Sean K
Moderator
- Joined
- 21 April 2006
- Posts
- 22,018
- Reactions
- 11,006
Must be working on a capital raising at the moment. In the 3rd quarter they spent around 3m and they only had 5m in the bank. The 4th quarter will say, 'we are almost broke'.
AS1 - Asara Resources
- Thread starter Trader Paul
- Start date
- Joined
- 22 November 2010
- Posts
- 3,661
- Reactions
- 9
Some pretty impressive assay results released today
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01315588
Sean K
Moderator
- Joined
- 21 April 2006
- Posts
- 22,018
- Reactions
- 11,006
Yep, but just check assays on previous results. Does show that it's a very high grade deposit for W Africa. Amazingly so really. The Netiana Lode should certainly be mined, pending sufficient resources. Shaping up so. If they find something similar near by it's going to place them in another playing field.
This is interesting... not quite sure how this works
First up today they release their quarterly report:
http://www.asx.com.au/asxpdf/20120725/pdf/427kzld90grkjh.pdf
In there it says cash at the end of June = 1.9m, but their estimates for outflow for the next quarter shows a vastly reduced exploration figure, resulting in an estimation of of only 700k expenditure for the next quarter... all good right, will still have over 1m at the end of this quarter, no need for a cap raising.
...but then a few minutes later they go into a trading halt, pending an announcement on a capital raising, lol.
Sean K
Moderator
- Joined
- 21 April 2006
- Posts
- 22,018
- Reactions
- 11,006
Yeah, but you'd never wait until you're actually out of cash before going to market.This is interesting... not quite sure how this works
First up today they release their quarterly report:
http://www.asx.com.au/asxpdf/20120725/pdf/427kzld90grkjh.pdf
In there it says cash at the end of June = 1.9m, but their estimates for outflow for the next quarter shows a vastly reduced exploration figure, resulting in an estimation of of only 700k expenditure for the next quarter... all good right, will still have over 1m at the end of this quarter, no need for a cap raising.
...but then a few minutes later they go into a trading halt, pending an announcement on a capital raising, lol.
Hope the terms are favourable for current holders with not too much dilution.
springhill
Make the drill work for YOU
- Joined
- 20 June 2007
- Posts
- 2,555
- Reactions
- 11
A family member bought a holding in GMR during November @11c and has topped up during December around the 8c mark. I have been watching it since Nov, but have never been happy with the selling pressure stacked on the board. The capital structure of GMR isn't to my liking so have been more of a interested spectator, than anything else.
IMO the balance between buy and sell has started to even out, but certainly not to the point that I could be bullish on GMR at the moment. That slight positive momentum may well continue.
Final assays are due mid-Jan, followed by a maiden JORC.
I don't think GMR is too far off a bottom if it is not already there.
Latest drill results from Dec 21st.
Diamond Drilling Extends the Netiana Lodes at Depth
● New diamond hole intersections include:
o 13m at 22.0 g/t gold from 42m, including 1m at 123 g/t gold from 42m (BDH029);
o 1.9m at 15.9 g/t gold from 65.1m and 11.5m at 16.8 g/t gold from 77m (BDH013);
o 5m at 7.3 g/t gold from 163m (BDH015);
o 1.9m at 15.0 g/t gold from 277.4m (in end of hole) (BDH025);
o 3m at 8.4 g/t gold from 148m (BDH014).
● Deeper drilling has successfully extended the depth of the central portion of the Netiana Lodes from the previous drilling depth of 85m to at least 220m depth.
● Multiple, stacked, high grade gold lodes continue to be intersected and these lodes remain open at depth and down plunge to the NE.
● Infill diamond drilling continues to demonstrate the excellent continuity of the very high grade, shallow, oxide gold mineralisation in the Netiana Lodes.
● The original drilling program was extended by an additional 3 diamond holes and 8 reverse circulation (RC) holes to test for extensions of the Netiana Lodes to the NE. All of the drilling is now complete.
● Assays have been received for 19 of the 22 diamond holes drilled. Assays for the 8 additional RC holes remain pending.
● With laboratory closure over the Christmas/New Year period, the outstanding assays are not expected until mid-January 2013. The maiden JORC resource for the Netiana Lodes will be calculated once all of the assays have been received.
