GCR - Golden Cross Resources

[YOUNG_TRADER]

If I'm reading the chart right (which I'm probably not given I'm a LN lol hey Kenna?) 4c should act as good support

I agree with Whiskers and would add that given the amount of interest it recieved a few days back, any slightly good announcement will be a catalyst for another move up

 

[YOUNG_TRADER]

If I'm reading the chart right (which I'm probably not given I'm a LN lol hey Kenna?) 4c should act as good support

I agree with Whiskers and would add that given the amount of interest it recieved a few days back, any slightly good announcement will be a catalyst for another move up

That looks like a bounce off 4c to me,

Charts such wonderful creatures

I'm guessing the drop to 4c flushed out alot of traders and holders who were ready to stag as alot of the sell depth has thined,

Anyway as I said we'll need a meat and veg ann to get excited,

Waiting waiting

 

[d_crome]

YT Mate - what sort of announcements are we talking here (i.e. in regards to which of their projects?)?

Hopefully they continue with their connections to Legend and reinforce they're still part of the poo brigade!

Also mentioning Poo Brigade, what are your thoughts on STB still?

 

[YOUNG_TRADER]

Also I remember drilling was meant to start, in Panama, or maybe it was more sampling

D Chrome as I said yesterday something was happening in Panama and it looks like I was right

"Panama Drilling Update"
Early results are encouraging according to the company

Also we can expect some assays from Copper Hilldrilling in 4-6 weeks time


p.s. Re STB my last post on the thread summed up my position on it, "cheap spec exposure" to Agri sector

 

[Whiskers]

That looks like a bounce off 4c to me,

Charts such wonderful creatures

I'm guessing the drop to 4c flushed out alot of traders and holders who were ready to stag as alot of the sell depth has thined,

Anyway as I said we'll need a meat and veg ann to get excited,

Waiting waiting

I'd say so too, YT.

Looks like they're buttering up the bread ready.

Early visual results are promising. Pananma has very good grades and may be a significant project if they can be confirmed in volume.

The Power anomoly is shaping up to be similar to Copper Hill with wide zones of low grade copper observed. If the assays come up with a bit better grade than Copper Hill, that project should attract much stronger JV interest.

Panama
GCR is pleased to announce encouraging early signs from its diamond drilling program at the
Los Hatillos property in Panama, following completion of the first two holes, LHD-01, to 210m,
and LHD-02, to 150m. The holes were designed to test the down-dip extension of the Veta
Blanca vein system and shear zone. On the basis of historic underground sampling, restricted
to two trial mining adits at Veta Blanca, a zone grading 11.54 g/t gold, 20.3 g/t silver, 0.12%
copper, 2.3% lead and 3.55% zinc had been defined (see aerial photo and section).

Above hole LHD-01, in the upper of the two adits, a 41m strike length of vein material averaged
27.2 g/t gold, 0.25% copper, 4.8% lead and 5.0% zinc over an average width of about 1.2m.
Hole LHD-01 indicates a broader mineralised zone than anticipated, with numerous veins,
within sheared, intensely altered andesite containing abundant sphalerite and galena with
minor chalcopyrite intersected from 145m to 164m, and the Veta Blanca vein system
intersected from 164m to 175m (see core photos). In LHD-02, the Veta Blanca vein/shear zone
extends from 124m to134m down-hole, within sheared, altered andesites with abundant quartzbase
metal veining. The veining and base metal mineralisation provide indications of a deeper
mesothermal, rather than epithermal, setting.

Two more holes are planned at Veta Blanca, before moving the rig 2 km east to test the El Tiro
system with three holes (see aerial photo).

On the basis of the mineralisation seen to date, it is likely that the drilling program will be
extended beyond 1,000m. GCR may earn 70% in the Veraguas properties, including Los
Hatillos, by spending US$4m on exploration by 2012.

