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The jewelry-grade bonanza gold got everyone's attention. A seven-foot wide vein containing 7 ounces of gold and 200 ounces of silver per ton? That's amazing. Why aren't we at a buck here already...well, it's a mystery.
Regardless, that press release was a good start, but many may not realize that they own a massive property that was unexplored due to lawsuits that dragged on for years. They've now consolidated most of these claims and the potential for new finds is great.
I think they will just they have not hit the main stream yet... I think when they come out with the number here in the near future, alot of eye will be looking... i think it is huge
I agree, but the company remains under most radars. I expect that will change as gold goes higher.
It would help if they release news of new discoveries/positive drill results/positive production numbers, etc...
Im not worried about the little bit of selling on this,I think the upside of this is huge, just most dont know anything about this company
yea it is, but i think when they come up with there news on what they have been doing after they started going 24 hours a day, i think it will be a different story
Unfortunately this is selling off on low volume as gold makes new highs...
arrgh.
News
RX Test Program Produces 1,378 Oz. Gold During July 2010
August 16, 2010
Winnipeg, Canada – RX Exploration Inc. (TSX-V: RXE) (the “Company” or “RX”) produced 1,378 ounces of gold (“Au”) and 20,981 ounces of silver (“Ag”) during July, 2010 as a result of the bulk metallurgical test-work program ongoing at the Company’s 100% owned Drumlummon Mine, Marysville, Montana (the “Drumlummon”). Highlights of recent activity were:
1,378 oz. Au & 20,981 oz. Ag produced from bulk metallurgical test-work program during July, 2010
Average mill throughput 182.5 tons per day during July, 2010 with 3rd shift being added to increase throughput
Initial blast in Charly South shrinkage stope occurred August 13th
The electric/hydraulic drill mobilized to 450 level for longhole stoping of Drumlummon D Block
“The metallurgical test-work program is proceeding extremely well, commented Murray Nye, President of RX Exploration. “Fine-tuning the metallurgical flow sheet to maximize precious metal recovery is a key step in our journey to full production. As an additional benefit, the revenue generated from this program is helping to offset the cost of this phase of development.”
Bulk Metallurgical Test-Work Program
Bulk testing of mineralized material from the Drumlummon (the “Feedstock”) is continuing at the milling facility in Philipsburg, MT (the “Mill”). The purpose of this program is to optimize metallurgical recoveries and fully develop the metallurgical flow sheet.
During July, 2010, a total of 4,015 tons of Feedstock was milled and the average daily throughput during this period was 182.5 tons per day (“tpd”). Concentrates from the bulk metallurgical testing program were delivered to smelter brokers and refiners, yielding settlement quantities totaling 1,378 oz Au and 20,981 oz Ag.
Mill feedstock was derived from a blend of development headings on the Charly Vein and from lower grade gob backfill and sloughed wall rock mucked from old stopes above the 500 level of the Drumlummon vein. Increased gold recovery during July, as compared to June, was a result of increased mill throughput. Reduced silver output is attributable to an increased percentage of Drumlummon vein material being processed. The Drumlummon vein material has a lower silver/gold ratio than the Charly Vein material.
Recoveries were 88.59% for gold and 83.22% for silver in July, 2010 as the Company experimented with the optimal treatment of oxidized Drumlummon vein material. Process adjustments are being made as the program proceeds, including the recent installation of a bank of Humphrey spirals to recirculate the heavy fraction of the tailings back to the ball mill for re-grinding.
The next planned phase of the bulk metallurgical test-work program involves increasing daily Mill throughput while maintaining satisfactory recovery levels. Additional Mill personnel are currently being trained for a 3rd shift to be added toward the end of August, 2010. This will enable the Mill to operate on a continual, 24 hour basis, over a 5 day work week. In addition to increasing throughput, continual operation is expected to enhance recoveries.
Drumlummon Exploration Development & Stoping Operations
Activity at the Drumlummon Mine has been concentrated on:
(1) continuation of the main exploration decline toward the 550 level;
(2) delineation of the upper boundaries of the Charly Vein;
(3) stope preparation of the Charly Vein and the Drumlummon D Block;
(4) underground drilling of the Charly Vein at deeper levels.
On the Charly Vein, the initial shrinkage stope blast above 500 level Charly South sub-drift was detonated on August 13, 2010. This material is now being mucked and trammed to surface.
On the 450 level, a drill pattern has been designed and laid out for longhole stoping of the Drumlummon D Block and slashing of the adjacent Sampson Stope walls. The longhole drill has been mobilized to the 450 level and drilling has commenced. Stope mining of the Charly and Drumlummon veins will enable a higher rate of production of mill feedstock as compared to development mining. It is anticipated that mine operations will be able to supply sufficient feedstock to the mill for the scheduled 24 hour continual test milling operations.
