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EUC, EUROPEAN COBALT LTD
bg99
post Posted: Nov 15 2019, 05:42 PM
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In Reply To: blacksheep's post @ Nov 14 2019, 07:47 PM

....probably smoked a few spliffs and watched the Doors Mr Mojo Risin
https://www.youtube.com/watch?v=sIySC__q33U


 
blacksheep
post Posted: Nov 14 2019, 07:47 PM
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In Reply To: blacksheep's post @ Nov 14 2019, 10:28 AM

QUOTE
CHANGE OF COMPANY NAME
Subject to the completion of the transaction and shareholder approval, the
Company proposes to change the Company’s name to Mojo Minerals Ltd.


I wonder which meaning of MOJO they used?

Dictionary
mojo1
/ˈməʊdʒəʊ/
nounUS
a magic charm, talisman, or spell.
influence, especially magic power.

Origin - African - early 20th century
mojo2
/ˈməʊdʒəʊ,ˈməʊhəʊ/
nounUS
noun: mojo
a Cuban sauce or marinade containing garlic, olive oil, and sour oranges.

Spanish - mojar (make wet) - mojo (wet)
probably from Spanish mojo ‘wet’ from mojar ‘make wet’.

What is the slang meaning of mojo?
MOJO means "Sex appeal" or "Charm, spell" So now you know - MOJO means "Sex appeal" or "Charm, spell" -

TOP DEFINITION
Mojo
Mojo is a noun originally used to mean a magic charm or spell or an amulet, often in the form of a small bag containing magic items worn by adherents of hoodoo or voodoo, or it could mean a quality or some ability that brings good luck or helps you be good at something. Originally from the US and associated with the music and dance culture, it has entered the English language and has also taken on an additional meaning of personal confidence and charisma with regard to sexual relationships. The word Mojo itself probably derives from African-American language where it refers to a personal talisman or witchcraft charm, and is itself derived from the word Moco used by the Gullah people meaning witchcraft or possibly from the Fula word moco’o meaning medicine man.
The word mojo first received widespread exposure in the song “Got My Mojo Working” which was written by Preston Foster.

My bet it's a reference to EUC/Cobalt was a flop - they hope , with a little witchcraft and a few magic spells, the new gold focused EUC will regain it's former "sex appeal" - the sex appeal(mojo) it had when cobalt was hot - biggrin.gif

Who was the genius who thought of Mojo Minerals biggrin.gif This song is for you
Muddy Waters - Got My Mojo Workin - https://www.youtube.com/watch?v=8hEYwk0bypY




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 14 2019, 02:06 PM
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In Reply To: blacksheep's post @ Nov 14 2019, 10:28 AM

Begs the question why Maroon sold out after such a short time - the aim back in january 2019 was - "to commence full scale open-pit mining activities by June 2019."

JAN 16, 2019
Blackjack plant online as new gold venture gears up


QUOTE
Maroon Gold, a new private equity backed vehicle, has achieved its first gold pour after a $5 million project to refurbish and modernise the Blackjack processing plant at Charters Towers.

The company is feeding the plant with ore from its 100 per cent-owned Far Fanning mine, where it is using Tomra X-ray sorting technology to sort stockpiled material prior to haulage and processing at the Blackjack plant.

Far Fanning is among a cluster of gold projects that the company has acquired in the Charters Towers area, providing the foundations for an initial five-year operation, according to Maroon Gold managing director Ashley Pattison.

The company has accumulated a JORC resource base of more than 600,000 ounces of gold across the projects.


They include the Great Britain deposit on the outskirts of Charters Towers, surface rights to the historic low-grade stockpiles at the Hadleigh Castle mining lease (in joint venture with a private company), Granite Castle, and a dozen mining leases around the Blackjack plant – where high-grade production dates back to the early 1900s.

Maroon Gold also has a strategic agreement to mine and process high-grade gold material from Laneway Resources’ Agate Creek gold project, near Kidston in North Queensland. Recent infill drilling of the Agate Creek project showed ‘outstanding high grade results’ that bode well for the project partners.

That operation is due to kick off upon a mining lease being granted.

“All the native title agreements were resolved before Christmas, so we’re hoping that the mining lease comes through before the end of this month – which would see mining commence late February/early March,” Mr Pattison said.

Stage 1 of the project would run about four months and employ about 20 people.

Commenting on the strategy behind Maroon Gold, Mr Pattison said; “We took advantage of the mining downturn in 2017 and 2018 to accumulate a portfolio of distressed and stranded assets in and around the Charters Towers area and have been able to aggregate a quality portfolio of assets under the control of one entity, including the Blackjack processing plant.

“To be honest, it all centres on the strategic Blackjack processing plant, purchased in late 2017 for $12 million from Citigold, which had shut down operations in November 2014.

“We have spent just under $5 million refurbishing the plant and modernising it.

