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| Oops... |
I've highlighted the collars in Magenta and the holes traces with a thick black line, and drawn a cross section through the massive sulfide intervals intersected by both holes. You can get the 3D viewer file from here (link)
In summary both holes were designed to explore for the Northern (Hole 23) and Southerm (Hole 24) continuation of the Central/Discovery Zone.
I apologize, this is a busy slide.
Hole 18-23 intersected a zone of low grade mineralization at ~125m depth, just below where you would expect the northern extension of the Main Zone to be (this hole is only 25m north of hole EL-17-14).
However, I'm intrigued by the massive sulfides at at massive sulfide zone at ~72m depth. It seems to line up with the massive sulfides hit in hole 41 and the surface outcrop of the Crevasse zone. To me, it looks like the Crevasse and NW zones maybe the same and connect down-dip into the Central/Discovery zone.
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| Still forming small pods |
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| Massive sulfide zone could be up to ~30 horizontal length |
We've had 32 holes drilled into this area (7 historic, 25 by Garibaldi) measuring 360m by 260m (from extreme extents of the drilling) and all they have hit is a couple of mall, high-grade pods.
- Discovery zone is the largest and is approx. 150m x 75m by ~10m thick in the core
- The NW/Crevasse zone appears to be 120m x 75m by ~1-3m thick (if they join together).
The market is disappointed with this as we've been told that:
and shown
That the area that they are drilling is the WORST of the 4 VTEM targets known about since Aug 2017 (that is the date of the map above), yet we still haven't see a single hole drilling into anomalies A, B, C or the "Q" anomaly.
We still are waiting to find out the location and results from the final 16 hole (25 to 40), do you think any will be drilling on any of the other targets?
AG, The Oct 31 PR section map is confusing. It labels 18-23 & 18-24 at the collar but then they are labelled again down the hole, but called 17-23 and 17-24. Looks like even the best nickel sulphide geologist in the world can screw things up.
ReplyDeleteData entry issues, just blame the guy drawing the map/section and then don't proof read it!
DeleteDo you know what software they use for modelling? Normally an error like that couldn't occur.
DeleteBill, it is not modeling software. It is an artistic rendering (Dorian Leslie of Explorationsites.com).
DeleteTrying to understand the plans and sections. Other than the drill holes, nothing lines up. The plan shows no outcrop but the section shows one.
DeletePut your money up Ace. Short the stock.
ReplyDeleteShe said - "I apologize, this is a busy slide" aka some kind of serious misleading "mistake", embarrasing being polite NO? Suggest you get you're facts straight in the future if possible, shock click bait isn't really good enough is it? Suggest between shopping,getting nails done buying more shoes a more concerted effort researching factual facts might be best way to hold onto sites credibility.
ReplyDeleteHow's the "banned from a number of forums" tomsZ aka BSman doing? Talk about an agenda, for me I'd be more interested in who is paying him for continous fake false rumours?
Lance "Bentley" LOL gurgle spit twit from CEO.ca. I'm not banned from anything or anywhere, and BTW very nice misogyny there. Not sorry you've lost a bunch of money on GGI, deserved reward for you being a bad stupid person.
DeleteLance, what is really embarrassing (please note correct spelling) is to see somebody attack the owner of a blog and question the site's (please note correct grammar) credibility using the cheapest sort of rank sexism.
DeleteWe can also add general reading comprehension to the lack of your other language skills (your/you're...really?, because apologizing for a busy slide does not imply any errors or misleading statements. For future reference, a busy visual is merely one that has a lot of information crammed onto it.
Anyway, thanks for confirming what most of us assume about the intelligence and education level of the GGI hardcore. They saw you coming and the fact that you're too full of yourself to admit the mistake you made means you're prey for the next BS pump as well. This is junior mining, people like you will always be welcome.
Bill, Sorry to say but Ace is right quite a bit even though he takes the anti-scum crusade to an extreme. For the most part the industry deserves it, you being a part of that will naturally have a defensive bias. He makes valid points -- how can he not when 90%+ of the stuff out there is BS? Even on Florence, yeah I know you have supposedly countered him with a "report" but I'd still put a decent bet on him being correct in the long run (i.e. Florence's water supply will suffer long term damage if large scale ISR is attempted there).
ReplyDeleteThis company will trade at .60 soon. Way overvalued for random nickel pods
ReplyDeleteI don't invest in mining companies, although I confess to making that mistake once or twice. But anyone who's thought it through and believes it's a scam should short the stock.
ReplyDeleteGo to their quarterly reports. The money spent on exploration should be there.
ReplyDeleteThis is just for you Ace.
ReplyDeleteTheir accounting year is Feb 1 to Jan 31, with their 2018 year ending in Jan/18. They show expenditures of roughly $600k in 2017, (Feb/16 to Jan/17) $3.1 million in 2018 (to Jan 31/18) and $5.5 million in the first half of FY 2019. (to July 31/18) Total up the meters drilled and divide into the money spent and you have a rough idea. Keep in mind that some of those expenditures were on other properties to keep them in their portfolio, but most of the recent money would have been spent on the golden triangle properties.