Exploration drilling continues from the 500 level at the drill station driven 150 feet into the hanging wall of the Charly vein. Current drilling is testing the Charly Vein at greater depths.
Employee Stock Options
The Company also announces that it has granted a total of 225,000 stock options to two non-management employees pursuant to its incentive stock option plan. The options are exercisable at $0.60 per share until June 3, 2013 and vest one-third immediately and one-third annually thereafter. This transaction is subject to any necessary regulatory or stock exchange requirements.
Quality Control/Quality Assurance (QC/QA)
Underground face samples, AX core and mill samples are fire assayed at the Company’s in-house laboratory. All drill core is logged, photographed, and cut in half with a diamond saw. One half is bagged and sent for assay, while the other half is archived and stored on site. N sized core samples are sent to an outside lab for assaying. Duplicates of 25% of the N core samples and selected duplicate samples from the in-house lab are sent to ALS Chemex Lab, Elko, NV for verification assaying. For QC/QA purposes standards, blanks, and repeats are randomly inserted into the sample stream.
L. Joseph Bardswich, P.Eng. (Mining) (Ontario) is the qualified person responsible for reviewing this press release for content and accuracy.
About RX Exploration
RX Exploration Inc. is a gold exploration and development company whose strategy is to re-examine gold projects within North America that have previously reached advanced exploration, underground development or past gold production. The Company is currently focused on re-starting the Drumlummon Mine, it’s past producing high-grade, bonanza-style, epithermal underground gold and silver mine in Montana.
For further information please contact:
Murray R. Nye, President
(204) 989-2434
RXEXF--RX Resources--small cap junior miner of the week.
http://www.smallcappower.com/junior_resourses_of_the_week.aspx
Shares outstanding: 11 million.
• The company’s flagship project, Drumlummon Mine Gold Project, is an old gold mine with history of production. It was one of the largest past gold producers in the western USA during 1881 to 1910.
• The Drumlummon Mine Gold is a well developed past producing mine site. It was developed at numerous levels to a depth of 1,600 feet.
• The project site is surrounded by good infrastructure with two shafts, power and year round road access.
• RX Exploration discovered a gold system called Charlyl Vein System and has been conducting exploration at this site since 2007.
• The company can generate cash flow in the near term through bulk sampling that commenced in April 2010.
• The flagship project is in Montana, U.S.A, a stable and mining friendly jurisdiction.
• The project has strong exploration potential. It is characterized by bonanza style epithermal deposit that can produce high grades over large widths.
• A strong management team with experienced professionals managing the exploration and operational activities.
• A strong treasury with $5 million cash and no debt will facilitate exploration plans and can result in short term catalysts.
Their website is www.rxexploration.com
nosferatu, Just starting my dd on this stock also. Like what i see so far. Does anyone have the breakdown on management ownership of shares and are there any restrictions? Just trying to get at a float figure. Will try to pick up a core position next week.
Thanks for the info, I'm just starting my DD on this stock.
The mine has had some media exposure--I first became aware of them when I read about their jewelry-grade strike in a newspaper article. But mostly it has remained under the radar. I think this will change with higher PM prices and more good news from the Drumlummon Mine. This was one of the mines that 'built' Helena in the gold rush days, but it went largely idle after 1900. There was a lawsuit with an adjacent property and there wasn't a lot of drilling in that century. Now RX Exploration owns the mine along with the adjacent property--which is also very promising and under explored.
http://www.nytimes.com/2010/05/02/us/02marysville.html?_r=1&ref=us
The video you mentioned can be found on the bottom of the homepage of their Web site.
http://www.rxexploration.com/
Heyday Payday
The Drumlummon gold and silver mine near Marysville hit pay dirt last month.
According to mine officials, ore recently excavated from the site as part of its exploration work yielded 1,200 ounces of gold and 33,700 ounces of silver. With gold going for about $1,200 per ounce and silver fetching $17 per ounce, the metals are worth about $1.99 million.
What’s particularly interesting to John O’Donnell, chairman of Toronto-based RX Exploration Inc., is that the ore in which the gold and silver was found didn’t all come from the main “Charly” vein, which has been the focus of the company’s attention. Instead, the ore was a blend of rock from the Charly vein and lower grade rock that was loose on the ground from old mining activities, along with what’s called “gob backfill” — and is just like the name sounds.
“The old timers left a lot of rock down on the ground when it wasn’t economical for them to mine it,” O’Donnell said. “So we’re averaging (2.2 ounces of gold and 24 ounces of silver per ton of ore) and that’s not looking at just the high grade.”
In fact, their samples have shown a high of 13 ounces of gold and 2,036 ounces of silver per ton of ore. That’s thrilling to O’Donnell, since some mines currently operating recover only about 0.4 ounces of gold per ton.
