In this CEO BBQ you can find 5 company Interviews
– Sanu Gold Corporation (CSE: SANU)
– Golden Arrow Resources (TSX-V: GRG)
– Gold Terra Corporation (TSX-V: YGT)
– Azimut Exploration (TSX-V: AZM)
– Founders Metals (TSX-V: FDR)
This week I spoke to 5 companies, more specifically:
1. Martin Pawlitschek, CEO of Sanu Gold (CSE: SANU), a $5.5M exploration company focused on a portfolio of gold projects in Guinea, West Africa’s Siguiri Basin.
Sanu Gold Corporation has defined multi-kilometer long gold-bearing structures on each of its three exploration permits and is targeting near-surface multi-million ounce gold discoveries. Initial drill programs on the first two permits drilled have yielded high-grade gold discoveries.
Visit Sanu Gold’s website: https://sanugoldcorp.com/
2. Bryan McEwen, VP Exploration & Development of Golden Arrow Resources (TSX-V: GRG), a $6.9M mining exploration company with their focus in Chile. Golden Arrow Resources Corporation has a track record of making precious and base metal discoveries and advancing them into deposits.
Golden Arrow is actively exploring its flagship property, the San Pietro iron oxide-copper-gold-cobalt (IOCG) project in Chile, and a portfolio that includes nearly 125,000 hectares of land in Argentina.
Visit Golden Arrow’s website: https://goldenarrowresources.com/
3. Gerald Panneton, CEO of Gold Terra (TSX-V: YGT), a $14M exploration company in Canada. The Yellowknife Project covers 918 sq. km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories.
Gold Terra is currently focusing its drilling on the Campbell Shear, where approximately 14 Moz of gold has been produced, and most recently on the Con Mine Option (CMO) property claims immediately south of the past producing Con Mine which produced 6.1 Moz between the Con, Rycon, and Campbell shear structures (1938-2003).
The YP and CMO properties lie on the Yellowknife greenstone belt, covering nearly 70 kilometres of strike length along the main mineralized shear system that hosts the former-producing high-grade Con and Giant gold mines.
Visit Gold Terra’s website: https://goldterracorp.com/
4. Jean-Marc Lulin, CEO of Azimut Exploration (TSX-V: AZM), a $58M mineral exploration company with an exploration portfolio in Quebec (Canada). The Elmer Gold Project is the flagship project of Azimut Exploration. The project has advanced to the resource stage, and Azimut believes there is a strong exploration upside.
Azimut Exploration also controls a strategic land position for copper-gold, nickel and lithium
Visit Azimut Exploration’s website: https://azimut-exploration.com/
5. Colin Padget, CEO of Founders Metals (TSX-V: FDR), a $66M Canadian exploration company with properties in North and South America. Founders Metals focuses on acquiring and advancing gold projects in the Guiana Shield.
Founders Metals’ flagship asset is the 20,000 ha Antino Gold Project in Suriname, where artisanal surface/alluvial mining has produced over 500,000 gold ounces to date. Using its diamond drilling equipment, the Company drilled over 10,000 m in 2023 and is fully financed for up to 30,000 m in 2024.
Visit Founder Metal’s website: https://www.fdrmetals.com/
GOLD TERRA AND FOUNDERS METALS ARE PAYING CLIENTS OF RESOURCE TALKS. RESOURCE TALKS HAS RECEIVED FINANCIAL COMPENSATION FOR THE PRODUCTION AND DISTRIBUTION OF THIS VIDEO.
NO QUESTIONS WERE EXCHANGED, AND NOBODY SAW THIS PRIOR TO ITS PUBLICATION.
The information provided herein is general & impersonal in nature and meant for entertainment purposes only. The viewer acknowledges & agrees that the information does not constitute a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy.
Antonio Atanasov is not a licensed investment advisor. He is just another talking head on the internet. He might own shares of companies mentioned in this publication. That doesn’t mean you should. Actually, you probably shouldn’t, as his portfolio is still performing negatively. Always assume he doesn’t know much more than a potato does.
He doesn’t get paid to pick the best companies, he gets paid to interview CEO’s.
The mining & exploration space is highly likely to lose you money. Failure is the norm here. The vast majority of companies will go to zero, as this is an almost impossible business that is largely uninvestable. The minimum risk on anything mentioned in this publication is 100% loss of capital. If you don’t read the official documents provided by the company on www.SedarPlus.ca, you will lose all of your money.
Timestamps:
00:00 intro
01:09 important warning
03:01 Sanu Gold
39:14 Golden Arrow
01:29:20 Gold Terra
01:56:53 Azimut Exploration
02:52:43 Founders Metals
All right how’s it going everybody my name is Antonio I am uh an aspiring Grill Master and it’s Friday so this must be the COO barbecue this week we’re all all over the globe really we’re starting off in um we’re starting off in Africa where we’re going to be looking
For primarily for gold and we’re going to be moving over to South America where we are going to be looking for um well actually the viun district and close to the viun district as well so it’s going to be gold and copper but also Cobalt and um and iron ore as well they’re
Flying over to uh Canada two companies in Canada actually one of them is in the Northwestern territories also gold so a lot of gold I guess here and then another one is in Quebec which is gold and a bunch of other things but mostly gold and lithium too in there as well
And then flying back to South America for a another gold story which is going to be in Surinam on an interesting greenstone belt there so again uh I suppose that’s about enough of an intro here because we’re looking for a lot of gold and we should start to get into it
And um as always though Fair disclaimer and honest confession um the fact that I’m grilling these CEOs shouldn’t really mean anything to you besides maybe some a little bit of entertainment value if your entertainment threshold is low it also doesn’t mean I’m buying their stock or recommending it or anything among
Those said by far by far it doesn’t mean that you should blindly do anything either I still haven’t made any significant money in the stock market so please just don’t use any of my opinion or anything that I say is independent research or investment advice that’ be
That just be silly uh just look at these conversations as what they are they are conversations they’re General and impersonal private conversations between two Talking Heads on the internet uh and if you don’t enjoy losing money you should head over to setter plus.com official filings you want to
Rate them uh and then talk to a professional investment adviser make sure to understand what those official filings mdna and financial statements and all that says before taking your own decision in the end of course because the minor exploration development and mining industry is among the hardest Industries to profitably deploy Capital
Wi I feel like I’ve said this sentence a 100 thousand times but it’s just true I’ve burned myself multiple times and and you I mean if if you can avoid doing that that that that that probably be nice for you there are many risks not
Visible to the nak it ey and you will lose all of your money if you don’t do enough Research In addition I want you to know that Founders metals and gold Terror resources are paying for the production of their interviews and that could potentially make me biased I never
Send in questions up front and companies don’t have editing rights over these videos but that doesn’t mean you should think of this as independent research still because well because it’s not it is paid for but also because it will include forward-looking statements about uncertain events that may or may not
Happen in the future and that all said first up this week is Sanu gold a goat exploration company with three projects in West Africa Guinea East Pacific companies listed on the csse under the ticket symbol Sanu so s n were an average of about 80,000 shares trade
Each day with a 52 week high of 25 cents and a 52 we low of 4 cents with a market cap of 5.5 million Canadian dollars and 138.5 million shares outstanding today this is a 4 Cent stock there are 5.8 million warrants and 5.7 million options resulting in a total of 150 million
Fully diluted shares 35% of the companies held by insiders Founders and Close Associates 25% is in the hands of institutional investors and another 25% is with high net worth individuals as of the last intering financial statement which is dated September 30th the company on had about $225,000 on the current asset side of
The balance sheet and no almost $800,000 on the current liability side of it mostly in the form of account payables and uh there’s of course no long-term debt however I’m going to ask you to review the numbers by yourself by visiting the company’s website as well as Setter plus.cc because after this
Financial statement was published Sanu raised $3.45 million at 5 cents per share uh no warrant notably there but so yeah again just um visit the company’s website for the most up toate information here um because the financial situation will have changed by the time you’re watching this provided
That this is also an active company uh that’s recently started geoh physics and Target generation and of course running a company costs money too for Sanu specifically that cost um that the typically referred to as GNA cost came up to about $150,000 a month on average over that last reported quarter numbers
Aside though as I said this is Africa enter your favorite Leonardo decaprio GIF here but Sanu holds a holds a 75% interest in three projects here they’re totaling 280 Square kilm in what is um Northeastern Guinea I want to call it so in the border with Molly uh the main
Focus uh at least for this year as far as I understand it is the bentay project which is located on the western end of the seuri Basin which is of course the Basin that hosts the seuri mine and that’s operated by Anglo goat ashany but it also holds the leam mine that’s
Operated by the Russians um they’re both by the way multi million ounce gold deposits respectively 6.2 and 7.9 million ounces but there’s a bunch of gold deposits around around them and in West Africa as a whole I believe there’s more than 300 million ounces that are defined in West Africa on that
Greenstone belt babaya is not just a Theses anymore since uh it saw a batch of drilling in 2023 about 3,000 meters of it although it was shallow RC drilling um scratching the surface drilling as my Geo friends like to call it just kidding I don’t have any friends but some these recent
Grades have come back from that RC drilling here uh with a a highlight intercept of 11.4 G per ton of over 15 M with um a higher grade intercept within that one of over 41 grams so technically Bonanza than I I I suppose uh but that
Was only over 4 meters and uh the company of course plans to follow follow up on that follow up on all that with uh 10,000 meters of drilling in 2024 which is expected to start by um by the end of well by the end of next month um technically
And that’s following again GE geochemical analysis that what that was recently completed again this is not the only project s that Sanu has drilled so far uh they’ve also drilled the Dina project twice actually initially making a discovery here in 2022 and uh in total completing 4,700 meters of drilling again shallow
RC drilling which returned some decent grades over decent width um technically no 100 G meter holes yet but there was one that was 99.7 5 G meters so I I suppose we can count it up there and that was 4.75 gr of gold over 21 M again
Decent widths good Gres on what is a combined strike length on on this deposit is about 10 kilometers and also what is considered close to Surface by the way the the drilling again as I pointed out has um it was RC shallow and it’s happened between 100 to 150 meters
Of depth and same goes for bond by the way um and um most of the African deposits for that matter which is part of what makes Africa such an attractive jurisdiction to begin with um that’s not it though as I mentioned San holds a 75% um ownership in these three projects but
The third project is called Digi Fara um or dig far I suppose has not yet been drilled although there are four Targets on it and many Artis workings are present across all three of the projects um not unexpected for this region of the world of course so there’s a lot going
On here but I’ll have to think about shutting up already and giving the word to uh Martin pav here because um Martin you’re looking to start your 2024 jural program in a few weeks if I’m if I’m if I’m not mistaken what’s uh what’s our program going to look like specifically
I don’t think um there’s too many specifics but yeah what can you tell me about it thanks for the great introduction Antonio and for making time for myself and Sanu today so this program we’re very excited about it we’ve been working since o OA on um doing fairly detailed
Geophysics IP and ground magnetics um and some of that work is still in progress it should wrap up in the in the coming couple of weeks and we expect quite a bit more news updates to flow from that and essentially um we doing this geophysics to follow up on the
Discovery and the Very extensive gold bearing structures that we delineated early last year and of course part of that picture is this is that um 11 11 G over over 15 M um and it is showing up very well not only on the more detailed uh geochemistry that we did since then
We um we run a very high resolution close based survey over the main target areas to to better resolve um the trends and the anomalies there and the geop physics likewise it’s starting to light up um very nicely where we have known gold but importantly it’s showing that
Um Coincidence of um of the geophysical footprint with the surface gold anomalies is extending from many kilometers away from where we’ve drilled so there’s plenty of strike to follow and not to uh not to forget that down dep we’ve only drilled down to about 70 M vertically so there you know it’s wide
Open some most of the big open pit mines in West Africa they will quite readily go down to 250 300 meters vertically um for example um the bun the buan project which is now at 5.4 million ounces also on the western margin of the Basin discovered by a junior Explorer uh
Listed on the Australian stock exchange they’re drilled off to around three three Mill 300 meters vertically so plenty of room for us to grow um not just on the target where we made the discovery last year there’s a bunch of other Targets on that East West trending
Bunter by thrust fold which is the main structure we’re chasing um so we’ll be following up um immediately on that um but then looking to step out um Guided by the geophysics and the more detailed geochemistry as we get results in so lots of exciting stuff coming up
Basically from late um quarter 1 and well into Quarter Two I would think still doing RC though right you’re not going deeper Diamond this time not on this round uh we uh because we get a lot more meters for our expiration drilling dollars using RC it’s also much faster um so this round
Will be mainly RC and um at some stage definitely we’ll have to bring in Diamond um a to test test the deeper parts of the deposit um but also to get a yeah better picture of the the structure that you get from from Diamond core but the cost is significantly
Higher and and and it’s also much slower and just a bit of background there RC is very common in these West African terrains um even the um resources are generally drilled out maybe 80% I see 20% diamonds um even for open pit yeah okay so yeah especially for open pit
More you might increase the diamond component as you go deeper into the underground depth range right well you’re not chasing any coer as far as I could tell so there’s no immediate reason for you to go down there um you mentioned I want to touch upon the bonan discovery because that’s an intrusive
Related Discovery so I want to talk about that later on but you I’m looking at the map over here on my on my screen screen um what targets are you going to um because most of them are undrilled I believe um so which targets so we’ll be initially drilling
On Target Two um and then the other the other Targets target three and seven we’ve had some drilling on those as well with some good geological um and mineralized intervals um gold bearing uh there we will likely go back as well driven by the geop physics and then the
Other Target will be will be guarded by what is coming back from the final analysis of the geophysics but on the list is Target one seven um eight potentially um and three so Target Two alone as it’s mapping out right now shaping up to be quite quite a
Big one yeah it’s also on um on two faults right it’s on the tinkissa fold and on on the babay thrust fold yes there we’re every time we get more more detailed data we’re refining the structural interb um I mean that’s pretty normal as you get more data
Density but there’s there seems to be a a interesting set of structures there that are intersecting um in some places uh some of them seem to be parallel so potentially some sort of thrust duplex parallel shallow angle um thrusts that are stacked on top of one another but in
Other areas they’re clearly intersecting and interacting with some cross um high angle cross structure so setting up some very um nice um structural traps basically for mineralization to for to form that’s particularly the case that’s three and seven so we are looking forward to getting the detailed to
Physics back from from that um that should help us a lot are the the grades that you’re getting just generally the holes that you’re drilling uh in two and in seven they’re quite different from each other in terms of gr but also in terms of widths it is that
The reason because they’re not located on the same fault or what do you think is driving the different type of um grades that you’re getting here just to maybe paint a background picture there um the uh the targets uh three and seven have some very extensive um historic
Artial workings on them there’s actually a uh the two Targets actually Co less um so there is a an 800 by 200 meter area that is intensely worked surface we’ve digitized off the satellite imagery and by mapping on the ground well over, 1500 so 1,500 vertical shafts all duck by
Hand um into the deeply weathered Bedrock um and some of these shafts go quite deep down to 40 50 mters which is deep for for disle Mining and our drilling has been quite shallow at the very top of the structures um so it is
Uh it looks to me that um a lot of the high grade has been taken out and uh some of our drilling even has reported voids um that we went through so I suspect the high gr’s gone we’re seeing the same geology we’re seeing the same felic unit with the same style of
Alteration disseminated Suites and carrying grades over with so uh I think we’ve just not drilled in the best spot there uh we probably need to step back significantly to hit the structure underneath um all these extensive workings and and see what it really looks looks like in the in the untouched um State
Basically there’s no or is no workings on the um on the other targets or is there there are some small workings On Target two but they’re relatively small compared to what we have at three and seven okay good good let’s go back to that point you made about the bonan
Discovery it’s a it’s a predictive Discovery uh so predictive as in the company it’s a Australian listed company um I was a little confused when I saw that you’re comparing it to it um because that the the which the project is close to you but that one is again an
Intrusive related mineral system so what what do you think the similarities are exactly between banan and and pabaya well principally by all of these gold deposits in in the perian sequence in West Africa basically um greenstone hosted gold deposits the the host Rock varies a lot so it’s not strictly
Intrusive related but it is hosted partially in an intrusive um unit um in this case it’s a felic unit and in contact with aaic it’s it’s also quite shear and the big difference um lies with the central part of the Basin like the secur mine the security mine is
Mainly um sediment hosted mization with highr quartz vein systems within the sedment now on the western edge of the Basin um the the banking deposit is it’s more disseminated stalinization within a Fel and a maic um unit and we’re seeing the same sort of thing at um at babay
Where we have we don’t actually have a lot of quartz Vining and the mization is more related to disseminated sulfites within a shet felsic unit in contact with a shet maik in the hanging wall so that is a broad similarity but it’s it’s definitely quite distinct from
The um quartz veins hosted in the gray way ke which what which is what you see at Lea and at sigiri right okay so but still um I’m I’m just looking at the geophysics um that you have on your on your presentation right here there’s
Also quite a quite a lot bigger if I’m not mistaken so you’re defined an 800 meter oh you say that the anomalies are open um yes that was an early snapshot of our survey we will soon have some updates on that um because we we’re really uh covering a much larger area so
It’s probably best to compare that when when the full picture is out okay okay you also did metallurgical work on bab if I’m not mistake which is I suppose not typical for that stage of a of of a company or of an asset uh it is early
Days so what what did you what did you do met work and are you planning any more of that this year um just to clarify it’s not strictly metallurgical testing that we’ve done but we’ve done um what we call a cide bottle roll where we basically take the
The material and um and and leech it so we take a few kilos quite a few kilos of the mineralized material and then in the laboratory at a professional laboratory it is um leeched with a Sinai solution and then um the taals are assay and you
Know the assay is in of the um of the sinite um liquor will then compare how much gold is coming out in cyanide solution and how much is remaining we had very good feedback from that we had between 91 and 93% of the gold came out in the cide
Leech so it’s a QP probably wouldn’t call it strictly a metallurgical test but it’s a very very good and cheap way to get a good indication of um what you’re likely to recover in a standard site leech and um we’ll do more of that um depending on the results um and the
Geology that we see um in the drilling this year um if it’s more of the same material we we’ll probably run a few more tests that’s fair to say but you say it’s inexpensive what does what does something like that typically cost you there um I think one of those samples
Which was 10 to 15 kilos of leaching um that would have to be less than 2,000 Canadian oh okay so it’s it’s really cheap okay understood yeah okay when you you you say that you hope to be drilling by the end of uh q1 um how how
And when do you think you’re going to be reporting assay results when I say how I mean is it going to be sort of in batches from targets or or stuff like that we’ll be um we’ll be looking to send batches of samples out on a um on on
On a collection of drill hole basis so two or three drill holes at a time not to not to build up too large a stock and then um probably um release the results on a on a Target by Target basis until you know unless something really significant comes up um early on where
Are you where are you sending the results for for assing uh so far we’ve used SGS in Marley um so fully accredited Laboratory we we are looking at some other options as well um there are ALS chemics available also in Mali and bukina Faso and there are some Laboratories in um in
Ghana also that we could use and access so we’ll be getting quotations in and not just cost but also turnaround time will be a consideration okay what what what are those uh I mean specifically the turnaround time what is what’s typically the turnaround time for you well last
Year this time it it the turnaround times were around six weeks six to eight weeks um we’ve had early on in 2022 we had much faster turnaround times up to four weeks um but it varies it depends on the activity levels in the region right when you see activities levels in
The region I’m of course reminded of of the issues that West Africa’s had specifically um specifically that part of the work how is that how’s that affecting you right now I mean you say that potentially you’re going to have to choose a different uh lab there but anything
Else and the lab is not so much because of any any political issues it’s more about turnaround time I would say and cost um so it’s always good to have some some different options uh the issues in in Mali or Bina have not really affected Us in Guinea we don’t see that um
