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Well Gitreal if you are even remotely right in any part of this, we are not talking just "Shutdown". It is way over into something more criminal in its nature.
Which would call into play the participation of all parties including the guys financing to this point. What was everybody's motives. You are never clear on how everybody gets paid.
The permit side of things is a factor. No way are they going to be allowed to process the slag and then just dump the silica / iron mix back out into the local environment in some pile somewhere. Dust blow off will happen. Big clearspan storage building at the minimum. Disposal by some means will need a piece of paper.
A super unit train will only get you 15000 tons at the most and the cars will need to be covered. Everything needs its own piece of paper, going to the bathroom needs more paper than you find in there, flushing twice is a violation of some regs.
Be interesting to see what the next big PR is??? How do you move the stock price???? More of the same testing crap and the babble associated with it gets old. The big dude plays more golf, gets paid to do it. Yawn.
One interesting side question that might prove you wrong to some degree? Do the holes for the supposed slag analysis test samples still exist in the pile?? Supposely they drilled 18 holes. Can evidence of that still be seen. I assume the slag is fairly stable in that regard. Can anybody just go and walk over the slag pile??? Take some pixs.
Are those samples still held by some party in a secure manner???
If there ain't no gold and never was, somebody on the Government side, SEC and all the rest is very asleep at the switch. Did Michael de Guzman salt the holes? Ah, Yes another Bre-X and nobody goes to jail. Why is FCX not interested in this story???
Such a good story and they choose to keep it under an old tarp. Can the National Enquirer help??? We might need some Sex, drugs and lust for power, gold only gets you so far. Maybe we need a girl in a blue dress to blow the whistle. Did Bill call it that??? She was the wind beneath his desk.
Maybe just have some fun while we are waiting.........waiting.......waiting. Starting to see a pattern there.
The proven ties between this company and documented scammers (Matheson, Agers, Gunnison, etc.) is enough to condemn this as a scam.
The lack of true technical documentation (PRs and quarterly reports do not count as technical reports) is enough to condemn this as a scam.
The historical mining and smelting records are enough to condemn this as a scam. There is no way that the slag is higher in gold by 10-fold than the original ores were.
Three strikes, they're out!
And you are right, the process would need to have environmental permits. They could certainly get those permits, so I don't see that as a deal-killer. But, I doubt they are concerned with permits, because they know they will never have a need to get them, if you know what I mean.
I am just curious how much longer they can keep this thing going before they make a fatal mistake and get shut down? Another 7 years? I wonder what the record for mining-related scams is?
Well Gitreal, normally I don't buy too much into your arguments but on the crux of the argument this time you have a very valid point.
I would also question the whole idea that the endeavor could ever lead to what might be termed a "Bankable Feasibility Study" based on the level and scale being promoted. Far too many technical problems would remain as open questions. This does not look like any I've ever seen from so many angles.
First is the question of scale in just project size. The process size of all the testing is squat, to have any meaning to an engineer that would have to be scaled up to far larger size to "Prove" it works. All they have at present is some "Lab Size".
Normally in industrial projects you have to be at some "Pilot Size" minimum to be taken serious. You pick a size but something well up in the real TPD range. Final scale up probably no more than a factor of 10 more. Maybe seeing it in full operation at the size of a complete operational plant as built at the site.
Few 100 tpd which could be viewed as a module size that could be expanded in future to something in the thousands TPD. Minimim total working plant size of say 20 TPD as a "Pilot Size". The fact this is such an oddball project off the normal "mining track" sezs different rules apply and you really have far more duty to demo it as a real working process at a size that is meaningful.
Without that I can't see any real bank putting up serious many millions more. Ain't the way it works.
This idea of money is funneled to the man at less than arms length is a complete turn off. The real bank has to have their own technical experts who can also be satisfied on what is being said. Such a weird oddball type project from operational / technical viewpoint. You need extra verification.
Lacking that how could any real engineer recommend somebody else finance it. Especially somebody totally independent and does it routinely for a living over many projects???
