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From Go4Gold blog
by 8thaero » Wed May 12, 2021 10:59 am
Good conf call this AM. Sevice agreement with GRC is now dead and FTCO will be own office servicer. Follow on mines are well laid out by distance with Scarlet closest to use Isabella Pearl production in short haul. Had an explain how small Pvt Placed $1 shares were determined in
25K minimal amts with good prospects while some holders have already m sold due to targeting not as they wished. In the 90 days has advanced about straight from early $3 to now $6. Low vol after quick millions trades due tight holding for PPS increases and dividend
increases same time in small issue of 25 mil. Now will there be a pull back with all in mind? Recording out in a short time. 8
More proof have NEVER understood test mining SEC excepts for no resource proof. Next silly comment?
"Too bad Argo wasn't as smart as Mexus. Instead of spending $5 million to prove up a resources, Argo could have gone the smarter route like Mexus and spent $30+ million to try and prove concept of profitable mining".
Sure called that one right! Immediate silly comment!
"Argo saw the scam and beat feet is what I heard."
Huh? Argonaut owned 80%. So they were the scramming scammers? Funny as heck reply again.
"They also added that in better economic times the company would have exercised the JV option.
Mexus said this. Argo did not"
Is there some multi-lingual problem over years and years we've noted and commented on as Blowin Smoke no factual basis? Your claim is to have participated in Argonaut calls, correct?
FACTS as accepted by Argonaut AND SEC are not users opinions. Them's the gold patch rules. Blowin smoke sold "Lucky Strikes" and killed millions. Unless you were an Argonaut holder in Nov- December 2015 asking questions at conference calls?. Can have NO informed opinion of then current BOD confusion due future Magino planning in a swift falling POG!
FACTS as accepted by Argonaut AND SEC are not users opinions. Them's the gold patch rules. Blowin smoke sold "Lucky Strikes" and killed millions. Unless you were an Argonaut holder in Nov- December 2015 asking questions at conference calls?. Can have NO informed opinion of then current BOD confusion due future Magino planning in a swift falling POG!
"Why would Argo bail?..... Didn't they know about the test mine exemption rule? They could have written off millions."
Jan 1, 2016 5 million dollar drill contract was to prove up a resource over 3 years and NOT be a test miner!!! Argonaut as Sr JV 80% was and is was an exchange listed miner in need of quick $45 million for Magino financing now at $400 million. More proof have NEVER understood test mining SEC excepts for no resource proof. Next silly comment?
"Mining has begun on the newly named LUCKY STRIKE pit at the company’s Santa Elena mine in Caborca, MX. The company decided to name this new area the Lucky Strike as it continues to reveal excellent values and is growing in size. Mexus Gold Mining SA De Cv geologist, Cesar Lemas, is pleased with the results and expansion of the discovery. Mexus has performed two 100meter core drills and have added that information to results of an additional hole drilled by Argonaut Gold. All three holes have shown excellent values to depth with average assays of 1.2 g/t Au. The Lucky Strike area is easily mined with the use of a CAT D8 and is located only .5 Km from the company’s crushing circuit."
Argonaut drilled a mistaken quartz vein hole shown on map.
Mexus Gold US Assay Results and Determination from Argonaut
CARSON CITY, Nev., December 4th, 2015 (GLOBE NEWSWIRE) — Mexus Gold US (OTCQB:MXSG)(“Mexus” or the “Company”) announced today that Argonaut Gold notified the company that it will not exercise their option at the Julio/Santa Elena property. Argonaut explained that the uncertainty with the price of gold is challenging exploration budgets. This, along with the obligations of $5,000,000 in drilling and mapping, $950,000 payable to Mexus to continue the JV, and a 20% fully carried contract were all factors in their decision . To date it is estimated that Argonaut has spent upwards of $500,000 in drilling, mapping and other associated costs. They also added that in better economic times the company would have exercised the JV option.
The company completed 16 widely scattered drill holes totaling 1990 meters. It is important to note that these samples were not taken from the properties quartz veins which are known to hold high grade gold. Argonaut was not interested in underground mining as these holes drilled were targeted for a large open pit heap leach operation. The average for the 16 holes was .392 Au ppm and 1.676 Ag ppm. Attached to this press release is a detailed map showing where the 16 holes were drilled and the results of the assays that Mexus has received to date. As one can see, these holes were spread out across the property.
As always? Try facts not opinions.
