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Nope.
Maybe got bored, I don't know. I started posting on I-hub in March of this year, that was last year and I have no clue what happened.
Speaking of unusual resignations..... sorry, I know you don't want to revisit that issue, but it will come up shortly on another board.
I wouldn't know, what's your point?
I would love to hear your thoughts on Hondo. Do your DD which I know is limited to looking at company marketing materials, and let's hear your thoughts. Maybe this is a good one for you to pick up some cheap shares - it's dropped 95%!
Okay, I could say the same about fraudulent reserves reports
but I will refrain. Ooops, too late.
Both documents were made available to this board (although now the 2012 version has been removed from the i-box for some reason). Do you really think Chaffee just "forgot" to put WSRA on the 2012 version?
Censored! I see that Chaffee's 2012 POO has now been removed by the Moderators from the i-box! I guess it was considered a negative thing to see that the sampling program currently is limited to 25 shallow samples over 320 acres. Talk of five-gallon buckets, etc. was just not sitting well with some, I take it.
You know, it really wasn't that bad a thing - at least there really was a permit, and some progress is really being made by WSRA (albeit slowly). More than I can say for some other penny stock miners who never bother doing any sampling.
Faith-based mining, right? I think your statement actually separates you from the true longs. A true long would want to see permits, would want to visit the property, would want to know how their money is being spent. IMO, there is no such a thing as a true long on this board, just a bunch of people hoping to make a few bucks off the inevitable bounce when the next PR comes out. That magical day (Thursday) has come and gone, no PR, still no results. Maybe next week you can make your money back.....
You actually have proof - the 2011 (denied) POO was submitted by WSRA - I posted the critical page of that plan last night. The 2012 POO was submitted by Chaffee and Chaffee alone and that is posted in the i-box. It was not a mistake, or ASLD would not have accepted it. The Change of Ownership form from WSRA to Chaffee is in the ASLD file, go look at it. Or get that certain other poster who claims to converse with Chaffee to ask the question.
On a certain level, I can understand and appreciate your response. Playing penny stocks is not the real world, and in the real world, people look at things like permits and (real) geological reports. In the penny stock world, it is all about the next PR, 8-K's, etc. Real information just gets in the way. I get it.
But not everyone does get it, and there are probably a few people on this board that really believe GDSM/WSRA will be spitting out gold nuggets in the near future. They're the ones funding your next vacation.
The source of that information is me, and if you don't believe me, that's fine. Was I not correct on the 2012 POO? And, the little bit of the 2011 POO that I posted last night? Believe me, there is a Change of Ownership on file at the ASLD, transferring the State lease from WSRA to Chaffee personally. I wish I had asked the person reviewing it for me to copy that too, but I didn't expect such a document and they had no idea why they were reviewing the file except to look for Plans of Operation.
Why did the lease transfer happen, who knows? Does it really matter? Maybe, since it means that GDSM's JV partner is not in control (as a corporation) of the lease parcel.
I have explained why there is no "link" - these are paper files in an office in downtown Phoenix. Some GDSM investor who has a few quarters left in their pocket can run down there and make copies.
There are mines and then there are "mines", if you know what I mean.
Only one gold placer is currently permitted through the Arizona State Land Dept., a small operation in Stanton. And, they are actually recovering some nice, coarse gold. Not a lot, but apparently enough to pay for costs.
I would be curious to ask BLM what they have permitted as bona fide, producing gold placers in Arizona. Might get an interesting answer.
Plenty of hobbyist operations out there (Lynx Creek in Prescott is a favorite area). That's what most placer in Arizona is good for - dinking around on the weekend.
25 sample locations, each 2X2' = 100 sf. Not a bad sampling program if they were evaluating the stream beds. Might actually be some gold there.
However, they are using this as a sampling program for 40 to 80-foot thick "hi-bar" deposits which really aren't hi-bars, they are disected alluvial fans.
Sorry, I thought your message was on the GDSM board when in fact you were on the Research Board - my apologies. Getting PMs fast and furious on that other board, and it is easy to get confused.
Three "head" samples from a placer mine? With just that to go on, I can't say much except to say that three samples is not nearly enough. Any why head samples - why not run the material through their equipment, catch the nuggets, and assay the black sand? That's the way most people do it. I would be very, very suspicious.
A million questions - how big were the original samples, where were they collected (location, depth, etc.), who oversaw the sampling and who transported the samples? What kind of lab was it - certified, or a guy in his garage? Vitrification fire assay - the vitrification part seems fishy. What kind of results did they report - unbelievably high? Any platinum group metals reported (a huge red flag)? If a report is available - who wrote it, the claim owner? It should be by an outside, third-party.
Placer mines are very hard to test and three samples are not nearly enough, and five are not much better. If it is hundreds of acres they are claiming as their "placer mine", they should have at the least, hundreds of samples.
Are they claiming some astronomic number of ounces as reserves? If they are claiming some dollar amount beginning with a "B", run the other direction.
Don't give these guys any money until you have answered these questions, and more. Spend a little money first and have a professional mining engineer or geologist review the report and data. For $500, you will get a thorough review and some peace of mind about what you are investing in.
