GNM - Great Northern Minerals

[kenny]

Noting that latest drilling at their Big Rush site (historic mine site in NE Qld) has started and due to deliver results this quarter, my cynical brain is wondering if there might be an uptick in trading in the lead up to the results being announced.

From their website;

[28/10/2020] Drill program unlocks the potential for a large gold resource at Big Rush with gold mineralisation confirmed. Diamond drilling at Big Rush is now underway to evaluate and follow up at depth some of the significant intersections.

The initial diamond drilling is focused underneath the Central Pit area where RC drilling returned the following results:

• 4m @ 20.73 g/t Au (BRRC1013) including 1m @ 81.88 g/t Au from 144 metres
• 19m @ 5.11 g/t Au (BRRC1014) including 3m @ 21.73 g/t Au from 77 metres
• 32m @ 1.32 g/t Au (BRRC1015) from 132 metres
• 28m @ 1.27 g/t Au (BRRC1018) from 91 metres
• 26m @ 1.99 g/t Au (BRRC1019) including 2m @ 17.56 g/t Au from 119 metres

These higher grade gold zones are the target at depth for the diamond drilling, which will be completed on nominal 40 metre spaced sections and provide additional information of the zones at depth. This will also provide important additional data to understand any evolution of the gold system at depth and add additional data for the planned JORC 2012 estimate for Big Rush. As a result of the drilling campaign completed and in progress, GNM anticipates a resource estimate to be released during Q1 of 2021.

More info here; https://stockhead.com.au/resources/great-northerns-big-rush-gold-project-is-a-diamond-in-the-rough/

 

[greggles]

The initial four metre composite results from the first batch of assays from the RC drilling program at the Camel Creek Gold Mine have returned high grade intercepts.

These results look good. Wide with good grades and 1,600m of strike. Drilling is ongoing and additional results will be announced as they come to hand.

GNM up 62.5% to 1.3c this morning.

 

[greggles]

Another 20% added today. Currently at 1.8c. I have a feeling about this one and expect we'll be in the mid 2c range soon. $18 million seems a little cheap given what they appear to have in the ground and the current gold price in AUD.

Also, there are the following listed options:

GNMOB: Expiring 1 July 2023: Exercise Price: 2.2c (# on Issue: 328,653,803)
GNMOF: Expiring 1 November 2022: Exercise Price: 1c (# on Issue: 238,528,099)

GNMOB will raise $7,230,383 while GNMOF will raise $2,385,281. That's more than $9.6 million in cash to fund further exploration. I think the company will work very hard to get the GNMOB options in the money and exercised.