And you have those issues I talked about before, exactly how does this real sized hydroclone work? Energy input requirement, oxygen demand, etc, etc, what does the total final plant as a full sized module look like? All this fancy p'ing about basically tells you nothing, this is not a standard process that you can point to another working model somewhere else.
Total lack of focus to this point, complete red flag country. Plus I doubt they can just go into business without more permit work. Slag pile might be grandfathered but trying to process it into something else won't be?
Just the idea of piling up the tailings or output side of the process beyond what metals is recovered is going to require more regulation approval of some type. Bet on it. Go look at what CGFIA when thru to get a permit approved with conditions for just an existing old mill with ore brought in from other sites.
Nothing is simple. You completely satisfy the permit side 100% before talking about a bank paying out big bucks. Never happens any other way in a straight above board game.
I said before, whatever comes won't be quick. Doesn't mean a fellow can't just play any stock chart move. But without a far more normal company structure and far more tranparency forget it. Don't believe much being said.
There is zero reason to be "Secret". There are probably close to zero other potential projects around the World that could copy anything learned here. In fact you should want everything to be public and hope for additional input from others who might have a useful viewpoint.
Not a business model that gives great confidence. It serves somebody's purpose but if on a real up and up level and for real reeks far too much as amateur hour at best. And Yes, the entire affair could be a cover for an insider gradification game. Them boys is grin'n big time. Pain is not shared.
For seven years, the runaround! Endless testing with a multitude of metallurgical labs. One was so secret, they could only refer to them as the Unnamed Australian Testing Lab. And all overseen by Arrakis, the common link.
I read through the latest testing results in the 10-Q, with dozens of carbon and resin recovery systems being tested. I do believe part of my brain died reading this crap. Gold in solution should be easily recovered, the technology exists! What's wrong with this picture?
They think 45 percent recovery is not good enough and shooting for 85%? If there is really half an ounce of gold per ton in the slag, go with 45% and start production already! 45% percent is not bad, go for it, and keep testing to get to 85%. At least some gold will be produced, right?
Wrong, the gold is not there, this is a scam!
Bankable feasibility study? No bank, or halfway intelligent private funder would accept any feasibility study without actual consultant reports and assays and they do not appear to exist. Has anyone ever seen an actual report?
You are correct. The SRCH BOD and their "consultant" continue to live quite well! This from the latest 10-Q:
Mineral exploration and evaluation expenses - related party increased to $95,966 during the six month period ended June 30, 2012 from $95,058 for the six month period ended June 30, 2011. These expenses relate to services provided to us by Nanominerals Corp. ("NMC"). NMC is one of our principal stockholders and an affiliate of Carl S. Ager, our Vice President, Secretary and Treasurer and a director. We utilize the services of NMC to provide technical assistance and financing related activities. In addition, NMC provides us with use of its laboratory, instrumentation, milling equipment and research facilities. We pay NMC an advance royalty payment of $15,000 per month and reimburse NMC for actual expenses incurred.
Sounds like they're giving everyone the run around. Nothings going to happen
I disagree. Sounds like they are right around the corner from the bank feasibility study.
SRCH is done. Testing for this long and still no gold while their salaries are increasing.
10-Q posted.
http://biz.yahoo.com/e/120814/srch10-q.html
Don't worry, these guys at SRCH are pros. They've been at it with this scam for 7 years without producing an ounce of gold, and I see no reason why it won't keep going. There are plenty of old folks in Florida that have not heard about that big pile of nano-gold in Arizona who will be getting flyers in the mail.
SRCH is quiet right now, but I am sure any day now there will be another PR about more testing with some little-known or mysteriously unnamed metallurgical lab.
But don't hold your breath expecting an actual report. PR's should work just fine, because there is no way to prove or disprove anything.
Scam or no scam
Its a wrap for this stock. No press release for 2 months now. Share price has dropped more than 50% of its original value since the Spring press release.
Ah, that is a strong word, that scam.
You can even find trainees who claim to have worked in those testing labs. Yes, a sweet deal. Colorado School of Mining types. Some sezs they cleaned up, that probably is an interesting activity in more ways than one.
