FFM - FireFly Metals

[The Triangle]

CR at a decent discount just prior to an updated MRE? Hmmmm.

I’m sophisticated so looking forward to my 5c shares.

I‘ve got a feeling these guys are mining the market until someone makes an offer.

View attachment 152483

Something just does not seem right. Continually lower capital raisings for supposedly one of the highest-grade resources in the world. 4.3 cents closed on Friday. It's so difficult to invest in ones like this where the composition of the board is more important that what is in the ground. Why isn't there a single tonne outside inferred classification? Why did First mining farm it out? Why aren't AUT doing flowthrough shares to Canadian investors? Not major issues but just little thoughts that stick in my head.

Previous estimates of pickle crow assumed a minimum mining width of 1m and had a grade of around the mid 3 g/t range. I find it rather interesting that an ASX company picks up a 100-year-old Canadian mine and nearly triples the grade in 2 years... I guess that's just how good this team are .

Ontario Mineral Inventory Record MDI52O09SE00007: Pickle Crow Mine, Howell Vein, Tarp Lake C,H,19

www.geologyontario.mndm.gov.on.ca

http://www.geologyontario.mndmf.gov.on.ca/mndmfiles/pub/data/imaging/MP004/MP004.pdf

I know this data is 60+ years old but not a good trend with depth, and I also don't think it's very good how hard I've had to look to find even basic information on the width, ounces by depth etc. etc. of this/these orebodies.

 

[Sean K]

Something just does not seem right. Continually lower capital raisings for supposedly one of the highest-grade resources in the world. 4.3 cents closed on Friday. It's so difficult to invest in ones like this where the composition of the board is more important that what is in the ground. Why isn't there a single tonne outside inferred classification? Why did First mining farm it out? Why aren't AUT doing flowthrough shares to Canadian investors? Not major issues but just little thoughts that stick in my head.

Previous estimates of pickle crow assumed a minimum mining width of 1m and had a grade of around the mid 3 g/t range. I find it rather interesting that an ASX company picks up a 100-year-old Canadian mine and nearly triples the grade in 2 years... I guess that's just how good this team are .

Ontario Mineral Inventory Record MDI52O09SE00007: Pickle Crow Mine, Howell Vein, Tarp Lake C,H,19

www.geologyontario.mndm.gov.on.ca

View attachment 153548

http://www.geologyontario.mndmf.gov.on.ca/mndmfiles/pub/data/imaging/MP004/MP004.pdf

View attachment 153550
I know this data is 60+ years old but not a good trend with depth, and I also don't think it's very good how hard I've had to look to find even basic information on the width, ounces by depth etc. etc. of this/these orebodies.

View attachment 153551

PC was pretty much an artisanal mine. Sure, lots of tunnels, but old timer stuff. The historical production looks very good until you realise how long it took to extract the gold. Thin quarts veins are not an ideal major operation. It’s pick and shovel following the veins. I think it’s going to stay largely inferred until they drain the old workings and do another 200k meters from underground. So, maybe a start up by 2030.

 

[Sean K]

Been holding this turkey for a while just because of management really. On the surface of it, the MRE looks incredible with plenty of ounces at incredibly high grades, but once you look at the detail, I just wonder how they hell they mine it efficiently and effectively to extract the stuff in the veins where all the good stuff is. This is a purely speculative play for me hoping they might hit something else close by that is similar to the other elephants in the region.

Picking it for the April comp only based on the chart for the past few days. Something fishy is going on. I expect an announcement of some type next week. But, if it's good, it'll probably spike and then tank like it always does so by the end of April it might be at 1c.

 

[Sean K]

How hard is it to put a quarterly out on time? I mean, you have three months to smash a summary of the period together. Could be done in an afternoon down the pub.

 

[Sean K]

? this is a surprise to the upside. Another 300-400K oz would be good.

 

[Sean K]

A small surprise to the upside. Still all inferred. Seems destined to get to 3Moz and at over 7g/t that's quite a significant resource. They just have to work out how to mine the sucker.

 

[Sean K]

Two months and all they can do is rehash the last announcement. zzzzzzzzzzz

There's something fishy going on it this company. I think it's something that Rick Rule calls a 'lifestyle company'.

Maybe there's some good fly fishing near Pickle Crow?

 

[Sean K]

Two months and all they can do is rehash the last announcement. zzzzzzzzzzz

There's something fishy going on it this company. I think it's something that Rick Rule calls a 'lifestyle company'.

Maybe there's some good fly fishing near Pickle Crow?



View attachment 160296

I'm finding this company a very good experience in how to not invest and trade.

I'm no geologist, or mine engineer, but when a company says 'open pit mining' for this style of deposit, I have to have a big belly laugh.

I have been contacted by other companies when I criticise their deposits and statements to the market, but these guys haven't as yet. I expect the MD to give me a buzz, because they are dreaming if they think this style of deposit could be open pit. The stip ratio would be about 200:1.