"Ken Azuka hired on to find the next million dollar high grade pocket? Argo willing to redrill the holes they foolishly drilled in all the wrong places?"
We don't know if Azuka has ever been released from prison since Mexus had him arrested on old warrant after proof of gold theft recovered totally to use as court evidence.
Has since been found difficult to credit then new Argonaut BoD with good sense.
2 days ago, 5 1/2 years since reason given of immediate need for $45 million at Magino caused cut and run at Elena despite drills "sufficient in normal times". Fear was POG fall to never happened $700. Been constant rise since from $1160 to last high $2010 now $1830 and again in full bull rise.
Current Magino mine planned for US $400,000,000 +/- 15%. Both went the other way.
"The Magino construction project is tracking on schedule. Argonaut is currently reviewing all inputs including potential cost inflation, impacts of foreign currency exchange rates and changes in scope related to the initial capital estimate. While this review is ongoing, based on the best available information to date, the Company believes the initial capital remains within 15% of the previous guided estimate of between C$480 million and C$510 million.
https://wawa-news.com/index.php/2021/05/07/argonaut-gold-gives-magino-construction-update/
Point NOT well taken. Might want to take long look for any Thompson fishing trip history. Pretty wild exaggeration . Par for course as we'd expect. Opinion always, no fact. Build for decade, all expensed as cost of exploration reduced no assets. Can that be a SEC Rule exception after all's said to SEC and fully accepted no comments, year after year?
"Might want to check your math. But your point is well taken......$30 million spent over the last decade could have bought a lot of gold. Instead, it paid for a lot of Thompson family fishing trips."
But to speak of buying. Who's all that at .021 ask Late Fri?
GRC had gotten so far from his dad's perfect gold mine it was his choice to go with the spin off and get back to the 1/3 growth, 1/3 div and 1/3 taxes as easy to develop open pit in free and easy Nevada mining along 170 year old Walker Lane where it shifted south as Comstock
became deeper and deeper difficult but was first modern mining development lessons learned with Mackay School UNV Reno. Rather long sentence for very concise understanding concept explained to me in 2002. Reids have always believed in action not talk. Cash is real.
First dividend arrived. Big 1 cent check says .571429 of 2 cent rate. Must be a share off one act the GORO spilt. Stuck it with the minimum 1 centers from GORO, MUX and a gag share Barrick gift. No idea what it costs to mail out and cash but I do like clockwork when I make next drop box deposit. 8
"Speaking of simple-minded nonsense, how about we start with this Golden Oldie falacy...
Why would anyone spend $2 -$3 milion to make sure there is enough gold to mine profitably when you could dive right in, spend over $30 million and still have no idea what kind of mineral reserves are on hand all while producing less than 50oz of gold?
Yes, clearly the latter is a much better way to go."
Now that pesky $30 mil again. It somehow produced no valued asset and is not available as a multi year tax write off. OOPS!
Original truth denier Test Mine Rule exception? Please indicate where more than $1,225,008 TOTAL assets have EVER BEEN in a SEC doc. We have time to wait. Been a decade of docs now to show us. Where ya been? Woke?
Mining Operations
We classify our mineral properties into three categories: “Development Properties”, “Advanced Exploration Properties”, and “Other Exploration Properties”. Development Properties are properties where a decision to develop the property into a producing mine has been made. Advanced Exploration Properties are those properties where we retain a significant ownership interest or joint venture and where there has been sufficient drilling and analysis TO IDENTIFY AND REPORT PROVEN AND PROBABLE RESERVES or other mineralized material. We currently DO NOT HAVE a Development Property or Advanced Exploration Property. Other Exploration Properties are those that do not fall into the other categories. Please see below for information about our Other Exploration Properties.
Mineral Property Rights Costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred either to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized ONCE PROVEN AND PROVABLE RESERVES exist and the property is a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis ARE CHARGED TO OPERATIONS. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs would be based upon expected future cash flows and/or estimated salvage value in accordance with Accounting
Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets.
