Post by
JohnnyDoe on Nov 10, 2021 12:20pm
Not impressed at all
I'm not at all pleased with today's results. For starters, delayed twice.! Secondly the Fenelon numbers presented are very low grade. I was expecting more than 3.5 from Fenelon and to see the open pit averaged with the UG and presented as 1.5 was awful. They don't have enough UG to go after it so really it is just the open pit and the grade numbers are not great at all
I was in this early and cheap. Averaged up. Dumped it all today. Didn't lose money. But not making money is losing money. I've made a ton during this pandemic and I held and held waiting for this MRE. Easily blew 100 grand by not dumping this a year ago and placing that money elsewhere
Comment by
Flopticalcube on Nov 10, 2021 12:28pm
The grade was mostly above 2.5g/t which is fantastic for a pit. It was defllated by adding in huge tonnage at under 1g/t which added very little to the resource ounces but pulled the average grade down heavily.
Comment by
JohnnyDoe on Nov 10, 2021 5:19pm
Yes, I understand that. But the UG is unlikely to be mined, the grades aren't high enough so what your left with is less than 3.0 m open pit ounces at Fenelon. And that low total isn't going to result in a bidding war which is why the stock ranked. They need to be north of 5.0 m ounces to really attract a major and get good value for the resource
Comment by
Flopticalcube on Nov 10, 2021 5:38pm
They are still hiring UG geologists so at least the company is optimistic it will be mined u/g.
Comment by
JohnnyDoe on Nov 10, 2021 6:42pm
they won't get very far with that grade. Check this link out https://www.mining.com/the-worlds-highest-grade-gold-mines/ And this quote For underground mining, the World Gold Council defines between 8 and 10 grams per tonne as 'high-quality', and 1 to 4 grams per tonne as 'low-quality'. There is no exact definition of what is considered as high or low grade.Jun. 11, 2021
Comment by
Flopticalcube on Nov 10, 2021 6:57pm
I agree that they will need to up the grade. They got 18g/t on the bulk sample but lost a lot of the grade by going to a pit.
Comment by
BuccaneerBjorn on Nov 10, 2021 7:04pm
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Comment by
JohnnyDoe on Nov 11, 2021 5:30am
young davidsonAlamos gold