Mining Minerals & Metals Share Discussion Threads

[1waving] 01/6/2008 13:43

Valentine, the publicity is good as mentioned, the comment on the 'analyst' doesn,t affect that.

The annual report has been on the website since Friday evening so many already know the additional info rather than waiting for the report in tomorrow's post.

[valentine] 01/6/2008 13:21

No such thing as bad publicity in this regard 1w.
What will shareholders get in the post tomorrow as a supplement to the known figures?

[1waving] 01/6/2008 13:18

Publicity is good confirming a few positives from the annual report.

The comments from the so called analyst, Job Langbroek, are yet again way out of date and it is clear he turns up at work to keep warm, that is if he ever turns up. About as much use as a chocolate fireguard !!!

There was no mention of the RAB rig in the report, if it is still on site is it drilling at Komana East or maybe one of the targets to the South ?

[bartender18] 31/5/2008 15:35

Home banker on Monday morning 12p by next weekend.

[1waving] 31/5/2008 15:11

Komana East --------- Good grades all round, averaging 3.5g/t+, with higher grades at 90-150 metres downhole depth.

Looking at all the results from Komana East the ore body seems to be much easier to define and more simple to follow than Komana West. Strike length stands at 1600m with latest results and looks to be good depth of maybe 80-100m+ and 40-50m width, give or take. The grades are also more consistent and much higher than KW. I remember looking at the results from Randgold's drilling at KE some time ago and noting the higher grades in their drill programme were coming from around 100m downhole depth. The Randgold drilling lies in the central to southern zone of the strike.

Some of the deeper holes drilled by Glencar, mainly towards the Northern end of the current drilling, appear to confirm these stronger grades at depth. Some of Glencar's results from deeper holes are:--
KEDD392 134-143m 9m at 5.2g/t
KEDD126 102-110m 8m at 3.9g/t
KEDD138 114-116m 22m at 2.8g/t
KEDD344 111-127m 16m at 14.6g/t ( hole bottomed in orezone )
KEDD345 75-95m 20m at 4.4g/t

It is worth noting that many assay results outstanding are from diamond drilled holes at downhole depths, that from the drill plan, look to be of 150 metres or more. These are KEDD 419, 427, 420, 411 and 412.

It looks like Glencar are going for infill drilling and extensions at depth, rather than extent, which should lead to a good initial JORC estimate at KE of maybe 1m ounces, possibly more depending on how much more drilling they can get in before the rainy season comes. The recent results seem to be based on assays received and drilling done to about 23rd May so that may just give another 3 weeks of drilling.

This statement from the AnnualReport sounds excellent:--
'There are also geologically, geophysically and structurally analogous targets present in five locations to the south of the Komana East deposit over a 10 kilometre strike length.'

Good to see that Soloba, an extension to the South of Komana West, has had 9 RC holes drilled for a total of 1,080m, best grade so far 4m at 2.55g/t from 22-26m, with most assay results still to come.

Over 3000 assays still outstanding at Komana and Solona, drill results from 12,000m RAB drilling awaited from the 3 license areas in a farm in with Gold Fields.

[1waving] 31/5/2008 14:32

Serp, their figures look wrong.

From Annual Report- amounts in USD.
------------------Salary Pension Other benefits
2007
Hugh McCullough 199,945 - 88,345 - 6,623

[serpicouk] 31/5/2008 13:55

Didn't realise that Hugh was one of the top paid bosses in Ireland (according to the list below):

[robbi123] 31/5/2008 12:33

Tom W has revised his price target from 18p to 22p after the results....

[serpicouk] 31/5/2008 12:31

Not had a chance to review the drilling results but things look to be progressing well.

Nice to see they still had $3.3M at the start of 2008.

[1waving] 31/5/2008 12:01

haydock, there is a drill results tool that I have posted before which is easy to use, just put a few figures in and out comes the ounces and value. Here it is:--



It is far easier to find an average of all holes and then put that average width and grade as a single hole.
Hope this is useful, I find it handy and tend to knock the input figures down but do put in variations. It is so quick and easy.

