My AGM Experience III
posted on
Jun 05, 2010 03:04PM
New Discovery Resulting in a 20KM Mineralized Gold Belt
Say does anybody remember Jim Tilsley saying something like this?
He was referring to the potential economics of this deposit and he said something kind of like this, 'In the entirety of my 40 year career, and I've travelled all over the world and seen all kinds of incredible and interesting geological deposits etc, I have never seen anything like this....and some people may say that just means I haven't seen all that much. (the last part was a joke)'
Is this what I heard? For anybody that knows Tilsley (I don't know the man that well, but I've done my homework), this seems like a fairly powerful statement, no?
Anyways, I'm kind of jumping all over here...but you can sort it out as I write down my memories as they come.
There were quite a few questions asked.
#1 was the '43-101' question. FC says that the 2 most common phrases he hears are '43-101' and 'Open Pit'. Probably kind of like Jimmy Buffet getting requests for Margueritavile and his other song.
I think we've all heard this here a few times. Long story short is, to do a 43-101 at this stage of the game would be pre-mature. They have so many targets to hit and to better understand the geology it does not make sense. Because they have proven that the average grade is higher with bulk sampling they do not want to do a 43-101 based on the drill results which underestimates the grade. Tilsley believes we have 3g/t min and more likely 4g/t or higher - and this is a very conservative man. A 43-101 at this stage makes us a 2g/t deposit, forever.
#2 I asked if this kind of rock is economic to mine. I know it is, but I have never directly asked the question. Infrastructure is minimal. This kind of deposit is over 90% recoverable. Tilsley did say something like they would want the grade to be higher than 2g/t at this stage of the game to be economical, but you have to keep in mind that the amount of tonnage that may be added here in the near future is a game changer.
#3 Someone asked about the geochem. Tilsey explained the basics and that it is a collaborative effort from a geo and bio(???) Anyways, he said that if we ever get delays on our geochem it's likely that the founder of this technique may be investigating a homicide as he is a CSI person as well (Dale Sutherland)
#4 I also made a comment/question. It was this. So...I understand this project and everything that is involved with it. I see the potential. I think it is an incredible opportunity. Why is it that I know about this and nobody else does?? Why is it that I feel like I am a crazy person and that I am embarrassed and ashamed to talk about it because when I do, anyone that has a heartbeat thinks I am being snowed into investing into the biggest scam since Bernie Made Off with $2B?? How is it possible that I am so astute that I am at the frontline of a major gold discovery in my home country?
Frank took my question and responded kind of like this. Everything is imminent. We have just raised enough capital, we are just about to get back our assays, we have been working hard to get everything to this point. Raising money in the junior exploration sector is very difficult. We have succeeded in this area. He referred to how so many explorers have come up short with financing, many have reduced in price and even more have been cancelled all together. He says there is a long line up of people looking to get money from investors (institutions) that have 1 million, 1.5 million, 2 million ounces of gold in the ground. When I knock on their door I am going to have a Belt.
He said that not too long ago he had money lined up from a significant investor at a major investment firm. For whatever reason and luck, before they had signed of invested this guy got poached from yet another firm and had a 3 month non-compete. This is coming on around 3 months now and Frank expects to be giving him a call in the next week or so.
I can't remember if this was to the room or a small group (pretty sure it was a group of 3 of us), but FC said that if he couldn't get 2-3 analysts to the property in the next 3 months that he is a failure. Now, I won't hold him to this (although I'm sure he will himself) but the point of him saying this wasn't to say yay, we are going to raise our SP. The point was that he expects the geology of this to be so incredible that they should be calling him to be getting booked to see the property - but not in a cocky way.
Anyways, I was satisfied with his answer and until they have released or gathered all of this information they are rapidly accumulating from the drill campaign there really isn't much of a story to tell anyways. The proof is imminent and that will speak louder than anyone ever could. I'm pretty sure he has laid some groundwork over the past little while and he knows how to get to people.
By the way, they are in Vancouver right now and have solid meetings for M,T.
Okay, more in a bit...