“Obviously, there aren’t really high grade sections everywhere, but we certainly love to see that kind of stuff,” O’Donnell said. “It’s exciting to see the black — that’s silver ore — and the gold flecks on the side of the core. We continue to be very happy with this.”
Murray Nye, president of RX Exploration, said it’s good to have money coming in from the mine, since the company is investing about $1 million per month as it moves toward re-opening. He didn’t have current figures, but as of last April that had amounted to about $15 million. Among other items, the money is paying for treating arsenic-contaminated water that’s being pumped from the lower levels of the mine; blasting new tunnels; and taking core samples, which are being milled at a facility in Phillipsburg.
About 36 people are now employed at the mine, Nye said, along with eight or 10 at the Philipsburg mill, where the precious metals are being extracted from the ore.
“So we’ve created a few jobs, which is nice,” he added. “We’ll be hiring more as we need to.
“And it’s good, clean ore, which is nice, especially from an environmental standpoint. Nothing has to be done to the ore that impacts the environment in any way.”
Nye said the company believed that the old miners didn’t get all the gold, but that he was “pleasantly surprised” to see the results from the recent samples. He added that they think they’ve also found another interesting area lower than the Charly vein, which is showing some good color.
“It’s very encouraging,” Nye said. “We’ve got a lot of money going out, so it’s nice that we’re getting a little coming back in.”
The Drumlummon mine goes back to the 1880s, when Thomas Cruse discovered gold back into the mountainside. The mine gave up about $50 million in gold and silver, and was the largest underground gold producer in Montana. However, legal battles and the flooding of the mine’s lower levels ended major exploration and excavation efforts in the 1950s.
When gold prices started rising earlier this decade, RX became interested in the old mine and started exploration efforts last year. If all goes as planned, the company expects to eventually seek a production permit from the state.
“It’s certainly a nice project, and everything is going well,” Nye said.
He noted that in recent months, the Drumlummon has been featured in The New York Times and on NBC’s “Today” show. On the morning television show segment, the reporter was on hand when Mike Gunsinger, the mine operations manager, opened a package that was sent to him through the mail. Out dropped 12 pieces of gold, all nicely stamped into thin, 1-ounce rectangles.
The reporter was stunned, looked at Gunsinger and asked: “Wait. You got this in the mail?”
Gunsinger look quizzically back at the reporter, saying with a smile: “They mailed it. We’re in Montana, you know.”
Just saw on Today show July 5 episode, about this company reopening old mine in Montana. Very good exposure. They even showed them receiving 44oz, about $50,000.00 dollars in gold ingots from mill in the mail.
RX Exploration Inc. To Trade On TSX Venture Exchange
August 3, 2010
Winnipeg, Canada – RX Exploration Inc. (CNSX: RXE) (the “Company” or “RX”) is pleased to announce that it will commence trading on the TSX-V under the trading symbol “RXE” on the open of trading on August 4, 2010. The Company has withdrawn from listing on the CNSX effective the close of trading on today’s date.
Share Structure
Issued and Outstanding – 109,399,331* Common Shares
* at May 25, 2010
July 15, 2010
Winnipeg, Canada – RX Exploration Inc. (CNSX: RXE) (the “Company” or “RX”) is successfully advancing the exploration of the Drumlummon Mine, Marysville, Montana (the “Drumlummon”) on several fronts including underground exploration drifting and development, underground diamond drilling, and bulk metallurgical testing.
Drumlummon Exploration Drifting & Development
Charly Vein - The Company has now drifted in mineralization on the Charly Vein over a strike length of 186.2 metres (611 feet) on the 500 level of which a total of 14.9 metres (49 feet) at the two extremities are considered marginal grade. For planning purposes, the central 171.3 metres (562 feet) delineates the strike length of the Charly vein at this depth. The main internal exploration ramp is currently being driven to the 550 level to enable exploration drilling of the Xmas and Charly veins to depth.
A raise was established from 96 to 112 feet south of the Charly Vein North and South intersection (“Charly N-S”). Sub-drifts were driven at the 470 level to the north and south from this raise. Generally, the south sub-drift was found to have marginal grade/width, however high grade gold and silver values were encountered in the north sub-drift. The weighted average of channel samples across 13 consecutive faces of the north sub-drift was 75.87 grams per tonne (g/t) or 2.213 ounces per ton (“opt”) gold (“Au”) and 822.79 g/t or 23.998 opt silver (“Ag”) over an average true width of 2.2 metres (7.2 feet). The average includes a high of 449.49 g/t or 13.11 opt Au and 2036.23 g/t or 59.39 opt Ag over a true width of 1.5 meters (5 feet).
