GTM giants reef mining limited

last night's presentation

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    Well, last night's presentation was pretty impressive. They had two speakers - Robert Nae (director) and Jo Ariti (CEO and looking after exploration).

    Jo did a pretty good talk about their exploration methodology. He said that the Chariot discovery was sitting just adjacent to an iron ore deposit, and wasn't specifically picked up on a magnetic survey because it was in haematite. The gravity survey they did picked it up clear as day, and also picked up a number of other large look-a-like prospects in haematite. The whole point of the recent 39 hole drilling program was to give confidence to their gravity survey, and it did - they're very happy with what they found at Malbec to the North-West of Chariot, and I didn't catch the name of the one a few km's East of Chariot, but Jo commented that "they told me not to speculate, but it looks very impressive". Sounds like all the drilling is wrapped up now - they're waiting on some assay results for various holes (incl Cat's Whisker). Unfortunately they had the rig committed to another job, otherwise Jo said he would have loved to put more holes into Malbec, to fully explore its potential.

    Warrego will commence commissioning next week for the first gold pour mid-Oct (as everyone already knows). It has a capacity of 250,000 t per annum, but they need some more discoveries to be able to use it to its full potential.

    Robert Nae wrapped things up by saying that he feels the shareprice is still undervalued possibly because there are still investors out there that think for some reason there may still be an element of risk prior to pouring first gold, and also that they don't realise the high profit margin of $200/ounce that they'll be making on it! He seems confident of extending the life of Chariot beyond 4yrs (and beyond 200,000 ounces of gold). A lot of the very high grade sections (80-90 g/t Au) go very deep and can't be drilled from the surface at this stage (but will be explored further later on). Finally he said they're very excited about the exploration potential using their gravity survey method which has contributed to 3 discoveries so far - Chariot, Malbec and West Gibbot?).

    Now there was close to 100 people at this presentation last night. It was organised by a new brokerage up here. So hopefully everyone that went will rush out and buy big this morning.

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