If this is not about GDSM/WSRA, shoot me a PM and we can discuss.
Coring is not the sampling method for placer deposits. You cannot core-drill a loose, unconsolidated material like a placer deposit without great difficulty.
There will a negotiated royalties agreement with the State, if WSRA/GDSM can prove there is economic gold there.
There is only one current gold mine operating on State land in Arizona, a small placer operation in Stanton (Rich Hill area). The State is pretty good about weeding out the scams. They have a whole group of geologists devoted to reviewing permit applications and royalties agreements. It is not a rubber stamp.
Any heavy hauling on the roads would probably require a permit of some kind, especially if the road is improved (widened). There is no USFS jurisdiction in the Gold Star/Gold Crown area, but BLM and State would definitely be concerned if heavy haul trucks started trucking material on those roads.
This is probably not a question for this board (try the Research Board), but yes, placer gold tends to be on or just above bedrock. And, usually not too far from the source. You don't core sample for placers, you take large bulk samples from pits or trenches if possible, or you can drill but drilling has its problems because coarse gold is tricky to recover.
Here is the third page of the 2011 POO where the key info begins. This POO was denied, and is not really relevant, except that it shows that the lease was in the name of WSRA in 2011.
It also shows Don Jenkins as the "Directing Geologist". Interesting that Mr. Jenkins would list his CPG registration which is not recognized by the State of Arizona. Also, interesting that he would use his Mining Engineer registration which is not an Arizona registration number, and therefore not valid in Arizona. I think we have beaten this topic to death on this board several times before.
Finally, the acreage is different in 2011 than in the approved 2012 POO, looks like they decided to drop part of the lease or maybe just not pursue development of all of the lease.
Sorry about the size on this, but several folks said the 2012 POO was easier to read prior to resizing. I can work on resizing it tomorrow.
What a tease! Now it is my turn to ask that you post a link (or email, or whatever).
Glad to help. I will post part of the denied 2011 permit this evening if time permits, so you can see it in the morning. And I will probably get threatened with lawsuits (again).
To bring you up to speed, the discussions have not been about the Gold Star claims which are BLM. The discussions in the last few days have been about the State land lease (the Golden Crown), which WSRA has stated they are focusing on.
I know the lease was transferred to Mr. Chaffee from WSRA with an official Change of Ownership form. But I do not have an exact date for you - I think this Spring sometime. The individual that reviewed the ASLD file on my behalf did not copy this document because she did not think it was important, and did not remember the exact date of the transfer.
Before everyone screams "post the link", all the documents are available at ASLD in Phoenix as hard copy files, and no link can be posted. But, there really is no need - the 2012 Plan of Operations is posted now on this board in the i-box - take a look. Please note that the POO was completed by Mr. Chaffee alone, with no mention of WSRA and the approval letter is addressed to Mr. Chaffee alone, again no mention of WSRA. This is proof enough that WSRA is no longer the owner of the lease. This is a legal document and leaving out the owner's name would be a serious mistake on the part of both Chaffee and the ASLD. What does it mean that WSRA was removed as owner - I have no idea!
I know this won't be enough for some folks, but maybe it is time for someone else to do the legwork and review some public files. And why has no one done it previously, that's what I'd like to know. Investing in a penny mining stock, with no DD other than reading promotional materials is crazy (imo).
Posting frequency on Ihub has nothing to do with anything. There are probably some who have never posted on Ihub that have made good money on GDSM. And there are others who have posted dozens of times on this board, and I'll use me as an example, who have not made a dime (or lost a dime).
And then there are those that post hundreds of times and who are desperate for a PR so that they can recover some of what they have lost in the last few months. It could happen (the PR, I mean).
A POO is sometimes hard to produce, but in this case, is there for all to see!
lol - such fun with a Plan of Operations (POO) for those that might be scratching their heads.
Sorry, I need to make sure I am better at differentiating what is my opinion and what is hard fact. There is very little fact on this board, have to admit. It is up to the reader to decide if the opinion expressed sounds reasonable or not.
And yes, I work in the POO a lot.......!!! lol
An RG or PE is going to want $75 to $100 an hour. If you cut them out of the program (6 days?), you will save a bunch of money ($5-8K?). If you have a $10/hr. field tech and a WSRA project manager ($60/hr.?) you could probably do this whole thing for half of what I quoted ($7,500?).
Almost forgot the report - if it is well-done in accordance with ASLD requirements, and done by a PE or RG, it could be as much as $3K or $4K. I imagine it will be the bare minimum (hand-drawn maps, etc.), but still at least $1K effort.
You mean the train? That still cracks me up from the last WSRA report.
Seriously though, if you look at that picture, the bush that appears to have no leaves is not dead, it is the vicious catclaw bush that covers those hillsides. Have you ever walked into one of those!!
Tough enough to walk through that stuff without carrying something, probably way worse hauling five gallon buckets of gravel. That's why I say maybe up to three days to collect all 25 samples. Somebody's going to get a work-out and lose some blood at the same time!
You will have to ask GDSM or WSRA - maybe they'll issue detailed updates on where the money is going (yeah, right).