I find their accounting year strange. I've seen companies that don't align with the calendar year but never one that's 11 months out.
I also noticed that the president earns $144k per year...a modest sum for that position, even in a junior. He holds roughly 5.5 million shares and about 1.5 million options at 10 to 20 cents. This info comes from their 2017 AIF.
I also noticed that they don't publish their financials on their website. Most companies do.
Forgot to mention that their annual meeting is Nov 6 in Vancouver. Are you attending?
ReplyDeleteFair enough Bill. You do work in the mining industry though so that is a built-in defense mechanism. Not a bad thing, just something to be considered. As for shorting a scam, it's a good thing you don't "invest" in mining companies. Scams are often the most volatile, so as a short you need lots of capital and typically don't have much time (the borrow cost can be brutal). Not a good way to make money at all, much better just to avoid the scams. And perhaps best to just be a total cynic and actually buy them on the way up. But you must know they are scams, otherwise you are likely to ride them back down as well.
ReplyDeleteThanks Tom. My background was mostly as an operator but I spent the final years of my career (currently retired) doing valuations on projects like this one, many of them in BC. I don't think that makes me defensive for the industry but it DID provide me with some pretty good guidelines to figure out which companies have a legitimate shot at making it and which ones don't, for whatever reason.
ReplyDeleteMy honest opinion on this one is mixed, although leaning heavily towards the negative. They're putting a lot of money into the ground, which is a good thing. On the other hand, they're ignoring three other VTEM targets and they continue to drill into the same small area despite having said past NR's that they had a different strategy for 2018. News releases are not timely and they're full of meaningless babble speak that makes technical people like me wary. If I were a junior investor I would look elsewhere. I know of other properties that have a far better chance of making it than this one, although the ones I've studied are considerably more advanced. This is grassroots. I tend to look at projects with at least resource estimates or even farther along the value chain.
I'll take that as a "No, I'm not going to the annual meeting."
ReplyDeleteOnce again you're venturing into unfamiliar territory Ace. You wouldn't know a drill fish from a triple core tube.
The numbers I gave you are actual exploration expenditures. Surely even a simpleton can total up the meters and divide that number into the exploration costs. I can't do it all for you Ace.
Ahh yes! A simple question from a simpleton. Have you read the SRK report yet?
ReplyDeleteOh! And I gave you the answer. Take your pick of any 32 holes you wish. They've drilled over 40 to date.
ReplyDeleteSo what have you included in your guestimate? Contractor? Core boxes? Camp? Supervising geologist? Logging? Splitting? Assaying? There's more to diamond drilling than you think...if indeed you do think.
ReplyDeleteThanks Bill, have no issue with any of what you are saying. There is legitimate exploration potential with GGI, not even just with nickel (as you say, they have other VTEM, showings, etc.). And even on the nickel, there could be some (I believe limited, but still worthwhile) upside potential. Let's see something outside that 200x100x150 "historic" exploration area as shown on the maps in the Minfile. To date we haven't, so I view the speculative fervor we've seen up to now as premature and unwarranted.
ReplyDeleteYou started it Ace, and I don't normally reply in kind but now that you got me going...I'm rather good at it as you will see over time if you continue with your juvenile language. If you want to be civil I'll be civil but if you want to trade insults....fine by me.
ReplyDeleteAs for your diamond drill question....I answered it, and if you had done simple division you could have gotten the cost per meter on your own. Truth is you don't know what they're spending for their drilling. Your answer was just a guess based on "nosebleed helicopter country." Mine on the other hand was real dollars spent on exploration by this company.
Now about that SRK report.....have you had someone read it to you?
PVG results out and look pretty good to me.
ReplyDeleteThe $450 million Scotia/ING loan will cover $423 million due by Dec 31. Terms of the Scotia/ING debt are unknown. There is an additional $200 million in current debt payable over the next 12 months arising out of the stream that Pretium say will be paid this year, possibly out of cash ($190 million) on hand. The biggest remaining question is grade reconciliation but I also wonder why roughly 1/3 of ($24 million) their operating cost ($72 million) is for contractors. (See Note 17) They must be doing a hell of a lot of underground development. I bet the camp is busting at the seams.
ReplyDeleteGold down hard not helping.
ReplyDeleteThere is also the offtake obligation, it's a decent markdown on their realized price. They can buy down 75% of the obligation for $11/oz undelivered at 12/31/18 or $13/oz at 12/31/19 (that's nearly 7 million ounces so not insignificant). They don't talk about this, so let's see if they do buy it down. Just need another US$77 million.
ReplyDeleteTheir core pics look almost identical to pictures of Hishikari mine veins in Japan. Be crazy if they are onto a similar deposit. Check it out.
ReplyDeletehttps://www.geologyforinvestors.com/great-deposits-world-hishikari-japan/
SIC reminding me of GGI, jeez 15 meters out from their other hi grade intersection from months ago.
ReplyDelete