LCL - LCL Resources

[Sean K]

Picked this in the monthly comp because the assays from the first Ceibal hole were due by 'mid-June' and could potentially put another Tesorito within 1km of the proposed mill. Should have been this week, be most likely next now. Fingers and toes crossed.

Come on Ceibal! ?

 

[Sean K]

More Tesorito results out. Still expecting Ceibal out this week as well, unless the lab's backed up.

Good that it's extended to the NE towards Tesorito North, hopefully that's all mineralised.

Disappointed in the grades in the 'Tesorito West' target. I was hopeful that was going to turn into a Cu part of the porphyry. Looks like this is going to remain an Au porphyry unless they pull a rabbit out of their hat.

 

[Sean K]

LCL snoozing at the moment. zzzzzzzzz ?

I was expecting Ceibal assays last month but were held up by the lab. Now supposed to be July but not sure when. These results could be a game changer for the company if they've got something similar to Tesorito, which they are ramping.

16c support respected but down the track 20c is going to be a huge hurdle.

 

[Sean K]

First signs of not snoozing to me. I may be getting ahead of myself as it's intra day but the past 2 weeks have seen it slowly creep higher. Buying coming back in. There will still be major dramas at the .20c mark.

 

[Sean K]

Patiently waiting for the Ceibal first assays, that were due Jun but delayed to Jul, so should be soon. I'm speculating on those being very good, but prepared to be crushed. eeeeek

Got excited about an ann coming out today, but it's just an update/plan for a field program. They've got more prospective sites to evaluate close by which looks promising.

I've enjoyed getting into this at this phase of the cycle, even though their MC is approaching $100m, it's still early days.

 

[Sean K]

Patiently waiting for the Ceibal first assays, that were due Jun but delayed to Jul, so should be soon. I'm speculating on those being very good, but prepared to be crushed. eeeeek

I was hoping for 500m @ 1g/t so this is not what I was after. It's obviously a huge intersection but low ish porphyry grades and probably needed zones of higher stuff into the 2-3 g/t range.

This is comparable to the Tesorito discovery hole though, so it's still prospective to be a large system, close to the other deposits.

They're going to need some big shovels to dig this all up.

 

[Sean K]

New results. DH25 is important as it extends the mineralised envelop but DH26 looks like it was drilled into previously tested area. Perhaps that's just better defining the model but expanding the horizontal dimensions would be nice.

These higher grades from surface look really promising for an initial open pit operation.

Wish Ceibal had have pulled up something like this. grrr

 

[greggles]

LCL in a trading halt this morning pending an announcement in relation to a proposed capital raising. Not a bad time to raise capital with the share price at 18c. They should probably try to get as much cash in the bank as possible as global markets may be in for a bumpy ride over the next 12 months.

 

[Sean K]

LCL in a trading halt this morning pending an announcement in relation to a proposed capital raising. Not a bad time to raise capital with the share price at 18c. They should probably try to get as much cash in the bank as possible as global markets may be in for a bumpy ride over the next 12 months.

Hopefully there's a story behind the reason to raise as well. Like buying another drill rig and increasing the workforce.

Disappointed that the MD lied in previous statements regarding not needing to raise money in 2021.

 

[Knobby22]

Hopefully there's a story behind the reason to raise as well. Like buying another drill rig and increasing the workforce.

Disappointed that the MD lied in previous statements regarding not needing to raise money in 2021.

Maybe gives me a chance to buy in.

 

[Sean K]

$20m is quite a lot given the MC is only around the $80m mark. Issued at 0.16c only a slight discount to the current sp so not too much damage to be done. Happy to see Sprott involved, should give them some exposure to US investors. Buying a couple more rigs is good news. Once they're up and spinning should be a more steady flow of results and quickly define the resource at Tesorito.

Not sure how Mr Market will see it.

 

[Sean K]

Impatiently waiting for hole 27 to be released shortly that could extend Tesorito Sth to the NE and perhaps indicate it joins up with Tes Nth. Would add considerable tonnage to an MRE on Tesorito for later this year.

Could turn up dirt too. ?

 

[The Triangle]

$20m is quite a lot given the MC is only around the $80m mark. Issued at 0.16c only a slight discount to the current sp so not too much damage to be done. Happy to see Sprott involved, should give them some exposure to US investors. Buying a couple more rigs is good news. Once they're up and spinning should be a more steady flow of results and quickly define the resource at Tesorito.

Not sure how Mr Market will see it.

View attachment 127461

It is a good pile of cash to rake in. I didn't think HCH would get a premium for funding, same thoughts for LCL. But a raising at 16 cents is a good haul.