Arriving in Guinea to be honest um and traditionally it’s probably worth noting um even with all the changes in in in Guinea it has not really affected too much um the mining industry in terms of um you shutting down mines or or or significantly disrupting production of of gold from these regions okay
So then you then send it to Ghana you said would that I mean it’s farther away but you still think it’s going to be a quicker turnaround that’s something I think we’re going to evaluate yeah we haven’t decided that yet we’re looking at all the options basically okay right so I
Guess what what I’m trying to say we have several options um for Laboratories um and we’ll choose um based on a combination of time and turn around turn on time and cost okay fair enough the 10,000 meters how um how are you going to be splitting that between bab bu and
Diner we’ll focus um most of that on um on bu babby I would say 80% maybe more and um you know I’m expecting very good results from the initial batches so the chanes I will focus everything on on babai okay right and well I’m asking this because when I look at what’s been
Coming back from Dina the 2023 drill program didn’t bring back the same great results as as as the 2022 program did what’s what’s our telling you about chasing this further along strike because you’re not giving up on it um but maybe you’re scaling back a little
Bit yes um because you know we’re you know that we’re quite a small company we need to be really focused with our drilling so we need to deploy drilling funds where we get the uh best return for our drilling dollars uh Dina we like it a lot it has an extremely large
Footprint it’s comparable with the other big mines um in terms of footprint it’s leaking a lot of gold over many kilometers we’ve tested a 300 met segment of one structure we have 15 km of structure there all all leaking gold at surface and we’ve tested down to 780
M so the second program we came back with we were testing um pretty much an Orient a different Asimo to see if we can more optimally intersect some of the veins um in the system so on that round um I think it tells us that our first
Direction was a better one and that doesn’t mean there isn’t another better orientation because there’s many different vein orientations in there we can’t um you know we have to be quite prudent how how many of them we test uh but basically there’s such a large strike extend and typically you would
Approach this with a very systematic program and then you’ll get into the bull size and Define your uh um uh resources from there basically at the at this stage the company doesn’t have the means to basically do such a large aggressive program okay yeah well that makes sense
When you what you mentioning here in terms of leaking that’s the the well basically the surface Footprints of the of potentially the system that is beneath that you are you going to be stepping outside of that or just sort of following along uh along the surface Footprints as you drill this year we
Would um if if we were drilling you’re talking about Diner yes yeah we would uh follow it a long strike and down dip a little bit Yeah okay but so not necessarily stepping outside of the outside of the surface um the the surface Footprints um no not at this stage yeah
Uh we have so much F surface footprint to chase up um there’s no real need to to go into blind chasing blind targets at this stage sure where I’m coming from with this is because um and this is true for both Dina and babaya by the way but
It seems like some of the grades are some of the grades are very high grade right so and others not so much so grade here varies between uh under a gram on in some occasions um um 09 basically up to as I mentioned at the beginning 41
Grand in some occasions and at at Dina there’s there’s one meter intercept that I’m looking at at over 85 gram per ton which is is nuggety I suppose is what you would call it um but how do you how do you look at at grade variability potentially it being nuggety and stuff like
That that’s very typical for uh virtually all gold deposits and certainly also in West Africa so uh really it’s a question of getting enough drill density into the system um typically by the time you’re at a um at a decent resource level uh you’ll have a
Grade of 40 x 20 MERS into the main minized science um and with that you can do um the rightous statistical work and and Define your resources with that um within the miniz systems and if you look closely at the banan system as well there are some you know spectacular
Holes and right next to it you’ll have some pretty modest holes it is just the nature of gold not just um you know any one particular gold deposit yeah yeah I I I I’m careful for my own portfolio with negative systems because I got burnt ones and so indeed I
Do want more drilling you you’re in West Africa so drilling is what what are you paying down there under 200 a meter yes our o in cost is around um 120 us it has been in the past with the jump in Fiel prices it might be a little bit
More now but um it’s around about that so I suppose the recent deal that you did that that’s going to be what enough money um to complete this 10,000 meters yes yeah we’re anticipating that we can manage with that we don’t have our drill quotations in yet but um we should be uh
We should be good to cover 10,000 me with that right okay well you did um you know that deal was done at 5 cents as I mentioned at the beginning no warrants uh so great but it almost doubled your share count again sort of proving that it’s hard to raise capital in this
Environment oh it’s not hard to raise Capital but it’s expensive to raise Capital maybe in this environment so how do you think you’re going to be dealing with that going forward and how I’m thinking Beyond 2024 like do do you bring in a strategic partner on on the
Asset level do you divest out of some of the assets uh because I mean you can’t keep doubling the share count here yes you’re quite right um having said that we’re an expiration company so if you don’t uh raise Capital you don’t move forward
But we are looking at um you know at all the options that you mentioned but it’s really too early to to make any statement on that okay so you’re GNA nothing nothing’s off the table there so and and there is a lot of interest and discussion happening in the
Background okay um yeah I mean I suppose you cannot tell me too much about this um I well there’s there’s other things that are in your control um how much money do you have in in in the treasury right now by the way around uh just under 2.5 okay 2.5 if
You you said 120 if we account for some margin let’s call it 150 10,000 meters that’s going to be one and a half million on drilling um but then you have to cover g& and so when I when I look at the g& I’m thinking is there room for uh
Savings here and and for example I’m I’m looking at your office which is a 40 Grand a month for for office expenses almost the third of your GNA um then I’m looking at some of the you know some of the paychecks that are maybe on the
Higher end when it comes on to companies of this size so that’s what I wanted to talk to you about do you think there’s room for cutting the GNA that I see on the last financial statement for 2024 um just do a bit of background on
The TNA um I mean really 90% of our money goes into Guinea and um the management team in Guinea is is part of the operating cost really I would say um and uh we have made some cutbacks there recently on the on the Canadian side but our corporate um overheads in
Canada um they’re not the majority of our expenses they’re really um fairly minor I would say and um in terms of cutting back yes we’ve we’ve cut back a little bit um can we do more we keep looking at it of course yeah okay yeah for example marketing
We’ve we’ve completely cut out marketing we’ve done a lot of marketing and we spent a lot of money on marketing over the previous 12 to 18 months um but we’re not looking to too much in that regard this year that’s always challenging because if a tree falls in
The woods and there’s nobody hear it did it did it make a sound I’ve seen that happen with a couple of companies u in West West Africa my my personal biggest holding is in West Africa they recently made a new discovery and nobody cared um so that that’s one thing but well you
Say 90% of the money goes in the ground but so looking at that last financial statement um expenses without drilling were around $520 ,000 for the three months you know if I annualize that that’s about I’m not a math professor but it’s about two million bucks something among those lines and then you
Say one and a half million is going to go in the ground which means that if 90% goes in the ground you’re only going to have to do GNA at like $150,000 for the whole year okay I don’t have that statement in front of me there um it’s more than that
It it will be around um 100 months I would say yes 100 yeah I mean but I mean so if you’re doing 10,000 meters of drilling and that’s casting you 1.5 million um if that’s 90% of all your expenses then that means that 10% is GNA which
Is 15,000 a year or am I missing something here and that’s not really doable I don’t think no but we do have okay we we do have a team in Guinea that we uh that we maintain and they would typically be doing field work um and um that’s why we
Keep raising the funding to to keep you utilizing the assets that we have in in the country there okay um and do when you told me 120 a meter does that that’s that includes the the field team then in in that drilling or yes exactly yeah
Then the rest is well really GNA so it’s it’s the management fees and and the office expenses and stuff like that that’s what the the X the X Guinea um expenses yeah exactly yeah okay good um well that’s the two I don’t assume anything else is is happening at um at
Your third project there or or is there the third project um I mean there’s a lot of interest from other parties but um ourselves we’ve just done a um small amount of geophysical work there we’ll be reporting on that soon um really just very small to um to test if
The um geophysics that we used have buned by if it’ll be useful over there if it’s useful then we can look to expand it in the future right okay not for 2024 I don’t assume though no we’re not planning for 2024 yeah okay okay good uh what else is happening in the
Meantime you said you’re cutting on marketing um of course you always want to have some marketing you’re going to conferences I assume you went to Africa last week I went to D andaba yeah that’s something we paid we had a credit for from last year um it was actually very
Good a lot of of interest from uh investors and a number of um of of strategics quite a large number actually okay so that’s sort of giving me hope that maybe 2025 we see a strategic and um to to on on the asset level is that how you would want to do a
Deal like if for example I make a big reveal and I tell you that that I don’t know I’m I’m Mark bristo’s Nephew and he sent me to interrogate you so that I can get him in as a strategic what would you want to hear from me like what kind of a
Deal would you would you want to give me what kind of deal I mean our first kind of deal is um is to have a um placement at a significant um you know premium um to be able to you know get enough to for a meaning meaningful chunk of additional
Drilling um in combination it could in combination of a strategic placement we could talk about um a potential asset level joint venture with some cash back and and an earn structure um spent to earn more Equity um obviously we won’t do that on our Flagship project but we
Could look at um one or two of the other projects for that so that would be the ideal ideal scenario basically okay not in your Flagship project so that’s you you want to keep 100% of that yes we want to work that ourselves soon okay okay interesting because well that’s
Been a model that’s worked for some of the companies um in that region too where they’ve gotten in a strategic at the at the asset level doing a you know they’re doing a joint venture for example um and they spend the money for them to to explore and just drill more
Basically without having the rise capital um yeah good well I think I’ve been through most of the stuff that I wanted to go through here what am I uh what am I forgetting to ask you here Martin what are you forgetting to ask um why West Africa
Um West Africa is now the biggest gold producing region globally if you take the full Geographic footprint from let’s call it Sagal in the west and um Ghana in the East um it’s a fair comparison because all the other big gold producing regions like North America China Africa
Do have that sort of geographic um surface area uh so West Africa is the biggest one by far now it has also had experienced the fastest growth over the last um call it 10 to 15 years and certainly in recent years it’s accelerated a lot in
Guinea and um the reason for that is twofold um a the geology is there um let’s call it three-fold the geology is there um a lot of the areas have not been um well explored so they’re relatively IM immature um exploration wise and very significantly not to be
Underestimated the the red tape uh is really such that a Jun Explorer and even bigger companies can work there very efficiently very fast we we don’t have to delay drilling programs for six 9 12 months of Permitting that you see in many other jurisdictions um we basically um have
Our paperwork in place we do it once and we can drill with that um at very short notice basically the same can be set for building mines um I’ve been involved in involved in a couple of mine builds now in in three different West African countries and speaking certainly to our
Um more advanced peers in um in Guinea also in the time frame for permitting is 12 to 18 months on average might be longer in some cases with special situations maybe near a park or something like that but um that is extremely competitive on on a global
Scale and um you know very important for the junor um not experience those delays due to um basically bureaucratic red tape yeah again I just I hope where West Africa starts getting a better a better image soon but yeah good it was it was a
Good it was good to meet you thank you so much for doing this um and I hope we can we can chat again once you restart Drilling in some results start coming in would love to yeah looking forward to it and and thanks a lot for for the
Opportunity all right with that moving up the market cap and flying over to South America I have Brian mckian with me here today to talk about Golden Arrow resources a precious and uh base Metals Explorer with multiple assets in Argentina and Chile companies listed on the TSX Ventures exchange under the
Symbol grg were an average of about 40,000 shares straight each day with a 52 we High of 13 cents and a 52 we low of 4 cents with a market cap of um colid 8 million Canadian dollars and 144 million shares outstanding today this is a 5.5 Cent stock there are 34 million
Warrants and 11 million options resulting in 189 million fully diluted shares as of the last intering financial statement which is dated September 30th the company had um $2.7 million on the current current asset side of the balance sheet and a bit less than $500,000 in the current liabilities side
Of the balance sheet mostly in the forms of account payables and there is no long-term debt as it always say though please go to the company’s website as well as Setter plus.cc to review the most upto-date financials because besides this being an active company which obviously spends money Golden Arrow also raised 8
$50,000 at 5 Cent with a 10cent three-year warrant as part of a larger $ 1.2 million non- broker private placement recently so do do pay attention to that in uh terms of corporate expenses if we take out the exploration cost and the share base compensation Golden Arrow spent roughly
$200,000 uh on average over that last reported quarter uh College GNA if you will numbers aside though I um probably have a map on your screen right now but my fingers tell me that there are six projects on that map um geographically oh it’s actually seven projects yeah I
Should learn how to count better uh geographically not too far off from each other but still on two sides of a border specifically the border between Chile in Argentina or on the um Argentina side of the Border Golden Arrow has five projects they are all copper gold
Targets all of which um they’re either available for JV or uh or optioning or they are already under an option agreement so two of those are under an option agreement three of those are 100% um the permits on which are 100% owned so well they’re basically being explored
By other parties the one that are in their option agreements and um I hope we can touch upon them but they won’t be the focus of the discussion here today because on the Chilean side of the Border Northern Chile to be specific there are two projects one of them is an
Early stage copper project with multiple Targets on it but again that’s not going to be the main focus because San Petro that is uh what golden arrows Flagship asset is called that’s where most of the money goes in and that’s also where most of this discussion will be focused on
They are currently still own 100% of the mineral rights on the property which by the way covers 185 square kmers of land the project lies on the ocama fault system which is probably what brought the typical iocg mineralization from sort of deeper in the earth through the
Help of breta veins and Manos in this case and uh Golden Arrow is not the first company to drill this asset so it’s being looked at by multiple parties including Tech and Sumitomo in the past uh and then it’s got 34,000 meters of historic drill holes on it um also the
This geophysics and stuff like that and all that has been used by the company to Define new drill targets which they hope they’ll be um they’ll be well using that data to come out with a mineral resource estimate this year by um specifically focusing on the ren cones Target which
Is an area of 2.6 by 1.6 km that has historically seen 46 drill holes and now that’s also where the company’s own drilling has been focused on over the last uh two years I believe well almost two years by now that’s not the only Target on this project though there are
Several large scale targets here including the kala Target where Golden Arrow has already completed a phase one drill program as well there is rad Deo which has um also um recently been drilled and and and found near surface copper oxide mineralization and then there’s the Rus Norte that’s another
Target with NEOS surface mineralization showing up in historic drilling but that one hasn’t being followed up on by Golden Arrow themselves um but with an M planned being planned for for 2024 I hope um Ryan and I can talk about that later on in the conversation that resource definition or delineation
Drilling whatever you want to call it is expected to be supported by um one of the drilling companies in the region which has recently signed an option AG agreement with Golden Arrow whereby the Drillers will perform roughly $4 million Canadian dollars worth of drilling over
The course of about a year and a half and they are also required to pay roughly $2.7 million Canadian dollars in cash through six payments over the course of one year which um if they complete all of that that will give the drilling company 25% ownership in um in
The San Petro project historically uh by the way as I mentioned the project was in the hands of a couple of parties it was um um first of all it started off as a as a tech and JM joint venture uh pre 2007 and then Sumitomo came in uh in
2007 I believe is to then become the so owner of the permits almost 10 years later um so up until um 2022 they were the sole owner of this project and that’s actually where I actually want to kick it off Brian because um if the
Project is is as good as you hope it to be why would Sumit Tomo leave it um in 2022 wow you didn’t leave me a lot to talk about Anon that’s was quite an introduction um a lot of things there I’d like to touch on uh specifically to
To answer that question Summa Tomo um actually had a joint venture with with tech um back in the in the day from 2007 up to about 200 N or whatever it was and and they then sumomo went ahead and continued to do the the drilling they they completed their drilling on in
2010 uh or 2012 it was all wrapped up and then it sat on the Shelf till 2022 um they never did anything with the with the project uh they had done evaluations and and for whatever reason they decided it didn’t fit their U their business model at the time or anymore they there
Is is expensive to hold that much land each year and and uh for whatever reason corporately sum Tomo decided they were going to get to get rid of it um and we got a call from a group that was looking after the sale of it and uh um they said
If you’re interested you know you you you know it’s going to go to a um it’s going to go to an auction um they want this off the books by the end of the end of the first quarter and this was in November of 20 2022 um so we put in a
Bid because we had money from a previous project and and and we got the project but you know sumat Tomo as as I say they they hadn’t looked at it for a long long time uh you know that was the immediate question we asked sumomo as well when we
Went in there and they just said that you know corporate they they want out of this kind of deposit and when we put the bid in I totally honestly I did not think we’d get the project for the bid that we put in three and a$ three and a
Half million dollars or whatever it was close to that um others had bid in higher but uh because we had cash we we got the project so that’s how we ended up with it okay and that’s my that’s an interesting point in a a itself and it that might seem like a bit
Of a repetitive question but your project is also in the middle of uh two Capstone project and another iocg project to the north um all of which well the the two Capstone projects are both well Advanced not too far off from production well closer to production
Than you are we can put it that way yet your piece of land remains untouched and I mean $3 and A5 million or even even you right now at an $8 million market cap it would be less than 1% dilution for Capone to to take you over so how
Come how come haven’t they that’s that’s just an excellent question really glad you asked that and um it’s it’s uh the company that had put together the sale of this I said that U sumat Tomo who had um had been put in charge of of looking
After the sale they they talking to the owner of that group he had said that he thought that the deal would just be a matter of brokering it with uh with Capstone and and just to clear up the Capstone has an operating mind on one side right now man verie that’s been
Operating since the 90s um and uh they’ve also got on the on the east side of us a project that uh all permitted and and and ready to go they’re completing the final feasibility that so their big project there is to to merge the two together it’s called the
The mantle Verde integration plan or whatever if you look at the Capstone website a very interesting read if if anybody’s interested in that when they went to Capone and said are you interested in this property in the middle they had said um no we we we can’t take any on anymore right now
We’re we’re we’re just not interested um and we were I was surprised by that as well and always wondered like what was wrong with this so Capone wouldn’t wouldn’t be be interested shortly after we had taken on the project we saw this press release come out at almost the
Exact same time that we were doing the deal with sum the the the word came out that Capone had made a deal merging manto Verde and uh and Santa Domingo so they are in the middle of a great big deal and and when I talked to the people
At capson they said you know they they should this is their words to me said you know they they didn’t have time to look at it they were very focused on on on on their merger that they were doing and um you know they’ve said to me on
Several occasions since then that we we should have definitely picked up that property when we had the chance um that’s that’s really the history there I I think we were very very fortunate very lucky at the time that it worked out that way well but they have
A they have a chance right now I mean they can just come at you with with a A you know not a friendly bid they can even even if they put 100% premium it’s still not a crazy amount of money to them I I don’t want to I don’t want to
Give give away anything here that uh um we we went through a a pro process last year when we ran out of money the markets are very very difficult I mean it’s um it’s almost embarrassing when you’re I’m listening to you we trade between four and8 cents and we have a $8
