ORR - OreCorp Limited

[System]

Silver Stone Resources Limited (SSZ) has a 100% interest in the Cheriton's East Project. The Cheriton's East Project covers a total area of 58.3km² and overlies the southern strike extension of the Redwing gold mineralisation. The Cheriton's Project is located 48km south-east of Marvel Loch in the Eastern Goldfields of Western Australia.

The Project area is situated in the Southern Cross Province in the south-west corner of the Archaean Yilgarn Craton. It lies within the north-northwest trending Southern Cross Greenstone Belt which extends along strike for 300km from Mt Jackson in the north, to Hatters Hill in the south.

The Project is considered to have the potential to host major low to medium grade gold mineralisation, subject to deeper drilling. There is also potential for the identification of sulphide nickel mineralisation towards the western side of the lease.

In addition to its 100% interest in the Cheriton's East Project, the Company intends to pursue new projects in the resources sector, both in Australia and overseas, by way of acquisition or investment.


http://www.silverstoneresources.com.au

 

[springhill]

Re: SSZ - Silver Stone Resources

MC - $4m
SP - 16.5c
Shares - 25m
Options - 8m
Cash - $3.5m

Pure speculator with SSZ at the moment, no other reason to keep an eye on it than the sampling results due this quarter.

JUNE QUARTER ACTIVITIES
During the quarter the Company undertook MMI geochemical sampling program of the project. The program involved over 1,000 soil samples being taken and the assay results are anticipated to be available this quarter.

In addition the Company completed a loyalty option entitlement issue pursuant to which 7,907,500 listed options exercisable at $0.20 on or before 7 May 2015 were issued raising approximately $75,000.

The Company also continues to actively seek new natural resources investment opportunities in order to grow the size and diversity of the Company’s portfolio. The Company has reviewed several projects during the quarter in this respect.

 

[System]

On March 12, 2013, Silver Stone Resources Limited (SSZ) changed its name to OreCorp Limited (ORR).

 

[piggybank]

On March 12, 2013, Silver Stone Resources Limited (SSZ) changed its name to OreCorp Limited (ORR).

And today it closed at 67c (up 34%) on volume of 1.3 million, as a result of the company's presentation today that can be found by clicking on the link.

http://www.stocknessmonster.com/news-item?S=ORR&E=ASX&N=786078

 

[greggles]

Don't know much about OreCorp but I noticed it's on the move today so I thought I'd take a look.

In summary, the company have mineral exploration projects in Tanzania and Mauritania and as at 31 March 2018 had a strong cash position of $16.2 million. The Nyanzaga Gold Project in Tanzania is more advanced and has a Mineral Resource Estimate of 3.07Moz @ 4.03g/t gold. Average production is expected to be 213koz gold per annum over the initial 12 year mine life.

This morning the company announced that its Tanzanian subsidiary, OreCorp Tanzania Limited, has now completed its earn-in obligations in respect of the Nyanzaga Gold Project in Tanzania, in accordance with the Earn-in Agreement entered into by the company and Acacia Mining plc on 22 September 2015. OreCorp has exercised its option to acquire an additional 26% interest in the project in consideration for the payment of US$3 million to Acacia. This will increase OreCorp's interest in the project from 25% to 51%.

OreCorp has also signed a binding conditional heads of agreement with Acacia to allow OreCorp to move to 100% ownership of Nyanzaga by making a further payment of US$7 million. Acacia will retain a net smelter return royalty capped at US$15 million.

Today's news has pushed up the ORR share price 52.94% to 26c. One to watch perhaps for those interested in African gold explorers/miners. The major worry with Africa generally is political instability and sovereign risk. I'm not sure if this is currently an issue in Tanzania.

