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plough

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06/11/18

04:02

Post #: 36398913
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Originally posted by speculator101 ↑

Originally posted by plough
"What Idon't understand is why they started with Golden Wings when they have otherdeposits with better grades and less trucking distance. Gilbeys South andPlymouth are both nearer and appear to have better grades. Wouldn't it makesense to reduce risk and build momentum by using better grades to begin with."

The grades are similar between GW and GB 1.42 gt and 1.28 gt respectively , so is strip ratio 7.9 and 6.1
If you look at the feasbility study there is a table of the differences between the two pits , the mining costs and processing costs are shown to be actually less in GW guess that is because they thought the ore was softer but that was before the laterite cap issue of hard rock was found when actual mining occurred .

GB is about 6 times the size of GW and it has already been mined GW is essentially unmined as only has a 5 meter deep pit therefore a reason to mine GW first would be to get ore early in the mine schedule
Hey Plough,
for me GW was done because originally, the grade was closer to 2g/t, but... as they did more and more infill, the grade kept reducing... I knew this, but... stupidly trusted the MD over the numbers. GW was supposed to be the kicker. When in reality it is likely that Sly flox was the better option. Anyway, its done now.

Just another reason why the MD likely had to walk, good explorer, poor everything else.... My opinion only of course.

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Spec You are probably aware, They have also been mining sly fox - be nice to get an update on how the mining is going , the mining of the actual ore not shareholders pockets .
Yes I noticed how the grade kept dropping over time for the same pits as they did more drilling .

It was a kick in the head to me , to see the admirable praise given to the MD in the AS announcement when he left , the salt got rubbed nicely into the wounds
I left a message for the company to call me back about a week ago but no response

GCY Price at posting: 12.5¢ Sentiment: Buy Disclosure: Held
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