Million market cap I mean for the assets we have and the projects we have it’s it’s just un unbelievable and and to do a financing at a nickel it’s U um and anyways we went through a process of of looking for a partner and we we talked
To all of the big companies in the in the industry we I don’t think there was any big secret that we were we were farming around there we did we had did have some um some some serious interest but uh nothing for the amount of money
We we were hoping to to get so when we had this opportunity of uh um of uh making this deal with a with a company that would be investing right into the project that would have some serious uh skin in the game without diluting shareholders it was just like
It was just too good a deal to pass up it was it was it was just a great uh deal and they did Serious due diligence before they before they came in on the project and they they realized that uh you know there’s a lot of upside here
And um believe me when I say that they’re they’re not in there just to make money drilling meters they’re they’re looking for the upside of the project when this thing finally does get sold it well that’s what exactly where I wanted to go is like when this thing
Finally gets sold um I suppose a twofold of question here but does it get sold after between M and a and a PE or do you think it takes longer than that to interest a cabstone or someone else you know that’s question like how long is a
Piece of string it’s it’s it’s so hard to answer um when we were going through the process and talking to all of the big boys they were saying you know we don’t look at anything without a resource estimate on it and I would talk to them I would show them what what we
Had and what we believed to be there and I mean there was just these you know well we want to resource estimate and that was you know part of the reason we’re going to go go ahead and um do this resource estimate so people can say
Wow they’ got this or and that and then you might see people you know jump in at that time I I I know that capstone’s always going to be keeping an eye on us um we have a big a big big area of land as you as you say 185 square kilometers
There’s a another 100 million ton deposit just north of us I mean there’s other things that could be done with this project and and with with with cap Stone um but you know I’ve been down this road before and we we saw this on our our last project if if you’ve got
Existing infrastructure you you you don’t want to build um you know all these things uh if you don’t have to if you if there’s a you know a plant and especially in this case if they have to have a roster for the Cobalt and things
Um you don’t want to take on more cost so it’s it’s it’s interesting um depending on the line of questions I can can add some more light to that as we go forward hm well what do you mean by what do you mean by that in terms of putting
More I mean to me it’s almost too obvious for it not to be Capstone I believe what is it North of VI is Sierra MRE um oh Sierra no no um Sierra Norte SI is to the north of us and that’s that’s a a Chilean Consortium that that
Holds that that project 100 million tons is is is is kind of kind of small and you know we you know we we believe we’ve got a a good size deposit I don’t really want to talk too much about numbers on on that um but we’ve you know what we we
Saw in our Drilling and the previous Jing we we believe we’re going to have a a substantial era I mean um I know for fact talking with the Capstone people that they’ve sh they’ve shut down all exploration their total focus is on on the merger they they want to do some
Some Drilling and follow up on their feasibility study at um at Santa Domingo to the east um you know they’ve let a lot of people go and and uh that’s that’s the the word from capson um you know I whatever else is Capone’s up to I
I can’t really speak to that but um you know we we’re in you know contact with them from time to time and I I know darn well that they’re they’re watching us and what we have but uh you know having said all that I mean there’s there’s other ways to
Approach this but there’s there’s no question that capstone’s the obvious obvious person I mean you look at the history of that and I don’t know if you how I mean the original cap Stone project they bought Santa Domingo to the east of they paid 700 million from that
From from far west uh in a deal and that was you know not that that long ago um and it you know they their their stock is doing very well the company’s doing very very well and um you know we’re we’re not much more than a decimal point
On that at this point yeah yeah exactly that’s what that that’s what I was I was getting at is that it just it makes too much sense for it not to be Tri guess everything’s possible there but um well and so why I’m why I’m bringing this up is because you’re now potentially
Getting in another party uh in the face of that drill company and they’re they’re getting a decent trunk right at 25% so do you think that might I don’t know potentially scare away uh Capone or other acquirers down the road no I think I think I I I think exactly the opposite
I mean we’re talking about a a Drilling and construction company a group that we’ve we’ve worked for worked with in in the past with with with great success um you know like I say I think that a very important part of it I mean we’ve got a drilling company now that’s got serious
Skin in the game I mean they want to see us uh succeed is because that’s where their their big upside is going to be and uh um you know I I don’t know that they’re really in the business of uh trying to take this on or do anything
Different they’re they’re they’re it’s a very friendly deal um we work closely with them and I I think it’s I think it’s just excellent at at a time at a time in the business right now where where money is so difficult so hard to
Raise money um to to to make a deal like this and Advance a project uh you know we’re designing the drill program right now but it’s you know it’s we are going to drill it off we are going to calculate a resource and you know that’s
Going to be hopefully by by the end of the year maybe early next year but it’s it’s um it’s it’s moving ahead and and uh you know people can see that so when you when you look at when would people come in I I don’t know maybe they’ll
Want to see what the resource number is or along the way with their drill real who knows it could happen at any time um one of the the other things that came along is that um we we talked to a lot of companies uh during the process of
Looking for partners and um we signed a lot of CA companies looked at the data and you know quite a few of them said hey we’re going to be watching you so a lot of people out there have got um our information they’ve got the information
Of the mines on the other side and um I mean who knows Copper’s big Cobalt’s big I mean we’ve got gold iron is Big we I mean it’s it’s a very attractive Target that that whole deal was kind of interesting to me because it’s 25% um sort of acid level dilution if
You want to call it but at the same time the $2.7 million Canadian dollars that you’re getting in if someone were to buy that in the open market they would already get 33% of the company is at $8 million that’s that’s what it is and then on top of that they’re drilling
About four canadian4 million Canadian dollars so it was interesting to me that they’re that they’re only getting 25% like I I would have I suppose I would have asked for more if I if I were putting that much money in there so I um
Yeah I I I suppose I I agree with you there um let’s then talk about what they’re going to be drilling this year um how many meters are the how many meters are you planning for well that that prior to the deal like uh um our
The the deal that we we made with them is uh you know that we had to show what our plan was we we we had to like out the plan here’s our exloration plan this is what we plan to do this is how much drilling we’re going to do we’re going
To need to do gfys in this area and and and you know they bought into the whole plan and so I mean all I can really talk about is is like the budget we submitted to them um what we actually end up doing
We’ll we we we will we will see but uh I mean right now we’re looking at I don’t know 10 11,000 meters some somewhere in that neighborhood um we we need to drill it off to a um you know at least in in in fer and a lot of places indicated
Categories uh for the 4311 but the the thing is about uh um the history here and I think one of the things that we did that was was corrected you mentioned the rinones Target and the rinones target is uh uh is the main target there there’s no question about that and Sumo Tomo
Drilled that and Sumo did calculate a calculate a resource they they didn’t have the interpretation right so their numbers what they see and what we saw is is is completely different in in most most cases um but with the project being so big I mean that only represents like
20% of the of the of the project area so we went and drilled other targets we looked specifically at to the South Coya which has excellent Cobalt numbers we were getting 600 700 ppms of cobalt in in bigger wide zones we can trace at We Believe like four kilometers to North so
That represents a huge Target and we found out that we had some actually good gold numbers in there we had good copper numbers so that represents a a great Target the other thing is that with um not only the the the MTO Verde and the other projects around there is is
They’re they’re kind of starving for for you know oxide copper copper ore uh and so we wanted to drill off our near near surface oxide which is why we drilled it rodo we drilled maraposa we drilled those other targets so we could prove that we had nor near surface copper
Oxides and if we didn’t sell that proper that that or to uh um to mano Verde for their leech pads we can we can send it sell it to a bunch of other Mills and or plants in the area I mean there’s a lot of opportunities there for us once we
Prove this up to u to do other other other things so we and we were very successful in all all of that drilling we we we we drilled the bring cones and we proved that our interpretation was correct we drilled to the South inoa we proved that we had high Cobalt numbers
We drilled in the other areas and we proved that we had uh a lot of near Copper oxide and and so it was a huge success um but everybody’s still focused on on you know what is a resource at Ranon well we we we will do that but I’m
Hoping that we’re going to make that resource a whole lot bigger by adding the um the resources that we’re going to be add in from these other areas okay but so the the first M that you’re hoping to have by this year that’s strictly rink con is and thank
You for correcting me it’s Coya I call it kala uh but it’s Coya because I get it but so you’re thinking what is that going to include rinkes and and Coya or how do you see it no I I I don’t know right now right now all I can say for
Sure is that we’re going to drill off Ronis but Ronis is open to the in all directions north south east west into the in a depth um and if you look at our Target site K is only two kilometers to the south I mean if we could if we could
Tie those together we have another Target that we we plant to Dr called Mattis and Mattis is a very interesting project uh lot lot more similar to what that Capone Sees at um at Santa Domingo and and and that’s only one kilometer away so when you’ve got a a resource
Estimate and you can actually stretch your resource out to include stuff that’s a kilometer or 2 kilm support it can make a huge difference in the num you’re calculating so we’ll see as we we go but um I mean part of our deal with our our new partner is that we we do
Take this Drilling and calculate a resource so that that is on the books and that will happen but I’m hoping we can add these other areas and you talk also about this rtis Norte um it’s it’s a huge deposit it it just looks like the where we’re doing it at rancon it’s just
Gotten deep but there’s never been deep holes drilled into it to to prove that everything we have there continues to the north it just gets deeper so there’s I mean I get very excited when I start talking about the other targets around there it’s a it’s a significant deposit
So but do you want to go to R nor a this year as well well I’m hoping we will I mean we’ve got a um you know we we’ve got a deal right now that’s that’s that’s that’s there and we’ll we’ll drill off what we have to do uh we’ll
Calculate the gr will do that but when you’ve got a partner that’s got serious skin in the games you say hey look we know we’ve you know we if we go up here we drill this we could make a huge differ we could double the size of the
Resource by drilling this stuff to the north I mean you you can kind of do those things but I that’s getting ahead of ourselves I mean right now I like to just talk about what the budget we have and what we what we hope to do and and
Hopefully you know within the next week or two we’ll put out a before the pdac we’ll be putting out a press release explaining what exactly what our plans are and what we plan to do um and we’re we’re actively working on that today as we speak is this what this drill program
Will look like and what we what we plan to accomplish you did mention that the stuff that Sumit Tomo was coming up was completely different numbers than what you’re coming up with how come what does that mean no no no that that’s not what I said um I mean they were we were
Dealing with the same same drill holes so they had they had different ideas on on the way that the mineralization was was dipping and on on how much of these things were on these vertical structures and what we we found is that we it was actually dipping the other was Dripping
The other directions so when they when they drilled their holes a certain way they they don’t get a proper intersection of the of the or so we went back and we drilled holes the other way we got really good thickness if you look on the website we’ve got intersections
Of 64 or 80 meters of of of the thick magnetite bands which was was never interpreted by sumat Tomo and that’s that’s what adds to tonnage just to show that you’ve got the the permeability and the paracity and and the space for these uh um for these magnetite uh mantos and
Stuff which carries all the ore and that was a huge success for us when we when we when we could show that and now we want to extend that to other other parts of the property so it’s uh we feel very very positive about uh being able to do
That okay but so essentially it was sort of a geological decision that made the difference between what you Drilling and what sum Tomo was doing well a geological in interpretation and one of the things you know um I I find uh it’s kind of like a geology 101 that
Companies like to go in and drill without ever really spending the amount of time they they should on Surface uh and and so we spent a lot of time on Surface we we found zones that um that that had never been mapped had never been sampled and that all went into our
Interpretation and when we did that we went back and um you know we went and relogged a lot of the core I mean typically these big companies they get the most Junior person to to log the coure and that’s what everything else is is built on and and so we we went
Through we we found interpretations we’ve got a topnotch team we’ve got an incredibly smart technical group there that uh picked up on these differences and and when we put together the new interpretation we said okay now let’s go drill and test it and we did and we were
Successful well so then looking at the at what ass me to what defined and what you’re hoping to Define you just told me that you don’t necessarily want to guide any numbers but let’s just maybe put it that way what do you think the market
Wants to see here it’s an iocg Target so size will matter um grade obviously always matters but what do you what do you think that moves the needle here the the thing is is is that there’s a lot of iocg tar a lot of iocg projects in in in
Chile the whole atak Camal system from north to south is you find these iocg things and and what they are is a lot of them are just dominated by these these these very steep veins and the the the the Steep veins are are are very good I
Mean there’s a lot of Mines uh I’ve looked at a lot of mines in in in in in Chile as a matter of fact as um as Golden Arrow we looked at a couple and we had a had a deal on one uh not too
Not too far from here um what you need to do is to be able to prove that you’ve got these thick mantel and and that’s what makes makes a big difference and then that gets you up into the hundreds of millions of tons and I I’m sure
That’s what we’re we’re going to be be be seeing I mean we’ve got just the north of us on on a project size it’s I mean a quarter of the size of ours theyve announced 100 million tons of resource you’ve got 500 million tons of
Resource on on on on the east of us at Santa Domingo you got 500 million tons on the on the west of us at M so we sit our project sits in the middle of a 1.1 billion tons of resources and reserves a 4311 resources and reserves we sit right
In the middle of that and we we see the the geology from the East very similar to what we have we see it similar to what we see in the north it is different when you get to manto Verde but for what we see on our project oh and then to the
South there’s an iron m i mean we can’t discount the iron um Iron makes up about 30 or 35% of the value so it’s uh um yeah there’s a you know we’re surrounded by mines yeah when you say similar by the way in what way what are we talking
About is it a geophysical foot print are we talking about the the bretches that you’re seeing or what are we talking about yeah you just as you go um just the Rocks the Rocks the rocks change and you you you don’t see the same same type
Of uh um you know as you go further to the West the geology just changes a little bit and and it’s it’s becomes a little bit different I mean that’s it’s a big big oxide Heap Leach deposit that they have there that’s not what they’re they’re looking at uh at Santa Domingo I
Mean more kind of a traditional type deposits okay are you planning any metallurgical work um yes this yes okay okay you know one of the one of the benefits I have to say I’m sorry for interrupting you but one of the real benefits that we have um is that we’ve
Got an operating mind or um on the west of us which is things are different but on the east of us uh Santa Domingo where they’ve they’ve done the feasibility of the project and we we can go through there we use all of their costs all of their recoveries all of their
Assumptions and and they’re they’re very valid anybody that if I’m question says well how did you get to come up with that how do you come up with that so we can do that and that’s that’s allowed us to like evaluate our project on on an an
Npv a Net Present Value basis as opposed to just looking at one of the metals and so we’re getting all the contributions and they say wow you don’t know what the recovery is going to be oh well yeah we kind of do because we’re using the same
Recovery set that um sander to Mingo had so the numbers that we we we we we haven’t put any of these numbers out they’re all for internal combustions are all you know very valid very very strong because it’s we got the project you know
Right next to us it’s um know a lot of benefits of being where we are other than just a great infrastructure just the information where I’m coming from with that metallurgical thought that I that was thinking about there is because it’s copper in oxides right so it shouldn’t
Be I mean it’s nothing new on this planet uh but you’re coming up with a whole lot more Cobalt than you had initially expected do you think that’s going to complicate anything with the Metallurgy well you know if if you look at what U Santa Domingo has has done
They they originally did the uh um their their their their study their feasibility study and it didn’t it didn’t fly I mean after investing all that money um and so they went back and said I mean Cobalt went on a on a screaming tear value-wise uh and they
Went back said we got to look at how we recover the CT Cobalt because they have 250 PPM or something in their resource numbers and so they’ve been they’ve been studying that and and they’ve had some very clever ideas I think um you know the one that I was the most familiar
With is that they were the the Cobalt is is mostly associated with the pyate and so you’ve got to break the pirate to get the the very similar to when you’ve got refractory gold when you’ve got the Cobalt is tied up in the uh um in in in
That what they were looking at was roasting it so they put in the rooster and they take the pyate and they separate the Cobalt and then they take the pyate and they make sulfuric acid and from with the sulfuric acid they use that on the leech pads at manto Verde on
Their oxide which is really really smart I mean they uh um uh if you look at the in their feasibility study they the Cobalt or the um sulfuric acid went from like $27 a ton to $130 a ton or something and so all of a sudden they were producing their own sulfuric acid
And they were going on so and and you were getting rid of the Pirates so it wasn’t a problem in the dumps and they were recovering the Cobalt I mean it was just a a great great great process and so you know I go well okay well we’ve
Got all the numbers so let’s just assume that for our Cobalt and you know what hey we’ve got some really good screaming Cobalt so you know let’s do it and and you know you’ve got the mining Minister coming out and saying you know we’re GNA
Make I mean already Chile is one of the the best lithium places to to get lithium and and you know let’s make Cobalt the same um so there’s this real attraction to the Cobalt but I know that you know they’ve got some very smart people at Capstone and they’re
Looking at uh other ways of recovering the Cobalt the Cobalt is makes a significant difference and again I I just I just touched on a little bit but the whole idea of using you know the npv so you have all the value that you can in The Rock when you do the evaluation
Makes makes a big difference the Cobalt iron gold sure it’s um it’s Ula atom prom’s fault with the sulfuric acid shortage there for that price spike but um it’s a good point no it’s uh what’s the end product by the way of that mine thanks to you what are they selling the what’s
Sorry the end product what are they selling what are they selling um I mean I I don’t I’m not quite sure I understand in terms concentrate in terms of a concentrate as far as I know it’s a a concentrate I I honestly don’t know I assume it would be in a concentrate it’s
Goes through the roas and recovered I’m I’m not really sure what what it comes out is in the end but so a copper concentrate essentially well yeah the copper concentrate for sure but they they separate the Cobalt before that or after that so the Cobalt and and and
Copper are on two separate streams right yeah so you’ve got the the Cobalt goes with the iron um it probably still is some yeah it’s a good question I I don’t know what okay I have to think it’s a concentrate though why I’m asking that is because I’m just thinking about way
Too early probably but still thinking about margin as in I mean how much money could a potentially something this is a forward-looking statement type of thing what uh do you have any idea of their Opex numbers I I I don’t have them off the top of my head um you know if you
There’s I you know it’s there’s some really really good information on the on the capson website especially from last year if you if you go on to their some of the stuff that they they looked at under their technical reports there’s some there’s some there’s some good
Things there and and you know one of you know they’re they’re they’re going to be take Trucking or whatever they’re they’re planning doing they’ve got to you know transport this stuff 35 kilometers from uh Santa Domingo to manto Verde for the where the plant’s going to be and and all of those things
And you know my my comment has always been you know if if if your big focus is on Opex and this is where we can cut cost here and cost here I mean anything you find at Santa Domingo is is half the distance you know you’re you’re looking
At a a lot less uh you know Trucking Trucking distance and all that kind of stuff I said if we can prove you know higher grade lower strip ratio and and less of a hall distance I mean we don’t really have to have a huge Standalone mind it just needs to be