 

[Dona Ferentes]

 

[The Triangle]

Been a few years of not a lot happening. But ORR has 100% of their african project now and is cashed up very very nicely (just shy of $70 million). With additional drilling happening I could see them adding ounces with zero dilution risk for a while. Given the good grades (these days it seems above 2g/t is classified as high grade) me thinks this will get very interesting in a few months when they finally get around to that annoying little DFS. Better value:risk in my opinion than PDI or TIE right now. CHZ also has some potential with high grades but tonnes are small.

ORR also have some land around the goldfields near saracens old grounds. Don't know that they have done anything there - but surely they could spin it out for $10 million. Or do a bit of drilling and pump up some small pits and then spin it out for $20. There is a lot of IPO junk in the junior space - may as well get on the bandwagon.

 

[The Triangle]

A 2 day trading halt to announce that their Special Mining Licence was granted? The announcement looks like it's been written to praise the Tanzanian government... So maybe this was purely a community relations tactic. Can't complain as ORR is up 14% today on what I thought was a guaranteed event, but is a de-risking step for larger investors. Still waiting on upgraded resource & updated feasibility with higher gold price to boost this up in the new few months = similar to what happened with TIE

"Following approval of the SML by the Tanzanian Cabinet of Ministers (Cabinet) in June 2021, OreCorp has been working with the Government of Tanzania (GoT) to finalise the Framework and Shareholders Agreements and the Memorandum and Articles of Association for a new joint venture company in connection with the grant of the SML. The Company has now been invited to attend a contract signing ceremony on 13 December 2021, at which Her Excellency Samia Suluhu Hassan, the President of the United Republic of Tanzania (Her Excellency) is expected to be the guest of honour."

... &

"The Company would like to thank Her Excellency and the Cabinet, Honourable Minister for Minerals, Honourable Deputy Minister for Minerals, the Chairman and members of the Mining Commission, Permanent Secretary for Minerals, Regional Commissioner for Mwanza, District Commissioner of Sengerema and all other Government departments and officials in Tanzania who have helped and supported this process"

 

[Sean K]

A 2 day trading halt to announce that their Special Mining Licence was granted? The announcement looks like it's been written to praise the Tanzanian government... So maybe this was purely a community relations tactic. Can't complain as ORR is up 14% today on what I thought was a guaranteed event, but is a de-risking step for larger investors. Still waiting on upgraded resource & updated feasibility with higher gold price to boost this up in the new few months = similar to what happened with TIE

Chart looks excellent, nice break up on vol.

 

[The Triangle]

Chart looks excellent, nice break up on vol.

View attachment 134005

Should be interesting to see how things progress now, finished the day on a high. ORR haven't really been vocal at a lot of the small conferences and they (up to today) have been very thinly traded. Surprising this is off most peoples radar. 10 total posts here... Not like its an IPO

 

[Sean K]

Should be interesting to see how things progress now, finished the day on a high. ORR haven't really been vocal at a lot of the small conferences and they (up to today) have been very thinly traded. Surprising this is off most peoples radar.

Just scanned through their last presentation and I can see why they're harping on about the government allowing the licence, there's obviously been some negative sentiment regarding mining/politics recently.

I agree with your comparison to TIE, this looks to be in the same frame, but with other assets in better jurisdictions. I like it. Looks undervalued at the moment.

 

[Sean K]

Decided to add this to the stable this am, on break up, but moreso that it's flying under the radar a bit, as mentioned by @The Triangle

Probably been held back by Tanzania politics which look to have abated, but there's always potential for more trouble - TIA.

Based on the basic numbers looks like it's a bit undervalued at this stage of the Lassonde Curve. Still moving towards the first peak.

Management have an excellent track record as well having led EQN to a $7b MC.

 

[Sean K]

Been an OK break up from that resistance based on the news noted by The Triangle above. Probably one of the only goldies to be down yesty, which is a bit confounding. That old resistance level should be decent support going forward.

 

[Sean K]

I've only taken a very minor bight on this but the more I look at it. the more I like. This is much more than Nyanzaga.

Anyone else looked at this or have any reason why it looks so unloved?