I still think the country risk/grade reward ratio is unfavorable right now, but they'll have some wiggle room now. Always like to see more rigs turning.

 

[Sean K]

It is a good pile of cash to rake in. I didn't think HCH would get a premium for funding, same thoughts for LCL. But a raising at 16 cents is a good haul.

I still think the country risk/grade reward ratio is unfavorable right now, but they'll have some wiggle room now. Always like to see more rigs turning.

The whole of Sth America is unfavourable I think. It's a basket case. Can't think of anything the Spanish or the Portuguese left behind in better shape than when they arrived. Ibiza?

 

[Sean K]

Another three holes reported this am - 28, 29 and 30. Similar to all the others at Tesorito, probably because they seem to be drilling back in very close to known mineralisation and not extending it all that much. Maybe I'm missing perspective of where these drill holes are going and how far apart they are.

Hole 28 looks to be an attempted step out of about 100m and more significant than the others but didn't seem to hit anything of substance from surface until the 148m mark. Au intercepts above that are between 0.3 - 0.5 g/t mark. I guess that's reflected in their colourful map.

All rigs are at Tesorito at the moment too which is interesting. 3 drilling north and 1 south.

They drilled two holes in Ceibal and then left. Those looked prospective too so not sure why they didn't try a couple of more holes to test it a bit further. I don't think Tesorito by itself is enough tonnage.

Similar thoughts on Tesorito West which the MD has been ramping as potentially the causative porphyry. If so, why not try to hit that with a little more effort?

 

[Sean K]

zzzzzzzzzz, LCL trading sideways and not providing much excitement. Hard for these guys to generate excitement as the MD says, the market has become immune to their incredible intercepts. Need to get an MRE out soon but they're waiting to find the edges of Tesorito. Grrrrr

 

[Sean K]

Sprott have initiated coverage of LCL as well. They did the financing for the $20m CR, so take this fwiw...

Price target 36c which is more than double current price....I'll be satisfied with 20c at this stage.

Colombian explorer with a new discovery Los Cerros, formerly Metminco, owns two projects in Colombia's prolific Mid Cauca belt, host to >60Moz of gold. Flagship 100% owned Quinchia has a small 840koz UG resource with DFS, and low-grade pittable 459koz; the ‘ah hah’ moment came with the discovery of the Tesorito South porphyry <1km away. Drilling there has demonstrated the trifecta of scale (629m @ 0.88g/t), grade (238m @ 2.1g/t), and a pit but also a high-grade starter area (36m @ 3.3g/t from surface). The maiden MRE is targeted ~1H22 once the limits are established. Existing small UG with A$297m NPV1850-5%: useful addition to a pit Prior owners had focussed on early cash-flow from the small Miraflores UG where a 457koz @ 3.3g/t reserve was defined within an 840koz @ 2.7g/t resource. Although production of 46koz pa on capex of A$90m is useful, it lacks scale. However, like Didipio in the Philippines, when bolted onto a potential pit a few hundred meters away, it has the potential to bulk out production ounces. Recent discovery could see SCPe 1.5-2Moz maiden MRE in 1H22 Post three holes drilled by prior owners, drilling did not restart at pace until 2020. Early drilling hit lower grade and deeper material, but this subsequently proved to be peripheral to a high-grade core that daylights NE of this. A ~150m core within a ~220m halo supports our sensitised ~40-60Mt potential pit-constrained resource tonnage at various grades and cut-offs. This drives our 1.3Moz @ 1.1g/t mining inventory. Adding the UG, we model a 4Mtpa plant for LOM 166koz pa over 10 years (>200koz pa early years), driving an A$1.1bn NPV, although this is speculative ahead of the MRE.

 

[Sean K]

A geophysical target has been identified after flying their DJI Mavic around the mountains. They've held a theory that this was potentially the place of a causative porphyry for some time, but until now haven't put a deep drill hole into it. I've been speculating on this as well, along with other exploration success, but they're yet to come through. It's almost throw a dart material, but at least they know where the board might be. If they don't hit the board, I think I might have to switch games.

 

[Sean K]

S3 Consortium - Next Investors - have finally come out with a ramp to earn their $200K, or whatever it was, to promote LCL. And, as you can read, it's pure ramp. Don't know how S3 can get away with this dribble. I'm surprised they didn't put in 'it's going to the moon!', in capitals, bolded and underlined.

 

[Sean K]

No drill results for a little while. Probably due for something soon.

Long, casual, very relaxed discussion about their projects in this video. Goes into some detail about porphyrys which is interesting, especially if you don't quite get them. Nice when the MD is a geo.