Not much doubt in my foggy lil mind they are engaged in insider trading from probably a number of angles. But that is not rare. I can give you one where it is a totally successful company, very profitable, got everything you would look for in a growth company.
But the same thing is going on. Probably totally geared for insider boys. You as an investor, even as a trader very hard to make a dime. It can leave you shaking the head.
So it must pay very well. More than one of them about.
Only poor Martha got caught. I'm sort of looking for about $.60 again, see how low they drive it down. Kinda dangerous, could get a big overall market tank, news media wants to hold it up till after election. Management of the news, lots of games in these modern times. Probably not considered polite to call them what they really are.
Yes, Arrakis consists of "real people". But, if you research further, they seem to have numerous links to other mining scams in the Southwest including a pretty long-running one in New Mexico. They are either unwitting dupes, or more likely, they have found a niche with mining scams providing various metallurgical services. I am sure the pay is good.
The "Australian Testing Firm" is not real in my mind until they release who it is. As far as I am concerned, it is completely bogus until proven otherwise.
My main point, however, is not about who SRCH's consultants are or whether they are legitimate or not. It is the fact that SRCH has never released any actual data in the form of a third-party report by a single one of these consultants. No actual data or report = scam. They can test forever, and keep claiming good results, but no report = scam.
Well I have looked and apparently these "Test People" are real people. And they claim they are getting the real deal in terms of slag. So if they are faking it, getting some nice slag from somewhere.
http://dev1.netkitchen.com/mr3systems.com/partners/arrakis.html
http://finance.optonline.net/optonline/?GUID=21274437&Page=MEDIAVIEWER
Just testing forever.
I doubt they ever will build anything you can actually operate. Least Hector will no longer be a pup. Might be a lil "Trading off the books" action by those in the know. I guess at present it is saying just more testing. Gentlemen at work. Good work and they have got it.
Still if one can time it right might be able to make a buck. Got to be another PR about testing coming. Maybe these testing types will do a lil pre-buying. Or get their grand daddy to do it.
They have been stealing copper all over the place, wonder if they are also stealing slag??? The question about what is in the slag is not solved.
Honestly, I don't know. All I know is that SRCH is a scam. How Luxor fits in, or how they hope to make money is beyond me.
Assuming it is not a scam because some big money folks have invested and should know better, is not good logic. They have some angle to make money, and are probably well aware of the scammy nature of their investment.
Gitreal, according to your general theory how does Luxor fit into this scheme of things then??? On the face of it, why would any fund keep giving them more money if it is all a form of ruse???
What in it for them??? How do they benefit??? Assuming they would have to done enough DD to know the slag is sort of worthless. Or are they that big of fools?
I understand the World is full of crooked games, been subject and around a lot of it myself. Saw some really neat ones being run. Some almost completely "fool proof" to an outsider.
If this is what you say, more than one or two guys got to know the score. Everybody always wants their share. How are you saying it works???
I appreciate the warning, but see no reason to be careful about my thoughts regarding the slag. I will say it very bluntly - I believe there is very little gold in the slag, and I believe there is major fraud involved with SRCH's claims regarding the value of the slag.
Any company that is so careful to never, ever release any kind of actual report about their findings is surely perpetrating fraud. Why people invest based on PRs alone is beyond me, unless they are purely playing the bounces in pricing and do not care if it is a fraud or not.
The geology, mineralogy and grades of the ores processed at the Clarkdale smelter are well documented. The ores never averaged gold values anywhere near what SRCH is now claiming are in the slag. Compared to the half oz. per ton gold that SRCH is claiming are in the slags, the ores averaged maybe a tenth of that at best. Even if Phelps Dodge left ALL the gold in the slag (which I highly doubt), it is not even close to justifying what SRCH is claiming. It makes no sense whatsoever.
I have no fear in saying that SRCH's pile of slag at Clarkdale is a fraud and a scam, based on a bunch of lies from folks with a long history of documented scams. Whether it is criminal or not, that is up to the SEC and whatever court(s) it ends up in.
Make what money you can from SRCH, but it will not be from them ever producing gold.
I would be careful with your accusation there is no gold in the slag.
