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Journey Resources Corp. (JNYRF)

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JURNEY RESOURCES CORP.

Update 8/18/2010 by LGL

 



 

 

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Journey Resources Corp.

Journey Resources Corp. is a Canadian-based exploration and advanced stage development mining company listed on the TSX Venture Exchange (ticker symbol JNY) (Frankfurt: JL4) (US Listing: JNYRF). The Company has come to our attention due, in part, to the exceptional opportunity afforded shareholders as the Company is poised to take their 100% owned high grade Charay gold property into operation and advance their 100% owned Musgrove Idaho gold project towards a projected 1M+oz gold resource.

http://www.miningmarketwatch.net/jny.htm

Background: Journey Resources began as a mining entity in 2004 and spent the first couple years acquiring projects considered 'non exploration'/'late stage', where majors have been on the property, resources already drilled-off, and JNY.V needing to take it the last 30 or 40%. The first major project JNY.V acquired was the Vianey silver project in Guerrero state Mexico. This was an underground mine developed in 1996 where half a million tonnes of high grade silver-lead-zinc was developed by the former operator which had to let it go due to market conditions at the time. Vianey is now a fully developed underground mine - JNY.V has spent the last four years rehabilitating it on a 50-50 JV bases and as silver heads up in price the mine can be taken into production. Highlights of the Vianey silver mine may be seen further below. The inherent value of Vianey alone is enough to justify the current market cap of JNY.V, however the overwhelming value of Journey Resources as a Company exists in its two 100% owned gold projects of significance at Musgrove Creek Idaho and Charay Mexico; The risk-reward characteristics are highly advantageous for investors establishing a long position in JNY.V now, as the reality of undervalued nature of JNY.V becomes increasingly apparent to the market and as Journey Resources takes the high grade Charay gold deposit into operation.



Charay Gold Project expected to be operational in Q2 2010 • JNY.V making quick progress

February 2010 Interview/Progress Report & Photos of 2010 Activity at Charay • Journey Poised to Cash Flow at Charay



Journey Resources is moving ahead quickly at Charay as it arranges for initial bulk sampling followed by ongoing low-cost mining of the high grade vein-hosted gold-silver deposit. Jack Bal, President & CEO of Journey Resources Corp., returned from Charay with a check list of critical tasks complete and offered Mining MarketWatch Journal the following synopsis "We had several major things on our list to accomplish and we knocked off every one of them. 1) One was metallurgy; we shipped a 400kg sample to our metallurgist in Hermosillo and visited their facilities. 2) Second, was to organize a drill program and we decided in that process with the driller to import our drill (JNY.V owns its own Hydacore 2000 drill that it purchased ~2 years ago for ~$500,000) and have it on the property to be available for continuous drilling. We have started that process, we have an importer that we are working with to bring the drill into Mexico probably within two weeks -- the drill is in transit now. 3) Third, was to negotiate a deal with a mill to take our ore, we have a verbal agreement but don't want to sign one until we knew what the metallurgy was, but we did establish that a mill ~1 hour from the property which is 400TPD is available. 4) We wanted to develop a relationship with a mining contract group that we trusted and the main one on our list was a group from Quebec that's currently running all the operations for a major Canadian mining Company in Sinaloa State Mexico. So we did a tour of their mine and the mining contractor has been to our property, we have sent them all our data -- they want to mine our project and we are waiting for a proposal from them."



Photos of recent activity at Charay Q1 2010:



Figure 4. (Left) Photo of Metallurgy Discussion at Metallurgical Lab in Hermosillo Q1 2010



Metallurgical results are expected back soon. It looks like a large component of Journey's Charay gold will be free gold and the balance appears to be amenable to using cyanide. There appears very little sulphide, almost completely oxide. The grades will probably pick up on some samples using a different protocol to account for free gold as fire assay alone did not account for free gold.



Based on initial metallurgical results, mainly verbal right now, it looks like Journey can probably grind the material on site, do gravity separation to extract the majority of gold, and then leach the rest out all on site. This will really lower the costs and at the end of the day Journeys product is almost pure gold. The cost savings would drop the already estimated ~$100 per tonne all-in cost of getting material to concentrate using a mill. If Journey's metallurgy shows the rock is amenable to cyanide JNY.V won't need to transport off site, won't need to float it (leaching is much less expensive), and JNY.V would have more control of the final product.




Figure 5. (Left) Shaft on Charay property



There are three existing shafts on the property that go down 20 - 25m into the deposit that were constructed in the early 90s and the mining contractor is thinking of using those shafts. There is a head frame on one of the shafts. Journey's options are to put a decline into the vein or use the shafts –– Journey will be relying on the mining contractor to make that decision.






Figure 6. Stockpiled vein material Charay


Figure 7. Claim block marker Charay


Figure 8. Charay core




Journey Resources is very close to creating cash flow for the Company at Charay, a transition that will change the complexion of the company. Potential catalysts on three key fronts make JNY.V an undervalued and exceptional risk-reward scenario, Mining Marketwatch provides insight into each of these: 1) Charay Gold Property - Sinaloa, Mexico, 2) Musgrove Creek Gold Project - Idaho, USA, 3) Vianey Mine Silver Project, Guerrero, Mexico



1) Charay Gold Property - Sinaloa, Mexico - 100% Owned

Immediate cash flow from open pit beginning with a pilot 30,000 ton operation of high grade vein-hosted gold-silver mineralization

Note New Development: The mining operations contractor currently in discussion with JNY.V is exploring all possibilities and may use the existing shaft(s) on the property to access higher grades sooner than beginning with open pit.