MEXUS GOLD US AND SUBSIDIARIES (AN EXPLORATION STAGE COMPANY) CONSOLIDATED BALANCE SHEETS March 31, 2020 March 31, 2019 ASSETS CURRENT ASSETS Cash $ 64,173 $ 12,029 Prepaid and other assets - 5,500 TOTAL CURRENT ASSETS 64,173 17,529 FIXED ASSETS Property and equipment, net of accumulated depreciation 330,888 383,524 TOTAL FIXED ASSETS 330,888 383,524 OTHER ASSETS Equipment under construction - 17,018 Property costs 829,947 829,947 TOTAL OTHER ASSETS 829,947 846,965 TOTAL ASSETS $ 1,225,008 $ 1,248,018
AKA the missing $29,000,000. Managed to pay for NUTHIN. Howzat happen?
Re: Re: A few Mexus May 3 comments due. About onliest thing to do with gold in a quartz vein? Spend a few mil doing fease studies prior to just blasting to workable size for heap crusher. 1st lesson 1st day Heap Leach 101. I'd sign up!
"So anytime you see visible gold.....start mining! Simpleminded nonsense."
Simple-minded comment nonsense post was "do not blast for high grade crush for heap leach following 10 year development of over $10 mil infrastructure can't be claimed as asset due SEC Test Mining Rule exception. Remember that Golden Oldie? Hardly be claimed rush to judgment. Wasn't this a level 3- 4 red flag scam last 5 years? . PT back then was only 75 and still following behind the mule like a life time pro still not saddled up.
More simple minds speak out. OOPS! Same simples. Where's da crew?
"End-of-day toxic dumper is now below $0.02. That is all".
Last 1K before close was .020395. That's Tue 16:55:11 HARDLY all. How's we check market open?
"Announce "production" every few weeks, and don't forget to divert attention to a new project now and then. Maybe talk about the bag of Lowe's sand you bought...with three colors in every pan!! And some sulfites!"
Sure ya don't mean sulfate (IV)? 5 year old current events still.
The sulfate (IV) ion/sulphate (IV) ion, SO32- ( sulfite ion/sulphite ion) is a trigonal pyramid shape, O-S-O bond angle ~109o due to three groups of bonding electrons and one lone pair of electrons.
Gold Sulfite - Mineral Processing & Metallurgy
https://www.911metallurgist.com/blog/gold-sulfitehttps://www.bing.com/search?q=sulfate+%28+iv%29+in+gold%3F&form=ANNTH1&refig=be139c1f487b4bd6836159d4277f7764#
Mar 18, 2017 · Gold Sulfite. Sulphites of Gold, alkaline sulphites, or sulphur dioxide, which reduce gold trichloride easily, do not produce the same effect on a solution of an alkaline aurate. If sodium bisulphite is added to a boiling solution of sodium aurate (NaAuO2) a yellowish precipitate is formed, soluble in excess of sodium bisulphite, and consisting of a double sulphite of gold and sodium, or sodium auro …
"I got a pan with 2 colors out of bag of home depot sand..setting up a "big red" style sluice in my backyard..looking for investors..gonna be Huge!!"
Then actual news is:
"In addition, Mexus continues to attract potential partners and major investors to fulfill the great mineral potential of the area. One of these companies is planning to visit the Santa Elena project (next) THIS week and is very interested in Mexus’ mining of low angle quartz and shear zone structures. This company is bringing their mining engineering crew to exchange ideas on how to improve the mining circuit moving forward"
Now 20 Questions.....and # 1 is them's next door Penmont neighbors? Mining lesser assays for years and years? Can't be as are told nearby mining similar veining for 30 years is simplemindedness so don't count. OK, who's questioner # 2? Leaves just 18 more whoseit
Great likelihood of nuisance class action stock shorter suits who attack any sharp riser. Jason watched dad and uncle have tossed out of any Colorado court. Reasoning is no OTC miner can afford a decent dividend
the share is designed for from idea creation. It takes a sharp blow to PPS but recovers with proof. Best buy it in down if so. 8
A few Mexus May 3 comments on comments due.
About onliest thing to do with gold found in a quartz vein? Spend a few mil doing fease studies prior to just blasting to workable size for heap crusher. 1st lesson 1st day Heap Leach 101. I'd sign up!
"A newsarticle for some rocks they blew up, amazing!"
Mining
Mining is the extraction of valuable minerals or other geological materials from the Earth, usually from an ore body, lode, vein, seam, reef, or placer deposit. These deposits form a mineralized commodity that is of economic interest to the miner.
"However, how could they be so darned specific a month ago, and now they give it a range with a 100% variation? The average might be 2 g/ton. Or it might be 4 g/ton. But it was definitely 2.2 g/ton a month ago. Why not be honest and just admit they have no way to know since it is nothing more than a hobby operation?"
