GCR - Golden Cross Resources

[Whiskers]

Little late replay haven't looked at GCR for some time
The Copper hill project has 1.1million oz of gold and 335,000tonnes of copper only looking at the gold and assuming a discounted price of $US800 for gold that ends up being 880-420=460million which seems to indicate an additional 100million on top of the $360million suggested. So i would have to assume that it is definitely an indicated profit.

DYOR

I wonder why you did your rough calc on gold. I recall this is principally a copper deposit, with gold and more recently Fe and acid as credits. From memory the copper value is about double the gold. I believe the costings are being done on that basis also.

Having said that I'm not sure about the apportionment of the processing costs between Cu and Au, or whether it doesn't really matter since the primary process is copper extraction. Maybe a geo can eloberate.

I cashed out earlier at 3 cents, but am getting a bit interested in loading up again on the lows since the Cu price is over 3 USD per lb and holding pretty well.

 

[enigmatic]

I have little knowledge when it comes to copper currently all i know is its going for about $U7000 a ton, I have no idea what production cost are.. however I guess you make my point even more valid.

 

[Fed23]

IM a bit out of the loop with this company but Im a holder. I dont get it GCR its always going into joint ventures with other companies when it gets tenders.

It has zero debt now after it issued a crapp load of shares to HQ mining. So a pro is it has a nice backer of HQ Mining. It also owns less than 20% of TGX (currently valued around 8cents). Does a 2cent share price reflect all these points?

It has projects all over the world, yet does it plan to develope any of them. Gilgunnina Range with MMG JV for example? What is happening with Copper Hill project, they keep planning to do more drills here and there? Are they ever going to dig up the copper and gold that they own?

If someone with a bit more info can give me an insight. I'm no expert here so I may have some of my claims incorrect.

 

[enigmatic]

Unfortunately i have no answers for you Fed23, from the outside there exposure to multiple projects and backing of HQ mining are massive plus.
However I think everyone is waiting for that announcement which will seal the deal.. what ever that will be if it does happen.

DYOR, holding short term

 

[enigmatic]

Looks like we got our answer straight away..

GCR signs memorandum - CUMIC confirms financial backing

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01030043

This is what caught my eye the most..

Mr. David Timms, GCR's founder noted, "The potential Discounted Cash Flow of A$542 is equivalent to 59 cents per GCR share."

Considering the share just jumped to 2.7cents.. 59cents a share is quite an upside. Please note I'm not suggesting that GCR shares are worth 59cents a share in any way.

DYOR. still hoping to get in at 2.5cents

 

[Fed23]

Yay! some news on Copper hills, but I would still be happier if the would mention some dates. At least a forecast when it would commence its feasibility study.

Not beating the stock as I hold, but as a holder I would like a date. Drill will re-commence later this month, so maybe mention study to be completed by Q1 01/11?

 

[enigmatic]

Has anyone been following this specy.

announcement out recently for 1 for 2 Rights issue at 1.8cents not much of a bargin at current prices.

However some more news out about New Gold Zone today.
considering Rights issue however not seeing much gain compared to current prices other then the Free 4cent options which are attached to the Rights issue exercised March 2011.

 

[enigmatic]

Scratch what i said above looks like it is now definitely a bargin will have to find out how far and how long it runs but 2.5cents compared to 1.8cents is looking pretty good

DYOR, I do hold Long term, Very small holdings.

 

[wtang89]

The new gold zone find seems like a sign of the good things to come so I am waiting in anticipation. I hold a parcel and will take up the entitlements. A few more finds like this and we will be in business. Happy trading all.

 

[enigmatic]

Looks like more news out strengthening there position for the rights issues what timing

ARD: Kempfield Resources Increased to 21.2m Oz of Silver

 

[LeeTV]

Well you can still buy on market for the same price as the rights issue(closes 12th April) so unless they can pull something out the hat in the next week or so I doubt many holders would take up the offer. I for one will be taking up the offer as I intend to top up at these prices anyway so the freebie options and no brokage, albeit small, is better than a kick in the teeth(unless the sp drops lower obviously).

I emailed Kim-Stanton Cook back in mid January with a few questions(he promptly replied the next day):



1) "Diamond rig moving to Burra Copper Mine"...
That was on the 3rd Dec, we can assume it arrived by now and started drilling as it was booked for and expected to be on site by the 2nd week in Dec, so how deep are they? Found anything?

2) Golden Cross Resources (GCR) has completed first-pass air-core drilling over selected zones within the 2800 km² Rast tenement package south east of Cobar. Drill traverses were sited to test maghemite channels with samples taken from the channel fill, base-of-channel and basement rocks. Samples are being analysed for a range of elements including base and precious metals.
So it's been 6+ weeks where are the results?