“This is in addition to a further $30 million spent to accumulate the substantial asset base in the region, including the plant purchase.


“Commissioning of the plant took place over the Christmas period and the first week of January.

“Our first gold pour was last week and commercial production is expected in February post ongoing refinement of the plant.”

Siteforce Australia was the main contractor for the plant refurbishment, with Gekko Systems and Sepro carrying out work on the state-of-the-art gravity circuit installed.

Mr Pattison said Maroon Gold started operations at Far Fanning in October and aimed to commence full scale open-pit mining activities by June 2019.

The workforce at Far Fanning was expected to lift from 10 to about 40 by the end of the year, he said.

“The life of mine at Far Fanning is two and a half years at a rate of about 40,000 ounces per annum,” he said.


The workforce at Blackjack processing plant is 33 strong and that is also expected to increase as operations ramp up.

Mr Pattison said Maroon Gold was expecting to produce 45-50,000 ounces of gold per annum from its cluster of projects.

https://www.i-q.net.au/main/blackjack-plant...enture-gears-up



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 14 2019, 10:28 AM
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In Reply To: blacksheep's post @ Oct 16 2019, 10:45 AM

Finally out of VS this morning to reveal - TRANSFORMATIONAL ACQUISITION OF MAROON GOLD PTY LTD. Doesn't sound very "transformational" to me other than one big money pit that will end up chewing through EUC's cash balance - $11 million - very quickly.

A number of these tenements belonged to Mantle Mining Corporation Limited - ASX-MNM now AUL) and JORC's that are not current within the JORC Code 2012 - they fall under the old JORC Code 2004 code.

It will be interesting to see how this gets spun

A couple of extracts - https://www.asx.com.au/asxpdf/20191114/pdf/...kppqyd8ylgx.pdf

OVERVIEW - MAROON GOLD PTY LTD
Maroon Gold Pty Ltd (“Maroon”) is a privately equity backed, Charters Towers region
focussed gold developer. Through its acquisition and refurbishment of the Blackjack
Processing Plant, Maroon has recently completed tribute mining and processed
material from Laneway Resources Limited’s (“Laneway”, ASX: LNY) Agate Creek Gold
Mine.

Maroon has a total resource base of 250,000oz Au across three discrete resources.
Tendering for the completion of development studies relating to Maroon’s wholly
owned resources is underway.

Processing Infrastructure
The Blackjack Processing Plant is a conventional CIP (carbon in pulp) plant originally
installed in 1996. The fully permitted plant has a nameplate processing capacity of
340,000tpa. On site infrastructure includes the tailings dam and tailings expansion
capacity, both of which are located on freehold land included within the acquisition.
Mill refurbishment was completed in 2018 with wet and dry commissioning completed
in January 2019. GR Engineering Services Limited (GR Engineering) have completed
a processing plant condition report and have estimated a replacement value of
A$40M.


According to this article the plant and direct associated mining leases were sold by ASX-CTO to Maroon back in 2017 for $12million - https://www.asx.com.au/asxpdf/20171208/pdf/...0ql4dpgj13y.pdf


COMMERCIAL TERMS OF THE PROPOSED ACQUISITION


The Proposed Acquisition of 100% of the issued capital of Maroon is via the issue of
900,279,150 shares, payment of A$100,000 cash consideration, repayment of a
A$2,000,000 convertible note, assumption of US$18.3M of debt and assume a working
capital liability of ~A$2,000,000.
Further details are set out below.

A repayment schedule with the provider, repayment date and quantum in USD is
listed below:

Table 1: Debt Repayment Schedule
Provider Repayment date Quantum (USD) Proposed Deferral Date
TFC 6 December 2019 $3,000,000 H2CY2020
TFC 28 February 2020 $4,000,000 H2CY2020
Rivi 20 February 2020 $2,000,000 December 2020
Rivi 4 December 2020 $7,000,000 December 2020
Rivi 27 March 2021 $2,300,000 December 2020

The vendors will have an interest in EUC of greater than 20%

Table 2: Pro Forma Capital Structure
Security Existing Completion
Existing shares 761,697,329 761,697,329
Shares to Vendors - 850,279,150
Rivi Shares - 50,000,000
Total shares 761,697,329 1,661,976,479
Options 95,231,506 95,231,506
Performance Shares 73,333,334 73,333,334
MD Options - 80,600,000
Fully diluted capital structure 930,262,169 1,911,141,319

The following table provides the indicative use of funds for the Company in the 12 months following completion of the Proposed Acquisition:
Table 5: Proposed Use of Funds
Allocation of funds A$ %

Exploration expenditure on existing Company assets $650,000 6.19
Exploration expenditure on Maroon Gold assets $1,062,000 10.11
Cash consideration to vendor of Maroon Gold $100,000 0.95
Financing Costs & Debt Repayment $5,415,000 51.56
Corporate Administration $980,000 9.33
Operation Costs (Active Care and Maintenance) $300,000 2.86
General working capital $1,995,000 19
Total $10,502,000 100%

The above table is a statement of current intentions as at the date of this
announcement. Intervening events may alter the way funds are ultimately applied by
the Company.