If in fact there is a major problem with the analysis of the slag, (i.e. nothing of value) I could see it slipping into a criminal nature. The truth is nobody knows if they are lying or not. You only have that one sort of report. Somebody in the Smart Money camp must have been satisfied by some method. Explain that part.....
The actual status of the project I think you can put into some type of assumption. That type of summary is not encouraging if you do it my way using just what is sort of known, what must be done to get to an operational status of some level?
Not pretty, more to my mind like amateur hour, surely not a World class management of anything. Real projects get cranked up and moved. Especially if they are sitting on billions of potential value.
The other thing I would wonder about is have they been put on some type of "Watch List". Before when I owned the stock, the hype was more or less, you can't be out of the stock, trading is dangerous, news will come and put it too the moon. We are so, so close, just one good PR. There was this sort of disconnect between the known fundamentals and the T/A chart.
But now, IMHO the fundamentals can be better known within some limits, the SP movement has sort of tanked, volume way off. What changed from before, fundamentals / T/A are kinda in sync like they should be. There is a form of agreement.
Before apparently the SP was routinely rolled about when the same situation was probably in place. What changed???
Ain't saying I would not try it again, be with less money. Be a straight T/A follow the chart, grab any profit quick. I doubt any great news is coming, especially very quick. In the end just about trying to make a quick buck. With this one believe nothing, take profits as they occur.
You are looking at it from an engineering/process angle. Back up a little and think about one thing - why hasn't SRCH ever released any reports documenting the sampling of the slag, and the verification there really is gold there? I see that as proof that there is negligible gold in the slag. From what I know about the geology and the production figures over the years, there is no justification for believing there is much, if any, gold in the slag.
No need to look any further.
Laugh all you want, but you didn't answer my question - how long are you willing to wait for SRCH to produce something?
There is no focus that you would normally find in any type of real project. There has to be a way to get from here to there.
They seem to claim that they now have a method to make the process work but the proof is at some bench test level and more endless testing at less than a scaleable level is a bit of a puzzle. The only thing that counts in the end it must work at full plant scale and hopefully be able to expanded from that level in a modular form. If you think it works at some level, you move up quick in size (at maybe bigger steps) and don't mess about wasting money. It has to work at full scale or you have nothing. What exactly is the scaling factor now in play??? Too big a number, something chemical in nature or complicated, has its own sets of risk. You have to be able to move the project by some method.
So more endless tests that accomplish what??? They claim it will be enough proof to borrow more money. Yeah, but nothing is at the type of standards one would expect. When does it all end???
I never thought they had a tinker's chance to ever get into operations by themselves. Only a JV or buy out ever made any sense. Zero proof anybody else is interested or even seen it.
I would not buy that smart money junk. Probably ain't their own money anyway. There are ways if you have the proper information to manipulate.
I would say be extremely wary. Smells bad. I got a number of small mining stocks but in each of them there is enough info and you have the ability to track progress, including with updated construction type photos. This has squat, only a form of hope. If it is such a treasure trove why not a more focused transparent approach be done. I had my doubts all along, just wish I had followed them at the top of the last chart peak. Future is predictable, more stories, more dilution. Time means nothing.
A project of their size would not make a wart on the backsides of most large industrial projects. If you have never done it, this is the type of project that should require a "Process Engineer" That is the type of guy who deals with things chemical in nature and he has to get it right or else the rest of the team is in trouble. I've been on projects like that, usually the guy writes a document that is very detailed, everybody else uses it for guidance. Things can be complicated but the project moves to a particular schedule, if it don't heads get cracked. If the Process Engineer can't solve it quick, he better get somebody who can, or you got the wrong guy.
The whole thing makes no sense, zero drive, direction, focus. It is about git-her-done. I did more than two major projects where it really was big time in the time they have been screwing with this relatively minor one. Projects can have delays but usually there is an understandable reason. Nothing makes much sense about this one if you view it in terms of a normal World.