[haydock] 31/5/2008 11:38

Recently on a bb somebody did a quality calculation for drilling.

14.6 x 20m ? =292 which is a very exciting figure.Around 300 was mega!!!

Anybody see the note?

[haydock] 31/5/2008 11:38

Recently on a bb somebody did a quality calculation for drilling.

14.6 x 20m ? =292 which is a very exciting figure.Around 300 was mega!!!

Anybody see the note?

[dr fillip strange] 31/5/2008 00:41

indeed from last update,

KEDD344 16mtrs @ 14.6grms pt 111 - 127 mtrs, hole bottomed in ore zone!!

[wispaman] 31/5/2008 00:20

also interesting is that there is no bottom detected as per extract from 1waving's post 3188.

'we have intersected it in the deepest hole drilled so far at a vertical depth of 125metres.'

[dr fillip strange] 30/5/2008 20:15

beautiful, and what a bargain share price. will keep topping up as & when cash is available. Can't wait for Autumn JORC.

[stenick] 30/5/2008 19:31

I keep playing with that drill results tool,and I,m still getting orgasims...lol...
On a serious note,this all looks very positive.

[1waving] 30/5/2008 17:34

Extract from Annual report now on website.

It is clear that within the zone drilled to date the mineralised zone is persistent and of good width and grade. The strike length of the mineralisation drilled to date is 1,600 metres and we have intersected it in the deepest hole drilled so far at a vertical depth of 125metres. As well as being open at depth, the ore zone is also open along strike in each direction. A geological plan of the Komana East deposit showing drilling to date and a generalised section across the deposit are shown on the following pages.

There are also geologically, geophysically and structurally analogous targets present in five locations to the south of the Komana East deposit over a 10 kilometre strike length.
------------------------

5 more target locations over a 10 kilometre strike length -- the aeromagnetic survey seems to have done it's job !!


EDIT. Soloba has been RC drilled with most assays awaited, the best intersection to date is 4 metres at 2.55 grams/ tonne from 22 – 26 metres in KSBRC300.
.

[spaceparallax] 30/5/2008 11:11

A very encouraging announcement.

[1waving] 30/5/2008 09:17

Looking forward to the latest drill results of the 15 holes from Komana East that will come with the annual report being posted today.
Also be interested to know how much drilling has been done since the last update over 6 weeks ago.

[haydock] 30/5/2008 09:17

A bit unusual, there are some new results to which we are not privy, floating along in the printed domain.
Access by brokers & journo's only? Or in full on the web page?
It looks like only by post, carrier pidgeon anyone?

Assays have been received for fifteen further drillholes at Komana
East, which are referred to in the 2007 Annual Report to be posted to
shareholders today and which have not been previously reported. Seven
of the holes were drilled across the projected main ore zone and the
main mineralised intersections are detailed in the annual report.
These intersections confirm the continuity of the main ore zone in
the area drilled to date. These holes are KERC 366, 371, 386, 391,
418 and KEDD392 and 417.

Seven holes were drilled outside the projected main mineralised zone
and did not encounter any significant mineralisation. These holes are
KERC367, KERC370, KERC372, KERC373, KERC385, KERC387 and KERC390.

One hole, KEDD346, was drilled across the projected ore zone but did
not encounter significant mineralisation due to the encroachment of a
metavolcanic intrusive body into the mineralised shear zone at this
location.

Once we have received all the outstanding assays from our current
drilling campaign from the laboratory, we will commission an update
from SRK Consulting of the resource study for the Komana area as a
whole

[haydock] 30/5/2008 08:46

The total statement would make a great new header for this bb.

[1waving] 30/5/2008 08:39

'With the recent very successful drilling campaigns at Komana East, and with the already established success at Komana West, we are well advanced towards the discovery of our third commercial gold deposit in Africa. It is our intention to ensure that the shareholders benefit to the maximum possible extent from this notable success.'

Like the sound of that statement, shareholders benefit to the maximum possible extent.

[robbi123] 30/5/2008 08:39

Possibly val, I just think the market just wants some figures as to how big the deposit is which is nopt something Hugh can deliver yet. The JORC resource estimate is due in September/October isnt it?