This is the first TCR Network report since Friday March 10.
Time for a notepad:
— Golden Predator issued sturdy high-grade assays of gold from the remaining 25 exploration holes at 3 Aces in Yukon. Some would like to see some “high” cut-off grades applied to assays here. As the project goes forward with fresh equity cash in GPY’s (Canada ticker) chest, we likely will see further consistent showings of ounces of gold per metric ton in some intercepts – i.e., such as the just revealed half-meter of 315 grams per ton (about 10 ounces).
I believe cut-offs on high-grade gold could prompt from investors yet more confidence in the 3 Aces project – along the old Cantung Mine Road. [The project already has large investors from across Canada in several equity placements this year and last.]
Bill Sheriff of Golden Predator, longtime geologist, disagrees on the “cut-off” idea.
To GPY’s credit, all of the 3 Aces results are reported over “true widths” rather than “drilled widths. That helps the credibility of the assays. “If you do the math on the intervals around the 315 you will see plenty of 10g-plus material.” This is a coarse gold system — as reported in September 2016 for our TCR Network.
Mr. Sheriff says, “You could (open)-pit most of this with less than a 5:1 or 6:1 ratio (assuming it were to be proven economic).” He notes that such a pit model for most of the underground ore would allow for “everything we have shown plus more.”
Look, I am not going to take the day in a tete-a-tete with Mr. Sheriff and his team, Janet Sheriff, Mike Burke and others. I just am taking the stance of the ordinary folks who see this not as a veined deposit with frequent high-grade samples found in assays but as a gold find, one that looks bonanza-style grade.
“Our drill spacing and continuity and rigorous sample protocol justify our position we believe,” says Mr. Sheriff.
For the sake of clarity, Mr. Sheriff says right now, all of 3 Aces makes sense as an “underground” mine and not an open pit, with some small reservations.
“The open pit scenario, if ever proven positive (in engineering studies), would only apply to the portion of vein at (Ace of Hearts) shown in the cross sections. As the vein plunges deeper and deeper it would soon become impossible economically to deal with the strip. Same at Spades,” he says.
[I am holding my Golden Predator stake, held since summer 2016, at a thick profit. I understand another 17 drill holes in a fresh exploration program are under way.]
The analog project here, geologist Bill Threlkeld at another gold company, Seabridge Gold, tells me, is Navoi Gold’s Muruntau open pit mine in the Uzbekistan desert, one of our world’s largest and deepest open-pit gold mines I believe. That one has been in production since 1967. See: http://www.mining-technology.com/projects/-muruntau-gold-mine-uzbekistan/
— The idea of nuggets here, there and everywhere held the imagination of crowds at PDAC earlier this month in Toronto. PDAC is the prospectors’ trade show, which drew a nearly record high 24,000 folks this year. The exhibiting slots, booths, core shacks and so on sold out, the conference organizers say.
If a gold prospector or developer could show embedded gold in a piece of rock or core drill at this show, it did. Some seemed a tad too promotional — Sirios in Quebec for example. Others (Canadians mostly) had samples that were impressive: Stephen Stares at Benton Resources for one — although Mr. Stares has been exhibiting his piece of the rock from Bedivere Lake near Thunder Bay, Ontario, for many, many months now.
Steve Roebuck of Enforcer Gold, formerly Natan Resources, had crazy-rich rock he found at his Abitibi Gold Belt project in northern Quebec just this November 2016. Steve is a working geologist who also wears the CEO cap. Montalembert is the name of the project. I am intrigued by this shear vein system, which is not at all typical of Abitibi Gold Belt findings, I understand. I do not yet own Enforcer Gold shares.
–– The nuggets that could inspire gold fever and turned (perhaps) the most heads at PDD belong to the 1886 Pamlico Gold Mine just a 10-mile jog from Hawthorne in Nevada. These appear to be girl-scout cookies of the highest class.
I take some pride in these Pamlico nuggets, TCR Network. There is no one I know except for the principals who devoted more hours on the ground, ink in the notepad and paragraphs in the reporting than I did in the service of Colombian Gold Mines. CMJ is the former name of the new owner of Pamlico.