NSW
Encouraging chalcopyrite, sphalerite and galena intersections have also been made by GCR in
current drilling at the Burra Copper prospect south of Canbelego, and broad zones of low
grade copper mineralisation have been observed during logging of the recently completed,
500m RC-core hole at the Power Anomaly, east of Copper Hill. Assay results will be four to
six weeks away. Farm-in partner Zinifex is drilling at GCR’s Wagga Tank property in central
NSW and farm-in partner Tri Origin is also diamond drilling, on GCR’s Cullerin property north
of Woodlawn.

 

[sydneysider]

I'd say so too, YT.

Looks like they're buttering up the bread ready.

Early visual results are promising. Pananma has very good grades and may be a significant project if they can be confirmed in volume.

The Power anomoly is shaping up to be similar to Copper Hill with wide zones of low grade copper observed. If the assays come up with a bit better grade than Copper Hill, that project should attract much stronger JV interest.

Whiskers, the interesting comment about the Panama project is that the vein system has ben identified as multi kilometer long on and near surface and now two drill holes confirm it as having depth (continuity and widening) AND being mesothermal in nature. These systems are found on major faults zones in the earths crust and are formed at depths of at least 3-5 kilometers. They tend to be very large systems.

 

[goldmandane]

Whiskers, the interesting comment about the Panama project is that the vein system has ben identified as multi kilometer long on and near surface and now two drill holes confirm it as having depth (continuity and widening) AND being mesothermal in nature. These systems are found on major faults zones in the earths crust and are formed at depths of at least 3-5 kilometers. They tend to be very large systems.

It sounds like a nice find, with some high grade readings all be it in only 1 or 2 drill holes. But what I cant understand is the market goes nuts for some rock chip samples that URM find but not in this

 

[sydneysider]

It sounds like a nice find, with some high grade readings all be it in only 1 or 2 drill holes. But what I cant understand is the market goes nuts for some rock chip samples that URM find but not in this

Bellhaven reported previously that the Adit#1 on the Los Hatillos strike system (3-4kms) contains an measured and inferred resource of 17,000 tonnes @ 12.5 g/t gold, 21.6 g/t silver, .14% copper, 2.49% lead, 3.95% zinc. The two reported holes now extend that tonnage down to 165m downdip from the adit at 20m width (in the adit it was at 1.2m width) and to the North by 50m at a width of 10m. Assuming that the average width of the vein is now 5m and it is contained in a block 100m x 185m (assuming mineralization extends 25m from each hole in all directions) i infer a tonnage of 2.5 tonnes per cubic meter for a total of 231,250 tonnes. Now this is two holes covering 50 meters over a 3-4 km strike length (total strike targets exceed 8kms in the general area) ANd we now know that the system is mesothermal and has the potential to extend to very great depths. This project could get very exciting very quick, the next few holes will tell more. IF u review the previous data on the surface sampling and trenching u will realize that a very substantial quantity of decent grade gold values leached into local creeks and on surface. Please note that i make no comment on grades, as assays are some weeks away but merely reflect on the GCR geological description of cores and photos contained in last weeks report and comment on my "ballpark" estimation of tonnage.

More to follow. Good luck to all longs

 

[Whiskers]

New presentation out today. Looks like GCR is lifting their marketing game.

There seems to be a bit of new material... maps, diagrams, magnetic impressions etc that I haven't seen before.

I'm only half way through the 70 slides yet, but it looks like they're starting to get quite upbeat about the projects they're involved in now.

 

[YOUNG_TRADER]

Hey Whiskers, yeah I tend to agree

Also noticed they're beating the drum alot harder re Copper Hill

All positive if you ask me,

Stock looks to have found support around 4c

 

[sydneysider]

Hey Whiskers, yeah I tend to agree

Also noticed they're beating the drum alot harder re Copper Hill

All positive if you ask me,

Stock looks to have found support around 4c

Understand that they have started a roadshow across Australia with the new presentation. Stock has stabilized between 4.1-4.5 on lite volume, with some firmer bids adding support.

 

[Fed23]

Its broken thru 4c barrier and down to 3.7c

Can anyone explain why such a big drop in share price?

 

[adamim1]

Yes, I would like to know this too.

I bought in at .04c only to see it drop to .036.