Speak of just part time hobbies.
Before I'd even think gold mining for a PROFESSION best go back to grade school averages. Easiest 2.2 grade is 2 sample ZERO and 4.4. Got it? However sits in a quartz vein and jus sorta hidden to puzzle all gold miners 5 millennium long. So a pro keeps on taking samples Longer worked more precise last 5000 years. Month of 5K year history comes to 1 in 59,999. Now tawkin VAGUE, right? Best reason goin fer SEC rqd
Cautionary Statement
Forward looking Statement: Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company’s future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company’s partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.
Means? Hobby knight Jousting wid shadows SEC demanded!
PT was 80 on May Day. Hear the boss and crew had a blast!
https://www.globenewswire.com/news-release/2021/05/03/2221085/13013/en/Mexus-Performs-Successful-Blast-At-Its-Santa-Elena-Mine.html
Argonaut's La Colorada, Sonora is about half way between Fortitude's Mina NV and GRC's S Oaxaca sites. Nothing remotely alike. But vertical 40 feet of 3 oz gold will spin yo socks off in the rush to go deep! 8
"YES! ALL THE TIME!"
Pure BS! You REALLY don't see many negative studies. Why? They quickly regroup to go a different direction than resource study or fold tent and quietly slip away pockets hanging empty from the cost. NEVER takes on a decade of continuing ops unable to claim build out as asset. Makes for serious DD to uncover actually on site to see what SEC does not allow to claim as resource.
From the basement
"Mexus issuing idiotic tonnage and grade numbers without a feasibility study or adequate exploration? Tsk, tsk....."
"The Great Oracle from Nevada declared it. Then the Great Accumulator blessed the notion it became so. Besides you don't really need to process and sell 4,000,000 tons of gold or even show that gold exist. It's just something you have on paper so you can pretend to claim gold sales are being reported via the test miner exemption rule and expense things against the "value" of the property claim.
The reason they haven't dug into this cornucopia of treasure is becasue they are still working on the amazin' rich shaft that has visible gold. Nevermind that the only way to access the shaft is by a ladder or modified cherry picker, just trust the Great Oracle and Great Accumulator that it is there. .... along with the gold nuggets lying around that can be picked up by bare hand.
The method used to determine there was 4,000,000 tons is the WAG method.
First you make the assumption that becasue a neighbor had a vein of gold running through thier property that must mean there are veins of gold in mine too. Then you make a Wild Ass Guess about how much is on your propoerty based on how much mineral deposit your neighbor claims to have."
2020 10K shows revenue $54 mil and 23,931,208 shares gives $2.2565 each which is gross earning not profit. which was .48
Fortitude Gold Reports 2020 Net Income of $0.48 Per Share, $27.8 Million Cash, and 2021 Production Outlook
March 25, 2021
https://finance.yahoo.com/news/fortitude-gold-reports-2020-net-203500038.html
Realize if FTCO does hit 5X earning? All 1 for 3.5 spun off worth more than current GORO @ FTCO 11.25. Good time to just swallow the parent and let the big kid run. Be a strange happening.
But the annual mgt svc agreement with GRC may assure all is timely as possible in SEC arms length following spin off. Best reason I'm buying current ask and div reinvest monthly in TDA acts.
Effective December 31, 2020, in connection with the Spin-Off, the Company entered into a Management Services Agreement with GRC that governs the relationship of the parties following the Spin-Off. The Management Services Agreement provides that the Company will receive services from GRC and its subsidiaries to assist in the transition of the Company as a separate company including, managerial and technical supervision, advisory and consultation with respect to mining operations, exploration, environmental, safety and sustainability matters. The Company will also receive certain administrative services related to information technology, accounting and financial advisory services, legal and compliance support and investor relation and shareholder communication services. The agreed upon charges for services rendered are based on market rates that align with the rates that an unaffiliated service provider would charge for similar services. The Management Services Agreement’s initial term will expire on December 31, 2021, and automatically renew annually. The Agreement may be cancelled upon 30 days written notice by one party to the other during the term.