 

[Sean K]

This is gone by the book since the breakout. Tested support, then bouncy bouncy* up. Chart and fundamentals not unlike TIE but this has a higher quality resource. Not sure of exploration potential, but it's going to be a very solid mine now they've sorted out some of the country risk.

*TM @finicky

 

[Sean K]

ORR consolidating nicely above 80c. MC still just $330m, not much more than TIE, but I rate it more highly. Probably been held back by perceived country risk. All else being equal I'd expect this to make another move up after this consolidation, just as TIE has.

I anticipate they'll de-merge the Australian assets this year. Hopefully there's some free shares attached to that for holders. Perhaps they'll do that after the Hobbes MRE.

 

[The Triangle]

Orr have finally announced they are on IPO bandwagon for the Western Australia assets. Which if done properly I think I said months ago might be a good idea - but who I ask wins in this transaction?

It is intended that the board of Solstice will replicate the OreCorp Board. Alastair Morrison, a current nonexecutive director of OreCorp, will be the Executive Director within Solstice. Craig Williams will chair Solstice and Matthew Yates, CEO & Managing Director of OreCorp, will take on a non-executive director role.

More jobs for directors so they can focus on the Africa assets?! -
Fees paid to Euroz/Argonaut (which could have been used for an RC drill programme in WA) -

Very scant on the details, but ORR is proposing to make a distribution to shareholders following the IPO - which is completely asinine considering ORR are about to raise a lot of capital to build a very big mine - so why give away money right now? If they had confidence in their WA assets they would have just held them and drilled, or spun them off and retained ownership and cash to drill. I suspect there is extremely low interest in the IPO and they are making the distribution in hopes that investors will then just give the money back for the capital raising. ORR does not appear to have done anything with the assets. Wouldn't take much to hire a geo and do a $2,000,000 drilling program to boost the interest first...

This is not primarily about unlocking shareholder value (well unless they get 50 million, then I'll eat my words) this is about resources purple circle looking after the resources purple circle.

Anyways, I won't be putting a penny in to the new IPO.

 

[Sean K]

Some ok infill results at Kilimani which sound to be in line with the inferred MRE. Upgraded MRE to be included in the DFS ore reserve which should de-risk the project further. Would be nice if the extension drilling revealed some additional ounces too.

 

[Sean K]

Updated presentation out.

I've got a feeling there's a pile of country risk discount still applied to this, even with the SML.

3Moz @ 4g/t is a brilliant resource, and growing. At 71c, MC around $280m with $50m in the bank - EV around $230m. PFS has them mining over 200Koz pa for initial 12 years. Demerger of WA to allow them focus on Tanzania seems a good idea and there's some free shares for holders in the IPO.

Although TIE is well on the way to gold pour by the end of the year with debt finance in place, this is a much better looking deposit and could end up the same size. TIE MC about $450m, which I think is still undervalued with updated MRE to come.

Different sides of the continent, but same type of country risks applied.

For grade and scale, it's out there.

 

[Dona Ferentes]

• Notice of Meeting seeking OreCorp shareholder approval to demerge Solstice Minerals lodged with ASX
• Eligible OreCorp shareholders to receive 1 Solstice Minerals share under the Demerger for approximately every 9.94 OreCorp shares held on the record date (subject to the number of OreCorp shares on issue on the record date)
• Solstice Minerals IPO Prospectus lodged with ASIC, seeking to raise up to $12,000,000 through a Pro Rata Priority Offer of up to 60,000,000 Shares at an issue price of $0.20 per Share (with a minimum subscription of 25,000,000 shares at $0.20 to raise $5,000,000)
• Any shortfall from the Pro Rata Priority Offer to form a Shortfall Offer available to eligible OreCorp shareholders and new investors
• One free attaching listed Solstice Minerals option for every four Solstice Minerals shares subscribed for under the Pro Rata Priority and Shortfall Offers

OreCorp will hold shareholder meeting 07 April