Click here to recieve updates directly to you e-mail

Friday, December 7, 2018

Evrim - oh dear

I was surprised that we got a PR from Evrim, I was expecting that they would wait until the new year to publish results, like our chums at GGI (link)!.

But they did publish the initial results, and they were....

not very special

how can we put this....not quite what the market was expecting...


We could amuse ourselves with the fact that the results weren't anything special (I'll be updating a LF model over the weekend). We have a narrow zone of moderate gold mineralization at surface with a interesting (from a scientific point of view) copper zone at depth.

Oh dear
However, I'll turn your attention to this PR (link). This is where Evrim recieved ~$7.2M from Newmont, and it also tells us that they have to spend 80% (~$5.8M) of that to advance Cuale.

Will we see a massive amount of drilling at Cuale or a series of conversations to free up these funds to be spent elsewhere?

Welcome to exploration folks!

Saturday, December 1, 2018

GT Gold - update

The market hasn't been impressed with the recent results from Saddle North.


and nor was I, but I've updated the Leapfrog model with the new data (link) so you can see everything in 3D.

The new drilling was disappointing. It appears to severely restrict the size of the high-grade (>1% CuEq) zone to an area that is ~500m long by 150-250m wide.

Quite small
The silver lining is, we don't how deep it goes, but....


The good stuff starts at around 250m depth, and the stuff above is quite poor, generally less than 0.25% CuEq, which isn't something you want to be mining and 1000+ meter holes are expensive to drill.

Hole 102 is easy to explain, it cut the periphery of the system and got a bit of copper and gold, and helps define the NW limits to the system.

However, Hole 98 was disappointing, it was planned to go through the guts of the system below hole 85 and hit not much at all, just a narrow deep zone of decent mineralization surrounded by low grade. We could explain it as clipping the SE edge of the system, but that is an impressive drop in grades over such a short distance, especially as there doesn't appear to be a fault or change in rock type.

Could it be that there is a preferred orientation to the mineralization?

There is some evidence in the core photos to support this, but I have to admit, the photos aren't very sexy.

I also did a woeful calculation of doom (TM) to see potentially how much metal the system could contain.

If it was closer to surface, I think bigger companies would be having a look, but at depth, at those grades, probably just going to be ignored.

My observations for the pending holes are:

  • 106 - I'm going to guess that it will hit a 200-300m wide zone of low grade <0.5% CuEq).
  • 107 - this is probably drilling the pyrite halo and will hit grades that are a bit less that 98 (<0.25% CuEq).
  • 108 - similar to 106, hit some low-grade and not much else
  • 109 - this may be aiming for the deep zone hit by holes 62 and 93. I'll have a stab that it will hit a >1% CuEq zone from ~550m to ~950m (similar to hole 85) as it is an infill hole.
  • 110 - hit grades middling grades - probably a zone of >0.5% CuEq from 500m depth (lower grade than hit in hole 93) as you move away from the core of the system.
Maybe GT Gold will be lucky and find another couple more porphyries, but my overall feeling is that we've seen the best from Saddle North.