Thanks for the tip! It will be interesting to see how both of these guys go over the coming months and into next year, you would like to think that next year would be the time that we see a major increase in the SP if it is going to happen, all pending on the move from explorer to producer I guess.
This summary on IGR was posted on another forum by Kojasper and is very good reading for the followers of IGR
There are quite a few things to write about since I last penned a decent summary:
• Salt Creek, Another 80 metre step out with 62 metres at 2.38 grams a tonne
• Hole 107 another 80 metre step out. Visual inspection of RC drill chips indicates strong mineralisation continues to the south east. Now at 680 metres with hole 107.( commentary in announcement of 22 Oct about previous visuals of drill chips being confirmed bodes well for hole 107 )
• Three in fill results with continuing strong mineralisation, 37m @ 3.74 grams, 39m @ 3.66 grams a tonne, 52m @ 4.58 grams a tonne.
• Purchase of 100 man mining camp, 40 man camp already there. Only require the Mess kitchen for a complete camp capable of full blown production.
• RAB drilling results of 7m @ 12.34 grams a tonne EOH ( end of hole )
• Placement of 70m shares at 45 cents
• Chairman of the company purchasing shares
• European Road Show
• Results that are pending
Salt Creek just keeps on getting bigger. We have now had two more step outs of 80 metres taking Salt Creek to 680 metres by my spreadsheet. I have spread sheeted every announced hole at Salt Creek from North West to South east, from section 25,480mN to 24 760mN. Hole 107, or visual inspections of hole 107 have now confirmed that the mineralization now continues and is getting wider again to the South East.
Who knows how many more step outs before we figure out how big Salt Creek is. I am hoping that they don’t figure that one out for a while. Results of hole 107 are pending and if Chris Cairns has anything to do about it, the labs will be doing double time to get these results out to us ASAP.
In the announcement on the 22 Oct they talked about drilling results on section 24,960mN and 24,880mN, about how the drilling results confirmed the geological observations. That record would bode well for hole 107 when it is released. Likely to be another great intercept with grades that will put a smile on the faces of the Institutional investors, sophisticated investors and all other investors that have recently purchased Integra as well those of us who have been in for a long time.
In fill results continue to support the story that Salt Creek is of good grade and is continuous from one end to the other and from one side to the other. We have to remember that 95% or more of the results produced to date are at depths of less than 100 metres making this discovery very amenable to open pit production with low strip ratios and good margins. I don’t have to remind people that the gold price in AUD is now over $900.
Purchase of the mining camp almost completes the set up required for the company to set up base close to the site of the recent discoveries, having a team of Geo’s working their guts out for the shareholders, finding drilling opportunities in the vicinity of Salt Creek and Reddale. They are almost set up for production. I believe they require only one small section of the camp for completeness.
RAB drilling results at Reddale of 7m @ 12.34 grams a tonne EOH ( end of hole ). Let’s put this into context. Salt Creek was initially 350m by 150 metres. So far, it’s out to 680m by 100 metres with no drilling at width or at depth or north west to test for continuity in those directions. Still trying to find out how long this sucker is.
Initial RAB drilling tells us that the prospect at Reddale is 3 times the size of Salt Creek, at 1200m by 350m.
Also put this into the context of initial RAB drilling at Salt Creek where the best result from Bedrock produced 1m @ 2.48 from end of hole. All I can say is WOW!
I cannot wait for the Reddale results to be released. These two discoveries could put this region back on the map and we could be sitting on 1m oz’s of gold, all going well, in two deposits 3 kilometres apart. ( optimistic but I'm excited )
We all knew that the placement was going to happen, I even flagged it in posts that were posted by others about the mining camp purchase, the next qtr spend of $2m and fact that we would have under $2m left at the end of December.
Chris Cairns is a genius. Gold was almost at an all time notional high ( USD846.60), IGR’s share price was at an all time high in the mid 50’s. We put $31m in the bank and they have told us that the money is being used for:
• Continuation of drilling at Salt Creek and Reddale
• The relocation of the New Celebration Mill
Hello, the plant is being moved. It’s being moved to the potential site of production. I am not going to speculate where at this stage because it’s going to be in the vicinity of Salt Creek/Reddale and Maxwell’s. A no brainer really.
They start relocation now, in six to 9 months it’s moved and refurbished because that is the whole point, making it new again without the new cost. Between now and then we have the desktop scoping study that (Deeerrrrrr ) will lead us to Full Feasbility Study. Someone has already posted that the feasibility will take about 7 months to complete. IMO I think that the desk top study will be done by Christmas and then feasibility done by July 08. The plant’s been moved and almost refurbed by then. Commissioning can’t take that long.
In the mean time, lots of drilling, resource to reserve ( for feasibility ), exploration at Salt Creek, Reddale and the three or four other look a like targets in the Lucky Bay and Reddale prospects.
The Chairman has bought more shares on market at 51.5 cents. What a tremendous show of faith. If that’s not putting your money where your mouth is, then I don’t know what is.
European Roadshow is interesting considering that they don’t need to raise funds. I can only see one thing happening from telling the Poms and the savvy Germans about this terrific little pre-producer.
Results are pending. By my own calculations there are 12 drill holes pending at Salt Creek and the drilling of 25 new holes marked in red on the most recent drilling announcement. These, I would imagine will be released between now and Christmas time. That makes for a lot of results.
You can add to that the initial RC drill results from Reddale, the continuing RC drilling results from Reddale and Salt Creek and to put the cream on the cake, Barrick tell us that all four diamond drill holes will be completed by Christmas. I would imagine that Barrick would not put all 4 holes into the lab at the one time, I would expect them to send each hole to the labs for analysis as they are completed. Having finished 1 of 4 pre-collars at the time of the qtrly announcement, they would have to be diamond drilling by now. Results of the first of the four holes could be out anytime between the end of December ( ambitious ) to some time in January/Feb08 ( most likely ).
On top of that we will get a new resource statement from IGR. IMHO, don’t expect 2m oz’s because you will be disappointed. I think that is aiming way too high, but it won’t be 1.4m oz’s either.
As for our sophisticated investors selling out on us at a quick profit, you’ve got to be kidding yourselves. They are not sophisticated and institutional investors for nothing. I would imagine that the investors that got in are institutional or investors that have been supporting IGR and Chris Cairns for the past three years. They are not likely to be selling this stock any time soon.
I hope I didn’t bore you and that it provided something a little different. I can’t post what I don’t know but I do know that they are excited about hole 107 and I know they are very excited about Reddale.