IMO the balance between buy and sell has started to even out, but certainly not to the point that I could be bullish on GMR at the moment. That slight positive momentum may well continue.
Final assays are due mid-Jan, followed by a maiden JORC.
I don't think GMR is too far off a bottom if it is not already there.
Latest drill results from Dec 21st.
Diamond Drilling Extends the Netiana Lodes at Depth
● New diamond hole intersections include:
o 13m at 22.0 g/t gold from 42m, including 1m at 123 g/t gold from 42m (BDH029);
o 1.9m at 15.9 g/t gold from 65.1m and 11.5m at 16.8 g/t gold from 77m (BDH013);
o 5m at 7.3 g/t gold from 163m (BDH015);
o 1.9m at 15.0 g/t gold from 277.4m (in end of hole) (BDH025);
o 3m at 8.4 g/t gold from 148m (BDH014).
● Deeper drilling has successfully extended the depth of the central portion of the Netiana Lodes from the previous drilling depth of 85m to at least 220m depth.
● Multiple, stacked, high grade gold lodes continue to be intersected and these lodes remain open at depth and down plunge to the NE.
● Infill diamond drilling continues to demonstrate the excellent continuity of the very high grade, shallow, oxide gold mineralisation in the Netiana Lodes.
● The original drilling program was extended by an additional 3 diamond holes and 8 reverse circulation (RC) holes to test for extensions of the Netiana Lodes to the NE. All of the drilling is now complete.
● Assays have been received for 19 of the 22 diamond holes drilled. Assays for the 8 additional RC holes remain pending.
● With laboratory closure over the Christmas/New Year period, the outstanding assays are not expected until mid-January 2013. The maiden JORC resource for the Netiana Lodes will be calculated once all of the assays have been received.
- Joined
- 2 May 2007
- Posts
- 4,689
- Reactions
- 2,902
Strangely the share shot up 12% today with much increased volume today.
I suspect the scoping study result and assay study result being speculated.
If they are bad then big hit.
If otherwise - jack pot
Sean K
Moderator
- Joined
- 21 April 2006
- Posts
- 22,018
- Reactions
- 11,006
They announced late last year that a maiden JORC would be out by 'end 2012'. Hm
Some amazing grades in the early drilling, I wonder how that translates to the overall deposit. Hard to tell at this stage, but anything over 3g/t on average would be impressive for W Africa. The 13m @ 111 g/t incl 4m @ 343 g/t was bonanza.
Interesting price action today, let's see how it finishes. Volume over 2m would be significant I think.
I envisage a JORC closely followed by a capital raising. Only about $4m left in the kitty. Not sure how they've managed to keep expenses down since mid last year.
Some amazing grades in the early drilling, I wonder how that translates to the overall deposit. Hard to tell at this stage, but anything over 3g/t on average would be impressive for W Africa. The 13m @ 111 g/t incl 4m @ 343 g/t was bonanza.
Interesting price action today, let's see how it finishes. Volume over 2m would be significant I think.
I envisage a JORC closely followed by a capital raising. Only about $4m left in the kitty. Not sure how they've managed to keep expenses down since mid last year.
- Joined
- 2 May 2007
- Posts
- 4,689
- Reactions
- 2,902
ASX is so good to be a forensic specialist to find out on a dead CAT than saving a life.
GMR shot up by more than 23%, volume traded more than 2.3 millions - no ticket.
I am sure GMR management if issued a ticket will say DUNN NO , we told that JORC is coming , assay will be available after holiday period, scoping by mid January. So no guilty. But who smelled the leaky reagent for the gold plant ??
Did not have enough gutts so although dived in the market today , did not take chance of a high gamble which would have been rewarded to sell today itself
GMR shot up by more than 23%, volume traded more than 2.3 millions - no ticket.
I am sure GMR management if issued a ticket will say DUNN NO , we told that JORC is coming , assay will be available after holiday period, scoping by mid January. So no guilty. But who smelled the leaky reagent for the gold plant ??
Did not have enough gutts so although dived in the market today , did not take chance of a high gamble which would have been rewarded to sell today itself
- Joined
- 2 May 2007
- Posts
- 4,689
- Reactions
- 2,902
ASX is so good to be a forensic specialist to find out on a dead CAT than saving a life.