Better than Santa Domingo right right yeah or in that range in and of itself too because they’re already the capex is already expected to be lower um and of course you want to have Ora that can be that that that can go through the same the circuits that you described there
Because that’s I mean that’s where the majority of the capex would be um and that would lower the Opex High suppose okay fair enough um with the I believe that with the deal that you have with the Drillers right now I assume you won’t have to raise Capital anytime soon
To complete that 10 to 11,000 meter program no that’s that’s that’s paid for that’s like money in the bank uh taken care of that’s the deal so it’s um and those those those drills um well we we’ll probably end up with a couple of drills um they’re we’re waiting for them
To be delivered and you know hopefully they’ll be there within the next month or so okay a couple of drills is that like a couple I mean two or or do you think more than two well the the plan is we’re going to start with one but I
Don’t think we’re going to be able to meet D our targets with one drill so we will likely get we’ve talked to the drilling company already and then they agreement with that right okay is it how’s the how’s the weather there right now is it I I suppose you’re when are
You able to start basically that’s what I’m asking oh wi the weather I mean the problem is it just gets too darn hot it’s uh you know in in the desert there and it’s a middle of summer right right now yeah so it’s it gets pretty pretty warm um there’s there’s absolutely we’re
We’re at you know I think it’s at like a thousand meter elevation we’re not we’re not high we’re uh um you know everything there is is is is quite Pleasant to work uh don’t have to worry about trees it’s kind of like the moon it’s um you know
It’s just it’s just it couldn’t be better from an infrastructure point of view and everything around and you know all of the stuff is has been built there for the other mind and um I think a smart company will take advantage of the existing infrastructure and then of
Course your op cost and capital costs are a fraction right right I also saw a picture of where the city is8 kilometers away from you I don’t I don’t assume there’s uh cattle grazing or anything else going on that the local might might not want you to dist no there’s nothing
Like that we we’re we’re just there’s um that little town Diego Del malgo that’s 8 8 kilometers away it’s um it’s really there supporting the mining business um bunch bunch of motels and restaurants and um it’s it’s you know I don’t think you’d want to take your family there for
A vacation it’s it’s just kind of out in the middle of the desert um but it’s it’s it’s it’s good it’s sufficient I mean you you look at all these other places not all these other places but a lot of places where you’re you’re looking at um working at the top of the
Andes and and fighting weather and so expensive to get everything in I mean our drilling costs are are are cheap we have everything is is is right there uh you know we can drive into town and have lunch and come back I mean it’s it’s that that close right 8 kilometers and
We have our a big cor cor shed facility that we just rebuilt in in Diego do Margo so everything is set up there it’s quite quite nice yeah with the way the market has been going I’m not taking my family anywhere to vacation so I I
Suppose there would be nice but um hope the Market’s going to have to change for that your um last financial statement though talking about the market and about money yeah showed over a million dollars I believe in um in in in in Investments that that’s how it was
Written down which I assume is is partly coming from the option agreements you have in Argentina or something among those lines what is um oh I I don’t know I can’t uh um I I I don’t know for sure I I couldn’t couldn’t say I I I kind of
Stay out of that part of it okay I was just wondering what you want to do with it because it’s I mean is there a plan for monetization are you going to be able to use it to cover GNA or or or potenti we I mean we I mean really the
The reason we’ve we did a a small raise before Christmas of I know 700,000 or whatever um and and now we’ve just I mean I think we’re looking at doing 1 point2 or something you mentioned I mean that’s we Clos on 800 and that is that
Is just uh to take care of our uh um you know operating budgets and and and overhead and uh and but also pays for our expiration that we have going on in in Argentina which is which is you know minimal but has huge upside to it yeah I
Understand you stay mostly on the exploration side of things and that’s what you care about the geology but you’re mentioning the overhead there as I mentioned at the beginning uh it’s about $200,000 a month not cheap you know on a year basis two and a half
Million bucks it’s it’s not a low sum of money especially at this market cap what are you is there any plans to lower that or are you targeting the same yeah well that’s that that those those are old numbers uh I mean we’ve we’ve we’ve
We’ve got cut way back we’ve given up a lot of things we’ve cut we’ve you know B basically closed our office down to just kind of a skeleton size and and a lot of the things that we were carrying and paying for we don’t anymore um you know
We’ve cut our overheads back a lot uh I know that the you know the the plan is that um you know we we’re we’re we’re in good shape now at least into the summer we won’t have to worry about that anymore um we do have deals on on the other on the other
Um other projects uh I don’t know if you want to talk about those at some point but we’re we’re the company you know I think is has done a really good job considering the the you know I mean it would have just killed the company if we
Had gone out and raise money in the equity Market to do what we’re doing it would just like um ridiculous amount of shares and stuff we would have had the issue if if we could even raise some money um you know nickel is like seed
Financing on a on a with a company with history with all these great projects and a the project we have in Chile is it’s just mind-boggling to me to to have it be have it be in this position it’s but it’s nice to know that we’re not
Alone it’s uh well I don’t know how nice it is but you’re are a lot aot a lot of companies are struggling with that and that’s where I where I’m I’m I’m picking that up the thing with the GNA because I mean if you have to keep raising money
Here at 5 cents the share count is not going to get any any any lower right and if the GNA would have stayed now you’re telling me that it’s lower so that’s a good thing um hopefully we’ll see on the next financial statements how much lower
But if the GNA stays in s of the two and a half three3 million range that’s that’s already quite a lot of dilution just to keep the lights I I I you know that it’s just not I mean I don’t know what what what it what it will be but I
I I look forward to seeing that next statement as well because it’s just everything’s just been slashed to the Bone true yeah let’s um let’s do talk about what you have uh going on in um in Argentina you um you still have a 100% interest in three of the five properties
If I’m not mistaken um but you’re not moving in on them I’m I’m not sure which which which which which five projects exactly that you’re you’re talking about we’ve you know we’ve got U um we we’ve been working in Argentina since uh 1993 and logged history and and back in those
Days you know there was a we we picked up a lot of property I mean we have 180,000 hectares of property in um Argentina a lot of it in very attractive areas um I think probably the one that we’re getting the most notice on right now is
Our mote project yeah for sure which we we we optioned that to um a company called Sy Syndicate out of Australia they’ve since become mote medals um they’ve raised $10 million in these difficult markets um they’re a private company they hope to go public in the in
The very near future uh that project is immediately south of uh um um FID elol uh you know the the the big project that uh you know that um filo mining is uh is working on I mean it’s it’s like probably one of the biggest deposits
Ever in the world by the time they’re said and done with that it’s uh you know we have the exact same geology comes on it they’ll be drilling that property we’re getting a lot of attention with that um we have another project called cabes which is in um oh
Man I believe it’s also in San Juan San Juan Province it it’s uh um it it is a project that we’ve joined V with a company called hanak and and they haven’t been able to get their permits until this year so they’re working on on that project we had another project
Called um watchi which we had joined vure with a company called La barel that that does not look like it’s going forward but the people from um that that will be repackaged as as as as something else I can’t really say much more than that the one that really excited about
Is we’ve got a project called Porto Rios which is uh um next to uh um Barracks um Valero and Pascal Lama mines are they’re like about eight kilometers between the two um it’s an area that we we’ve had for a long time we’ve had different
People come in and do a lot of work on it we had some people from the University do some some work on it and um you know we’ve uh for very little money um and deals with a group in there we’ve got a a group working on on Puerto
Rio’s uh very very excited about that because we’ve had offers in the past for Porto Rios um and something very big could come out of Porto riio something very big could come out on go day uh and the other project that we’ve been working on in in in sanan is called Yano
Uh again this is very very inexpensive work that we’re we’re currently doing in in ahead of BU building up um uh you know drill Target stuff and we did some sampling in there and we were just blown away with the results we have and we you know we were still working at and
Compile it we’ll be you know putting out information on that so you know all of our projects in Argentina any any one of them could be a company maker and you know we’ve got companies working on them we’re doing some work on them and it’s it’s costing us very little money uh to
To to get that done so there’s a lot of action going there I mean the it seems that this this new government in Argentina is is kind of like woken the the companies up and people are looking to invest in Argentina and um you know we you know we’re happy with that so
We’ve got that we got our you know we don’t talk about about that much Cu uh we want people to know that we’re focusing on our project in chil but any any one of these could be like I say a company maker and when I think back that
We’ve got a 8 million market cap I just I have to shake my head that uh yeah that we’re really in that position I can’t believe what I can what I can see here on the Argentina side on on the website is again five project that’s Cabos Don donbosco mate and um Puerto
Ros Yono that’s what I can see on here and two out of those are are already under an option uh well mate uh is under an option agreement cabayo is under an option agreement yeah what is the what watch is officially is still under agreement but
That’s uh you know we we’re redoing that deal right now um Don Bosco is is is we’ve we’ve just signed a a CI CA on it with another company um but again it’s we’ve got we’ve got this incredible interest in our in our projects uh like
I say it’s um all of this these these big land packages like I say 180,000 hectares in in Argentina that have not had a lot of attention uh all of a sudden people are interested and uh you know they like I said what felo felo has
Found and uh what ngx is is is finding in their drilling is it’s it’s incredible I mean just you know kilometer thick packages of of mineralization I mean it’s deep but uh you know it runs for for a long ways uh and people are excited I it’s one of the
Few areas right now in in the mining business that is is getting a lot of attention and it’s it’s good and we got property all around it so it’s it’s great what what’s the what’s the upside for you in that deal with mot how does that
Work oh it’s uh um I mean I think I think it’s a very very good deal because um know we were looking for someone to to to to to do work on it and um you know people just kind of sa you know it’s it’s funny because I get questioned
On this all the time and and you know that we the property’s been there for I don’t know 20 some odd years and and no maybe not that long uh a while we’ve we’ve had it and we Valley did a little bit of work and and and and things and
You know we we we kind of shopped it around and and um then Cate came and they were interested and we we we we we we we made a deal with them and after we signed the deal all everybody came and you know we’ll pay way more for that
Than you did with Syndicate but the deal with Syndicate is is a good we’re we’re happy with it they’re good they’re good they’re good partners right now um the deal there is they invest uh $5 million in in U um in in in the project and there’s some some payments I’m not sure
What they were we’ve collected those in in shares to date so we’re big shareholders in that in that company and um also at then they have 80% of the project they gain another 5% by completing a feasibility study which is which is a big big expense up there to
Complete a feasibility study and then we have a you know 15% carry or we uh um or 15% owners so you know we can e we can sell that or do what we want but anything they find I mean it will be a a significant uh I
Mean if they if they they’re going to drill I believe here in the coming months um I mean if they hit something you watch that that that will that will go crazy and uh I think think that you’ll see a lot of activity around that around that stock so we we basically
Have a free carry at 20% um and whatever happens I’m sure they’ll sell before the feasibility study but it’s a free carried up until the feasibility study then yeah okay and then we then they have to do the feasibility study which would be I don’t know be be 20 30 $50
Million to do that I don’t know be a lot to do that that feasibility study because it’ll require a lot of drilling um you know it’s up up high maybe it won’t cost that much that’s that’s a little extreme but it it’ll be an expensive feasibility study to to to
Prove it up and how that ties in with what what they’re doing at felo is um will be key uh yeah but we we you know we got to carry and when anytime we can get other people spending money on our projects where we get upside is is a
Good thing for us yeah yeah of course if they find something I’m I’m also thinking about if the market is actually going to care about that I mean imagine that I’m all the power to them I suppose but um if they find the next felo is the market going to give you
Value for that that’s what I’m thinking about well I don’t know I I would I would I would think so because if you can go in there and I don’t know what what mot’s stock will be trading at but I mean right now if you look at um filo
They’re what $18 $20 a share uh and um if if somebody can show that the one that’s trading at a nickel has got uh some continuity I think you’re going to see that thing move I mean you saw that you know the exact same thing happen
With uh you know in the lithium business right all these projects go crazy for the property around I mean and there’s um you know there’s there’s lots of lots of examples when things go you know stking rushes go crazy for the properties around them so I I I I would
Expect that you’ll see quite a bit of movement on thank you Brian for stopping by was a good conversation thank you so much yeah my pleasure Antonio any time all right on to to North then and that way up to the north actually all the way into the Northwestern territor close to
A small city called Yellow Knife I am talking to Jal panon the CEO of gold Terror resource Corp which trades on the TSX Ventures exchange under the ticket symbol y GT I’m not doing a full company overview I’ve uh interviewed Geral many times in the past uh but the gist of it
Is that this is a um currently uh Geral would not like to hear this but it’s a currently a 122.5 million go exploration company that uh controls almost a th000 square kilm of land about 10 km away from that um old Mining City Yellow knife that I mentioned city was actually
Originally built because of the presence of the Campell Shear in and of itself from which approximately 14 million ounces of gold were produced historically out of multiple mines there which shouldn’t surprise you really because um uh considering that this is on a it lies on a 70 km strike length
Green stone belt so it’s rather large which is also where gotera is currently testing the extension of mineralization below the depth of the historic underground con mine which is really deep So Below 2,000 M deep um but as far as I understand it J all there’s been
Some sort of a a mistake of sorts if you will while drilling there that had you basically abandoning the first deep hole and um you’re now starting up what a second one what what exactly is happening there well thank you Antonio for for your time and for uh having me and for
Question and answer session it’s always great to be able to uh to speak and be able to answer the question you know we disclosed last week that we were abandoning whole 55 due to some operational mistake done by our drilled contractor that happened it happened last summer one m one operator made a
Mistake and to correct the mistake for Aku had to work on the ho for one month and and at their own cost right okay so it’s not costing you any more money well no when when when the operator makes a mistake uh like it did last summer like
It just did about two weeks ago uh they are responsible uh for that mistake like we’re responsible for you know what happened in the hole sometimes like the geology is different we cannot blame everybody but we have a very very good contractor with faraco faraco is is a
Honest a good upfront relationship we’ve been drilling uh before I I I came to this company in 2019 we’ve been drilling with faraco so what happened basically is that when they were uh setting up a wedge to do another cut into the Campbell Shear close to our successful
Whole 55 um main uh they did not set the wedge properly and the wedge stayed on the rods and when they pulled the rod they stopped the wedge at the dip which was quite High which means like we would have to set up a wedge above that to get a hold and and
And and get it done and of course I mean it goes both ways do you invest time and money doing it from the foraco perspective at their cost or you just start a new hole and you get a credit from the the problem we had in whole 55
And and for me all 55 was great it showed a Campbell share we had almost 13 gam over almost 2 m which is cut of grade at that depth which is about GT of 20 6 over three see six gram over three meters you know near surface our cut of
Grade is maybe three gram over 3 MERS so a GT of 910 well at depth you have to account for the depth and and the location which is maybe 20 say 6 over3 uh 7 over3 something like like that and that’s what 13 is 13 will be an
An or block so we were we were successful and we were trying to wedge but because we’re just 200 meters below the mine we have a very short window to increase the number of ounces to be found so by changing the hole and our strategy which was planned the next the
Whole we’re doing now was planned three months ago we just moved the rig we said okay let’s forget about that hole it’s giving us too much problem to both foru and us we’re looking looking at a small window let’s look at the bigger window let’s go 600 meters below the Sha and
Then wedge up with about 10 to 20 wedge and explore a larger area that could generate a potential of a million ounces that’s the reason why we decided to go for the next hole and settle with faraco the Damage Done in the whole 55 so there will be some some credit
Some some discussion negotiation I know already they were upfront they made the mistake and recognize it so we’ve had we’ve gone through that last summer when we lost the whole for a month and far I could pay everything for a month to get back where we were right so um they’re
They’re a good company and you know in in in in reality we were spending too much time trying to fix this whole so we started a new one better prepar uh we backed it up and um it’s ongoing now uh we started drilling this week and uh and
Uh you know we set up the new platform we moved the rig and uh I think uh few days ago we were like already at 100 meters so we should expect to go to the Campbell share over the next uh couple months okay and that’s one other point
Because you mentioned you know you I’m sorry for the long answer well that’s a no it’s a good answer because you have to give me you know you have to give me background that you typically cannot put in a news release that’s why I appreciate these longer conversations
There’s no time limit so we can talk for as long as you want but you’re you’re putting there’s no time limit on this conversation but there is a time limit to um to what you have to to your option agreement basically so you said you’re investing time and money how much time
Does it take to deep that drill because you um and you told me last time that you were in the process of negotiating an extension to the Newmont option agreement um but is the time delay here going to be an issue no no first of all
You know we discuss uh with new month uh the challenge of the market I mean I’m sure everyone of your Auditors everyone that is listening or listener to your podcast and and uh and to the different story knows how bad the market is currently for the gold producer the gold developer the gold
Explorer uh it’s not pretty out there and you know we cannot Advance a project at the same Rhythm that you have plenty full of cash otherwise I would be I would have you know more program going on more drilling going on especially outside of the con mine as well the con
Mine has a deal for four years it it in 2025 there’s plenty enough time to decide what I want to do with it but I didn’t want to wait so I discussed Before Christmas with new man to extend the deal by two years we cannot do
Extend like by four years we go two years at a time and depending on the result over the next three years but we will get this extension announced eventually it’s just a matter of of the legal paperwork that goes through this you have to realize like I can put the
Amendment all together in a week but it may take newon three months to review it even you know not at the top of the pile in the Newman legal department they definitely um one one of my be a good news once once done we’ll
Put it out yeah one of my one of my biggest Holdings is also has um a partnership with numont and they can be very bureaucratic and and kind of slow to deal much what not slow but much slower than than what the what the Juniors can typically get around I spent
18 month months negotiating this deal first there was a deal announced in September 2020 and soon after I decided to go back to the table and said this is not going to work I need more and because of the property the way it was looking you know
And we got we got it newm is a very good partner negotiator but you have to be patient yeah yeah sure how does um how does pricing work I don’t think you and I have talked about this per um meter of drilling because you’re sure you’re
You’re over 2 km below the surface where it bottoms out but that you start already at like 1,900 so your holes are only like 6 700 met is it I mean I assume it’s a little bit more expensive than drilling a surface surface yeah yeah so whole start surface oh
Okay we we we don’t have access on the ground okay so we everything has to be done from surface going going under theground will take us three to five months to dewater the mine and then you’ll have to spend millions of dollars I’m not sure how
Much but say a million dollars just to to drift and get a platform to drill eventually we will have to do that but you need to demonstrate the potential from surface before you spend see millions of dollars going on the ground so you want to prove it up from surface
So a hole like this costs about one to$ one and a half million dollar I think our hole 55 cost us less than a million dollars and and uh you start the drilling cost near surface is like say $80 a meters and then by the time you
Get to a dep is about 500 so the average is roughly say $300 a meters and and uh so you can do about you know a hold for about a million dollars and that Master after that gets wedges and the window we’ll be looking at is much bigger it’s a window that is