At Mulga Tank in Western Australia, a program of 5000 metres of air core drilling will commence next week. A series of drill traverses have been designed to test the gold, nickel and uranium ionic-leach soil anomalies defined by GCRs soil and sand sampling program over the covered Archaean greenstone sequences.
Next week was 5 weeks ago any news?

At Copper Hill, a total of 2700 metres of RC and core drilling is planned for step-out, infill and deep drill holes beside and within the known deposit. Metallurgical test work continues with satisfactory results to date. Further improvements to both copper and gold recoveries are anticipated as grind sizes, pH and reagents are optimised.
Planned for when exactly? Next few months? Next year?



His answers:

1) RE: Burra Copper Mine; Drilling has been completed except for a core tail to be drilled in the next two weeks subject to the rig returning. Assays from first round are awaited.

2) RE: Rast Tenement; We have results but they have not been processed; both geologists involved are on annual leave and the results have to be matched against various levels within each hole, i.e., near-surface, channel fill, base of channel and basement. Please be aware this drilling program is a first pass, grass roots approach to test this method prior to embarking on more widespread exploration drilling in the Rast tenements. The airborne VTEM survey has not yet commenced as the contractor has been delayed.

3) RE: Mulga Tank; Drilling has been completed and assays are being matched against drill logs and will be reported when the compilation is complete

4) RE: Copper Hill; Drilling will commence at Copper Hill later this month using the rig when its finished the core tail at Burra. All drill sites have been finalised and Surface Disturbance Notices lodged with Department. Results for latest round of met testing at Metcon were received last Friday and will be reported to the market in due course.

 

[enigmatic]

I watch this share often and it seems like interest is picking up with GCR.
the copper hill project is an interesting prospect and I think i might have to go back and check the fundamentals of this and other projects that GCR have.

any one else following them

 

[wtang89]

Heya,

It really is interesting to see larger volumes with GCR. Given that the price of gold and copper continue to see new heights, GCR will have a good few years coming up. I picked up a batch of them at the last share issuance.

 

[enigmatic]

Looks like i was wrong about this one still waiting on the share price to react to the the fact that the Copper Hill project has a decent deposit of copper and gold.
Copper prices steadily rising and some predictions of $US12,000 before supply and demand constraints are sorted I would of thought the new Extension of resource Grade into Wattle Hill right next door would raise more attention.

More drilling is expected at Wattle Hill, Copper Hill and Buckleys Hill over the Next 3 Months
Watching patiently for Mid year.

 

[Whiskers]

Quite substantial gold and copper deposit now, albeit low grade... but very low strip ratio and good position near infrastructure. Finance and mineral sale arrangements largely organised.

My main reason for leaving them earlier was the apparent acceptance of relatively low gold and copper recovery rates and no regard to further refining and by-products. They have since been actively researching and testing higher recovery, refining and by-products

This is one project where the currently estimated returns will become much more profitable with an easing AUD over the next year or so.

Back on my watch list for a possible re-entry.

 

[finicky]

Jackpot - Up over 1000% in one day!
Held only 13,801 shares after all the issuances and consolidations from 2003 when I first bought.
Sold them today after holding all that time to use as a tax loss when opportune. Bought GCR during my first phase of share investment when everything was an investment not a trade and I lost all my savings except for what I put into physical metals. The M.D of GCR said that Copperhill was a 'company maker' as he was retiring over a decade ago, f'g crook. Chinese takeway for the mob tonight.

 

[Miner]

Jackpot - Up over 1000% in one day!
Held only 13,801 shares after all the issuances and consolidations from 2003 when I first bought.
Sold them today after holding all that time to use as a tax loss when opportune. Bought GCR during my first phase of share investment when everything was an investment not a trade and I lost all my savings except for what I put into physical metals. The M.D of GCR said that Copperhill was a 'company maker' as he was retiring over a decade ago, f'g crook. Chinese takeway for the mob tonight.

Good share of trust and patience to pay off. 19 years a long journey even to keep a marriage stable for many (LOL) . You did bloody well @finicky

 

[finicky]

Note it's only $2,800 @Miner but better than a poke in the eye with a burnt stick. Was worth about $250 bucks yesterday, lol. I might shout the beers as well as the takeaway .. wait .. I'm being delerious now.

 

[Miner]

Note it's only $2,800 @Miner but better than a poke in the eye with a burnt stick. Was worth about $250 bucks yesterday, lol. I might shout the beers as well as the takeaway .. wait .. I'm being delerious now.

Mate
It does not matter if the total value was $50k or $2k.
It was your resilience that matters.
Often many of us including me sell off.
I am hopeful similar miracles with SBR to happen one day

 

[frugal.rock]

Chinese takeway for the mob tonight.

The mob has arrived.
Sweet n sour pork, beef n black bean and San chow bow please.
Don't forget the fly lie.
?