My thrust from 2008 or so to 2015 was Bob and Gloria Carrington’s Colombia gold and copper properties and not the newly acquired Pamlico in Mineral County, next door to us here in California.
The Carringtons, thanks to Bob’s generational ties to his Nevada homeland, acquired Pamlico without the use of firearms from a family that was not selling that property to no one, nowhere, no how. I take it the Comstock-ian drawl helped Mr. Carrington.
His new-co, or I shall say newly named-co, is Newrange Gold. I think I cannot remember ever hearing more folks at a PDAC talk about the Newrange core and samples. Or how fast Bob and his wife, Gloria Carrington, raised almost $1 million CAD for the project (17 minutes — two or three groups).
I wrote about all of this last week and the week before and the week before that. I have been adding to my Newrange stake after many years of suffering the CMJ (former Canada ticker) slings and arrows of Colombia defeat in that beautiful country. (New ticker: NRG in Canada)
One of Newrange’s fresh investors is that Mr. Sheriff.
Bill Sheriff happens to be a Texas and Colorado and Yukon gold hound whose appreciation of what the experts and the promoters call “visible gold” is well known.
He says, “Everyone is always worried about over-reporting grades of gold, but under-reporting can be and is just as dangerous. Let’s hope the Carringtons do not cut (off grades in their reporting) much, either.”
Mr. Sheriff and a handful of other geologists I know are probably behind why Newrange shares are changing hands these past few weeks in numbers that exceed 1 million daily. I remember the CMJ days when a week would go by and not one share changed hands in Canada or in USA (CMBPF ticker).
“Theirs is more nugget effect than what we have,” says Bill Sheriff. “Ours is severe nugget effect, and his is out of this world nugget effect from what I have seen.”
Let’s keep an eye on this Nevada visible gold. I will be seeing Bob and Gloria later this month in the state of Nevada. This one could capture the fancy of a new generation of mining hounds and investors.
NOTES: We are not all resources; just mostly.
BioCryst Pharma continues to rise — above $9 for the first time in many years today Thursday. … Immunovaccine, the Halifax lab, will garner worldwide medical headlines when its next slot of clinical results from its Incyte human trial are out for ovarian cancer later this month or early in April. … I have been adding to my EnteroMedics, Minneapolis-St. Paul maker of an in-body and patented device for weight loss. ETRM is ticker. The promoter are calling this a kind of pacemaker for obesity. Here is a video about the ETRM product, called vBLOC. The shares have almost 20 percent short interest — skeptics or hedgers; thus, ETRM (NASDAQ) shares are choppy.
Purchases: adding IMV regularly | adding Farmland Partners regularly | purchasing more Newrange Gold | adding Metalla Royalty & Streaming | adding EnteroMedics | adding Eurasian Minerals
Sales: selling some BioCryst on strength, at profits | selling some Golden Valley Mines on strength, at profits yet holding sister-co Abitibi Royalties for possible change of control
Wish I Had Held: Wesdome Gold Mines — one of the few resources-cos notching fresh stock market highs: Quebec and Ontario.
New Name: Rhinomed of Australia — sleep loss and sports medicine (snoring device);RNO (Australia ticker) just raised $2 million AUD from two North America investors. A 1 for 10 shrinkage of shares is next for the stock, which trades at 1.8 cents or so AUD. I have been adding regularly: innovative and cheap online marketing; good USA and Australia retail network for products. Looks borderline profitable and far too cheap on paper. I have met one of the two principals.
Waiting for Creative Marketing: LKA Gold, another high-grade gold mine — Colorado (LKAI ticker in USA); I intend to sell profitably on any price above 50 cents USD
Possible March-April Transactions: Gold Standard Ventures (GSV ticker) on possible takeover (change of control) list; Comstock Mining (LODE ticker USA) — both largely in Nevada
— Thom Calandra (None of these companies pays me — not a one.)