Somewhere like 6 700 meters vertical by 200 meters right below the the the shaft in the core of the deposit right and that’s it’s a 300 me 300 bucks a meter even for the deeper stuff as an average from 80 meter $80 a meter you have at surface to the 500
Meters you have at 2,000 meters right okay how much money are you left with again now currently we have about a million dollars but currently we’re also negotiating with new mon uh sorry with faraco about the um uh the negotiation on the credit to receive for the next
Home okay so you’re gonna have enough money to finish we have we can drill you know we can carry on with our drilling uh you know and and uh yes are we going to have to raise money eventually of course we we we always have to raise
Money as a junior the last time we raised money was May last year so it’s been almost a year unfortunately uh the market is not on our side to raise money uh IDE Le will be to have a big hit in June May June have the result out and
Then raise money but sometime you have to raise it before so Market is Market you have to live with it but we’re very contious about delution about uh the value of the asset but when you said our Market market cap is like 125 million us or even probably 15 Canadian and 10 us
With 1.8 million ounces that brings your valuation at less than $10 an ounce or less almost like $6 an ounce how where can you find an a prospect a project which controls so much ground on the Campell Shield produce 14 million ounces of high grade nature with power with 20,000 people with infrastructures
For $6 an ounce well do you think part of that has something to do with the fact it being around Yellow Knife because Yellow knife has that history with um Arsenic and whatever it was I mean the community was not too happy does it have something to
Do with that uh I think a lot of people are struggling and the valuation are down uh the problem with valuation is that there’s no buyer it’s all algori selling shed that are tired I mean I met with one one person before Christmas and
I wish I wish I would have been able to to talk with the person with the shers a bit differently but he had been in the story for 10 years so way before I came but I only came four years ago and I think I’ve done a lot of very good
Work in four years but his view is that he’s been there for 10 years and and then the market is tough so you have to choose the right project the right management uh you know and and invest in what you think will will work eventually
And in a market like this when it’s very difficult to find support and buying it’s difficult even look look at baric I mean uh the the the producer are discounted 20% below the gold price based on gold price and their cash cost why is that if the if the producer go producer
Are 20% discount what do you think the juniors are they’re 90% discounted to the go price right because we’re not producing we don’t have any cash we have a risk of delusion we have a risk of not performing not developing and the risk tolerance is gone yeah and tell you what what’s
Happening in Turkey isn’t helping anybody either um I don’t know if everybody’s feeling that but SSR is definitely feeling it I was just looking at some of the charts as you’re speaking so it’s it’s bad but uh okay no um you’re you know why turkey is a big buyer of
Gold yeah but no I mean sure but I mean when you have a lot of gold when you have a lot of gold on your country would you let somebody else produce it sell it make money out of it or would you rather there’s always a risk that’s why being
In Canada you eliminate a lot of geopolitical risk yeah yeah know I I see that part uh what when when do you think this whole is going to be done you said in a couple of months but what when are you targeting your next assays before or after you have to raise
Capital oh look I I don’t I cannot answer the question because you could be raising money a month from now four months from now it’s all about time timing interest uh making sure the company has enough cash you know uh so it’s always it’s always a balance between those two uh limiting delusion
Look I’m I’m a person with 6.7 million share at an average of 26 Cents and the stock is not even 5 cents so I’m very conscientious about what I do as as the principal and and and a shareholder of the company your wife must be happy with
Average cost of capital I know mine mine would uh we don’t talk about this too much that’s a good strategy I should I should employ that strategy as well but um well do you think there’s going to be flow through money available for you once you want to rigs I am going away
From flow tro for the time being why does Canadian invest in Project elsewhere than Canada which are risky without flow true putting their own hard cash and then when a Canen project which is no political risk and I’m not going to invest unless I have flow through so the flow through pers
Perspective is about a tax shelter they don’t buy it because they believe in your project they don’t care about your project and that’s a feeling from a lot of different uh fund that do strictly flow through for their clients and for their fund and I build dour go without flow through from the
Get-go and I’ve never been a fan of Flo through I’ve lost money personally as an investor in FL through because the guy didn’t do the work I do the work and and then you still get slam people selling 10 million share open market algorith stuff like that no this
Is this is something that I’m stopping now if I do some flow through it has to be with a a solid back end but the traditional flow through is very difficult in Canada and the retail flow through is even worse in some instance there are some good people
Don’t get me wrong there are some good people but I think if you want to survive in this market you’ve got to survive with with hard cash but that’s it’s going to be more challenging finding that hard cas in this market so what I prefer to have less sholder but solid
One you gotta find them though I mean I suppose everybody does but you have to find them yeah all the people outside of Canada they don’t do FL outside of Canada any investor from outside of Canada doesn’t need flowr doesn’t use flowr so why should you just give an
Advantage kesan investor which flow through and then they slam the stock why would you do that yeah the platform of investing is worldwide while giving an edge to Canadian who basically don’t care about their company that’s true yeah okay good point so what you’re you’re putting a bit more
Effort on um on Europe as a jurisdiction of attracting investors or okay yeah my best my best conference in 2023 was uh Manuel B in Zurich yeah the SMI yeah we met there yeah there’s no question in my mind this was my best outing of the
Year did you see anything happen I can take a look at at your chart but did you see any volume increases or something in your um I I’m just wondering if you’re having success in track those well you have to realize that when we were doing the
Conference the gold price shut up to 2175 MH on the Thursday so we did had a pop to 10 cents with buyers uh but since that 2175 gold over the weekend it has dried up quite a lot and and with gold uh now below 2000 you
Could see you could see the market you know when people ask me uh Antonio why why is the producer discounted at 20% if people believe gold price goes say to higher number without predicting it they should buy it because it will become a premium but if they’re discounted it’s because
Some people are either pushing the gold price down on purpose without naming any conspiracy theory about gold price gold price is manipulated okay uh I I read enough to be aware that it’s probably happening but until the change or until there’s a big break through in the gold price
Which could still happen anytime soon or later I don’t predict gold price I adapt to the market and I do my best to find gold as much as I can and but if the mar if the if the if the resource sector producing company are 20% to 30%
Discounted it means they don’t believe the gold price is going to change tomorrow and and they were taken by surprise in November and and I think it showed because it screwed up to 2175 yeah it’s been trading in that tight range of sort of 1950 to 2050 if
You will give or take still up quite a lot on on about an 18 month basis give or take from 1650 to where it’s at right now that’s correct yeah yeah you last time we spoke you mentioned the potential for lithium there too by the
Way in your land package and uh you said that you were being approached or talking to different parties to potentially option that um the leum potential out we we did announce that last last year uh in June we announced a deal with Midas Corporation from from Australia who roughly started to work on
The property uh during the summer and did about $600,000 worth of work this is disclosed so we do the press this on that very yeah they find some very very big pegmatite up to 4% lithium in some area um they have a very they have been
Able to narrow down the large area they were exploring we did not and we only Farm out the critical minerals of lithium rare hers and others no Cobble all the cobal the the base metal potential of our project was kept under ygt and um and they’ve done some work
We’ve been looking at their report we filed the report and they’re planning their 2024 season but then the lium price collaps that’s the reason why I option it yeah because you know lium is an Industrial Minerals you know yes you want to find um what the reason why Australia and and
And a lot of the company wants to have a source of lithium and not depend on China which is maybe five years ahead of us for batteries and stuff like that an electric car so they’re trying but at the same time it’s it’s a tough place to um to invest because it’s it’s
Industrial Minal in general are it’s a control control Market whatever it’s graphite whatever it’s but what I was referring to is some of the land that you still have that last time we spoke you told me there’s you think there’s more potential but beyond what was announced last year um
Is anything else happening in terms of strategic deals or whatever are you really only focused on those deep holes this year no um we are a company focusing on gold we have other asset that we don’t want to neglect we’re not going to let them uh go uh currently in
The current budget frame that we have in 2324 we’re focusing on the Campbell share the goal is to find 2 million ounces on the con mine option we’ve already find 540,000 ounces near surface we probably can grow it bigger maybe up to about a million aners but to make a
Project viable for gotera at the car mine we need 2 million aners and then we can incorporate the 600,000 ounces left in the mine at 12 gr gold that will give us a two and a half million ounces project why is the threshold 2 million ounces well you always want to have some
Back pocket so that’s why I’m saying the the ERS in reserve I’m using this as back pocket how much would it cost to build a 2,000 ton per day Mill in Yellow Knife so it’s kind of like it start like this how do you want to build a project how
Much would it cost how many ounces do you need to support the depreciation of investing so much in capital and I came up with 2 million ounces for $200 an ounce I said maybe my project is going to cost me 400 million don’t forget the con mine has an intrinsic
Value of more than $200 million us the comine has always mining lease or Surface rights it’s 98% reclaimed but the whole site can be reused it’s not vegetated it’s an industrial site it’s got power Warehouse a shaft 1900 meters a a water treatment plan that you will need to build if you
Dewater a mine there’s so many advantage on the com mine option that for a lot of people it’s not calculated in our valuation of the company but the moment we find 2 million ounces we those saving of $200 million are real so my project instead of costing me say5 $600 million could cost
Me 300400 million there’s huge saving I mean not just in capital how long do you think it takes to go down to 1900 meters vertical H how much do you think it takes to syn a shaft down there yeah three years oh two years to SN and one years to service
It so you’re saving two to three years you’re saving permanent process on a brand new place by using the con line which is already what we call a Brownfield project with a surface lease and a mining lease and but the question remains like are the locals going to let you build a
A big mine and a water treatment plant and and all that what’s that it’s not a big mine the footprint is already the same you’re not changing the footprint the only thing that we have as a backup plan when negotiating with the town would you like us to put the meal
Back in town or would you let us build it 20 kilm nor of time near where we have four satellite deposit so the car mine will be eventually mine again under my time or under the time of somebody else there is so much potential in yell knife that with unlimited budget we will
Deliver a lot more ERS to be mine right good well Gerald thank you I appreciate your time and thank you for sitting down with me my pleasure thank you Antonio and thank you very much for everyone listening all right staying in um Canada but just um a couple of hundred kilometers to the
South I believe next up is aamot exploration a multic commodity project generator and Explorer with assets um in Quebec companies listed on a TSX Ventures exchange under the ticket symbol a ZM we’re an average of 40,000 shares trade each day with a 52- we high
Of $150 and a 52- we low of 65 with a market cap of 64 million Canadian dollars and 85 million shares outstanding today this is a 75 cent stock that number of the shares outstanding by the way that’s notable here because those 85 Millions that’s that’s basically it I mean that’s not
The result of multiple roll backs over the years as it often is in this industry this is the number of shares outstanding after 37 years of operations uh so this company’s literally be operating long before I was a sparkle in my F’s eyes um and it’s has
85 million shares I say so that’s notable uh only about a quarter of the company is in the hands of retail investors that’s also notable as institutions and high net worth individuals own oneir specifically Quebec based institutions own uh 22 more percent of that ago ego owns 12% and
Insiders own 5% of those shares as of the last intering financial statement which is dated November 30th the company had about $ 13.5 million in current assets most of which was um cash so specifically $1.7 million uh which came from a bot deal financing that they
Closed at the end of September last year and that included some flow through in there as well and then the rest of the uh current assets is um about a million and a half dollar in account receivables as well as a small portion of prepaid expenses is on there as well on the
Current liabilities side of the balance sheet there were $3 million in account payables about a million and a half in committed exploration and U again a small portion of a lease liability but there’s no long-term debt or no significant long long-term debt as far as I understand it but of course you
Want to go to Setter plus.cc yourself because uh by the time you’re listening to this the financial situation will have changed this is an active company that spends money uh they also actually have a little bit of Revenue coming in as well for those three months asimut
Spent 1.3 million on GNA which results in about $450,000 a month on uh G on average over that quarter specifically boring stuff and numbers to decide though this is quite a unique company there’s a lot of things going on at any given moment provided that they have 16,540 claims spread across 31
Properties and covering 8,000 square kilometers of land in Quebec um and I think that makes it I believe this is the largest exploration portfolio that I’ve ever heard about it’s definitely the largest exploration portfolio in Quebec and it covers uh multiple different Metals focuses on four metals
Though that be gold copper lithium and um nickel again all of which in Quebec now obviously one company managing all those assets and all that ground is is not an easy feat and it’s um well it exposes investors to significant risk typically how azimo manages that risk is
By signing options and JV deals with major operators in the province some big names that you might recognize too um so for example out of those 31 properties there are six JVS and option agreement with soim that’s the investment arm of the Quebec government uh there are two option agreements with riento there’s
One option agreement with kghm and one option agreement with Mont Royale um and alire gold too this basically means that only about half of um the over 8,000 square kilm portfolio is 100% operated by Asen the main focus within that 100% owned uh portfolio is U located in the
James B area most of the stuff is located in James B area actually and uh this is a gold project it’s called the Elmer gold project on which as recently published an initial MRE showing an indicated resource of 311,000 ounces and an infert resource of 514 th000 ounces
Both right under two grams per ton of gold and uh the majority so about 75% of the resource is minable in an open pit setting with a half a gram of gold cut off grade with an added bulk underground mining potential as you can probably see on your screen right now this resource
Came from only one of the zones on this land package so asimut believes that there is more upside potential here given that this is an orogenic style deposit and those rarely occur in isolation so there could be more and the idea here is to find multiple of those
Open pit two underground deposits along the shear zones that are located directly on strike or parallel to this to to to to the shear Zone where this deposit is located on so um that’s basically what the company expects will be the focus of their self- Finance Dr
Program for 2024 and uh what else they’re spending money on um this year is lithium lithium exploration as a matter of fact about a third of the overall portfolio of the company is focused on lithium it’s spread across five large properties uh one of which that’s be that’ be um 150,000 hectare
Lithium imp pegmatites Target is out getting the James Bay Area of course that is 100% owned and operated by Asimo and uh that might also see some Drilling in 2024 both um ja and I will have to talk about this um overall there’s uh there’s a lot going on so I’ll spare
Everybody’s eard drums here but in conclusion 33% focused on lithium 23% focused on nickel 21% focused on Golden copper 14% is gold on and 6% is um copper only um Jean Mark now on to you I suppose um I think I just called ju ja
But I mean that’s a good name too so and I’m sorry if you’ve already covered this well in other interviews are presentations but um I’d like to better understand the overall idea if you will behind this strategy given that this is somewhat unique uh especially given the
Size so yeah talk to me about that why why go for that many projects and that many options agreements at the same time if you already have something on your hands that could grow well beyond the 1 million ounce Mark and then maybe sell that and move on to the next venture
Asset like why is all this happening at the same time uh you know first I have to say thatth you made a very very good summary about our activities uh maybe the the most critical point uh uh exploration business by itself is extremely risky
And you have to if you if you um want to run uh on on terminate Your your long run you have to Der risk your activities and find the right edges Ed against risk uh one Edge we see against risk is having a multicommodity approach as a
Scale of a region that we know very well uh of course Quebec um we try to First maximize uh the location of our Target at the scale of the province um driven by the technical analysis of uh numerical data and this is our core expertise uh trying to find the very
Very best targets at the scale of Quebec by exploiting the right way the the existing numerical database uh this Edge provide us the ability to attract good partners and develop uh this target through exploration work again uh having good properties it’s not an enough you have
To reduce as much as possible the the share delution rate through time if you um issue too many shares through time you are diluting your sholders and at the end of the day uh the value per share will be very very low and you will
Be unable to create uh a value per share because you have too many outstanding Shar um this is the way we we work uh we try to generate the best Target as possible uh options those properties to good partners and the same at the same time this is reducing our financial
Needs this is a very short summary of our business model right maybe maybe it’s worth sort of because I said you have a lot of properties maybe it’s worth sort of talking um sort of on a chronological map if you will uh starting by by now in February
What’s happening here at azim first and how does that fit within the strategy that you just told me about uh you know yeah the strategy essentially for the year 2024 uh we as as before we are we have the ability to operate to concurrently operate uh a large number of projects
Which is uh uh you know which essentially will lead uh the company to the potential of making new discoveries or to further Advance uh already uh recognize excellent project like galin galin is one example of of the project we will advance this year uh we have announced in January a very good uh
Drill result uh 2.48% l2o over 72.7 M uh is the first drill hole we announced on the property and of course we will further Advance with our uh with sum as our partner uh to the next uh drilling steps uh in the meantime we will concurrently Advance the Elmer
Property to expand to further validate a excellent drill Target which hopefully will increase the resource base already known on the project we will concurrently Advance other lithium poten uh properties which have never been explored and by Advance by concurrently advancing several properties we are maximizing of course the discovery
Chances we are reducing the risk uh we are putting the light over our overall activities it’s forgive me for staying sort of on on the topic of strategy here because I want to talk about all these things that you mentioned there but I’m he I’m hearing a lot of lithium Focus
Work is going to be happening in 2024 basically and it makes sense I mean your portfolio is about a third in lithium but at the same time I’m sort of looking at the chart um of the lithium price as where as we speak as well as the supply
Demand numbers for 24 and I can’t help but Wonder again strategically why do you think it’s worth focusing on lithium right now do you think there’s appetite for new leum discoveries in the market you know this is a very good uh question uh if we uh are resoning over a
Very shortterm period of course uh the lium price dropped but we can’t uh read the newspaper every morning on Direct our activities according to the lithium price this is not a way to develop a strategy uh we are long Runners we believe in the project in the
Fundamental value of the project we we have developed uh we have sign A4 million option agreement with rinto u rinto is thinking the same way as us there are long uh uh long Runners they they are ready for the long run they know that we are facing a fundamental need for new
Lithium discoveries in stable geopolitical environment uh and again we believe that Quebec has uh a an incredible worldclass potential to offer uh for the uh for for the North American economy uh we have good Le project and we will advance them up to the Discovery stage uh there is no way
To stop uh our lium exploration effort because uh the lithum price dropped because we know that there is a fundamental need for uh world class deposits in North America uh and we we are part of that game anything else yeah how much how what do you have by now 10
Million bucks left in in the treasury yes yeah okay and we will receive also funds from our partners to advance uh project uh like U we are expecting at least uh $3 million from Tinto to advance two key uh lithium project kette and canaya uh we will receive uh funds
From Squam to advance the galin project for additional drilling we will partly fund this program as well uh we have the ability to attract more funds from new partners as well you know it’s it’s an ongoing business uh that way um again uh one key side of our business is to
Concurrently Advance several project on each year expose um uh the company to a discovery scenario right okay how how much of that um 10 million bucks do you have of your own money how much of that is going towards uh lithium and what’s the rest um what’s the split for the