RELATED PARTY / CONTROL ISSUES & VOLUNTARY ESCROW
Two of the Vendors are related parties of the Company by virtue of a connection with
Robert Jewson, the Managing Director of the Company:

• PC Gold Pty Ltd (PC Gold); and
• Geonomics Australia Pty Ltd (Geonomics).
Mr Jewson is one of two directors and 8% shareholder in PC Gold. PC Gold holds
1.47% of the shares in Maroon.
Mr Jewson is the sole director and shareholder in Geonomics. Geonomics holds 0.29%
of the shares in Maroon.
None of the other Vendors are considered to be related parties of the Company.

CHANGE OF COMPANY NAME
Subject to the completion of the transaction and shareholder approval, the
Company proposes to change the Company’s name to Mojo Minerals Ltd.



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 16 2019, 10:45 AM
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In Reply To: blacksheep's post @ Oct 10 2019, 12:43 PM

Due to come out of VS tomorrow to reveal it's new acquisition, not to mention respond to ASX questions re price rise.

Seems Tolga mate Barry Fitzgerald is betting on what/where with this

QUOTE
The reason for all that is EUC is working on a “potential transaction.’’ What’s the bet it will be something in gold with an Australian location. The Slovakian cobalt play is still there, but it is for another day.


Good to see he's dropped the Midas Man baloney. Let's hope gold remains the flavour of the month for a while yet so that those left holding the cobalt dream (reached a high of 29.5c on the cobalt hype) can recoup some of their losses. - should they wish to that is.

Gold is also the current flavour over at former cobalt fan MEI.- which Fitzgerald also covers in the same article ->> https://resourcesrisingstars.com.au/news-ar...tentative-signs



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 10 2019, 12:43 PM
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In Reply To: blacksheep's post @ Sep 27 2019, 04:36 PM

EUC was to return from VS today - requested another extension til 17/10

How long does it take to respond to ASX's price query? Surely that could be attended to quickly - without giving away confidential information - and then address the "material acquisition" once they are able



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 

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blacksheep
post Posted: Sep 27 2019, 04:36 PM
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Currently in Suspension from Official Quotation - "pending an announcement regarding a potential material transaction and a response to an ASX Price Query."

Appears to have been some heaving buying prior to the TH on 20/9 to announce the "material transaction" - 4.5 m shares traded on 18/9 and another 10 mil on the 19/9 - leaky boat rolleyes.gif Response due 3/10
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Mar 6 2019, 02:22 PM
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In Reply To: nipper's post @ Aug 16 2018, 10:10 PM

Had to smile at Cdchi1 - Tolga mate/HC heart/BW client/early EUC pumper extraordinaire - comments on CLA's decision to go slow on their cobalt project due to current cobalt prices

QUOTE
$CLA finally admitted their project was a zero. Credit to mgt for finally fessing up, but it was pretty obvious a LONG time ago. Laterite level grades but Underground WITH roasting requirement...yeah not going to happen....even at a way higher cobalt prices


Over the road the poor EUC baggies have been trying to contact EUC management for jonks to "fess up" re their project with apparent NIL response!!! The talk is getting hostile - legal action/ASIC complaint being contemplated. Some have sold at a loss

But, but, but Cdchi1 reckons - "$EUC will get something thrown into it at some stage I expect. Not a holder for a long time (wish i could say same about $AL8) but if $EUC goes sub 2c I'll possibly be a buyer."

Yep - another failed pump but the good news is - EUC will get something thrown into it at some stage - and off we go again - whooshka/boom/rinse & repeat.

Might there be some movement on the launching pad? Or just more unhappy campers offloading?

QUOTE
02:29pm AEDT 0.02 14,667,963 293,359.26 S3XT



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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Aug 16 2018, 10:10 PM
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In Reply To: blacksheep's post @ Aug 16 2018, 09:55 PM

Yr graph says it all. An Ann has weight. The rest is noise.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Aug 16 2018, 09:55 PM
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In Reply To: nipper's post @ Aug 16 2018, 05:21 PM

Surprised the company would use that instagram shot in their official PR - you get used to seeing that on twitter along with a little ditty that somehow gets folks excited - maybe they can read through the code https://www.instagram.com/p/BmR58SGHX1e/?ut...id=nuzpgq7h6fuv

In EUC's last ann they made the following comment

QUOTE
Commissioning of this diamond drill will commence on the 13th of August.


On the 14 August another instagram showing Tolga on the phone getting some info that put a smile on his face smile.gif I suppose one could put 1 + 1 together and come up with 2 smile.gif

Maybe we should just wait for the official version. Life on the Stock Market was much simpler before the introduction of twitter and instagram - you just got an announcement.
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 


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