People often invest in sketchy operations, hoping to catch a bounce in the price and make a tidy profit. I have talked to a lot of investors in penny stocks and almost all of them acknowledge that just about every penny stock is a scam of one kind or another. SRCH is no different except that it is particularly well laid out, long-lived, and very hard to disprove what they say because they never issue anything but PR's.
How long will you wait them out to actually produce gold from slag? Another month? Another year?
Drew his elaborations are riddled with holes.
If Luxor sold shares they would have to file SEC forms saying that since they own a large portion of Searchlight.
They didn't file the forms, so they haven't sold any shares.
CosmicRambler knows this, I think you can guess why he portrays himself as if he doesn't know.
"what is becoming zero sense in engineering terms"
How so, please elaborate.
I'm not sure there is much smart whatever going on.
The folks putting up money probably have been also prime traders, they may have been able to cover their money in that way and more. Least so in the past.
When something makes what is becoming zero sense in engineering terms and too some extent in business terms then you have to have a valid explanation as an investor. The claim that some other inside player is smart ain't valid enough explanation to chase it again. Where is the beef????
What good is it for a large investor to invest millions in a company they know is a scam? That isn't going to work out for them or their clients in the end... Not really sure how that would be good since they don't earn a salary like the CEO, who also invested in SRCH recently for his wife. Of course, he could just hate her, but I'm going to give love the benefit of the doubt here.
Apparently Luxor knows a good, long-running scam when they see one. Seven years and counting! SRCH could string their investors on for many more years with their endless testing and press releases (but never, ever release an actual report confirming anything).
Luxor is the smart money. Mesage board posters here are the strange money doing battle with the successful hedge fund--Luxor. IT is a lopsided fight.
Here is a recent article about Luxor at Martketwatch.com,
http://www.marketwatch.com/story/american-capital-attracts-paulson-luxor-2012-07-12
They're not foolish or gullible, just smart money investing big dollars in SRCH.
Someone should tell Luxor to quite rambling in the cosmic ethereal fairy dust that is SRCH.
Cosmic - long hot summer, and not much going on with SRCH. Wonder what they are going to say in their next PR to raise interest levels again. Maybe it is time for them to start pumping their Searchlight mining claims again?
Or find some new thing to promote - nobody has promoted the old "gold in volcanic ash" thing for a while, maybe Ager can get that going again. He can set up shop in Flagstaff which is really nice this time of year, and take people on tours of the ash pits outside of town. Worked real well 20 years ago, and now a new crop of gullible folks are primed for the picking. Gotta hand it to these guys - just about the most successful group of mine scammers ever!
Well what is happening? Don't look like much. Be back to $.60 if they ain't careful. Dilution is never the solution. Got to wonder what story they are able to sling by them boys giving them more money?
All this endless testing. Total bull.
Lots of folks about that if you gave them a bunch of tons of slag and said what can you do with it, would have an answer in fairly short time.
I might wonder about somebody like Formation Metals. You got to have somebody that deals with the real World. They did a bunch of reengineering of their own processes and it did not take forever.
Everything is complicated but I will admit I never saw one like this. Maybe golf is the most important product. Gentlemen at work if you wish to call it that. Least the Gentlemen get pay checks, ah what a life............
They are silent as they cash those checks. Dirty job but somebody got to do it.
Nevertheless, there is a lot of room for skepticism but I think now days it is more from the fear that the final process won't work for some reason rather than the credibility of the founders and the geologists findings and reports in the past.
You're right, I don't know what exactly is in the slag. I know in general what is in the slag as far as the majority constituents - things like silicon, iron, magnesium, aluminum, etc. As for exactly what the gold, silver, copper, and zinc content are - I can't say because I have not found that information. I am sure that Phelps Dodge has that data somewhere, and I'll bet it could be found if someone spent the time to do it. All I know for sure is that the data is not in any report issued by SRCH, because they have not issued any reports.
But, it's a moot point. I can look at production records and I can look at geological reports, and I know what kind of ores were processed by Phelps Dodge at the smelter. The ores had a gold content to be sure and I am sure that Phelps Dodge was pretty happy about it. According to references on my shelf, the majority of the ore had less than 0.05 oz/ton. I don't need to know what all the other stuff in the slag is, to be able to say that it is impossible to end up with a slag with 0.5 oz/ton gold.
