watso doing his normal community service, and making a post on gda, so that holders have got something to read.
keep in mind, that the company has an "inferred resource" of about 40,000 oz (of which gda have 70%) . following on from another post that watso made somewhere - but this is the lowest level of certainty for a mining/exploration company. a company could have an inferred resource of 1bn tonnes at .3 gm/tonne - but that would be meaningless - as all that they are saying is that there is a bit of a chance that there is a billion tonnes at .3 gm - it is only when the company starts to convert resources into reserves, that the market might start to take a bit of notice - reserves, are that part of the orebody, that might be economically extracted. of course, a lot of companies have "resources", and with more drilling etc, then some of that will get converted to reserves.
sadly, 70% of 40,000 oz of resources, does not make the grade ... to start of with, nobody is going to lend money on "resources".
watso is happy to be corrected, but no mention was made of centenary in the last report - that is probably a dudd, because it does not take 5 years, to work out if there is some ore in the prospect
just to give an idea, of how large companies do things - and if a large company was looking at parker range. - ok there will be a project geologist, and each year, he has to put up his hand for project funding - and he has to write up reports, to justify the continued expenditure - at the senior level, competing projects are assessed - and depending on the funding available, decisions are made.
in all fairness, most companies would have dropped parker range a long time ago - after all gda have been there for about 10 years - and have nothing to show for it. the good thing about parker range, is that it is relatively close to perth, and i nice little project, on which to offer hope, if gda dropped the tenements, would other parties be interested - well, watso assumes so. it might appeal to some prospectors - after all, there is gold there. the beuty of gold, is that there is a deposit for every level of operation - big mines, middle sized mines, small mines, prospectors, and even people with metal detectors.
watso's interest - well, donkey years ago, he worked for the oompany that put up a lot of money for the tenements that gda had (now held by sxg). watso has also pegged a lot of claims in the area (for other parties)....including midnight pegging. - also donkey years ago, watso had heaps of shares in a company (kiaora gold) - who held the mines that sbm are now operating (well there were several mines)
is there another "yilgarn star" - of course, there is always the chance - and it could be on gda's ground - the only problem is that a lot of money has been spent , looking for another "yilgarn star" - and is why gda mentioned that they would concentrate on looking for "small footprint deposits".
boy oh boy did gda stuff up, when iron was running hot, and there was an obvious iron deposit at parker range (it was reported in the relevant journals) - and they farmed out 80% to caz, for the measly expenditure of $1m
DONKEYS is a word that comes to watso's mind
ok - watso has given something for gda readers to read - but what about poor old YIN, on the mxr thread. watso has not even got the energy to make a comment on the mxr thread - but it is obvious that YIN, is always happy to read a mxr post.
ok - maybe (or maybe not) next week, watso will post on the mxr thread
GDA Price at posting:
1.9¢ Sentiment: Sell Disclosure: Not Held
