1/2008 15:47

I would be very interested in reading that 1 waving - please post the web addi here for further investigation and research.

[1waving] 16/1/2008 13:22

Dr Fillip, an additional point, read the text of SRK Consultants resource report on the company website, that will give you a strong idea of where the resource estimate is heading -- It does look good.

[1waving] 16/1/2008 12:43

Dr fillip, read Glencars exploration update of 19th Dec,the next 6mths of drilling is focussed on increasing resource at Komana West, JORC update in a few months rather than a few weeks I would think - but do watch the drill results.

[dr fillip strange] 16/1/2008 09:56

Anyone know how long it will take for the results of the "9,800m of drilling completed in late '07" to be incorporated into an updated JORC?

[bongo bwana] 16/1/2008 07:41

Time to brew a pot of cha.

[robbi123] 15/1/2008 22:07

its thanks in advance mate:)

ah ok, good post then, couldnt agree more. Sitting here patiently as always...