The smelter and the orebody are not really that unique. Both the smelter and orebody have unique features but so does any smelter and any orebody. The geology of the orebodies smelted at Clarkdale are a little unusual for Arizona, given that most production in Arizona is from porphyry deposits and this is a Volcanogenic Massive Sulfide (VMS). But, there are other VMS deposits in Arizona (Iron King Mine, for example), so it is not unique. There are many, many articles and reports on both the smelter and the orebody - should I post a bibliography? Yes, you are right, it was very rich ore, hence the direct smelt. And there is data available for ore going into the smelter. I think I posted those sources before, would have to go back and see what they were.
Nothing that SRCH says in their PRs is credible without their consultants' report. I can't remember if they claimed to know what the values of silver, copper, zinc, etc. are in the slag. Doesn't matter, I wouldn't believe it without seeing the data, and someone credible presenting it. The gold is the focus, obviously, and their claims are not believable.
And yes, a smart (and lucky) person can make money on SRCH no matter if they are a scam or not, as we have discussed before.
Setting up all that equipment is one of the keys to SRCH's success and longevity. Appearances are important and what's a million bucks worth of equipment if it helps buy them 7 years of scamming success? I know of numerous scams that have expensive, brand-new equipment that they have bought (and never used).
Gitreal, I don't know exactly what is in the slag and I would wager neither do you.
I no longer own the stock, might in the future, if I think I can make a few more dimes.
All this talk about Gold but what about all the other byproducts also claimed to be in the slag. There are a number of docs that sort of support part of what the company sezs.
If there ain't no Gold exactly what are you claiming is actually in the slag. That particular smelter apparently did not operate like just about like any other one anybody has heard of. The Geo formation of the ore body was also unique, there is an article about it, this was not a run of the mill mine.
In the period of 1915 - 1938 apparently they recovered something like .04 OPT Gold as the final result on the output, it is not known what the analysis showed on the ore going in. This was based on a direct feed of the ore with no benefaction. They apparently did not worry to much what was in the slag. The ore from the Little Daisy mine was about the richest copper in the World, something in the 45% range, the other big pit in the original dig about 10%. They wanted copper, they got lots of copper. Apparently also not getting 100% of the copper and a fair amount might still be in the slag. Company sezs so too.
What is also known is it had lots of sulfur, boocoo iron pyrites and the sulfur acted as part of the fuel, God awful acid rain. Not a nice place to be in the olde dazes. There is no good acounts of them stating any other byproduct amounts, if any at all were recovered or even worried about.
So any investor only has the company for a real source. Unless you have something with real authority. What exactly are you claiming is in the slag and how do you know it???? As in a complete break down by metal, element, material, etc in percent. Got to be something in there. Are you claiming they are wrong on all of the potential byproducts??? Or just the Gold.
I've got a range of issues with the stock as an investment, sure ain't going to just buy and sit in it. More than one question which won't get answered any time soon.
They do seem to be able to snooker the "smart Big Bucks Types" into lending them ever more money. Of course that begs the question what do those folks know???? Lots of things totally puts me off in terms of being a good solid potential working operation under their own control ever. Definitely not a way to run the railroad. Just horrible IR.
The building of a potential operation plant makes no sense in your claim of an organized fraud. Most real frauds are more talk than anything of real substance.
But in the end, it is like most speculations, you pays you money, takes you chances. At this point I choose to just watch the World go by, see what happens. Doubt any of it will be quick. Top dogs sure do know how to take care of their own. Gives winning a strange spin for sure. For me only quick in's and out's any more, any profit is good.
Cosmic - the gold ain't there. There is no geological/metallurgical explanation for there to be half an ounce/ton of gold in that slag. You can't get a slag that rich in gold from direct smelting of ores that never ran even a tenth of that for gold. It makes no sense - does it? If SRCH were to produce their consultants' reports for all to see, maybe I could be persuaded otherwise, but with no reports, there is zero credibility. I know I sound like a broken record on the lack of reports issue, but it is a huge red flag.