Maybe I didn't make it clear enough that this was my best estimate based on my experience and the scope of work in the POO. I should have put "imo" in there after every sentence but I thought it was obvious. I know what it takes to sample 25 surface locations, and it is not $75K.
Yep. Not to look at them, but passing through. I do work all over Arizona.
Inside information - do tell! And please don't start with some story about an "engineer buddy" again.
Probably more than you think, but nowhere near $75K. Permitting - take a look at the permit - you could fill out that form in an hour or two of effort. Let's say they went out and marked sample locations - a day or two of field work. Then, a two-person crew does the sampling - 3 days? Then, they run the samples through their processing equipment (off-site), a couple more days of labor. Assays for 25 black sand samples - maybe $1500. Total cost, assuming they have an RG or PE overseeing the work, maybe $15K tops, probably far less because I doubt they have an RG or PE on the project.
That leaves at least $60K in the Phase 1 budget. As another poster pointed out - you could say they are not blowing their budget and saving GDSM money. Or, you could say that they are not taking advantage of the budget and are dragging this out and falling months behind in their schedule.
Maybe it is the difficult train!? lol
I have done more true DD than just about anybody on this board. Anybody else bother getting copies of public documents - NO! How many other people on this board have been to the mine, or even stepped foot in Arizona? Have you?
On one hand you say to do DD, then you turn around and say NO PROOF NEEDED! Which is it? Apparently your version of DD is to blindly accept information provided by GDSM and WSRA, with no outside confirmation. That is not DD, that is faith-based investing! Good luck with that pudding!
Never met him, never talked to him. I have heard he is a nice guy. Isn't he on the board of GDSM?
Maybe you can find the links and post them, because I know that folks on this board are all apparently from Missouri (the Show Me State)! I am also a believer in seeing proof, which is why I made the effort to ask someone to review the ASLD file while they were down there a couple weeks ago.
I remember a post about another much-discussed stock (am I allowed to say?) with gold mines in Montana and Nicaragua - they apparently got slapped by the SEC and had to retract their NI 43-101. I believe it is directly relevant to this board because GDSM has stated in their marketing presentation that they will be completing a NI 43-101 in "Phase 2". If there is precedence that the SEC does take action against 43-101's, maybe uplisting to being a reporting company is not such a good idea.
It's in the i-box.
Okay, no problem - you seem to have a business background, and thought you might find the exercise interesting.
Anyway, I took another look at that presentation. In my humble opinion, they are barely into Phase I. According to WSRA's last PR, they stated they are focusing on sampling of the Gold Crown state lease parcel. According to the Plan of Operations, they have a permit for 25 surface samples. The sampling may or may not have been completed. Regardless, this Plan of Operations was not even approved until early May 2012. So, how could Phase I be almost complete in April, as claimed by Mr. Lovito when in fact, they had no permit until May? And does he know that his JV partner no longer owns the State land lease?
Phase II supposedly is small scale production and more sampling and completion of a NI 43-101 report. No permits were on file for small scale production or for additional sampling. So, they are not in Phase II. As for the NI 43-101 report - it is not an appropriate reporting format for use by US OTC companies, and the SEC frowns on that and has taken action against other OTC companies (I know you will want links, so give me a little time on that).
It appears that their schedule is blown, and my guess is that the budget is blown too (imo), considering they do not seem to want to spring for anything more than surface samples.
There is no motorized vehicle traffic allowed on that State lease parcel (the Gold Crown), except for the road. Their permit specifically forbids it because they were not willing to do the archaeological and bugs & bunnies studies. Seems odd, considering they have the funding to do things right.
They have to haul their shovels, picks, and buckets by hand to the sample locations, and then haul everything back by hand back to their vehicle. Carrying five gallon buckets full of gravel down those hills through catclaw doesn't sound like much fun, but I've done worse.
Yes, the ASLD Plan of Operations is very specific about what needs to be filed - a complete report regarding the sampling and the results. Should be an interesting read.
No clue whatsoever regarding what Mr. Chaffee will do with the lease, or why he transferred it from WSRA to himself. Puzzling!
The Ph. I and Ph. II budget is quite generous - so far, all they have done is file a plan of operations for 25 surface samples. No evidence they have done the sampling, but I would assume it is done by now.
It is unclear to me why, with 6.75 million yards of RESERVES, they need to do any sampling at all. RESERVES means the sampling is complete, thorough, defensible, and with a third party report available for review. Or maybe they ought to acknowledge that they have zero RESERVES and remove that terminology from all their promotional material, as it might be mistaken by an investor for fact.
To be fair, sampling programs are typically staged, just as it appears that WSRA is doing. If the results from the first stage are not good, the company moves on to other prospects.
However, I would be concerned about basing an evaluation of a 80-foot thick high bar deposit on 1-foot deep samples. Results may suggest nothing is there, while in fact, the good stuff was deeper. A couple deeper holes using a drill rig might have been a good investment instead of wasting their time with surface samples (and they sure seem to have the budget for something like drilling).
Come on, not even a guess? As a GDSM stockholder, aren't you in the least bit curious where the money is going, and what you are getting for your money?
Another question - what phase is WSRA supposed to be in according to their schedule, and what phase are they really in?