RE:RE:RE:RE:RE:RE:RE:RE:GT Halted?As of March they were “fully funded” and had a plan based around the amount of dinero they had. The job fair presentation they have on their website (
https://www.gtgoldcorp.ca/_resources/pdfs/GT-Gold-Presentation-Tahltan-Job-Fair.pdf; slide 31) shows a budget of $6.7 million for aprox. 7 months of man/drill time working on Saddle North and South. Of that 7 months 2.5 (around $2.4 million by my math) was budgeted for the east end of Saddle North and that included 11 new holes drilled for 500m and a deepening of Hole 62 (from last year) for an additional 500m which would leave it around 1000m total. The July drill plan (
https://www.gtgoldcorp.ca/_resources/pdfs/Saddle-North-Initial-Holes-Drill-Plan-July-2018.pdf) shows the initial the planned holes.
Now we have from the recent press release the distance of hole 85 (957m), hole 98 (aiming for 1000m), and hole 90 (594m). We also have a view of the drill path for hole 93 which looks to be longer than the July drill plan. So instead of needing just $2.4 million they probably need an extra 50%-100% for that portion of the drilling if they are going to chase the end of mineralization in these holes.
Maybe they would be better served cutting down on drilling in other areas but this gives them options and won’t leave everyone wondering all winter what is down there like stopping hole 62 did last year.
tl;dr They are burning through the money quicker than expected because they believe what they are seeing on site justifies drilling longer holes that planned.