I guess we'll just have to wait and see.

 

[malachii]

The break below 4c is a pain but still - it held in the 3.6-3.8 band and finished at 3.8c. This to me is the "do not go below" otherwise we may be looking at something in the mid 2's. It will be interesting to see how this holds up tomorrow with no news coming out for probably another 4 weeks or so and the US being closed tonight. Hopefully something will come of the roadshow sydneysider mentioned they are doing at the moment.

All things considered I think they held OK today - it seems that anything that didn't make a positive announcement today fell.

My opinion anyway - FWIW.

malachii

 

[YOUNG_TRADER]

Guys I have been on GCR at an avg of mid 3cents ie 3.5c ish, I watched it go up to 6c ish and held firm, I did not treat GCR as a trade (ie unlike CVI CTP which were just pure trades)

I am treating and have always treated GCR as a fundamentally undervalued stock awaiting a serious re-rating,

I have recalculated GCR's EV based on Legends share price, which although it has fallen somewhat still implies an 8c+ value to GCR based on Mt Isa,

I cannot understand why the mkt it valuing GCR so poorly however I will hold these until what I believe is fair value is reached

I could be wrong though so DYOR


Valuing Mt Isa
EV
Legend current shareprice = $3 with 200m shares fully dilluted its MKT CAP is now $600m US = $670m AUD

Legend has a NET 1.3Bt's@15% Phosphate (1.4Bt's but 100mt's is GCR's)

$670m With 1.3Bt's@15%Phosphate = 51.5c per tonne ore @15% Phosphate

GCR has 20% of 500Mt's@15%Phosphate = Net 100Mt's

@ 51.5c/t = $51.5m 8.2c GCR


Conclusions
- Based on my prefered valuation the EV GCR is worth 8c+ on Mt Isa alone
-GCR is one of only 4 ASX listed companies with an actual Agricultural deposit
- GCR's deposits are between 60kms-150kms from IPL's operating Phosphate Mine
- GCR's project is part of a bigger project for big brother Legend kinda like the CUL/AQA relationship, the big brother has the deep funding pockes and expertise needed to advance these projects to production allowing GCR to advance its many other projects
- Copper Hill maybe in OFFTAKE discussions which would be a very important milestone for the company
- The company has many JV's and other projects from NSW to QLD to Panama to Canada

 

[juw177]

So who here has been shaken out by the break below 4c?

I picked up some as this looks like a classic shake out pattern and a whipsaw is very probably... unless the market tanks or something.

 

[Fed23]

Im still hanging on, but wish it would get back up, least close close to 4c.

ARD its JV in kempfield has started drilling... hopefully that will come out with some good results in 4wks.

 

[blehgg]

Rarrrr -

wish I had capital to top up

Nice little read - from last week I think...

http://www.mineweb.com/mineweb/view/mineweb/en/page66?oid=53357&sn=Detail

Anyone read the site before? ~ Are they rampers?

 

[Miner]

Rarrrr -

wish I had capital to top up

Nice little read - from last week I think...

http://www.mineweb.com/mineweb/view/mineweb/en/page66?oid=53357&sn=Detail

Anyone read the site before? ~ Are they rampers?

Good stuff and I believe mineweb is far more independent in their views. Nevertheless they also survive on advertisements. Looks like I missed this story and thanks

What I read the follownig in the report (sorry for spellings in rush)

Should a potential partner be found by the last quarter of this year then more intense drilling would be undertaken to quantify a substantial measured reserve that could then lead to a bankable feasibility study.

That means - unknown factor in going ahead and could that be the reason in sp drop - lack of a partner ?

He said a logical partner could be a Chinese copper metal producer and a partner could end up with a 60% project stake.

Could this question be heading us towards CYU an investment vehicle for copper resources by Chinese Government and a thinly treaded share ?

Hopefully the experts in GCR will throw more light but your posting was good.

 

[malachii]

Still in pre-open this morning - Mt Isa Phos farm in agreement with legend. Be interesting to see how the market reacts - GCR will have 20% stake free carried.

Malachii