GLY - Glory Resources - Aussie Stock Forums

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  1. #1

    Post GLY - Glory Resources

    Glory Resources Limited (GLY) will acquire 100% of Quetico Resources Pty Ltd which is the 100% owner of Canadian company Quetico Resources Ltd. Quetico Resources has the right to earn an interest of up to 75% of a Canadian project known as Onion Lake. In addition, Quetico Resources also owns 100% interest in 2 projects known as Eagle Lake and Way Lake.

    Together, the Projects comprise approximately 187km of mining claims located in the Thunder Bay, Kenora and Patricia mining divisions of Northwestern Ontario, Canada. This is a historically significant but under explored mining region.

    In addition to the existing Projects, the Company will review other acquisition and joint venture opportunities to secure new projects in the resources sector that meet the Company’s objectives and strategies.


  2. #2
    short- to medium-term trader pixel's Avatar
    Join Date
    Feb 2010
    Perth, WA

    Default Re: GLY - Glory Resources

    started at a premium; today looks like the beginning of another swing trade.
    Could be risky, but so is every gold play. Check out the key stake holders
    I hold.

    GLY i30 04-02-11.gif
    Artificial Intelligence is no match for Innate Stupidity.

  3. #3
    Make the drill work for YOU springhill's Avatar
    Join Date
    Jun 2007
    Mental Institution

    Default Re: GLY - Glory Resources

    MC - $57m
    SP - 28c
    Shares - 205m
    Options - 29m
    Cash - $8.8m

    The Company’s 100% owned Sapes Gold Project is a typical high-sulphidation epithermal gold deposit, which has a JORC Measured and Indicated Resource of 830koz at 9.8 g/t Au with identified JORC Proved and Probable Ore Reserve of 637koz at 15.1 g/t Au.

     A feasibility study conducted in 2001 and updated in December 2010 shows JORC Measured and Indicated Resource of 830koz at 9.8g/t Au (Measured 647koz at 8.9g/t Au and Indicated 183koz at 14.9g/t Au) with identified JORC Proved and Probable Ore Reserve of 637koz at 15.1g/t Au (Proved 23koz at 3.5g/t Au and Probable 614koz at 17.2g/t Au).
     The feasibility study reports gold production of 510,000oz, total capex of US$100m and cash opex cost of US$297/oz over a seven-year mine life.
     Substantial opportunity for further exploration upside as no systematic exploration on the Sapes Project lease for 12 years.


    Aurum Exploration Services (“Aurum”), an independent geological consulting firm based in Ireland, completed re-logging of existing Sapes drill core and re-modelling of the total drill hole database using Datamine software, which has enabled a detailed three-dimensional re-evaluation of the various mineralised zones which comprise the deposits.
    An ongoing re-assessment of structural and lithological controls to the mineralisation is aimed at identifying as yet undiscovered mineralised zones for testing during the forthcoming drilling programme.
    Exploration Drilling Programme
    The application for a 6,000 m reverse circulation (“RC”) and diamond core (“DC”) drilling exploration programme is progressing as expected with positive recommendations and opinions received from central, local and regional relevant government departments. Approval is expected during Q3 2012.
    The drilling programme is planned to prove continuity of the high grade Viper Deposit and test the proposed initial development of the decline that passes through the mineralised area. The Company believes that the drilling programme has the potential to add significant new resources to the existing Viper resource inventory.
    Geophysics Programme
    Ground geophysics including 3D/IP-resistivity and magnetic surveys over an approximate area of 4 km2 centred at Viper progressed during the quarter despite some adverse weather being encountered. Processing and interpretation of the 3D data for the areas surveyed is now underway.
    Permitting & Socialisation
    Approval of Sapes’ Preliminary Environmental Impact Study (“PEIS”) by the Gold Committee of the Greek Ministry of Environment was received on 16 July 2012. Approval of the PEIS further evidences the Greek Government’s commitment to mine development in Greece
    The Company continues to progress the completion of its Environmental Impact Study (“EIS”), which is expected to be lodged during Q4 2012.
    The Company continues to make good progress with its socialisation programmes with the Sapes community and authorities, as well as with the regional authorities.

    CANADA - Onion Lake PGM-Cu-Ni Project
    The Company currently holds a 30% interest in the Onion Lake Project, a prospective PGM-Cu-Ni project located approximately 50 km north of Thunder Bay, Ontario, Canada. The Onion Lake Project is adjacent to Magma Metals (Canada) Limited's Thunder Bay North Polymetallic Property which is host to an Indicated NI 43-101 and JORC compliant resource of 741,000 Pt equivalent ounces. Panoramic Resources Ltd recently completed the acquisition of former ASX/TSX listed Magma Metals via a corporate takeover to the value of $40m.
    Glory has recently commenced a ground exploration program on the Onion Lake Project. This phase of exploration is intended to thoroughly investigate the magnetic features interpreted from four rounds of geophysical surveying and modelling. The program will focus on 1) prospecting all prospective areas of the property for favourable ultramafic-mafic rocks; 2) the creation of a complete geological map of the property to aid in geophysical interpretation and modelling; 3) prospecting the linear and sinuous magnetic trends identified through interpretation of geophysics; and 4) evaluating access for diamond drilling. This round of exploration will finalise the first exploration expenditure commitment on the second phase of the earn-in on the Project moving Glory towards a 60% interest in the Project.
    This exploration program is expected to be completed by October of 2012. Geophysical interpretation and modelling to date has provided an abundance of potential diamond drill targets. This first pass ground exploration program will allow for better ranking of these targets.
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    "You have enemies? Good. That means that you've stood up for something, sometime in your life" - Winston Churchill

  4. #4

    Default Re: GLY - Glory Resources

    On March 17th, 2014, Glory Resources Limited (GLY) was removed from the ASX's official list following the compulsory acquisition of the Company by Eldorado Gold Cooperatief UA.

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