GMN - Gold Mountain

[System]

Commissioners Gold Limited (CGU) is a gold exploration company focused on proving up economically viable deposits of gold in the world class Lachlan Fold Belt mineral province of New South Wales.

The Company has rigorously acquired a portfolio of six projects over six tenements, a ground area of over 500 square kilometres.

http://www.commissionersgold.com.au

 

[springhill]

Re: CGU - Commissioners Gold

MC - $1m
SP - 5c
Shares - 24.7m (+10m unquoted)
Options - 2m
Cash - $504k

Dalton
Between 8 February and 9 March 2012, 8 shallow RC holes were drilled for a total of 918 metres. Drilling targeted areas of soil arsenic anomalies coincident with the Dalton line of historic mine workings. The main area of mineralisation is part of a single mineralised lode which is hosted by a northerly trending en echelon shear structure with a strike length of more than 6 km.
Samples were analysed by ALS Orange for Au by 50g fire assay and a suite of 35 elements by ICP. In total 425 samples were assayed, plus duplicates.
Intersections with greater than 1 g/t Au include:
DAL002 43-44m 1m at 2.55 g/t Au
DAL004 114-115m 1m at 2.67 g/t Au
DAL008 54-55m 1m at 35.5 g/t Au
Results from the drilling programme confirmed the presence of narrow structures containing strong but patchy gold mineralisation, and reinforce the interpretation that WNW-trending cross structures are an important control on mineralisation at Dalton.
Although results were interesting, gold returns were not as strong as hoped for and accordingly the Company intends to focus on its more prospective projects in the short-term.

Oberon
Central West Gold 100% Commissioners to earn 70%
During the quarter, Commissioners Gold and Central West Gold executed a variation to the Black Bullock Farmin and Joint Venture Heads of Agreement for EL 7702 (Oberon) to extend the due date for exploration expenditure. Under the JV variation, Commissioners is required to spend the remaining $200,000 of the original expenditure commitment by 31 December 2012.

Cowarra
Commissioners Gold 50% Capital Mining 50%
The Company is formulating concept plans to recover a bulk sample of the Ambassador Lode. Those conceptual plans are evaluating two decline options: one to rehabilitate the 240N Winz level; the other to open a short decline with the intention to intersect the Vanderbilt/Ambassador lode, then drive 50 meters to the south to pick up the main Ambassador lode. Access via 240N Winz would require dewatering, with water going to existing tailings dams. Early discussions have been positive for toll treatment of ore recovered at a regional processing plant in central west New South Wales.

Peru Project Acquisition JV
Commissioners Gold 50% Australia Gold Corporation 50%
Commissioners Gold has entered into an agreement with Lima–based unlisted resource junior, Australia Gold Corporation Limited (AGC), for a 50/50 project acquisition joint venture to identify and acquire resource projects in Peru.
The JV commenced on 2 July 2012 and will run for an initial six months to 31 December 2012.
Under the agreement, CGU will contribute AUD$50,000 per month to fund an aggressive programme of project evaluation and acquisition. The due diligence process will be conducted by AGC’s existing team of professional Peruvian engineers, geologists and lawyers as well as permitting, community, security and environmental specialists. The Lima team is led by an experienced Australian management team.
The JV will initially target areas of high grade mineralisation currently being worked by small miners, and to then acquire majority equity in those areas through modest cash investment. The near-term strategy is to move early into trial mining with ore trucked directly to strategically located toll-based processing plants to be constructed by the JV over coming years. Anticipated cash flow is expected to fund further development including optimisation, modern exploration and up-scaling of mining operations.

 

[prawn_86]

Re: CGU - Commissioners Gold

500k cash an 1m market cap

Any hints as to the next capital raising? Must be needed otherwise this co is going to the wall...

 

[springhill]

Re: CGU - Commissioners Gold

500k cash an 1m market cap

Any hints as to the next capital raising? Must be needed otherwise this co is going to the wall...

No word of one that I can find.
Their spend this quarter is due to be $190k, so they have max 2 quarters of funds.
Will post as details of a cap raise eventuate.

 

[verce]

Re: CGU - Commissioners Gold

ASX:CGU - Market Cap ~ $2 million (34 million shares) 52 Week High (0.085) Listed: 2 September 2011 @ 20 cents

-portfolio of projects in the Lachlan Fold Belt of New South Wales (http://en.wikipedia.org/wiki/Lachlan_Fold_Belt) including Cowarra, Oberon, Dalton all being drilled

-North, Central, and South Peru is the best part in my opinion, community supported, Polymetallic Au-Ag-Cu-Pb-Zn mineralisation, 17,000 ha exploration etc.