Cept will be first EVER 10Q for a brand new OTC FTCO. Can't just repeat same as last year boiler plate plus what's new and is gonna be a bunch! My teacher late '90s was original 3rd founder Gold Resource Corp, Bill Pass CFO who went with Rob on USGL buy out. "Throw nothing away just add more that SEC already has approved". Bill Pass cashed out near GORO top and went fly fishing plus working on 2 Sunbeam Tigers to race up Pike's Peak. With Pass gone, Jason came aboard as Investment Advisor then CEO when dad retired then Uncle Dave. Jason and mom Beth had been sheep herding original GORO investors since 2002 meeting Brown Palace Denver. 8
Best of my knowledge filing as Non-accelerated filer x Smaller reporting company x Emerging growth company x the 10Q is due 45 days end of qtr. Makes it 15 May but is a Sat so file due 17th. Imagine read with mkt open 18th. 8
Not be too surprised with NT with so much to do so soon. Allowed for good reason. Again this corp bunch are best in the gold patch. Tho that large gold pour pic is a new thing to consider. Ever see a 2 ton super sac of dried float foam? 8
Dec 31 initial 10K filed Mar 23 so Jan-Mar qtr due mid May? Be initial 10Q. 8
5 0r 8 PE?
Seriously? There are OTCs and OTCs. Old friend GURU John Doody felt GORO was a 20 at the product start in '10 and said so. Today any miner producing well in profit on $2.25 revenue a share offing 4.2% div is only worth 5 times earning? More like 20 earnings as a ready proven miner with now same well experienced CEO and BoD as a serious miner still coming on. BUT I gladly takes 5 times,$11.25, along the way. 8
Fortitude Gold Corp reported revenue of 54.0M for FY 2020, an increase of Infinity% compared to FY 2018. Net income grew 314.51% to 10.2M.
2020 increase was INFINITY.
Infinity represents something that is boundless or endless, or else something that is larger than any real or natural number.
That was 25 on a page, 5 pages. Means BlackRock Funds a very significant investor holds 1,351,725 shares of 23,931,208 as of 10K or .565% largest institution holder. Doing well with April div $27,034.50. Very fine increased PPS meantimes.
GORO had 91 institutions shown on 25 pages. Have to been issued as % of FTCO. Check Blackrock
BlackRock Inc. 4,731,038 $13,768,000
https://whalewisdom.com/stock/goro
Realize was no plan to go underground in mine decision late '07 with GORO as a 1 year oxide open pit while they drilled for the source never found at El Aguila. Instead SE high area drills at end of claims hit multi metal seams went directly into Arista tunnel mine and them's big troubs to keep working on down. Base metals and low gold product did not allow a good div after POG fall after year later from '11 to now. GORO has little used agitated leach 2nd product line for use with nearby actual gold mining claims. Should be future higher profits for better div than float production high shipping costs. 8
OOPS! Big plunger/seller tried to paint tape :24 before close. Didn't work. Held up 15%, my precious. 8
"Aw shucks... guess you got me there... except, can you find any posts where I denied the test mining exemption existed? Oooops...
You mean in, "as always" since January 1, 2021 when the revised guidelines took efect?"
latest denial? is there has been no change in Test Mining exception at all. Guide 7 is changed to reflect international standards such as NI 43-101 more than old 1934 standards. Also qualified individual can be employee or owner. Fact remains a need for resources to file under the revised guide. Test Miners have none by definition. Ability to use product sale as asset not expensed cost remains quite limited.
Again, I have no ability to affect SEC filings for any miner resource qualified or no. I just quote the same old exception. Methinks is much to learn in protest paragraph after paragraph posted as though I do.
Wednesday, 03/03/21 01:34:36 PM
"Fortitude Gold files same test mining OTC exception as latest proof rule does not apply
"Unlike what keeps being posted with no cites as an opinion not fact? There has been no change at all to the old Test Mining Rule Exception. It's shown plainly BY NAME in the Dec SEC filing for GORO spin off became this month FRTT. A new OTC TEST MINER using pvt placements for accredited investor financing. If straw man? Well muscled to disprove all claimed here as impossible for years. An OTC Test miner doing well with NO PROVEN RESOURCES which are to be proven by test mining drills for continued production. Why no change?"
"It should be noted that both Guide 7 and the new rules require a registrant to have disclosed mineral reserves in order to describe itself as being either a development or production stage company, regardless of whether the registrant is actively constructing a mine or operating a producing mine. Guide 7 does not discuss the characterization of individual properties, or distinguish between properties of a registrant that are at different stages of development."
Does seem more than enough said forever. But expound as you will.