GMR shot up by more than 23%, volume traded more than 2.3 millions - no ticket.
I am sure GMR management if issued a ticket will say DUNN NO , we told that JORC is coming , assay will be available after holiday period, scoping by mid January. So no guilty. But who smelled the leaky reagent for the gold plant ??
Did not have enough gutts so although dived in the market today , did not take chance of a high gamble which would have been rewarded to sell today itself
Hmm
Predicably ASX issued a notice published at the eleventh hour with a DUNNO reply and market took backtracked correction. How is Thursday??
Sean K
Moderator
- Joined
- 21 April 2006
- Posts
- 22,018
- Reactions
- 11,006
Did it just come off after the anns? If it had have been a solid bar on almost 4m traded it's an impressive day. Something in the wind by my guess. Will be egg on their faces if they come out with an update imminently. 10c looks a technical hurdle.
Sean K
Moderator
- Joined
- 21 April 2006
- Posts
- 22,018
- Reactions
- 11,006
Pretty average results these. Hardly 'extending' the lodes at all. No reason to dig deeper for these. If anything it may confirm that the monster grades are restricted to just a small area and thus making the overall deposit less interesting.
Sean K
Moderator
- Joined
- 21 April 2006
- Posts
- 22,018
- Reactions
- 11,006
I don't think anyone has forgotten sstyle. The issue is that the Netiana Lode is only about 400 x 90m or so. The 'extensions' announced so far mean that the triple figure grades may be restricted to that area. That will not be enough tonnage to warrant the commissioning of a mill costing $150m or so. Unless there's another mine nearby they can truck it to? What's your crystal ball saying about the 'huge JORC?' How many ounces at what grade?
have no calculations, just the understanding of an open pit low cost mine and even size of the mine is economical. This will only be a preliminary jorc with more drilling to come during the DFS. Still reckon its a good bet. I've had success at with stocks at 100,000 ounces a year at 2g/t
Sean K
Moderator
- Joined
- 21 April 2006
- Posts
- 22,018
- Reactions
- 11,006
Yes, prelim JORC. They'll probably do multiple FS afterwards before BFS and DFS and multiple capital raisings before any sign of development of a mine. There's a number of WAfrican Goldie's who have had resources well over 2m oz au @ 2 g/t for years and are yet to go to DFS. But, the money is to be made in the discovery phase in penny stocks. This is still discovery phase in my opinion. Unless they extend this resource with some better quality and more extensive widths it won't go anywhere.
Sean K
Moderator
- Joined
- 21 April 2006
- Posts
- 22,018
- Reactions
- 11,006
End of the month and NO JORC!!!
Just typical of these flee bitten management turkey woofers.
Maybe it's tomorrow before the open?
On the other hand, some amazing grades reported. Surprised that it went down on this. Actually, no. The market was expecting a JORC!!! And, maybe those results were just cutting through the previously announced intersections? Most probable actually. I can't tell by their cartoons.
Not even a word about it too. Did I miss something?
Just typical of these flee bitten management turkey woofers.
Maybe it's tomorrow before the open?
On the other hand, some amazing grades reported. Surprised that it went down on this. Actually, no. The market was expecting a JORC!!! And, maybe those results were just cutting through the previously announced intersections? Most probable actually. I can't tell by their cartoons.
Not even a word about it too. Did I miss something?
Garpal Gumnut
Ross Island Hotel
- Joined
- 2 January 2006
- Posts
- 13,346
- Reactions
- 9,456
End of the month and NO JORC!!!
Just typical of these flee bitten management turkey woofers.
Maybe it's tomorrow before the open?
On the other hand, some amazing grades reported. Surprised that it went down on this. Actually, no. The market was expecting a JORC!!! And, maybe those results were just cutting through the previously announced intersections? Most probable actually. I can't tell by their cartoons.
Not even a word about it too. Did I miss something?
Looks like a textbook downtrend to me.
A weekly.
"Throw out your dead"
gg
Sean K
Moderator
- Joined
- 21 April 2006
- Posts
- 22,018
- Reactions
- 11,006
Mate, I'm a bystander in this current sharemarket train wreck.
Still, if they do surprise by actually producing something tangible instead of salted samples, I may win the Feb comp.