You do make a good point - if these guys had any real intention of producing gold, why then are they skimming a million bucks a year for director's salaries and "consulting" fees? I have been part of start-up companies before, and if your highest priorities are not research, development, and marketing, you are doomed (or you are a scam).
Another good point - the historic and on-going connections with very well documented scammers. What legit company would allow folks with those kinds of connections to be, in any way, associated with their operation? If it walks like a duck, quacks like a duck, well, you know the rest.
These guys are masterful scammers, probably the most successful mining-scam in Arizona over the last 7 years (and they have some stiff competition).
Good analysis, but in going back to the sources I have referenced before, most of the ore smelted in Clarkdale was direct smelting ore. Some of the ore, apparently less than 10%, was from concentrates. The 20 million tons of slag would also be evidence for the fact they did direct smelting (if it had been concentrates, you would never have ended up with a pile that big, right?).
So, I'll stick with my lower gold estimate - non detect to 0.005 oz/ton. Of course, even at your estimate of 0.056 oz/ton, that is still a tenth of what SRCH is claiming!
Gitreal,
I know you have done the research and are pretty good at evaluating the historical records.
What did the original concentrating process at Clarkdale consist of? I worked a few years in the smelters at Playas and Morenci and, therefore, I would assume that the ore was first treated with floatation milling and then the floatation concentrates were smelted.
Under this assumption, if the original ore averaged .035 opt au, and the floatation recovered 80% and the concentration ratio was 20/1, then the concentrates would run 0.56 opt. Then the slag from the smelting process would represent about 80% of the concentrates fed to the furnaces and contain maybe as much as 10% of the gold or possibly as much as 0.056 opt.
Is this a reasonable scenario?
You're too generous, rbtree! The original ores smelted in Clarkdale generally ran between 0.02 and 0.05 oz/ton gold, and to think that the slag now has ten times that amount of gold (as claimed by SRCH) - impossible. I would bet the slag runs between non-detect and 0.010 oz/ton gold. But we'll never know what the actual numbers are until this thing comes crashing down - SRCH has never released any original reports.
You are right - SRCH is an elaborate and long-running con, set up by folks (some of whom are still involved, by the way) that had decades of experience perfecting their craft.
Actually, it's easy to figure out.....it's naught but one elaborate and long running con...read scam......the chances of them ever coming up with a viable process to get any amount of gold beyond, oh, say .02 opt from that slag, are remote, infinitesimal even.
Be careful with the fun there Mydog.
I used to own it. Sold because I saw dilution coming, plus whatever will happen ain't going to be quick.
Basically I think there is Gold in the pile but these birds will never get much of it. The money they have on hand is not enough to even get them into production. First production at very best could only be something in the 200 TPD range thru put, questionable economics. To get to production is a lot longer road and requires a lot more money, dilution is the name of the game by all means possible. To ramp up to something serious requires well into the 100's of millions more.
So this is only good for a buyout at some point with the real moving by others IMHO. Provided they can convince some cash rich mining company to lay down the big bucks. It will not be quick. Question being what is enough as a true "Proof of Principle". I would say they must get the production equipment as installed in AZ rigged around enough to show real production and allow a judgement of real Gold recovery potential. Again, lots more money than they have or will have.
Extreme poorly run project, just not enough real hands on guys. Need a real kick arse project manager in charge. Plus this general idea that the dudes at the top continue to skim real dollar paychecks in a project that is never cash rich shows a form of escape from reality. Bad overall focus, they want golf and the easy good living more than Gold. Shareholders come a very bad fourth, don't even rate a second position.
The general idea of some of the folks have in the past or are still being involved with questionable exercises does not give one much comfort. This is not anyway to run a railroad. Even if that railroad goes by a slag pile with lots of Gold.
Maybe a big risk for a stock like this if the overall market tanks in a hardy way too. Time is not on their side, they do nothing quick. You must play with the question is the present SP cheap or not??? In a bad market I can see it much futher down. They need quick progress, not something they have ever been able to achieve. Same olde game don't cut it. Games with no predictable endings are tough sledding, maybe you just watch, hold your money and attempt to time it. About my interest at this point. So far they ain't showing me much, same game of only we have the right to know anything, our buddies come first.
