My interpretation of GFG/G11 In-situ results at Rattlesnake. Superb news, and comes it at roughly the highest level of recoveries was hoping for. In my article https://seekingalpha.com/instablog/535947-darp-research/5611282-gfgs-game-changing-in-situ-gold-mining-deal-tiny-downside-and-huge-upside#comments said:
"If the AISC at Rattlesnake is $500 that would be $1,300 margin times GFG share 66,667oz = potential profits of $87 million. Current GFG market cap is $13 million so that is a 6 bagger just in cash in the bank if things went that well. And GFG gets $7.5 million cash payment from Group 11 outside of mine revenue too in the deal, then add it they get a large amount of stock in Group 11. And if gold is $2,400 and they do not have to rubblize the ore and get 50% recovery so have a $200 AISC then 100,000 oz times $2,200 = $220 million potential profits for GFGSF. I will be thrilled with the $87 million, but the 2nd scenario is possible."
Their non-crushed whole half cores came in at 48.2% gold recovery, closer to the 2nd scenario, beyond the "thrilled with" 1st one. If half way that is about $150 million in profits, to be conservative can call it $120 million of profits with virtually no investment by GFG, G11 does that. This news is 4 months late in coming so shocks me it is so good, was guessing they were having troubles, but ended up as superb results.
There is more. If you look at charts in the PR link https://www.globenewswire.com/NewsRoom/AttachmentNg/a1009505-e0b3-4e64-a969-f4aca467896d They are getting 30% of the gold in 5 days. In-situ recovery at the mine even if you triple that to 15 days, yikes, who has ever heard of getting 30% of your gold out of a mine in 15 days after you tunnel to the ore? Maybe 5 years is average on that, In fact at Rattlesnake being that open pit is the alternative and say a 15 year mining period, that is 5 years to get 30%.
So they will get their first 30% of profits incredibly fast, about 125 times faster than an open pit mine, wow. And you get 99% of the gold you will get in 30 days in the lab, so maybe 100 days in the field? Absurdly fast. If takes even a year, still absurdly fast.
Being their new land package in Canada now has a proven high grade gold system, that makes it worth the entire market cap of GFG. So Rattlesnake/In-Situ is on top of that. The stock doing a 20 bagger+ since my article was published seems quite possible.
Cheers
GFG Receives Positive Initial Metallurgical Results from Rattlesnake Hills Gold Project Partner Group 11 Technologies 03/15/2022
SASKATOON, Saskatchewan, March 15, 2022 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) is pleased to report that it has received positive metallurgical results from the Rattlesnake Hills Gold Project (“RSH Project”) located in Wyoming, U.S. from its option partner, Group 11 Technologies Inc. (“Group 11”), (see news release: “GFG Signs Option Agreement with Group 11 Technologies to Advance the Rattlesnake Hills Gold Project with Disruptive Technology”). Provided below are the first test results in the process to develop In-situ Recovery (“ISR”) technology for gold mining using EnviroMetal Technologies Inc. (“EnviroMetal”) non-cyanide and environmentally friendly leaching solution. The gold recovery tests from uncrushed half-core samples demonstrated recoveries ranging from 15.9% to 77.5%, averaging 48.2% while the bottle roll testing of crushed material returned gold recoveries ranging from 38.3% to 89.5%, averaging 61.4%.
“These initial results have exceeded our and Group 11’s expectations and this is an exciting development for our shareholders, stakeholders and the gold mining industry as a whole,” stated Brian Skanderbeg, President and CEO of GFG. “We look forward to the next phase of testing as they continue along the path of proving and adapting ISR technology to gold mining.”
Dr. Dennis Stover, Group 11 and enCore Energy Corps’ Chief Technical Officer and co-discoverer of the in-situ recovery process in the uranium sector, said: “Group 11 is very pleased with the initial tests which showed strong results to extract gold from the existing core samples with an environmentally-friendly solvent. This first step will provide the basis for future tests to be conducted on the use of the lixiviant in combination with ISR technology. Group 11 is working to create new environmentally-friendly options to extract gold and other metals through less invasive ISR extraction which is in widespread use in the uranium sector.”
LIVE WEBCAST – MARCH 17, 2022 11 AM ET
Group 11 and their partners will host a webcast on Thursday, March 17 at 11:00 am Eastern Time (8:00 am Pacific Time) to discuss the results of the Phase 1 tests, next steps and to answer any questions from shareholders. Shareholders, analysts, investors, and media are invited to join the live webcast by registering using the link below. A replay of the webcast will be available. Please join us: https://attendee.gotowebinar.com/register/8133997228348689164
Below has rest and tables of recoveries
https://www.gfgresources.com/news/press-release-details/2022/GFG-Receives-Positive-Initial-Metallurgical-Results-from-Rattlesnake-Hills-Gold-Project-Partner-Group-11-Technologies/default.aspx
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