Rest yeah on our own we will uh spend $5 million this year for lithium exploration directly funded by azimut uh and we will found $1 million to further Advance Elmer when we are talking about a total of of $6 million it’s really a minimum uh we may find
Additional funds from new partners as well okay but I so minimum of six million bucks and then the rest that you have in treasury of your own money is going to be used on I assume well GNA so what would you budgeting about four million bucks in GNA this year uh no
Much less because a part of the GNA is paid by uh option uh option payment or yearly option payment from our partners we are also uh receiving management fee from the pro the project we operate on behalf of our partners we operate on behalf of soam on five project on behalf
Of kgm on one project Camas uh we are also operating on behalf of rinto on two projects right right is providing enough cash to cover a large part of our GNA expenditures okay good yeah good point uh the five million bucks that you’re spending of your own
Money on lithium and um I do want to move to Elmer at a later point but I’m thinking about that um money being spent on um lithium and I suppose a two-folded question here do you think that would be enough money to drill JB this year and
If you do do you have the drill targets ready um yes again uh you know gbl1 is uh is an outstanding Target uh still at a very early stage but when we we put this target at the scale of of the James Bay Region uh it’s really uh an outstanding
Target in term of size strength component uh it has the largest and strongest lithium footprint uh including the Pathfinder elements uh for uh you know really a world class Target now uh a key step remains to be uh validated we must go on the field and start uh
Sampling this large project it’s a 50 uh 52 by 28 kilometer project never sample for lithium never uh and we already know more than 100 uh outcropping pegmatites um having like a very strong uh lithium footprint in leg bottom sediments all the component are present now we have to start from the beginning
Uh uh you know validating the Target on the field and to the best of our understanding we can move very quickly from uh the prospecting stage to the drilling stage uh on this hopefully this will be done by the end of of the year when when does the prospecting
Stage start here in June in June in June yeah how long do you think that’s going to take uh I would say a minimum of one month considering the size of the project uh we already know uh you know the um you know the field work is already
Uh planned we we know exactly what we have to do uh we we must do uh a lot of prospecting sampling but uh you know uh the targets are really uh ranked the right way uh not only based on what is already known in term of out coping
Pegmatite but this has been further validated by um the analysis of sat satellite imagery uh you know we have uh well correlated again with the leg bottom sediment footprint um we have a good understanding of the regional context anyway all the targets have been properly ranked uh yeah it can take one month
Before having a good targets uh again uh the number of project we operate uh that we are concurrently operating we have to to rank uh you know uh the way we work uh we we will work with so soem we will we are working with rinto we are working
With kgm and also on our own project we have to manage all these programs uh at the same time but we have enough people to uh yeah to quickly advance as soon as it is possible right okay as you mentioned large project though um
1500 52 52 by 28 yeah Kil yeah a region okay yeah so it’s 100 well 15,000 square no you wish 150,000 hectares um is that is so it’s big okay um you where on that because it’s big I’m thinking where in that package exactly are you going to be drilling is
That and I’m looking at the map over here and I’m seeing uh the the geochemistry um sort of the purple spots on the geochemistry is that where you’re going first yes yeah yeah we uh don’t worry it’s it’s really uh you know our I would say our uh expertise we were
Taking a lot of we are spending most of our time to to Define on rank the targets uh when we are staring uh a field program it’s like a military operation we very very systematic uh very efficient well organized uh we know the logistical aspect of uh operating in the region
Very very well uh we have uh fully a functional uh people uh a good team uh and yeah we are very efficient in in the way we are you know assessing the targets okay it can go very very quickly okay good who owns the ground around you
And sort of between the GBL 237 who who owns all that yeah several companies uh you know smaller blocks uh but um you know yes now the James Bay Region is uh is really uh extensively staked uh again uh azimut has the largest uh land position at the scale of
The James Bay not only for lithium but for several Commodities including copper gold and Nel uh saying that uh you know uh everybody has a right to make a discovery in fact uh you we we learned a lot from uh our from the other companies um and all the results obtained by other
Companies are helping us to refine our targeting as well you know uh it’s it’s a good competition is good by itself but uh you know based on our exploration history in the James B region the way we understand the database uh the way we understand the
Past uh explor ation work which has been done at at the scale of the James Bay Region provid us uh a a real Edge against risk okay would you if you find something there um this year with with your efforts would you be willing or
Looking to pick up some of the ground to sort of consolidate the land package you you know um there is a the way we approach exploration uh it’s very very rare when we have uh acquired more ground from uh uh through option agreement um almost exclusively we we
Have acquired by ourself claims we never bought claims from uh another company we we try to arrive first in a play uh we develop many many times our own play and most of the time we have seen companies arriving following uh our uh staking phase made by azimut
Uh you know uh the way we uh we stake it’s it’s driven by uh by our own assessment work it’s not driven by PL it’s really we are arriving first most of the time most of the time good point we’ve seen a whole lot of that happening
Around Corvette last year a lot of clothology type of thing was kind of funny at times even but you make a good point or or at least I’m I’m sort of thinking about something there because I wrote down June July what’s that reminding me of uh last year was it sort
Of an unfortunate situation with the the wildfires are you accounting for the risk of wildfires because I know it caught a lot of you guys up there last year by surprise was there a risk mitigation strategy in place this year yeah it’s again it’s a good point
Uh this has been uh a very painful phase uh from uh an environmental standpoint a true disaster um you know uh this year it’s paradoxical but uh um the fires which occurred is is limited limiting the risk for having the same extensive fires because a lot of of the
Ground has been has already been burnt uh and in some ways it’s limiting the risk uh on a large part of our properties it’s it’s paradoxical but this this will helping us to uh yeah to uh to accelerate exploration because uh we will see uh some uh we will have more
Access to a prospective ground which was covered by by Forest but it’s it’s unfortunate but in some ways this will help us right yeah well it’s a I don’t I don’t find it paradoxical it makes sense to me that it’s happening that way um but okay June July you say it’s going to
Take about a month what how quickly do you turn around to like if you have the drill targets and you actually want to go and drill it how quickly can you have drills on site and turning uh you know we uh have we already have uh two drills uh ready to
Drill uh one on the galin property the other one on the Elmer property uh we will uh try to manage the best way we can uh the prospecting side with a drilling side and uh we have enough uh an enough big team to concurrently manage a drill program with prospecting
Programs how do you how do you how’s that work going to be split by the way because you’re making a good point that you’re managing it between prospecting because you have to keep coming up with more land right because that’s a a key a core portion of your business
Prospecting so how do you manage prospecting versus um versus exploration it’s directly related to uh to the advancement of of a product project like Elmer is really at at the drilling stage we have many uh good drilling targets to be validated to be further validated or expanded uh and this is uh an
Independent program um you know that we can uh manage uh with uh its own Dynamics uh but uh on the other side uh to advance other lithium project which are much less Advanced we have to to do uh serious or extensive prospecting programs to reach the drill stage um you
Know we have to balance uh to balance our uh you know operational Dynamics it’s some that we uh we have already done many many times okay right okay it’s it’s not really an issue you do have something that’s more advanced uh to work on this here that’s
Elmer you’ve mentioned Elmer a couple of times it’s a gold property that’s the gold property I mentioned at the beginning uh with the recent M on it and that’s also something that I wrote down that we have to talk about here because um and give me some rope here but you
Spent $28 million on Elmer so far uh that’s what you’re um for people listening by the way there’s also a very good sort of as in must bu the numbers type of short presentation that shows this that’s where I’m getting this from so 28 million bucks you’ve spent on um
Elmer so far which um um is by the way as much as you’ve spent on your other 100% funded project so this basically half of your spend from 203 to 2023 so in 20 years half your spent has gone on this project and need to find um about
800,000 ounces if we round that up to about a million to take it easy on my brain here that says that you’ve P paid over $28 per discovered ounce of gold probably higher actually when you go to the actual numbers but I mean over 28 right but so that $28 million
Includes other work too it’s not only the drilling among which targeting geoh physics geoch chemics and so on and so forth yes so I suppose the question here about that project that one that I’m wondering about is do you think you’ll be able to get the cost per discovered
Ounce of gold um with the exploration you have planned this year do you think you can get it lower than 28 bucks per ounce yeah this is a very good question uh in fact uh you know uh start we we started uh this project in uh
2018 from uh you know very very early stage um and we have as you mentioned we have acquired quality extensive uh property scale quality data uh not only uh drilling expenditures now we have a a quality data which is covering the entire Elmer project uh this as you
Mentioned this is uh including uh uh Airborne geop physics uh IP or ground geop physics uh extensive prospecting um you know quality data covering the uh the entire project saying that uh uh for us uh it’s it’s uh the the next step is to discover additional answers in the
Vicinity of what is already known and uh we are talking about a shallow depth Target starting from surface down to 200 or 300 meter uh and of course uh we anticipate discovering those additional answers at a lower Discovery cost per mon this is a this is a plan um and uh
Yeah we already advanced uh a number of quality targets which only need to be further drilled uh in uh at least on three to four targets uh they are just like ready for ready for additional draining and potentially we can convert uh this Prospect effect into uh really uh uh resource potential resource
Target for systematic drilling okay where are those targets uh relative to the pit is it sort of west southwest or east Northeast because you have yeah go ahead yeah we yeah we have like three main target zones one which is just like a long strike on the Eastern side of uh
Of The Paton deposit the other one is just west uh from uh from The Paton deposit and the last one uh is a a 10 kilom long Target located about 2 kilomet north of The Paton Zone okay uh all these targets are very well defined
Uh it’s just like uh a matter of putting additional holes um again uh the Pat the dis discovery of The Paton deposit is a classical case you start finding uh a first Zone and uh by better understanding um the geology on the properties geology um by better understanding the
Controls you start finding additional Zone this would be a very classical exploration history now uh the challenge is to go uh in an efficient way um you know the the high the relatively High disc Discovery cost per per mon has been mostly driven by the Deep drilling we did uh in uh
2023 um you know the grade may have been different uh this can be this may explain uh the relatively High Discovery cost per mon but at the end of the day of the day this will be mitigated by the discovery of additional shallow depth new zones okay and and those new zones
If I look at the because I’m looking at a long t andal view of them that’s looking Northwest and so I’m looking to the left which is west southwest this is quite a bit of great variability there so we go from 1.7 G
Per ton all the way up to 12.7 G per ton is that do you think that’s going to be a thing or an issue and how do you think you’re going to manage grade varability no no this is uh you know uh in uh you know the grade uh when we are talking
About uh um grades uh related to grab sample you can find very high grade now uh it’s not necessarily representing uh the average rate but at least it’s a good sign that that uh there is a strong gold bearing system along long strike and this is definitively providing you
Additional drill targets and in our view uh this surface high grade Target have not been properly uh assessed by uh n of drilling it it’s clearly a drill Target by itself um a high grade sample uh is not representative of of the average grade but uh high grade by
Itself means that you have a goal a strong gold bearing system okay and you have to just like Advance uh further Advance it by doing additional dring okay so it’s not great variability in grab samples is not necessarily great variability in drill core that’s what you’re saying
Uh you can uh of course you you um when you you have a a drill intercept uh it’s uh it’s a composite grade you know and you you may have like a high grade uh in between lower grade samples um the grade variability uh for the uh the pat one
System is is very good uh there is no uh extremely high grade most of the time the grade variability is uh is fairly good uh sometimes we have high grade but uh you know uh the grade distribution is is very uniform there is no high higher uh Peak or nothing in between you
Know it’s continuous mineralization uh with a normal grade variability right right the neg effect is is is very limited yeah okay fair enough what else I’m um I know I’m kind of jumping around here um my technical understanding is very limited but I’m I’m looking at sort
Of the shape of the open pit outline that you have on here and I can help but think about um strip ratio and I know this is an M stage asset so no official mention of strip ratio but you can start gaining an idea what this is going to be look like
So what’s your what’s your good feeling telling you about strip ratio and dilution here okay what uh what we can tell you uh this has not been uh mentioned and I I don’t want to to commit myself but it’s we’re talking about uh uh robust resources about uh
75% of the resource uh is uh potentially an open pable resource uh 75 5% of the resource which have been defined with the MRA uh are open pable and uh about 50% of the resource uh falls in the indicated category which is good uh
Saying that uh the the pit and on the uh you know the stripping ratio can be optimized by additional drilling along strike and uh it’s it’s a very early stage uh resource definition um uh you know starting mineralization start from surface down to 376 meter um it’s a it’s a good starting
Point uh what what is really critical to see uh along this longitudinal uh drilling uh conducted so far is not limit in uh the shape of the open pit it’s open along strike most of the holes at the uh outside boundary are still mineralized which means that uh it’s open alongside okay
So yeah I guess you you cannot really get any more specific in terms of dilution but yeah it’s uh yeah you know it’s it’s too too early uh uh delu you know uh the open pit shape has been optimized according to the cut of grade and the uh
You know all the other parameters uh to uh yeah to uh deliver a credible resource probably still too early to talk about this too but why I’m asking this in the first place is because I’m I’m thinking a little bit ahead and thinking about what the margin might be
Um overall on on this once it gets into production um any idea I mean if something comparable around in kbec or something like that as to what operating expenses might be here on a per ton basis no I would say it’s it’s uh it’s too early uh the plan for us is
Definitively to find other open pable resource uh along strike to optimize the overall economic figure of the project um you know maybe one one uh one example is uh is a an underground mine uh operating by uh by anniko eagle in uh in the Valor area uh and this example is uh
Is is very robust in the way we are defining uh the resource atmer okay so but but essentially you’re thinking multiple open p hits um and then one central processing Central Mill or whatever it might be uh cuz I think you ran a gravity what did you you have
97% recoveries you did a gravies gravity test and um yeah the the average uh recovery uh combining uh uh cide leeching and gravity uh is uh 94% but we again we are talking about preliminary uh metalic test uh probably this can be optimized um you know the recovery
Percentage ranges from 27 up to 37% of gold recovery through gravity which is very good on the remaining part uh recoverable through conventional cyanide leing MH again this this can be optimized uh we are talking about preliminary test but this is putting the the project in a very you know on on the
Safe side right how many how many of those pits do you personally want to have there before you move to the PA stage uh again u i I have to to stay PR but from what we already know uh we see we we for see three to four
Zones which eventually may be converted into uh uh zones with resources uh you know there are some magic numbers that everybody uh can understand uh you know again as as a as a CEO we I’m very prudent in uh in making uh expectations which can be taken as a as
A given for for people uh I I want to stay very very prant of course there are some magic numbers uh we see this project as a having a multi million answers potential but this remain to be proven which is not yet the case but according to to the
The size of the project which is a 35 kilm long project with numerous already known high grade gold showings uh numerous existing targets with limited drilling uh this would be comparable to a case uh known with many cases known in AB btb additional exploration normally will lead to additional
Resources do you want to do an m on each one of those potentially four uh or five pits whatever that you find here or do you want to start moving towards a p and then and then do an updated PA how do you see that the idea would be to uh to
Do uh an updated uh mineral resource estimate by taking in consideration all the surrounding discoveries okay when when do you think that’s happening again uh this is uh a business which is driven by results sir and uh you know uh depending the results uh in uh one to two years from
Now okay one to two years yeah because we we are considering like shallow depth uh exploration shallow depth targets right okay how much money are you putting into this again is that basically the other half of the 10 million or like how much money you’re putting into this no yes the you know
Again we are very conservative in the way we’re announcing our budget uh most of the time we have been able to expand what we were announcing as a budget uh the very minimum uh expenditure amount for this year will be $1 million dedicated to Elmer but this may significantly
Increase okay and and those are shallow Hol so I don’t I don’t expect they’re this’s infrastructure too I don’t expect they’re too expensive what is it 3 300ish a meter yes more or less yeah okay looking good that gives me an idea of when um when do you think the works
Are going to start um at the spring spring okay is that spring yeah April uh yeah April yeah okay good and then assay results 6 to8 weeks turnaround is that that reasonable uh as far as we know yes we’re not controlling the labs uh that uh yeah probably uh eight weeks on the
Conservative side but again uh you know uh it’s a classical uh Advanced exploration project uh many things can happen uh uh we are learning each time we we do uh an exploration program of of the on the project uh the the target we are considering these targets as as very
Solid very very good uh now it’s really a drill project anything else uh because all the uh basic database has already been acquired like ground J physics prospecting we may do additional prospecting but in fact we have all the data uh well integrated uh what we need at current
Time uh much more drining okay okay well that’s fair enough April is when you when you want to start working on Elmer June is when you want to start working on um JBL but in the meantime you have 16 more holes coming from um from from James Bay again specifically but that’s
Um the S right so right I’m not mistaken yes yes 16 okay from from the galin project from the G exactly I was lost word when do you think that’s gonna be coming in uh very soon okay very yeah is that sort of a packaged approach to releasing those or
It goingon to be by ho you know because no no not by not whole by whole because uh very very clearly you know we already announced the first hole we already announced that uh 11 to 12 additional holes were mineralized uh with comparable mineralization we already indicated uh The observed core lengths
Uh containing Spen pegmatite uh there is no mystery that we are expecting good results from Galina BAS on visual observation um and saying that we will announce uh this holes at uh at the same uh at the same time maybe one or two press releases but this uh this would be
The logical way to go to the next step which means an additional drill program and is that also happening in 2024 yeah of course yes yeah okay good well that’s again funded by suwm uh 50% funded by soam and 50% by Asim okay and we we operate the project
On behalf of of the J Venture okay but but then to get to get everything done you’re what are you expecting a capital race sometime come spring or or summer uh again U this uh this will be driven by uh by results driven by the market uh coming back to uh our financial
Strategy we hate uh diluting um you know the capital structure we are very predent in the way we do it uh and uh if we need more money this will be done at the right time to avoid as much as possible an excessive share delution rate okay but but Quebec
So you probably have the potential for more flow through I believe what is a 60% premium something crazy like that uh yeah you know the last Capital raise uh we did was through um a charity flow through yeah uh we had a a premium of 93% yeah I saw that yeah that’s right
That’s the one that you did last September yeah for um uh for lithium and uh if I remember correctly 72% premium for gold mhm okay fair enough you mentioned at the beginning that you cannot build your strategy on what’s on the front page in the newspaper and um I
Obviously can respect that because you’re approaching this from a longer term type of view um you do have some uranium exposure in your portfolio if I’m not mistaken not a lot but a few percent any plans given the state of the uranium Market to to move on those
Projects uh again it’s a it’s a very good question um as IM mut has been a leader in uranium exploration in Quebec uh this led the company to make uh many uh discoveries across the province we have had a strategic agreement with rinto uh for Uranium exploration covering one third of Quebec uh
You know 15 years ago uh we uh we have had many other option agreements with many other companies at the scale of Quebec uh as you know uranium exploration has been stopped uh you know related to uh the fuk Fukushima disaster uh saying that um we are well
Aware that uranium is coming back uh we may do a move at proper time but we are very prudent we don’t want to to disperse ourself too much uh we are very focused on the best assets we are developing at at current time uh yeah we will act
