Happy to take a typically small parcel of GMD following the issue by them of details surrounding the toll treating of gold ore from its Ulysses project.
This is an averaging down exercise for this old duck.
GMD announced they would now high-grade what likely is initial production from ULysses, citing estimates of 9,700 ounces of gold won from ore grading 4.1gpt, to net them around A$6 million.
Previously, they had estimated the gold resource at Ulysses at 151,000 ounces from ore grading 2.2 gpt.
The latest figures look eminently commercially doable given road haulage and toll treatment costs. The earlier resource estimate made the project look a little iffy.
Okay, the company hasn't struck El Dorado here but the A$6 million return from the latest plan will certainly allow some intensive brownfields exploration around Ulysses while allowing development of other opportunities.
The share price now will be well supported as the project proceeds, which opens the prospect of surprises on the upside.
Ann: Gold Mining Set to Commence at Ulysses Project-GMD.AX, page-2
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Last
$2.50 |
Change
0.020(0.81%) |
Mkt cap ! $2.392B | |||
| Open | High | Low | Value | Volume |
| $2.50 | $2.53 | $2.49 | $6.193M | 2.470M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 31923 | $2.49 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.51 | 119324 | 6 |
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| Last trade - 16.10pm 22/11/2024 (20 minute delay) ? |
| GMD (ASX) Chart |