 

[Sean K]

Uh oh. The focus is PC because it's so great and trying to convince us that less than 1m veins is going to be open pittable but now they're off buying something else with money they don't have. This is turning into a clown show. Maybe it's just a next door tenament or something Mr Market likes. This is looking like a tax off-set for this FY. Maybe should have been last year.

 

[Sean K]

@greggles and @The Triangle any guesses about this 'material acquisition'.

There's nothing else in a halt or suspension on the ASX or TSX that I can see is related to this. Might be just a tenement acquisition, but not sure why that would need an associated capital raise, unless they're buying Quebec, or NCM.

Could be related to their related parties who are Treasury Metals and First Mining. All three own bits of each other and occupy the same territory. Maybe they're buying part of Treasury which is next to AUT's Sioux project where they recently picked up some rocks with gold sprinkled on them.

 

[greggles]

@greggles and @The Triangle any guesses about this 'material acquisition'.

There's nothing else in a halt or suspension on the ASX or TSX that I can see is related to this. Might be just a tenement acquisition, but not sure why that would need an associated capital raise, unless they're buying Quebec, or NCM.

Could be related to their related parties who are Treasury Metals and First Mining. All three own bits of each other and occupy the same territory. Maybe they're buying part of Treasury which is next to AUT's Sioux project where they recently picked up some rocks with gold sprinkled on them.

More tenements adjacent to their Sioux Lookout property? They just hit some high grade gold mineralisation there and might be looking pick up some neighbouring tenements. Or take over a company that holds nearby tenements?

 

[Sean K]

More tenements adjacent to their Sioux Lookout property? They just hit some high grade gold mineralisation there and might be looking pick up some neighbouring tenements. Or take over a company that holds nearby tenements?

Yeah, That's Treasury - TML. Who own 13% of First who own 30% of AUT.

 

[Sean K]

This is not normally a good sign.

Perhaps they didn't have their ducks lined up before executing this deal.

 

[Sean K]

What the hell are they doing?

Buying the Rambler Group who own this project...

I guess it gets smashed down to 2.5c.

 

[Sean K]

Well, not smashed, up 6% to 3.2c. Maybe this project is a bit better than I thought. They've pretty much recapitalised the company here and shifted to copper/gold which is a giant change. Must have realised PC was not going anywhere.

I guess I'll join in the SPP if it's going to keep trading above the offer price.

 

[Sean K]

Well, not smashed, up 6% to 3.2c. Maybe this project is a bit better than I thought. They've pretty much recapitalised the company here and shifted to copper/gold which is a giant change. Must have realised PC was not going anywhere.

I guess I'll join in the SPP if it's going to keep trading above the offer price.

View attachment 161958

Anyone else own this puppy? I've gone in for the 2.5c shares, effectively doubling down, hoping there might be a bit of arbitrage once they list. Hope is not a solid investment tactic, but it's all I have with this woofer. Lucky this is just 1% of my portfolio, or I'd be in the toilet crying.

The only reasons I've gone in is that it's a copper project of some scale and potential and Parson's has stepped up. He made me a motza with Gryphon back in the day, so I'll back him again.

(not sure why I'm responding to myself)

 

[Dona Ferentes]

(not sure why I'm responding to myself)

i think everyone is a bit 'gun-shy'. Prospects into projects are challenging, and cash not flowing like it did.

 

[Sean K]

i think everyone is a bit 'gun-shy'. Prospects into projects are challenging, and cash not flowing like it did.

Anyone owning this flee bagger should be gun shy. But, perhaps with a bit of lipstick we can turn this turkey into a silk purse. I think I'm mixing metaphors, but who would know? I'm the only one trying to make jokes about losing moulah on this rabid dish licker.

But, I guess I'm up at the moment as my 2.5c SPP shares are currently worth 3.3c, so I'm off to the races.

 

[Sean K]

The SPP was increased to $5m due to strong interest which is nice, so they have a little bit more cash to play with in order to build the Green Bay resource.

Not sure how much they're dedicating to PC now, or if they've just put that in the toilet or will sell it off.

From what I can tell they still have the same number of rigs spinning trying to expand the resource and discover more loads. Going to be a decade before they raise some the resource from Inferred to Indicated.

Drill is starting at GB, which is quite quick from from the acquisition, just a month. Must have had some rigs and workforce lined up ready to go. Probably the old crews who were working on it previously.

Some of the previous drilling on this which is outside the resource is quite spectacular. It's very high grade in parts, but overall lowish tonnage. I suppose if they can increase the tonnage to 50Mt and break the 1Mt CuEq at over 2% that's a pretty good small scale resource that should make money, but the last mob couldn't make it work, supposedly due to Covid supply issues. Maybe the new team can make it go.

Haven't got a comparison at the moment for what GB could be valued at. Any 50Mt+ @2% for close to 1Mt CuEq producers out there?

 

[Sean K]

They've got off to a cracking start on this. Fingers crossed there's some copper in the early holes. And, hopefully when they get around to re-starting the mine, copper is at $5.