Responsibly okay uh I can I can tell you more at at this point of time uh of course we have acquired uh a wide and indepth expertise about the ranium potential in Quebec um at current time we are observing the development of course uh on the Canadian scale it’s it’s very
Exciting it’s good to see uh the Revival of uranium business um were are not ready yet to make that move H John I feel like you have a bunch of stuff in your head that you want to tell me but you cannot tell me because you know some people are
Going to be pissed off but um no good point I understand and I appreciate the the approach there yeah um I think I’ve gone through most of the stuff I did want to ask you about um Insider ownership um over here because I uh I understand that this is again a low
Dilution approach to exploration and all that but there’s been recent buying in the open market in in I believe in 2024 if I look at the SII um some of the ins ERS have been buying in the open market um I was wondering what are your
Planning on on I mean is is this a an effort to increase that Insider ownership above 5% or do you have a Target or like why why is this happening no no no no not really uh you know it’s a a decision which has been taken by uh
The Insiders themselves uh there is no policy uh of course U you know uh director should be a sholder to align uh uh the interest with uh the interest of all shareholders um myself I own more than 2.2 million shares in azimut I never sold one share in 20 years uh I keeping
The shares for you know the big event the big uh the big day but um you know what is that what’s the big day now you’re making me curious here I have to know what the big day is are there not only one possibility but several possibilities you know making a huge
Discovery that we expect it can occur uh at uh at Elmer it can occur at JBL one uh it can occur on the the project we have in uh in option agreement with retinto Corvette and canaya uh you know we we are exposing or putting the company in light over several
Projects Um this can be a big day but not only related to one factor but several possibilities uh some companies can be interested by the huge portfolio we have in nickel nickel is not uh the flavor of the day but fundamentally we have have uh uh probably the largest Niel exploration
Portfolio in Eastern Canada uh with a extremely well-designed targets um and at the end of the day this will pay off we are really convinced that we have a quality asset in in nickel uh you know many factors not only one factor okay fair enough and
We’re working for the big day all right last but not least at least uh for this week a true Miracle something that’s not um supposed to be happening in the junior space a stock uh whose chart does not go from upper left to lower right but rather the other way around without
Being Founders medals a goat exploration development company with um an asset that’s focusing on the Guana shield in Surinam companies listed on TSX Ventures exchange under the ticket symbol FDR just like the guy who indirectly ended the gold standard in the 30s unfortunately Founders uh trades about
100 50 to 200,000 shares a day on average with a 52 we high of um about a187 and a 52 we low um about 24 cents so it’s being quite the ride here uh and with a market cap of just um uh over 82 we can call it 82 and A5 million
Canadian dollars and 59 million shares outstanding today this is a $140 stock there are roughly 13 million warrants in two batches all of which by the way in the money decently in the money too again another thing we’re not used to seeing in this space uh definitely not if it’s in my portfolio
Unfortunately 25% of the shares are held by insiders and 35% uh is held by institutions by the way and as of the interim financial statement which is dated November 30th the company had about um $6 million in current assets most of which in cash uh which sat at at
Around $5.8 million and that came from a financing that they closed in November last year which was done at 80 cents and then on the current liability side of the balance sheet there’s around a million and a half dollars and there’s obviously no long-term debt on their either Founders is currently drilling
Though and keeping a roof above their head and hopefully some Heating in the office space that does cost money so the financial situation will have changed by the time people are listening to this so you want to go to Setter plus.cc to see the latest financial statements and uh
For Founders specifically that number of uh keeping the lights on comes up to to an average of about $150 to $160,000 a month numbers aside uh the flagship asset here is called the antino which is in Surinam right on the border with French Guana so that’ be on the
Eastern border of um Surinam and the asset is just um well again called antina so it’s just one letter away from having the best name in the world and it compromises uh 20,000 hectares or um 200 square kilometers that would be the geological thesis here is is is kind of
Cool because it goes back to over 100 million years ago to the time when Africa and South America split which uh tore apart a rather large greenstone belt with um on on the West African Shield uh it now houses something like 300 million ounces of golden or something among those lines
Depending on how you want to Define it and um there’s also multi-million ounce gold deposits or no Rarity over in um Ivory Coast Mali Ghana and so on and so forth so now on the Guana side of the story though so the Guana Shield um there have only been about 100 million
Ounces of gold to find there over the last uh two or so decades despite it holding a larger portion of the greenstone belt mostly because of political tensions and and whatnot over the last again couple of decades that’s not been necessarily welcoming to exploration but it now seems to have
Improved specifically in Surinam as well and uh Founders now holds the um most advanced gold exploration project in the country uh but not the only one and uh as you might know there are also two operational mines in Surinam there’s a 13.7 million ounce gold deposit that’s
Being mined by the Chinese and a 7 million Hour Gold deposit is currently being mined by uh Newmont antino is an orenic gold system that’s uh seen some artisanal gold production historically and it’s also seen over 30,000 meters of drilling historically again um up until about 15ish years ago and Founders has
Now compiled all that drilling into their own database and they’ve also been they’ve also drilled 10,000 meters themselves last year which has returned multiple 100 G meter holes from multiple targets across the project and essentially proving their Theses here uh which is also why they’ve uh just
Started a new drill program that will um well it’s going to utilize the companies is to own drill rigs which is an important note but it will also go up to 30,000 M of drilling in 2024 where actually some of the drill results have already come back from that program
And I’m talking specifically about the froo zone and including 26 M of 5 12 gr of ton per ton of gold has come back um from their with mineralization starting at surface pretty much um most recently and the expectation to have news every two to three weeks over the coming
Months is also something that that I find notable and that’s particularly because the availability of um of a lab pretty much on site if you will they can turn around assay in just a couple of days as opposed to to a couple of weeks or your typical six to8 weeks uh
Turnaround period but more importantly having the ability to have a consistent news flow is um is what this drives this setup has also helped the company guide its drill positions essentially telling them what zones to focus on where it’s typically you wait six or eight weeks to figure out what’s really happening here
Is happening in a couple of days now um Founders is not the full owner of this project though it is under option and the way things are going they’ll be able to get over that 50% ownership uh by mid 2024 of course contingent on work commitments that that that I probably
Have on your screen right now uh for the people listening with the option to go up to a 75% ownership but I’ve heard that option agreement is open for negotiations so hopefully you could touch upon that later on in the conversation um especially considering again those warrants I told you about
Which are currently in the money they might very well expand the drill program beyond the 30,000 meters that Founders has planned for this year and um well that’s actually where I want to pick it up Colin because um those warrants if exercised or uh what seven s half
Million dollars that that they would bring in do you do you have the ability and and willingness to I don’t know maybe call those in earlier and get more drills on side to do more meters this year uh well we’re down to about about 11 11 and a half million warrants
Outstanding right now okay as of just recently um so about yeah five and a half six million left that could come in um from them and as you said very deep in the money uh we don’t have an accelerator clause on either of them but just with the place
That they are relative to the current share price um we’ve been seeing them pretty pretty consistently pretty steadily trickle in kind of on a weekly basis really um that’s been been good so you know you talked about the November 30th number was you know 5.8 million
Kind of thing we’re just over 5 million today and so we’ve been kind of you know paying paying the bills essentially with warrants um while also doing quite a lot of a lot of drilling so yeah and and the way things stand right now what is your
Uh what is your good telling you are you going to be able to increase the drill program beyond the 30,000 meters yeah I think that we’re kind of leaning in that direction it depends a little bit on that uh exercising of the the first stage of the option agreement because
There’s a a cash payment if we want to accelerate that and and do it this year and so I think that there’s the ability to get that right around 2 million Adan to cover that um to have that money come from Warren I think that’s that’s an option so right okay
Yeah it probably depends on on the assay results that you’re going to get back from it but if there were more drilling than the 30k what where would that be focused on like it would it be focused on fooo still or or is it do you have
Any other targets that you think or of um that that have priority oh absolutely yeah there’s a I mean the right now so one drill I mean the same story last year honly is going to stay at foyo and we’ll continuously be drilling that and it’ll be doing both extension you know
Long strike and and you know with at this point with the new zones we’ve been hitting um so one drill is going to be there the rest of the meters we’ve got some Wildcat targets from geophysics geem work done last year that we’re we’re testing right now that uh pretty
Interesting and then um we’ll be going down to buise and so you know if we’re expanding the program but but even as part of a good a decent part of that 30,000 meters will go into the buise area later this year what’s a decent part percentage percentage wise 10,000
Plus meters of Bo okay okay good good that’s actually because you call them Wildcat targets that are based on geophysics and that’s partially answering a question that I had but I was just wondering relative to Historic drilling where are those holes falling like how much of a step out are we
Talking about here most of the times well um we have a couple of them they’re they’re quite a ways away like there when I’m saying W cat I’m talking about places where there’s not been any historic mining historic drilling anything like that so we’re building a pad you
Know right now the one that we’re drilling is a long strike or north northwest of the donut uh area um by about 500 meters so quite a ways away from from that operation so um and then we have another one planned kind of to the southwest of that uh or Southeast
Rather that would be another kind of five or 6 hundred meters away from the doughnut area so you know looking at testing kind of a kilometer long strike over in that area that’s also let me tell you where I’m coming from with this because I’ve been wondering
Whether um the drilling was it 30 something thousand meters that they drilled historically whether they stopped drilling because they didn’t like what they were seeing sort of in the periphery of that um or was it something else that sort of stopped them from drilling but I also see that it
Coincided with the with the GFC because it was 2008 that they were drilling so yeah I’m thinking basically what happens once you start stepping out uh you know away from those drilled holes and whether you can still keep delivering those grades that you have deliver been delivering so far well I mean that’s
That’s the the big question I mean there’s no question when you step out and start doing you know completely new area exploration drilling it’s usually harder to guarantee the the same sort of success rate that we’ve had so far we’ve we’ve hit mineralization in every single
Hole we’ve drilled so far um which is pretty fantastic to be able to say U but the exploration holes are just that they’re they’re exploration targets they’re further a field but you know they’re exciting for the same reasons you know geochemically geophysically structurally you know from the mapping
That we’ve been doing on the ground so there’s a there’s a lot of strong potential yeah but but also as far as I understand the holes that you’re drilling right now we’re just not mirror numbers where you say oh you know 26 MERS of whatever 5 and a half grams and
That’s it like they’re telling you more of a a bigger story if you will because as far as I understand it after I spoke to Pascal in Germany a few months ago um you’ve been able to pin down basically four mineralizing events for this land package um and and are those ass recent
Asset results are they helping you better understand what’s driving the mineralization and so to the higher grade Pockets here defin yeah it’s it’s a combination of the results I mean the results are us testing hypotheses or ideas that we’ve put together largely from well the geophysics IP in
Particular was has been very important to our understanding of the geology and the structure and what’s controlling the the highest grade mineralization um but also Bedrock mapping structural geology um we have an excellent structural geologist that works for us he did his PhD on the Yao deposit across the river
Um so you know about as well well informed a person as you could possibly get for those rocks um but in terms of what we know and what we’ve been testing where we’ve been hitting the highest grad so far actually in the foyo area is that you know the dominant
Mineralization is really along this this northwest southeast oriented structure and that’s that’s part of that you know eight eight plus kilometer strike um kind of gold mineralization that we see from the augur sampling um and that’s the Domino oration for a lot of mineralization throughout the Guyana
Shield but what’s really driving I think the highest imization looks to be this later event uh it’s kind of these upright open folds extensional sort of thing where we’re getting a bit I think a remobilization of some of the the earlier gold and and that’s where we’re
Getting the the courts veins with a nice VG and that sort of stuff in it right what what is what drives your targeting because you said it’s obviously geophysics the IP that’s um most of the times it’s a big thing then the structural geology um then what else I
Mean does it have anything to do with the with the shear Zone because I think out of the deposits that that that there are in Surinam you’re the closest to that Shear zone is that also related to mineralization here absolutely yeah I mean we’re you know a lot of this we’re
Pretty Classic orogenic Gold system um and you know there’s a a a major crustal scale Shear um that’s probably about 30 kilometers away from the the oper antino work that we’re doing U to the to the west or Southwest and what we’re in is you know kind of a second are or
Tertiary off of that main structure and that’s pretty typically where you’d you know be looking for or want to find these um you know Shear Zone hosted or orenic gold type deposits okay so well drilling those wild wild cat targets as you call them I’m sort of hanging my hat on that word
There but um what do you yeah are they where are they relative to the shear Zone well so where we are in Upper antino sheer Zone’s a thing I think a lot of people sometimes think of a Shear Zone as being or a Shear structure as being these a single line and the
Reality is in geology is that you know this is damage to the to the crust you know associated with this extension or the movement of of the rocks and so you’re getting in a Shear Zone you might have a number of different shears or structures um all of which can be
Mineralized some will be more mineralized than others um there’s a lot of different things that can control that so where we’re drilling now with these Wildcat targets you know from the geop from the mapping they sit within what we are interpreting as these shears similar to you know the type of thing
That uh we’re drilling at fryo right now um but we’ve got to got to drill them to to see what’s in them of course yeah well that was actually exactly what I’m getting at is is trying to figure out how similar are they to Froyo because obviously what everybody wants is for
You to find five more fyos right so yeah well froo for sure I mean froo is exciting but there’s two different typ types of minorization on the property as a whole um both them orenic gold I think you know the shearing and all of that
Certainly has a is a part of the control but the two types are the freyo type where you’ve got the sheer Zone hosted gold and kind of quartz quartz carbonate veins pretty gold only sheer hosted or genic gold uh pretty typical that the other type of mineralization isn’t going
To have as high a grades but it’s intrusion hosted um so you’re looking at much much larger volumes typically um so that’s the the other one that we’re looking for I’d see the bulk of the oper antino targets so kind of everything separate from doughnut specifically because donut is very much an intrusion
Hosted Target um there’s artisinal mining there so we can you know walk up and touch it and see it we know what the rocks look like um the the rest of the targets are largely you know from what we know of the geology and and understand from the geophysics they’re
Going to be more the um fryo type okay yeah the the intrusion related mineralization here is that something comparable to what’s happening in Brazil which is also on the same greenstone belt the the uh the carass province uh which is sort of a copper gold well it’s
Mostly a copper copper gold province is that sort of in a similar type of mineralization or is it different um usually you don’t get a lot of copper associated with the orenic type systems um be more epithermal or pory type you know system in general um
What we I think something that I compare a good comparison would be the omai deposit in Guyana um that would be a a good comparison for the the intrusion hosted piece right what what I was getting to where I’m coming from with this is because there’s another company
I’m interested in that’s uh exploring on the other side of that greenstone belt so in in cot deir and they’re working with an iocg intrusive thesis so I was wondering if if you think there’s potential for that somewhere on the land package that you’re looking at right
Now it’s it’s hard to say I mean the the beauty of being in a green so belt or being in this package of rocks is you know there’s potential for all kinds of different deposits um gold is I think from the historic work and people kind of panning up the river panning up
Creeks that sort of thing has been the easiest to find because of the Jungle cover and all of that but there’s there’s certainly potential for all kinds of you know base metal deposits uh VMS cogenic massive sulfide deposits uh are a possibility diamonds there’s there are diamonds in in some plaster
Operations in places over Cam and the Guyana Shield like there’s there’s a number of different potential uh deposit types but right now gold has been the focus historically and and a lot of the geochemical work that’s been done you know regionally has been largely focused on the gold piece as well but yeah
There’s there’s opportunity sure sure okay but Focus right now froo so froo is going to see what at least 20,000 meters because you said 10,000 is going to go into the Target and then proo is going to see what 20,000 meters at least I would that’s I mean I’d say 15
To 20,000 is where we’re targeting with under the 30,000 meter program um the the thing is with the antino project is that we have year round drilling um so we don’t have any limit on timeline we’re not really dealing with the um it’s all budget dependent you know if we
Have the money we just keep going uh we’re not we don’t have a seasonality we don’t have the we drill four months in the summertime and then you know wait for assays and come back the next spring so um it’ll be a continuous thing until we’re I think get enough meters in the
Ground to to work towards that First Resource um and then kind of continue on from there um ideally building resources in other targets or other parts of the property as well what is enough like what is enough mean here because were you getting into Froyo does
It sound like enough to be able to come out with an M by the end of 2024 I don’t think by the end of 24 no um been you know talking in general looking at a kind of a First Resource you know by Q2 or Q2 is
2025 um really in terms of enough when you talk meters you know I can do right now is compared to some of the other examples in the Guyana Shield um for our good comparators reunion gold for their 4.2 million ounce resource they just put out there about 75,000 meters of of
Diamond drilling a lot of trenching and some RC work as well um and then you know 50 60,000 for uh G2 if I remember correctly in on that order so um we’re yeah about 10,000 actually right now we’re probably about 12 and a half thousand meters into Froyo um and you
Know moving at at PACE I guess um two drills running full tilt would be between 3500 and 5,000 meters a month okay so we expect kind of a couple thousand meters a month I’d say it fory with the one rig and if we do wind up
Adding more rigs down the road then you know that pace increases right if you were to add more rigs down the road by the way that’s also a good point would you at I mean would you be buying rigs or is it going to come from your partner
Or are you thinking Contracting no we we’d be looking at expanding our current operation and buying our own rigs yeah at present we’ve been building our team building our crews um the production has been has been very good um you know and we just have a really good team and
Really good infrastructure on the ground we haven’t figured out I think you know and so buying a third rig and keep going the way we’re going build another crew another team and and keep moving forward is is really the best case scenario it’s certainly the the most cost-
Effective right it it takes a bit more time than just you know calling up a drilling company and and adding one in but but uh the cost savings and and everything have really been important to our story and it’s it’s worth that extra effort right and who knows by the time
You sell this deposit you might turn into a drilling company for a new gold rush and then contract your own drills to other Drillers to other explorers that’d be nice yeah I mean that’s there there certainly is value in a a drilling company it’s its own right too so you
Know as a total side note and and not at the same scale as obviously what we’re targeting uh in terms of you know you major deposits here but there’s a you know it’s it’s worth something yeah that’s an interesting Avenue to to to think about for sure are you are you
Planning any Metallurgy by the way um in the meantime between now and M we are for sure yeah we’ll uh work kind of reviewing proposals right now for um beginning metallurgical testing uh on and we plan to begin sometime the next couple of months but on both the tailings really interested in
Understanding a bit more about that um but then also you know the major kind of metallurgical test that you’d expect so the different major lithologies within the or zones um that sort of thing right okay so what are you starting with uh bottle roll or something among those
