RE:RE:Site visit by Old Gold. 1kg my friend
i can see why you're trying to talk this one down
so you can back up the truck
Strange you question the methodology used to value a gold deposit. Barrick sold a 2,600,000 oz gold deposit in Senegal in Oct 2019 for $ 160 per oz = $420 million when gold was trading at $1400.. many companies are bought and sold on this basis
1kgcoffee wrote: And some advice if you think of stock is unbelievably cheap it might actually be overpriced. The opposite also holds true.
OldGold wrote: I can not believe how cheap this stock is, there is no reason I can see why it should not be at least twice the cap it is. With a MC of around $50 million USD and an attributable resource of some 3.3 million oz of gold, and growing, that equates to a tiny $15 USD per oz per share.
When compared to others in the sector, such as Golden Star, Loncor is only one third the value. So, I decided to have a much closer look, and have put a video together of their Adumbi Hill project in the Democratic Republic of the Congo. There is simply nothing not to like, a resource of over 3.3 million oz at a great grade of over 2.5 g/t. The resource is still growing as drilling continues, heading towards a world class tier-1 resource of 5 million oz. The second largest gold miner in the world, Barrick Gold has entered a Joint venture with Loncor, as they must believe a tier-1 mine is on the cards as well.
It has been a big week for Old Gold, the Congo is amazing, I had no idea how beautiful it was. If anyone is looking for some place different for a holiday, I can defiantly recommend the DRC.
I would like to extend a big thank you the team on site for their hospitality last week. The DRC is a beautiful country. Will post more later when I have time.