For certain not sayin MXSG to $31. Musta confuzed with another past exploration test miner SEC corp reports. Good reason any $30 mil can't be asset claimed from expensed.
SOME progress is to admit all is true for last 5 year denial. Now WHY was that necessary despite same situation since 1934? Causation would explain a bunch of site long term attitudes. Sorta gotcha long last. 8
What mention of Mexus? Just still teaching the same old test mining Guide exception with SEC encouraged private placement full informed investors and resource proven out by years of production unable to declare as bottom line assets. Nothin new just more proof.
"Sounds like you have some inside information on MXSG.... "
Be surprised how many managed with GORO to $31 common knowledge and will with lateral Jason Reid spin off OTC test miner Fortitude Gold Walker Lane open pits up to $4.75 after $1 pvt placement. Remember them's? Everything's "estimated".
"How in the world are savvy investors supposed to evaluate a mining prospect without a technical report?"
"COLORADO SPRINGS, CO / ACCESSWIRE / January 11, 2021 / Fortitude Gold Corporation (the “Company”) announces closing a private placement selling 500,000 shares of its common stock at $1.00 per share for gross proceeds $500,000. No commission or finder’s fee was paid in connection with the private placement.
Proceeds from the private placement will be used to increase the Company’s 2021 exploration budget for its Nevada Mining Unit. The Company is moving forward to obtain regulatory approval to publicly trade on the OTC Markets QB market."
Jason gets it to QX qualified with 3rd party sponsor there's a path for some big names w/o a major exchange but I think he'll prove up a resource and go up then. Meantime saves a bundle to add to profit. 8
Jason learned from dad Bill the plan for a PERFECT mine. Locate reliable source not yet listed as a SEC proven resource to begin prove out just by production drills over time. Keep the shares as tight as possible with high corp mgt ownership and begin a meaningful dividend ASAP. Ideal is 1/3 earnings to growth, 1/3 to taxes and final 3rd as the dividend. Proved out as GORO first commercial ore recovery as float delivery to refinery in June 2010 with large div in July and declining but monthly ever since. What is saved in expensive site studies goes as revenue expensed to cost meaning bottom line not listing build out as asset so tough for investors to realize the profitability. The assembled Nevada Walker Lane open pits are the perfect example to now come on producing. Was way explained to me in late 2001 and I took the bait, thank goodness! 8
Perhaps gourmet snow peas and garden green beans. Both have relied on private placements allowed under Guide exception as test miners it has taken 5 years to admit exists here, plus any legal fund raising available. Gold Resource, however, was able to raise $35 million after 2002 site selection high in remote mountainous S Oaxaca to construct a gigantic flotation plant with enormous permanent tailings lake still being maintained with enlargement.
"536 drilling holes vs. Mexus' 20. Sure, that sounds like apples to apples.
How many of those 4 GORO JV's stole from or defrauded GORO?
GORO and Mexus, like two peas in a pod. Soooooo similar.
They even both rely on toxic convertible notes, right? Oh wait.....only one of them does."
"Mexus confirms drilling program at Santa Elena mine
CABORCA, SONORA STATE, MEXICO, October 8th, 2018(GLOBE NEWSWIRE) -- Mexus Gold US (OTCQB:
MXSG)(“Mexus” or the “Company”) is pleased to announce that it has signed a contract with Major Drilling Co. of Hermosillo, Mexico for the initial drill program at its Santa Elena mine
Mexus releases additional promising assay results
CABORCA, SONORA STATE, MEXICO, December 21st, 2018(GLOBE NEWSWIRE) — Mexus Gold US (OTCQB: MXSG)(“Mexus” or the “Company) continues with the evaluation of another group of assay results received from the lab that correspond to holes 4 and 5. These holes have
tCABORCA, Mexico, Jan 18th, 2019 (GLOBE NEWSWIRE) — Mexus Gold US (OTCQB: MXSG) (“Mexus” or the “Company) today announced that the 1st phase of drilling is now complete at its Santa Elena mine. The company is awaiting assay results which will be plotted and produce a 3D Model used for interpretation. The final results are expected in February 2019. The company has received results for holes 6 thru 9 which aimed to intercept the Julio vein at depths between 60 to 100 meters. The Julio structure is consistent at depth with mineralized widths of 2 to 5 meters. All quartz vein intercepts had gold and silver noticeable with .1 to .3 g/t Au as the tracing values and 2 to 10 g/t Au as the high values. Hole 7 is the best evidence of high-grade gold at 9.89 g/t Au with an attractive width of 5.3 meters and an overall average of 3.12 g/t Au."