-forecast to generate around US$700,000 per annum over the next 10 years (post Peruvian tax) @ cash cost of only $370 dollars an ounce

-expects to more than double the rate of production through the Mollehuaca to 60,000 tonnes per annum by the end of March 2013

**Total investment in Peru will be recouped via this method**

-Top 20 hold 69% of the stock: including Executive Chairman Chris Battye who is the top holder with 22% of the issued capital, followed by real estate mogul turned resource investor Duncan Hardie with 19%

 

[verce]

Re: CGU - Commissioners Gold

ASX:CGU - Market Cap ~ $2 million (34 million shares) 52 Week High (0.085) Listed: 2 September 2011 @ 20 cents

-portfolio of projects in the Lachlan Fold Belt of New South Wales (http://en.wikipedia.org/wiki/Lachlan_Fold_Belt) including Cowarra, Oberon, Dalton all being drilled

-North, Central, and South Peru is the best part in my opinion, community supported, Polymetallic Au-Ag-Cu-Pb-Zn mineralisation, 17,000 ha exploration etc.

-forecast to generate around US$700,000 per annum over the next 10 years (post Peruvian tax) @ cash cost of only $370 dollars an ounce

-expects to more than double the rate of production through the Mollehuaca to 60,000 tonnes per annum by the end of March 2013

**Total investment in Peru will be recouped via this method**

-Top 20 hold 69% of the stock: including Executive Chairman Chris Battye who is the top holder with 22% of the issued capital, followed by real estate mogul turned resource investor Duncan Hardie with 19%

The Lachlan Fold Belt has a long history of mineral production including gold (Au), copper (Cu), lead (Pb), zinc (Zn), silver (Ag) and tin (Sn). The potential for new discoveries in the Lachlan Fold Belt is high, and the scientific input from the project played a leading role in focussing exploration effort.

St Barbara ($1.39) has established a significant ground position over the concealed northern extensions of the Lachlan Fold Belt, near the town of Nyngan, where it is covered by sediments of the Great Artesian Basin. Further south, the Lachlan Fold Belt hosts several major copper-gold deposits of Phanerozoic age, each with specific magnetic and gravity signatures.

CGU have no debt and imminent cash flow.

 

[verce]

Re: CGU - Commissioners Gold

Net Present Value of the 25% equity stake in the Peruvian gold plant is ~4.2 million

The Peru JV has identified, evaluated and moved into advanced negotiation to acquire or invest in a number of exciting projects across Peru:

Puno Gold Placer Mine – The JV is establishing an operating company to conduct placer mining operations in a well known world class placer deposit in mountainous northern Peru. Agreement has been made with a local miners cooperative to acquire 75% of the project by operating an existing gravimetric plant to process auriferous gravels mined at an initial rate of 3,000m3 per day at a conservatively low average grade target of 0.25g/m3. Studies and permits to commence operations is expected to take up to one year, within which the operating company will move to acquire similar scale projects in the immediate area. Importantly this project is seen as a bridgehead onto this world class placer deposit.

Huaraz Silver Mines – The JV is in the final stages of negotiating a farm-in based staged investment for increasing equity and operational control of two separate silver mining operations in the highlands of central Peru. These two mines are currently in production. The JV aims to initially optimise existing operations before conducting targeted internal exploration to identify mineable reserves and subsequent upscaling of mining operations, including installation of a flotation processing plant. In addition to high grades of silver (Ag), both of these deposits contain significant lead (Pb) and zinc (Zn) mineralisation with some samples reporting ore grades of copper (Cu), gold (Au) and antimony (Sb).

Piura Gold-Silver Exploration – The JV has reached the final stages of negotiating sole access to 17,000 hectares of very prospective ground in northern Peru. This highly mineralised area is prospective for epithermal and porphyry system deposits and is the focus of a number of major international mining companies. The initial phase of the project is seen as a bridgehead into the area and will include the construction of a small cyanide/flotation processing plant on a 50/50 ownership basis between the JV and the local community association. Access to prospective mining ground underwritten by support from the community is seen by the JV as removing a critical project risk, vis-à-vis opposition from community groups (an issue in parts of Peru). A JV operational subsidiary company set up to accommodate this project will also be actively seeking other high grade projects in the immediate area.

It should be noted that these advanced projects have been progressed to the point of executing binding Memoranda of Understanding (MOU), after lengthy geological, engineering, legal and financial due diligence by the Peru JV team in both Lima and Sydney. The actual names of these projects, mining operations and localities has not been disclosed herein in order to protect business advantage at this late stage of final negotiations with our prospective partners.

_________________

That's all folks!

 

[System]

On December 22nd, 2014, Commissioners Gold Limited (CGU) changed its name and ASX code to Gold Mountain Limited (GMN).

