This is a mobile optimized page that loads fast, if you want to load the real page, click this text.

TBA - Tombola Gold

Jump to new
barney said:
And following on from that …. the enthusiasm of Matt Morgan is unmistakeable in the Hong Kong Investor Conference video

Click to expand...
I totally agree Barney and cannot wait to see what unfolds. They should be drilling now (or very soon) in Cloncurry so the next month could be very exciting.
 
Interesting news article on the AMG website about good drilling results south of Cloncurry:

https://ausmexgroup.com.au/ausmex-encourged-by-good-drilling-results-south-of-cloncurry/

I notice the buy queue has emptied out recently, and it looks like some impatient shareholders are deciding to cut and run. While I don't think this will be another Sandfire, I think the outlook is pretty positive, and I'm eagerly awaiting the next set of drilling results.
 
I'll break the silence, since there's probably a fair few watchers of this thread but no-one is talking.

Some drilling results came out today for Shamrock, Falcon, and Golden Mile, which caused a massive volume spike but ultimately failed to impress the market. To me it looks like only about 500-550m of drilling has competed in a 15000m program. The results confirm previous drilling results in those areas, so despite the headline of a "gold bonanza" it really sheds little more light on their tenements.

Perhaps someone more in the know can explain a little further, but from what I'm reading in the 85 page announcement, it looks like they're currently targeting the shallow mineralisation so that they can understand the structure, to in turn hone their "aim" when they start the deep drilling program. In other words, their drilling isn't yet targeting the IOCG target they're expecting. Does that sound about right?
 

My understanding is that the bulk of the drilling should be close to completion unless they have struck some problems which would be expected given the number of holes being drilled. Assay results will depend on how fast the laboratory is.

The first results delivered yesterday were essentially from the initial 900 mtrs of drilling which was completed 24th May so it looks like the lab turn around time is 4-5 weeks. They had already completed 600 mtrs of diamond drilling late May but were only progressing at 20 mtrs per day so not sure when any results from the deeper holes is to be expected. I'd guess a couple of updates over the next 1-5 weeks.

Yesterdays results seemed ok but I was hoping for a couple more gold veins other than just in the 20-30 mtr zone but still early days so probably cant read too much into those results. They did get a lot of useful info from the sulphides etc. The fact that they still have the rigs on site indicates they intend to drill further. Hopefully that's because they think they have a better idea where to drill, and not because they didn't find what they expected I always expected the first results to be "normal" ….. Its the deeper holes where the potential really is.

A lot of shares changed hands yesterday and given the Top 30 shareholders own over 70%, it wont take much to weed out the weaker hands if they release better results in a few days. Hopefully the lab results are kind.
 
I thought you AMG followers would be getting excited by the completion of the four month corrective chart pattern. The recent BO-NH above 0.135 indicates higher prices for AMG.

 
peter2 said:
I thought you AMG followers would be getting excited by the completion of the four month corrective chart pattern.
Click to expand...

Indeed Peter ……. The current specking is all about the upcoming drill results. The early results showed more shallow Gold but the deeper diamond drilling is hoping to give a lead into a possible large copper/gold resource.

Lots of water to flow under the AMG bridge yet so I decided a little while back to take some profit off the table as I was a bit overweight for a spec stock. As you say, it looks likely to move a bit higher now so hopefully I don't regret selling too much too early
 
I've sold a lot of my holding in AMG over the last few weeks for various reasons but still hold a few.

There seemed to be a little gentle persuasion going on in this morning's market depth …. Afternoon trading and the Close will hopefully reveal if there is a story to it.
 
Couple of larger sells took out the 10.5 cent level today ….. It doesn't look like they are prepared to give the stock away but there is some liquidating going on. If no buyers step up to take the 10.5 supply it will likely stall. Recent drill results have been ok but no major hits … Licence to mine is a way off yet so impatience levels are probably rising.
 
Three days later and everything looks different …. Chart musings below. The recent Seller/s looks to be out. All the offered Volume was taken up around the 10.5 - 11 cent region. It wont take much to see this jump a bit if they announce positive drill results.

I bought some more at 11 cents based on my ramblings below, but hold only 50% of my original holding. Expecting a push sometime soon … we shall see

 
barney said:
It wont take much to see this jump a bit if they announce positive drill results.
Click to expand...

What would you call positive drill results? They seem to be striking some decent g/T but in short strikes (which I imagine is why the market hasn't reacted too much). That said it's at a shallow depth and from what I've read it's in shale, which to me seems like a decent drilling target even as low as 3-4g/T given current gold prices. I also note that they've put in a mining lease application with the Queensland Government, which indicates that the company has definite plans to shift from exploration to production.
 

Recent drilling results have been ok. I think the market has been waiting for some really big numbers to match the pre-drill hype. Assay results from the Lab are apparently snail pace which isn't helping. Had the below recent results (which are very good) been into the 1% Copper range, we'd be seeing a lot more price action.

Announcement 23rd August:-
46 m @ 2.0 g/t Au & 0.42 % Cu with 245 ppm Co ( 70-116 m) and 70 m @ 0.82 % Cu & 0.35 g/t Au (0-70 m)
and the previous 59m @1.25g/t Au, and 0.43% Cu

These are still only relatively shallow holes so we are all still waiting for the 4-600 mtr deep drill results??

If they can fast track the ML (12 months) they should be able to fund ongoing drilling from profits which would be very handy
 
Trading Halt yesterday ….. Material announcement re Sale of their "Gilded Rose" project. GR is just one portion of their overall land holding so I suspect the sale is to fund continued drilling elsewhere and hopefully eliminate the short term need for a further cap raise ….. prudent decision if they get a good price for the sale.
 
Company has had further tidy results lately but the market has not been overly excited given the expectation vs actual results. I'm 95% out as of today for the short term but still like their prospects. See what eventuates.
 
barney said:
the market has not been overly excited given the expectation vs actual results. I'm 95% out
Click to expand...

Fortunately I played the Kenny Rodgers indicator and left the building with my shirt in tact.

SP looks weak at the moment but its a typical cycle in Spec land …. I still like their longer term prospects but on the fence for now.

 
Things can change quickly in Spec land.

Recent SP slide followed by an even bigger spike high off the back of the visuals on the follow up drilling.

Assays should be good but will probably be a while before we get results.

Potential subterfuge aside, the announcement was certainly timely …. I won't be surprised to see some selling into the rise though given we have no concrete results to chew on.

 
barney said:
…. I won't be surprised to see some selling into the rise though given we have no concrete results to chew on.
Click to expand...

Played out as expected from last October.

Their recent announced sale of 'Gilded Rose' fell through so the expected cash inflow is yet to be realised until another buyer is found, plus Cloncurry has not produced the results they were hoping for.

All in all, disappointing 12 months for AMG. The boys are good at writing a story however so a strong bounce of the bottom (wherever that will be) will not surprise Watching.

 
You must log in or register to reply here.

Similar threads

PR1 - Pure Resources
Replies
4
Views
2K
Dona Ferentes
KLI - Killi Resources
Replies
12
Views
3K
Dona Ferentes
KAL - Kalgoorlie Gold Mining
Replies
6
Views
1K
Dona Ferentes
TBN - Tamboran Resources
Replies
11
Views
3K
houtman
H
EQN - Equinox Resources
Replies
4
Views
1K
peter2
Menu
Log in
Register
Cookies are required to use this site. You must accept them to continue using the site. Learn more...