"History and Organization Gold Resource Corp.
We are engaged in the exploration for and production of gold and silver, primarily in Mexico. We were organized under the laws of the State of Colorado in 1998. We pursue exploration of gold and silver projects that we believe feature low operating costs and have the potential to produce a high return on the capital invested. We hold a 100% interest in five properties in Mexico's southern State of Oaxaca. See “Item 2. Properties” for more information about our properties. We are constructing a mill and a mine at our flagship property, the El Aguila Project, which will be our first mine if successfully operated, which is targeted for 2010.
We completed our IPO in August 2006 and received gross proceeds of $4,600,000. We raised additional capital pursuant to several PRIVATE PLACEMENTS of our common stock since that time. We used the initial proceeds of our IPO and a PRIVATE PLACEMENT conduced in 2006 to conduct exploration activities at the El Aguila property. We decided to move forward with efforts to construct a mill and a mine at the El Aguila Project on April 11, 2007. We used the funds from subsequent PRIVATE PLACEMENTS to commence construction of a mine and mill at the El Aguila Project. We anticipate using the funds provided by the most recent PRIVATE PLACEMENT to continue these efforts, as well as to undertake additional exploration activities.
Location and Access
The El Aguila Project is located in the Sierra Madre del Sur mountains of southern Mexico, in the central part of the State of Oaxaca. The property is located along a major paved highway approximately 120 kilometers (75 miles) southeast of Oaxaca City, the state’s capital city. At the village of San Jose de Gracia, the property is approximately 4 KILOMETERS due northwest from the village. We have constructed gravel and paved road from the village to the mine and mill sites which supports adequate access to the property by small and large vehicles."
All vast infrastructure was EXPENSED AS CONSTRUCTION COST IAW SEC GUIDE EXCEPTION TEST MINING. until resource proven in 2015 by production drills. Sound familiar. All corporate ills were overcome with time and effort apparently never seen here. Call it apple pies to apple pies now full decade apart..
Few answers to topics posted for what it's worth.
Must be Irish takin the day off for Guiness , corn beef N cabbage
"I wonder what the MXSG tape painters think they are accomplishing. Seems like a fairly pointless exercise but then again, so is every thing Mexus."
"GORO was able to prove reserves by getting to profitable and sustainable production and selling gold in 4 years.
In almost 10 years Mexus has not been able prove profitable, sustainable production to sell gold, and has no establish mineral reserve amount."
Overall point is pure gold plated nonsense. What the actual history was. Seem to know nothing of Gold Resource's 16 +years, 1998-2015 , to establish a resource by extensive numerous site searches and finally $35 million invested when old Aguilla mine chosen to start infrastructure expensing construction in late 2007. I was there and for sure all not all roses pictured. needing 4 JV's who backed due lack of progress. Included Canyon Resources with right to earn 50% ownership.for $3 million then withdrawn and finally Hochschild who was brought on to assist in Arista underground discovery after 2007 as strategic partner.
Facilities
We constructed a mill facility and infrastructure at the El Aguila Project for approximately $35 million, which was completed in 2010. The mill is flexible in its ability to process several types of mineralization. It has a differential flotation section capable of processing polymetallic ores and producing up to three separate concentrate products for sale, and an agitated leach circuit capable of producing gold and silver dore for sale. Depending on the specific ore type and characteristics, the mill, as it is presently configured, can process a nominal 440,000 tonnes of ore per year. Power is provided by diesel generators at the site. We obtained water rights from the Mexican government for an amount of water we believe is sufficient to meet our operating requirements and pump it approximately five kilometers to the site from a permitted well located near the Totolapam River .
Additional improvements we have made at the site include an access road from the major highway, a water line and pumping station, haul roads from the mine site to the mill, constructing buildings adjacent to the mill facility for office space and an assay lab and a tailings impoundment and other infrastructure.
In October 2007, we acquired an additional parcel of land which is approximately five hectares in size and adjacent to the community of San Jose de Gracia. The land cost us $153,000. We have completed construction of an employee housing facility on this parcel for approximately $1.9 million that includes 10 buildings and houses approximately 50 people.