I tried to buy a little extra today. Wouldn't fill at .61--even though the market was down 100 points!
thanks for taking the time to respond. It looks like they will start producing some income with their testing program, pretty cool huh? I will be glad when they move to the TSX exchange. I hate having an order in to buy on a day like today even offering a couple cents per share higher and it will not go through. Volume today zero, come on? Anyway, they will not be able to play like that for to much longer. GLTA
Welcome to the board! I thought I was nuts and that perhaps this company is a mirage. I may be crazy, but this miner is REAL and ready to produce. They have high grade gold and silver veins at the Drumlummon Mine (and lots more waiting to be discovered) and they are testing feedstock at a gravity/flotation mill right now. Trucks are constantly on the move transporting ore to a milling facility in Philipsburg MT. I think that's about 100 miles away.
Hello,
I will be glad to see the board startng to get more active n the future. I like everything I can find to read on this stock just surprised to see so little activity. Will the metallurgical testing now being performed also generate pouring gold and producing income?
Bonanza grade gold and probably a lot more to come from this full-permitted and proven gold mine near Helena.
With gold at highs this should be waking up from its dormancy soon!
Winnipeg, Canada – RX Exploration Inc. (CNSX: RXE) (the “Company” or “RX”) is pleased to announce that the TSX Venture Exchange (the "Exchange") has conditionally approved the Company’s application to list on Tier 1 as a Mining Issuer. The listing is subject to the Company fulfilling certain requirements of the Exchange in accordance with the terms of its conditional approval letter dated May 20, 2010.
The Company will proceed expeditiously to satisfy these conditions and management is confident that all conditions for listing will be met. Upon obtaining final approval, the Company will issue a further press release to inform shareholders when it anticipates that its common shares will commence trading on the Exchange. Upon listing, it is anticipated that the common shares will continue to trade under the trading symbol "RXE".
"Our listing on the TSX Venture Exchange is another important milestone in our growth and development," said Murray Nye, President of the Company. "We believe that this listing will provide the company and its shareholders with many advantages, including greater visibility and enhanced market access for Canadian and international investors."
Sprott doesn't toss this kind of money down without knowing something good will happen. JMHO.
TORONTO, ONTARIO, May 13, 2010 (MARKETWIRE via COMTEX) -- RX Exploration Inc. (CNSX: RXE) ("the Company") is pleased to announce that it has completed a $2.5 million private placement with Sprott Asset Management L.P. through Brant Securities Limited. The offering consisted of 5,000,000 units at $0.50 per unit. Each unit of the 5,000,000 unit offering consists of one common share of the Company and one share purchase warrant. Each warrant entitles the holder to acquire one additional common share at a price of $0.70 until May 13, 2012. The common shares are subject to a four month hold period.
When gold goes parabolic (and it will since fiat money printing will go parabolic), this is a $5 stock. Easily.
RXE not getting much attention right now, but that will change as gold goes higher. Great support now in the low 50s. Chart looks primed. Time to take this to the next level.
www.rxexploration.com/
Fascinating reading on this site. This mine has a very interesting history and it looks like a LOT of silver and gold yet to be found!
Share Structure
Issued and Outstanding – 103,170,431* Common Shares
* at April 30, 2010
News
3.13 Ounces Gold and 55.6 Ounces Silver Over 7.4 Foot Vein Width as RX Reaches Charly Vein with Underground Ramp at Drumlummon Mine
April 12, 2010 - Winnipeg, Canada – RX Exploration Inc. (CNSX: RXE) (the “Company”) reports that an underground exploration ramp currently being driven at the Drumlummon Mine, Montana has crossed a vein within the Charly Vein System at the 500 foot level that assayed an average of 3.13 ounces per tonne (“opt”) of Gold and 55.6 opt of Silver over a true vein width of 7.4 feet.
Channel samples taken across the vein are provided in the table below. One 12 inch composite sample within the vein assayed at 7.84 opt Gold and 202.1 opt Silver. In this release “opt” refers to ounces per ton and “g/t” refers to grams per tonne.
http://www.rxexploration.com/news/index.php?&content_id=63
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Winnipeg, Canada – RX Exploration Inc. (CNSX: RXE) (the “Company”) completed 58.6 meters (192 ft) of drifting along the Charly Vein at the Company’s Drumlummon Gold Silver Mine, Montana to the end of April, 2010. Assays taken across the face of the vein after each blast yielded a cumulative average grade of 41 g/t gold (1.2 opt) and 973 g/t silver (28.4 opt) over an average drift width of 2.5 meters (8.1 ft). The Charly Vein system was discovered by the Company through drilling in 2008 and is open along strike as well as to depth. (“g/t” is grams per tonne and “opt” are ounces per short ton)
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