Just got off the phone. They were driving back from Quebec City after a meeting with some local and potential investors with Desjardins. These guys apparently understand the property quite well.
They talked about another meeting with a local community and how that many of the property owners of their claims are also significant shareholders. Not sure if that was today or not?
Told me a few stories - Frank got on the phone once to clarify some facts.
1. The local people, and these local investors know about the long history with the Beauce. Apparently some used to set up wooden staircases on cliffs, hose them down, spot the gold and actually chip out the gold and they could get up to 30 oz in a day that way. I think this was in the 50's even?
2. The other day there was someone on their property literally panning for gold, and he wasn't a hobbyist.
3. One of their biggest shareholders is the former driller from when Osisko was in town. He was at one of their meetings and asked to interupt Frank. He said that when they drilled on this property they would send the top half of a core for sampling, and keep the bottom half on site....just the way it is. He would literally see visible gold in these cores and yet some of these assays would come back showing nothing. The nuggety gold problem! This issue was taken to task with the bulk sampling program, so problem solved.
Seems as though anyone who understands this property is invested in it.
Coming down the pipe will be plans for a drill campaign. Focus will be on those hot areas on the Geochem, and generally moving from the Timmins area to the North East where things are looking particularly interesting.
Financing? Well, they actually have enough cash to get them through the next drill campaign and have money coming in from the government which can finance them prob for rest of year. I think they can get money now if they wanted, but are still trying to build and understand the property and get the best deal. I'm going to have to go with Frank's gut on this one as this is his field of expertise. Some would go for whatever money is available and dilute, I think he's trying to find the best 'fit' for an investor.
I asked how deep they plan to drill on the next campaign and they said from 50-200 metres. This style of drilling should allow them to get more breadth of coverage per dollar spent. If they hit mineralization in any of the future areas it will be very significant.
Also, we have this results from T2 that needed to be re-evaluated coming back soon.
I'd guess the dip in SP is due to people moving their money around. I considered trying to get into NOT this morning, but then I def have enough Noront already.
I know we get restless and have an insatiable thirst for news and information when it comes to our investements and told Sasha just that. There are good things coming for GNH, but as with all things...it will take some time and they suggested at the PDAC meeting that the next few months there should be some very positive things to come for GNH.
As Sasha was in the car it was difficult for him to give me any specific numbers or information.
B