 

[Gringotts Bank]

Chart is strong.

No one keen on selling.

aka - high tight flag.

Waiting for the spread to close down to 1 point.

 

[Gringotts Bank]

If only it could be coded. Very hard, the high tight flag.

 

[greggles]

Gold Mountain Limited seeing some positive price action in recent days after announcing on 5 March that it has discovered Bonanza Grade Type Gold at its flagship Crown Ridge prospect in Papua New Guinea.

They followed up that announcement with another today providing further information and suggesting that it is possible that Crown Ridge hosts a low sulphidation epithermal system, similar to the neighbouring Porgera Gold Mine, which has produced 24 million ounces of gold to date.

The photos of the nuggets in the announcement made today look good.

Could be some potential here.

 

[greggles]

Gold Mountain dropped off my radar after that activity in early March as it didn't follow through and eventually declined to around 7c before bottoming out last month.

It started to move north again last week on increasing volume but really took off today after the company announced that the maiden diamond drill hole at Mongai Creek has confirmed diagnostic characteristics of a porphyry copper-gold system 77km north-east of 24 million-ounce Porgera Gold Mine.

Field data is now being evaluated to identify several follow-up drill targets in the Mongai Creek Porphyry Cu-Au Project.

GMN finished the day up 14.94% to 10c on volume of around 4.2 million shares.

 

[greggles]

Gold Mountain rapped over the knuckles by ASIC for alleged continuous disclosure breach.

https://asic.gov.au/about-asic/medi...ing-its-alleged-continuous-disclosure-breach/

 

[brerwallabi]

Holding licences over 2500sg kms in PNG, some semi decent results in drilling.
Results still to come from from further to two holes drilled.
Plans are to continue drilling a further four holes.
Trenching results have been encouraging.
Early indications are of good mineralization copper, gold and other.
Best to check AGM presentation late November, company seems to be progressing from almost fossicking to being a real exploration company.
After a mid year low of 4.1cents it has picked up to 8 cents as of 27th December with increased volume from October. It has been climbing since mid August despite the hesitation in the gold price in this period.
An interesting stock which has always been able to raise capital and often above the current share price, has some new management and investors on board.
Eagerly awaiting some drill results, I hold.

 

[brerwallabi]

A lot of action in Gold Mountain today with a strong volume day over 1million shares traded and finishing 0.4cents to close at 8cents with a high of 8.6cents. Approximately 50% of shares going through at 8.6cents
Volume was nearing 4x the daily average volume.
Some quotes from CEO Tim Cameron
“I honestly believe that we are onto something massive here. That’s why this project is so exciting.”
“We are expecting the results back middle to late January on the two holes just finished”
“We have a very strong feeling that we are onto something big.”

 

[brerwallabi]

Results from the forth diamond drilled hole show they are still skirting possibly a large copper/moly porphyry deposit. Grades on the low side still, however the current drilling program still has another six holes to be drilled and results to come from the fifth hole.
The area is renowned for large copper/gold deposits, if their calculations are right they will find it.
The sixth hole is now underway.
The recent results did not move the share price forward and I suspect the result announced on one hole only was to show newly attracted investors progress was being made in drilling/locating a large deposit.

 

[Dona Ferentes]

Local fighting sees 10 killed in Porgera

https://www.abc.net.au/news/2020-03...killed-after-gunmen-open-fire-in-png/12049834

 

[brerwallabi]

Local fighting sees 10 killed in Porgera

https://www.abc.net.au/news/2020-03...killed-after-gunmen-open-fire-in-png/12049834

Unfortunately tribal conflict/violence is endemic in PNG.
Man, woman and child it doesn’t matter, it can be brutal, disputes can be decades old and revenge so.

 

[brerwallabi]

Some assay results to come in the next couple of days from two diamond drilled holes.
Company news is very confident of late and management seem to indicate they are going to hit pay dirt.
The volume in the last four days has featured three of the largest volume days seen in the past year with 12.5 mil being churned where normally only 200k.
It’s make or break time for this little explorer, if the assay results are what the company are predicting then we have another real Gold/Copper company.

 

[greggles]

Drilling results from GMN's Monoyal Prospect are currently outstanding and the company announced on 5 June that results from hole MCD007 were expected to be announced by 30 June. There has been no announcement today, so I assume that they are now only days away.

Results from holes MCD005 and MCD006 should also be announced in the near future.

This is from the announcement of 5 June:

A decision was made by GMN to prioritise MCD007 ahead of MCD005 and MCD006 due to the encouraging visual indications of mineralisation observed in the hole.

That sounds very encouraging and I expect that June will be a good month for GMN's share price if the assay results live up to expectations.