Post by
Wangotango67 on Nov 30, 2023 1:04am
MATT,
That's a loaded question ( tease )
To best arrive at a fair valuation
i'd part larger % shareholders from common shareholders.
This would include all ( special shares, warrants, etc... )
Wellgreen has seen numerous neagtives and reductions.
Larger % holders gained significant quantities of ( easy ) shares since
2015 / 2016.
Suppose - 266 million - common shares remain.
Next up
provide a decent extraction
hard not to think, only metallics were saught out.
hence - 2017's 86% resource reduction
High Preasure Acid Extraction
With a 30% pulp density slurry treated at 260°C, with acid/ore = 0.19,
nickel and cobalt extractions reached 96% within 15 minutes as goethite
and maghemite had completely dissolved.
Link -
https://open.library.ubc.ca/media/stream/pdf/831/1.0078581/1
There's also the carbonation extraction method
https://www.mdpi.com/2075-4701/5/3/1620
They should've labelled wellgreen's ores as,
LATERITE
most all others use this term, laterite.
laterites encompass most all the geology of,
olivine, serp, dunite, clino, pyroxines, crystalines.
GREAT READ - LATERITE ORE - SERPENTINES
https://www.elementsmagazine.org/nickel-laterite-ore-deposits-weathered-serpentinites/
TEAM
https://www.elementsmagazine.org/wp-content/uploads/archives/e9_2/e9_2_dep_meettheauthors.pdf
Do read up on the laterites,
mentions sediment clays also host the, nickel.
We have the sediment clays sandwiching the ore body.
Next onscene ( revisit )
2015 PEA resources
- 330 million tonnes - M + I
- 846 million tonnes - Inferred
- west zone deep intercepts
- UG Mine
Why revisit 2015 ?
They most likely included the upper + lower drill intercepts - of deposit.
Mine, sulphide metallics first 16 yrs.
Stockpiled Silicate last 9 years.
EYE OPENER PRESS RELEASE ( inferred resources adds mega value )
https://www.nickelcreekplatinum.com/investors/news-releases/press-release-details/2015/Wellgreen-Platinum-Announces-Positive-Preliminary-Economic-Assessment-Update-on-its-Wellgreen-PGM-Nickel-Project/default.aspx
Something changed in, 2015
Resources shrunk.
https://live.staticflickr.com/65535/53294034400_a645049e8f_c.jpg
By the time 2017 came around - more resources vanished.
= my hunch .... someone only preferred sulphide metallics
= stockpiles are not mentioned only waste.
Yet.... many reports prove there is significant minerals
with in the peridotites.
Next onscene
- exotics
- titanium + chromium ( 2012 )
- iron
To place a proper value on, Wellgreen ?
- 2012 MET used 80% peridotite blend ( quickest path vs new extraction )
- 2012 revealed - titanium, chromium
Lots of drilling occurred since 2012
Lots of reassaying / downhole geophysics
Did former holes and new drilling close the inferred gap ?
Did it create a measured or indicated ?
Is the inferred sulphide metallic lower ?
Is the inferred peridotite upper ?
86% reduction was never really pinpointed as to what the
86% loss in resource came from.
2015 Chart compared to 2014
Does provide clues - tonnages move around.
Measured, Indicated, Inferred drop in size.
WASTE category is introduced.
https://live.staticflickr.com/65535/53294034400_a645049e8f_c.jpg
Another ?
2023 cost per tonne mined vs waste tonne is near same.
Why would waste cost near same as, mineralized ores ?
Like i mentioned before...
Adding iron credit like other juniors,
would drastically increase wellgreen's NPV.
If all other costs are factored in latest pfs,,
any additional mineral credit = gravy.
Yes.... i have a figure in mind.
But.... i won't share it here...lol
That figure takes into account,
Separating large % shareholders
Miner needs to churn a profit
First Nations
Crown Royalties
Again, using just common shares minus larger % shareholders
would be fairest way to cashout, common shareholders .
An opinion.
Not investment advise.
My thoughts on CNC's ( BFS ? )
Annual average nickel production of 83 million pounds (38k tonnes) over a 41-year life
How could they produce 83 million pounds per year,
if they have a 41% extraction recovery.
83 million t / yr nearly equals their proven probable...lol
CNC uses 0.17% - 0.22% nickel grades.
----------------------------------------------------------------------
NCP has colored blocking charts from yesteryears
lit up with, 0.15% - 0.20% nickel throught wellgreen.
Key point - plats are in the silicates too.
Axing the lower grades also axes the plats.
Even.... titanium + chromium + exotics.
I have an image from prophecy years showing
0.15% cut off....
This lower cut off most likely added to the 846 million t inferred.
What were they fronting ?
Platinum. ( Pt Eq ) and they offered a Ni Eq )
chasing platinum group in silicates which just so happened
to contain low grade nickel.
Front nickel - axe low grade silicate nickel.
From platinum - forces one to include the silicate peridotite with l/g nickel.
Cheers....