Charay Technical Report [21.14MB PDF]

The Charay project will get Journey Resources Corp. to cash flow quickly as this is a 'ready to go' high grade gold project. Charay was drilled three years ago by Lane Exploration. Lane put another mine into production and by circumstance were forced to focus on that and the Charay reverted back to the land owner. Another public company took the deal, spent a considerable sum creating a technical report then they got caught up in a $25M potash deal and got rid of all their gold properties, they just missed the market and JNY.V were lucky enough to get the project. All the due diligence has been done and the geologist that created the report has reassayed all the core.



This is very high grade deposit, Journey Resources has over 18g/t Au, the deposit pretty much starts at surface, the maximum drill depth that they drilled was only ~50 metres and every drill hole intercepted the vein with the highest grades seen at 50m and below, intersecting areas over 100 g/t gold. JNY.V now has a blasting permit in place and the goal is to take 30,000 tonnes out immediately and create some cash flow.



Taking ~30,000 tonnes of material amounts to over 20,000 ounces of gold plus a significant component of silver as well. The grade is high enough that simply a portable mill at nominal capital outlay is all that would be required to generate cash flow. Charay would be able to cash flow the company going forward, advancing projects without further dilution to the share structure. Journey Resources' President & CEO offered the following insight on Charay: "The goal and focus is to get cash flow from this high grade deposit. We sent down some very competent people to do our DD. Our VP of exploration is Dr. Chris Wilson, he used to be the manager of exploration for Ivanhoe Mongolia. We also sent down the chief geologist for Ivanhoe, Dr. Miles Worsley, he is a gold expert and says this is not just 'epithermal', its 'mesothermal' as well with multiple phases. He believes #1) it probably goes deeper and the grades are going to improve somewhat with depth, #2) he also said it is likely a regional type system so there are probably quite a few additional veins in this system, you never get just one vein. The gold is just waiting there to be taken away, there is only ~1m of overburden sand." ... "We would like to poke a few holes below the 50m mark because every hole intersected well, and the highest grades are the deepest holes, we’ve got a lot of 70g/t, 100g/t, 120g/t intersects at that level. Our objective is to drill it down 100 metres and see if we can start building tonnage but most importantly lets get some cash flow here." ... "We will work our way to production and because the ore is so accessible we can probably take a few thousand tonnes just with a backhoe. We have a blasting permit in place and it is our objective to take out 30,000 tonnes just using some basic – sort of strip mining kind of open pit. Do it cheaply and get 20,000 ounces of gold to start. This is an exceptional deposit, we’ve had offers to sell it the day we bought it."

 

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PostSubject
#26   NEWS 2011 and Shares Outstanding: 45,321,868 LGL8054 03/15/12 06:59:21 PM
#25   Journey Resources Corp. Announces Name Change and Share Consolidation[ LGL8054 03/15/12 06:54:57 PM
#24   Trading Symbol: MGS TSX.V, MGSGF OTCQX LGL8054 03/12/12 04:16:42 PM
#23   Journey Resources (JNYRF) -(212.50%) LGL8054 12/17/10 11:16:17 AM
#22   For further information on Journey Resources Corp., contact LGL8054 10/23/10 01:54:29 PM
#21   Journey proposes Shares for Debt Settlement, Consolidation of LGL8054 10/23/10 01:51:21 PM
#20   This company went straight lined LGL8054 10/23/10 01:41:06 PM
#19   Sure have; it became obvious very quickly that Sargeant-Preston 09/03/10 09:26:00 AM
#18   Did you leave the party too? LGL8054 09/02/10 06:48:10 PM
#17   GONE Gone gone you left the party. LGL8054 09/02/10 06:45:38 PM
#16   All is quite on the home front. LGL8054 08/17/10 08:38:05 PM
#15   Flooding in Idaho and no word from the company. LGL8054 08/16/10 03:28:46 PM
#14   JNY is putting their ducks in a line. LGL8054 08/16/10 02:00:53 PM
#13   Is anybody flowing this stock? LGL8054 08/16/10 01:58:06 PM
#12   This is a old Pink Sheets info. LGL8054 05/08/10 08:02:05 PM
#11   CHARAY PROPERTY LGL8054 05/08/10 07:52:13 PM
#10   http://miningmarketwatch.net/jny.htm#Vianey LGL8054 05/08/10 07:37:51 PM
#9   UPDATE LGL8054 05/08/10 11:36:37 AM
#8   Featured article May 7, 2010: LGL8054 05/08/10 10:53:07 AM
#7   Metallurgy Affirms Material... LGL8054 05/07/10 08:32:55 PM
#6   All hands on deck! These people are Sargeant-Preston 03/29/10 09:56:44 PM
#5   Salient Project Details: LGL8054 03/18/10 09:52:13 AM
#4   2) Musgrove Creek Gold Project - Idaho, USA LGL8054 03/18/10 09:48:51 AM
#3   Infrastructure: The landscape at Charay is completely flat, LGL8054 03/18/10 09:45:15 AM
#2   Journey Resources Corp. is a Canadian-based exploration and LGL8054 03/18/10 09:34:19 AM
#1   The party is about to start! crabman 12/08/09 08:41:39 PM
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