National Fuel Gas Co NFG

same problems?

[likeike]

This post from GCM board I am posting because as like in all Colombian mines they have a 

huge problem with long narrow rich veins and can never delineate their proven and probable

too far out into the future and pay the price in the share price. They pay a 4.5% dividend and 

still no love. Fosterville in short order has produced far beyond its proven and probable.IKE

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invest234 (487)

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June 30, 2022 - 01:24 PM

139 Reads

Post# 34794347

RE:Great article

4 years is only for proven & probable. m&ii is a lot higher oz. it is not economically  practical to "prove" all thin long veins. the veins go on and on. every year for the last 7 years nervous nellies point at the low p&p, and every year the oz increases. management has already stated segovia will last for more than a decade.

likeike wrote:thanks for posting .....this says it all for me.

There are a total of 27 known veins at Segovia Operations, and GCM Mining is currently mining just 3 of them. The Achilles' heel of this mining complex is its reserves and the company has been trying to boost them for years now. In 2021, GCM Mining completed around 97,000 meters of drilling at Segovia Operations and plans to drill another 91,000 meters in 2022. The latest technical report showed that the project has proven and probable reserves of just 744 koz of gold, which means that the mine life is below 4 years at the moment.

 

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+  Favorites

 

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invest234 (487)

User Actions  

June 30, 2022 - 01:24 PM

139 Reads

Post# 34794347

RE:Great article

4 years is only for proven & probable. m&ii is a lot higher oz. it is not economically  practical to "prove" all thin long veins. the veins go on and on. every year for the last 7 years nervous nellies point at the low p&p, and every year the oz increases. management has already stated segovia will last for more than a decade.

likeike wrote:thanks for posting .....this says it all for me.

There are a total of 27 known veins at Segovia Operations, and GCM Mining is currently mining just 3 of them. The Achilles' heel of this mining complex is its reserves and the company has been trying to boost them for years now. In 2021, GCM Mining completed around 97,000 meters of drilling at Segovia Operations and plans to drill another 91,000 meters in 2022. The latest technical report showed that the project has proven and probable reserves of just 744 koz of gold, which means that the mine life is below 4 years at the moment.