I'm pretty sure I know where you are coming from and certainly don't expect a glowing report. If the fraud squad is right then this is one of the most prolific and successful group of scammers to ever escape prosecution in the history of mining.
Even in light of the knowledge of the background of the principals, there are very credible insiders and professionals with no connection to the past who believe the proposition and the scientists who are inventing and proving up the process.
If that can't be done wherein the former principles really have no input into the development of the process does it prove that the intentions of all involved are false?
I don't think so. I think that the scientists, engineers and professionals who are now in charge are honorable folks and believe in the process they are developing.
Additionally, I find it odd that LUXOR would put up another $4 million to move the project to it's conclusion without some believe that the process will work as it is scaled up.
Nevertheless, there is a lot of room for skepticism but I think now days it is more from the fear that the final process won't work for some reason rather than the credibility of the founders and the geologists findings and reports in the past.
A more interesting study at this point in time is to learn who exactly owns all the stock in this company. I think there are two original stockholders who own over 40 million shares of the company and were recently disclosed as insiders but I'm not sure. This could explain why Luxor and other recent large investors have put up so much money to keep it going.
In any event the accountants have now put the resource value of the slag pile on the books so they must think the extractions process has been proven up enough to be able to do so. Probably a good idea to check this out. I think that is why the pps moved to where it is today to reflect the value on the books.
It is obvious that the fraud squad can dig up a lot of dirt from the past on some of the folks associated with the project but I am more interested in learning about the people running the show today.
I am looking forward to the exposure of any real proven findings. Guilt by association or unfounded inferences won't scare anyone away from this deal. There just aren't that many little guys in this. The big money in this have put up a huge firewall of credibility in recent years. They do have something to protect. Especially the guys who have 40 million shares at .03 if that is the case.
Good luck in unveiling the truth if it isn't already on the table.
SRCH - Tough one to figure out. No promotions that I know of and no demotions either.
Stock has moved strongly and has pulled back a number of times.
Has potential to get back up to $2, as long as dilution or shorting isn't impacting demand.
you probably won't like it.
I will be interested in hearing your opinion.
Just for the record, Arrakis, Inc. and Arakis Energy are apparently two different companies, but both have links to SRCH. Weird coincidence?
wow!even more to look at.
interesting information.
thanks easy, you have given me some nice information to look at.
SRCH's roots run deep....... Dr. Charles Ager is paid $15K a month by SRCH for consulting fees through his company Nanominerals. Is this the kind of consultant that SRCH's investors would like their money to be spent on?
Charles Ager
Contestees' main expert witness was Dr. Charles Ager. Dr. Ager's credibility is questionable because of his actions relating to the so-called Delgratia salting scam, his evasiveness and lack of truthfulness during the hearing, and his bias in this proceeding. Much of the evidence regarding Dr. Ager's involvement in the Delgratia debacle resulted from the investigation of Special Agent August, a law enforcement officer for the BLM.
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Searchlight Minerals Corp. is a minerals exploration company focused on the acquisition and development of projects in the southwestern United States. The Company is currently involved in two projects: (1) the Clarkdale Slag Project, located in Clarkdale, Arizona, is a reclamation project to recover precious and base metals from the reprocessing of slag produced from the smelting of copper ores mined at the United Verde Copper Mine in Jerome, Arizona; and (2) the Searchlight Gold Project, which involves exploration for precious metals on mining claims near Searchlight, Nevada. The Clarkdale Project is the more advanced of two ongoing projects that the Company is pursuing. The Searchlight Gold Project is an early-stage gold exploration endeavor on 3,200 acres located approximately 50 miles south of Las Vegas, Nevada.
Searchlight Minerals Corp. is headquartered in Henderson, Nevada, and its common stock is listed on the OTC Bulletin Board under the symbol "SRCH". Additional information is available on the Company's website at www.searchlightminerals.com and in the Company's filings with the U.S. Securities and Exchange Commission.
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