Lines yeah that’d be the the first first go and then after that it’s kind of evaluating what what the recommendations are right and and and the tailings that you mentioned that’s something you want to have in the 2024 uh in the 2025 excuse me m as far as I understanding I
Don’t know if the tailings get included in a resource estimate that’s it’s a good question I mean it’s a it’s a bit of a separate Beast U from like the Froyo Zone that sort of thing um it requires a different type of sampling different um it’s a different operation
Really okay do they typically not get I don’t even know like do do do they like can you are you allowed to typically include them oh absolutely you can yeah and it’s it’s the same sort of idea I mean you you know we’ve right now we’ve
Done mostly just you know 2 meter augur sampling we’ve done some trenching to get a sense of what minimum thicknesses are um but you can definitely you know grid off and you know it’s the same kind of idea you need a certain density to understand you know what the
Heterogenity or homogenity is within the of the gold grade within the tailings piles and understand volume all of those same sorts of pieces and once you’ve established a certain confidence then yeah it can be included in a resource interesting yeah because it’s something that Pascal also told me about when I
Met him in Germany um that those are I mean those tailings are significant and um they contain significant grade to as far as I understand it right yeah there’s uh I mean most of our tailings work so far has been an upper antino we put a press reset on that a while ago
Last year um you know around the foyo Zone we had grades I think 9.17 grams per ton was our highest sample but a several above five grams per ton and our average for the Froyo stuff was you know 3.35 uh which is incredible especially since the majority of that material is
Kind of sub two mil um ready to be reprocessed or uh material it’s it’s some people joke and say it’s pre-concentrated but um the other stuff around the donut pit it’s intrusion hosted Target so the grades there match with that um they’re in the order of 75
To one and a half grams per ton um but a lot of volume and then you know we’ kind of got an A Clair cupcake tailings pile as well that’s ranged between kind of one and almost four grams which are those they’re spectacular numbers and there’s significant volume and big
Picture foyil represents only about 20% I’d say of the the overall tailings on the on the property the vast majority are at bu um it’s a it’s a whole other other beast in terms of of tailings opportunity so an initial MRE would only contain the the the tailings at fooo and
The drilling at fooo and then Boise would come in later on or how do you see that the the tailings as I said in terms of timeline and what we’re going into an initial M that depends on how we move forward with the tailings um the you
Know when I talk an initial M I’m thinking specifically right now foyo up bantino and depending how quickly we progress with the Boise stuff there’s potential for that but I’d say predominantly we’re looking at the foyo area first um with you know subsequent updated MREs following uh based on other
Other discoveries or or expanding at the way stuff um the thing with the tailings are what the the trade-off study or the you know conversation really is is you know because of the permitting situation at antino you know we have the opportunity that we could put those into
Production or we could start working with those right away we could also you know work with a a partner organization uh with some sort of off-take agreement we could have a third party come in where they invest all the capital and and we have an A a royalty arrangement
With them there’s a number of different ways that we could generate some revenue from those tailings um you know you know relatively near term and you know that’s a an interesting option and it doesn’t necessarily require going through a full you know mineral resource estimate type type work that’s something interesting
That I haven’t really thought a lot about because um what I was kind of speculating or like if I were to throw out some wild guesses my in my own head I’d be thinking something like again as you said M 25 PA in 26 and then potentially a transaction in late 26 or
27 how does that I mean if I sort of spit that timeline out how does that make you feel sounds great to me yeah but I mean it sounds good but is it doable is it realistic I think that it’s very much realistic um I think you know it really
Comes down to results as well you know if we’re seeing you know significant growth with the The Bu area and there’s a number of further field targets we’ve only explored or historically only about a third of the property’s been explored so you know we’re looking at doing some
You know Regional or full property geophysics and things to you know look at some targets further field so if we’re seeing some really big things coming out of that work and there’s opportunity to continue to grow kind of the value side of it for investors then
We’re going to do that before we look at any sort of you know acquisition or buyout situation um but you know ultimately you know we’re moving forward I think like like Junior should probably and that’s you know we want to move towards development in the drisking sense um you know doing all the
Steps in the right order you know but really you’re drisking with the goal of of you know being acquired right yeah yeah well as a junior should I I agree with that statement what is what do you think this might be sort of a two-folded question but back of the envelope and
And forward-looking risks yeah yeah and all that type of stuff but again back of the envelope how big could this m or this PA get and and so first part is how big could it get and second part would be how big do you want it to get before a potential
Transaction those are hard questions to answer at this point in in the the process I mean I think specifically for M or Pea or acquisition I I don’t I don’t have a I couldn’t give an answer a real number right now I don’t think that would really be fair in general but the
Property as as a whole um certainly uper antino has pretty strong potential for a multi-million ounce you know gold deposit bu you know there’s 27,000 meters of exposed um total andic intrusive rock um you know at surface there with some so pretty interesting hits so far and it so
There’s opportunity there certainly even just with that as uh another multi-million ounce potential Target and I don’t doubt that there’s other ones Elsewhere on the property so um yeah the the ultimate answer there I think comes with a bit of time and a bit more drilling sure yeah that’s a fair answer
I mean I I understand you cannot tell me too much about that right now it’s also just really early um but I mean again back of the envelope I’m I’m trying to sort of wrap my head around how do you how do you value this and and I know a
Lot of arm waving here and Way Forward looking but yeah I also don’t know quite how to value a potential takeover Target in in that part of the world partly uh or mostly because I don’t really know much but also partly because there aren’t all that many examples to go off
From so what does your good tell you like what’s what’s an ounce of of gold in the ground in Surinam worth at a takeover so the the two examples that you have you know in kind of recent time uh recent history is you know you’ve got
G2 and you’ve got reunion and if you look at the two of them you know know it’s fluctuated a little bit here over the last few months but by and large they’re getting about between 80 and $90 us per ounce you know to Enterprise Value um and so for looking at that a
Million a million ounces in the ground uh with a resource is you know that’s about $130 million Canadian in terms of market cap um so that’s a million ounces and I think multi-million is very realistic so you know that’s where you get your multiples from is doing that math
Okay you mentioned reunion did was antino at some point in the did it have something to do with reunion it did reunion um the guys at Reunion held it 20062 2008 time that’s right yeah yeah that’s right they did about half of that 32,000 met historic
Work um the other half was done by Golden Star resources back in kind of the late 90s 98 99 right yeah okay um good okay so that’s well that gives me an idea of how to value that um and again I mentioned a couple of times that I spoke to Pascal
In Germany he told me that the the the option here could potentially get re renegotiated if I had understood him well is that actually the case and and what type of renegotiation are we talking about here like what’s what’s possible I mean certainly renegotiation is possible we’ve you know I’ve had
Conversations with the the optionor I mean they’re they’re business people and and open to to offers kind of thing but the the way that the option agreement is structured right now you know it goes to 75% over those three stages um but after stage two that 70% Market converts to a
Joint venture with the option ORS um and that joint venture agreement has a proportional spend component to it and so if they’re not contributing we can dilute them down to a 10% um level so you know whether or not they can come up with the capital I think that that
Remains to be seen but um it does give us an opportunity there to move it you know higher on the ownership side for for Founders just from from doing that higher in terms of like that would be 90% then that’ be 90% yeah and then dilution below 10% um basically comes
With a either a conversion to NSR um as one option or if we’re you know at that stage looking at you know if there was an acquisition scenario and there’s also a tagal clause where the option ORS have to come along for the ride in terms of us negotiating something as a
Buyout yeah so that would be a a potential route to 100% ownership effectively yeah okay is that is does that depend on on what comes out of the ground there or is that just sort of corporate stuff dependent like negotiation dependent um yeah I think it’s it’s a
Timing thing it’s a you know results and what’s coming out of the ground and and it is a bit of some negotiation but a little bit of all three I think okay well looking at the table here that says a three-stage option agreement stage one total uh in
In total commitments 7.8 million bucks um how far away are you from that I’d say mid 24 um at at our current pace is where we hit that number right okay and then stage two that’s probably PE type the thing because we’re talking about um 13 million total that’s right yeah okay
Okay right um but then because with with the timeline that I described here is sort of pa2 U M25 pa26 and then potential transaction in 27 by that time that’s also when you think you’re you’re stage three or even further certainly certainly stage two and then into that like stage three is
Is a is an option we don’t have to do do stage three as it’s kind of dictated there we can move forward from stage two um in kind of the joint venture scenario um but yeah e either way I think that’s kind of the the mark we’d be aiming for
I mean realistically I mean if I I would like to accelerate our ownership you know as quickly as we can I mean get into this 51% piece but then you know into completing stage two and and and on from there um I think the sooner the better really um for Founders and for
Found shareholders how come though like I I saw that sentiment out there as well is that people are sort of hoping that it happen sooner but if if you’re not selling this and you you’re moving it forward for like the next two to three years why why do that matter yeah
There’s a couple of things so one of them you know in terms of the broader you know Market sentiment I’d say it’s just ownership in general um having a controlling interest in the property I there’s a a certain kind of additional level of confidence you know that comes
Along with that and you know I can appreciate that and and I certainly feel the same way I’d like to be able to say you know we’ve exercised this first stage of the agreement and Founders has the controlling interest um and so that’s why we’re heading in that
Direction um the way we are after that though um you know it it converts to you know founders with the controlling interest of the property also you know has the option to become the uvial manager so the rights um to kind of how things operate on the ground and and
Also you know access to potential Revenue coming off the property you know we’re getting 51% of the project but also 51% of any potential Revenue that’s being generated and so um whether that’s a you know if it’s status quo um for the artisanal or the contract miners that’re
Right now working for the the concession owners um you know we could be looking at some some dollars from that even um so there’s there’s a couple of things there that kind make us want to move towards those those Milestones as relatively quickly as possible on what timeline are you are we
Talking about potential Revenue here well if it’s a case of you know revenue from just the earn side of things um you know that would come with exercising the 51% or the stage one okay so could be you know later this year potentially what type of size are we
Also looking at uh well it’s I mean it’s artisanal mining so you know there’s numbers um for the last kind know 12 years is what we have data on um I think we’d expect something in the you know1 to2 million us range per year is what I
Would expect if we have things M stay status quo um you know right now the the type of mining on the ground the artisinal mining is very low recoveries it’s pretty common throughout the Shield or really anywhere where this sort of artisanal Works being done um you know
On the order of 20 to 30% so know there’s opportunity even for working with with that to improve recoveries I think there’s a a number of things that could be done that would make a big difference and and wouldn’t be necessarily very cost or very expensive
Also gray control piece um there’s a lot of kind of pretty straightforward technical work that we could add to that process that might increase you know the revenue side of it but also comes down to to you know we think about future resources and what the economics of you know pit design and
And all of that look like you know maybe we don’t want to mine some of those areas so it’s uh there’s there’s a number of things to balance I guess yeah for sure and that’s that’s actually kind of cool um I think Iris mining is doing in in Colombia they’re they’re obviously
An operating mine so they’re producing company but they have an agreement with uh with artisanal miners they’ve helped them increase productivity so recoveries and stuff like that so that’s um yeah that’s very cool that’d be cool to see and still I mean like two million bucks
A year that’s not nothing that gets you a decent portion of drilling yeah and decent import of drilling especially at the you know cost per meter that we’re sitting at but also you know start thinking about covering GNA and all of those sorts of things it does make a
Difference to the bottom line right and and that’s why we have an interest in this tailings piece as well I mean um you know we’re talking a lot about this I I want to be clear too for people that you know my background is exploration
And and you know orenic gold and and I think that is our Focus like number one um and that’s a big part of the reason why we’d be entertaining or looking at off takes or third party arrangements for the mining side of it um our Focus really is on the exploration that’s the
Big win here but there’s this potential for Revenue that you know presents an opportunity for Founders to potentially generate enough cash flow that we’re not in a situation where we’re you know having to go back to the market and and facing that sort of you know continual
Dilution that is you know so common in this space um you know ideally that’s that’s what we’d like to avoid as much as possible and and add a little bit of scarcity to the founder shares of course yeah well and it’s also like because you mentioned
G and that that made me think as I said at the beginning you last year on average or last quarter on average you did about 150 Grand a month um that’s give will take two million bucks a year I mean if you can um become an effectively Net Zero GNA company if you
Will that would be uh that would be kind of cool is that what you’re budgeting by the way for 2024 as well cuz the drill program is much bigger so are you thinking higher GNA as well um higher GNA but the that number is a you know I
Think in terms of like average over the year um will be quite a bit less than that we had some kind of prepaid annual type expenses that were included in that okay okay so what are you budgeting a month for g& I think we be we’d be
Around a 100 okay at this point and that’s we’ve got a good portion of the crew uh in place in terms of the the management level people for bringing like a third rig on that sort of thing so I wouldn’t expect a huge increase in GNA associated with that level of
Increase um but uh obviously the Burn’s going to go up I me we’re we’re adding meters and and that’s where the cost is yeah yeah adding meters obviously attracts um higher spend in some spots what else I’m reminded of that it potentially attracts is that indeed a very large drill program that especially
For Surinam as well I believe this is the largest drill program this year so I mean it’s inevitably going to attract the attention of the The Regulators more closely than potentially what you did last year is that is that a risk how much of a risk is that like how how does
That even work over there no the the way it works is so the you know that’s another thing that kind of comes with the concessions the type of concessions we have so there’s exploration concessions and there’s exploitation concessions is the two main types and so
Now um we’re right now both uh we have the map always kind of puts them together because they’re contiguous but it’s actually two contiguous concessions both 10,000 hectars which is standard for exploitation uh rights in seram and that includes all of our you know if we’re drilling for exploration that’s
All included in that so um there’s no additional permitting you know based on the scale of meters that sort of thing so no I we don’t have any we don’t anticipate or or foresee any issues with you know growing the program that way okay in terms of um
In terms of potential local opposition or environmental or something among those lines it’s so I believe um you have to fly into the project if I’m not mistaken so it’s I mean it’s it’s in the jungle basically it’s not in a in a village or anything like that that’s
Right yeah we’re we’re about well depending on the plane it’s 45 to 45 minutes to an hour flight uh to the main Camp um there’s a 1.3 kilometer strip right there at the the main antino Camp um it we don’t there’s no Village villages in the property were were you
Know in the jungle there’s the town of marula that’s across the the river across the border into French Guyana that’s probably the closest you know population Center that’s about 10,000 people there yeah and for you specifically you’re um I believe you’re you’re mostly working with um locals so you’re flying
Them in what know 2 by two basis sort of a two we in two week out or how do you deal with that the rotation vary so you know we we do hire kind of it’s a cam first policy as much as as much as is possible if we can Source people in
Country um we we do um and we work pretty closely with our partners uh kind of on the logistics and hiring piece to to make that a possibility also as the longer we spend there the more kind of relationships networks that we build and we find more people that can can fill
Roles um in country um as far as rotations go it really depends a little bit on um the the job we’re typically working kind of four and twos would be the most common rotation for people and yeah if it’s people coming from outside of the country depending on what their roles
Are they can be a little longer or they can be shorter if it’s a more you a focused activity that they’re doing right okay fair enough so and where I start with this was sort of talking about attracting unwanted attention maybe what about if we flip that what
About attracting wanted attention as in again newand were the Chinese given that they both operate mines in in similar conditions on the same greenstone belt are they I don’t know coming along kicking some Stones around is that something you can talk to me about yeah
I think I in general I can say that you know there’s there strategics in country that that have some interest in the project I mean um and elsewhere I mean we’ve we’ve talked to a number of you know larger groups that um certainly have interest in the property with the
Grades that we’ve been putting out um with the you know a really attract active piece is how quickly um an operation can be brought to production at a number of different scales in in suram and the guy in The Shield as a whole so yeah there’s there’s interest for
Sure okay and and you don’t I mean you don’t need an asset level partner right now you have the money to keep pushing this yourself you you don’t need any type of partner for that matter at least not at the current levels because of that availability of warrants as we
Talked about and all that but um I don’t know do you think eventually you will need a partner before a sale um or I mean yeah what how do you think about that I mean I think there’s a lot of a lot to be gained from having a a partner
Um before a sale as you say you know we’re we’re in no need to rush into something we’re not in a situation where we you know we don’t need it right now um but down the road I think there’s a lot of you know just the scale that
Comes with you know having a partner that is a major um they have a infrastructure um just resources that just aren’t available to a junior company uh to move things forward and uh I think it’s important and also it adds a lot of credibility to a project as
Well um and just the you know the political will that comes with um you know working with a major Mining Company you know also you know is a is an important piece so yeah there there’s a lot of benefits mean I think you know the market typically responds quite positively to
To companies you know kind of joining forces with a major to to move something down the line so yeah yeah I suppose it depends on on the type of upside that the major is getting versus type of upsite you’re getting all that type of stuff but that’s um absolutely yeah TBD
Of course here uh good we’ve G through a lot of stuff here what are you thinking another news release before pck uh definitely yeah okay one or two uh we’ll see but more news for sure before pck we’re Founders is also attending the the beo conference in
Florida U so we’ll be doing that and then and then heading to to pedc you a right after yeah so it’s going to be a busy next few weeks
8 Comments
Bought more Gold Terra today. I'm a trapper in Yellowknife and drove by their projects and surveying in 2020. Bullish.
I think this project would be great for YK
since you re going to argentina, pampa, patagonia, san lorenzo? these have lots of gold for their market cap
best ibterviews ever
Perhaps at time of interview Mr. Panneton had not yet received news of Copler mine landslide? (1:43:53)
Suggestion for next week Antonio: Bryan Slusarchuk of Great Pacific Gold previously Fosterville South…. 🚀🚀
Like,like and more like 👍,👍and👍👍👍👍👍👍👍
Great interviews, Antonio! Thanks again.
i like founders metals, this kind of grade near surface NEVER happens! and is so economic! you can check challenger gold that has this in argentina in a PEA; trading at the same price. And that s the point. Founders a little expensive now, if they only have this one deposit. If they pop others that s another story. Cabral is in brazil. Haven't checked, maybe in the same area? I know they re next to G mining. But i don't know how far they are from Cerrado Monte de Carmo. Ok, IF you wanted to go from best interviewer on youtube to LEGEND! and GOAT, what you would do, would be to interview CEOs from companies that are next to each other and are drilling the same kind of geology, especially for explorers or developpers ramping up and still looking to expand resources. Then the youtube video would actually add 2 values: the information you get from your CEOs and the natural correlations that the viewer will make by creating links of understanding just because he learns about these deposits at the same time,
Actually double checkes. Founders might have more upside potential