Exploration Activities
The early history of activity at the El Aguila Project property, as known by us, is prospecting and limited mining for gold and silver from the early 1900’s to the mid 1960’s. In 1998, the concessions were leased to Apex Silver Corporation of Denver, Colorado. Apex carried out an exploration program involving geologic mapping, surface sampling and an 11-hole drilling program (1,242 meters, or 4,074 feet). The results did not meet Apex’s expectations so it cancelled its lease on the property in 2002. We leased the property from our former consultant in October 2002.
In August 2003, we commenced an initial drilling and exploration program. Through 2012, we have drilled a total of 359 core holes equaling 114,936 meters and 177 reverse circulation holes equaling 15,609 meters for a total of 536 holes totaling 130,545 meters (428,292 feet)
Enough real howgoesit? Could post much more actuality.
Should be very obvious from the GORO SEC filings from 2010 to 2014 the only holes counting for a test miner are for production. After 4 years they made up a proven resource and no longer a Guide exception test miner.
2014 10K
Since we have no reserves, we have and will continue to expense all mine construction, mill and other mine facility construction costs, even though these expenditures are expected to have a future economic benefit in excess of one year. We also expense our reclamation and remediation costs at the time the obligation is incurred. Companies that have reserves and have exited the exploration stage typically capitalize these costs, and subsequently amortize them on a units-of-production basis as reserves are mined, with the resulting depletion charge allocated to inventory, and then to cost of sales as the inventory is sold. As a result of these and other differences, our financial statements will not be comparable to the financial statements of mining companies that have established reserves and have exited the exploration stage.
2015 10K
Proven and Probable Reserves
Beginning January 1, 2014, we transitioned from an Exploration Stage Enterprise to a Production Stage Enterprise as defined by Guide 7. On April 30, 2014, we announced the completion of our reserve study and issued a report dated December 31, 2013 confirming the existence of proven and probable reserves as defined in Guide 7 promulgated by the SEC. As a result of the completion of the reserve study, we have transitioned from an Exploration Stage Enterprise to a Production Stage Enterprise in accordance with Guide 7. We no longer consider ourselves to be a Development Stage Entity as defined in ASC 915 and accordingly cumulative and other disclosures required by ASC 915 are no longer included in our financial statements.
Prior to January 1, 2014, we were considered an Exploration Stage Enterprise under SEC criteria since we had not demonstrated proven and probable reserves at our El Aguila Project in Oaxaca, Mexico or any of our other properties. Accordingly, as required under SEC guidelines, substantially all of our investment in mining properties up to that date, including construction of the mill, mine facilities and mine construction expenditures, were expensed as incurred and therefore do not appear as assets on our balance sheet.
Our characterization as an Exploration Stage Enterprise resulted in the classification of our facilities and mine construction expenditures as operating expenses rather than capital expenditures, and may have caused us to report lower net income than if we had capitalized the expenditures. In addition, prior to January 1, 2014, our financial statements did not reflect a corresponding depreciation or amortization expense for our facilities and mine construction costs since they were expensed as incurred rather than capitalized. The change in our accounting presentation as a result of our transition to a Production Stage Enterprise may make certain period-over-period comparisons less meaningful than otherwise since we capitalized mine development related expenditures that would have been expensed under our prior accounting presentation.
Spells it out so a blind man can see if filed in Braille!
Forgetting again so quickly exactly it can be done TEST MINING EXCEPTION? Drill out proven AFTER Commercial Production?
"You forgot some;
What is a mineral exploration drilling program?
How to correctly interpret drilling results.
Why drilling programs are essential to developing a mine.
How likely is it a JV offer is extended when a complete drilling program hasn't been completed."
"Commercial Production
No Proven or Probable Reserves
We have not yet demonstrated the existence of proven or probable reserves at our El Aguila Project in Oaxaca, Mexico or any of our properties. Reserves cannot be considered proven and probable until they are supported by a feasibility study, indicating that the reserves have had the requisite geologic, technical and economic work performed and are economically and legally extractable at the time of the reserve determination as defined in Guide 7 of the SEC Industry Guides.
We have not completed a feasibility study with regard to all or a portion of any of our properties to date. Any mineralized material discovered or produced by us should not be considered proven or probable reserves. As of December 31, 2010, none of our mineralized material met the definition of proven or probable reserves.
Commercial Production
During our initial two quarters of commercial production, which occurred in the second half of 2010, we produced 10,493 ounces of gold at an approximate average cash operating cost of $217 per ounce, net of by-product credits. See, “Non GAAP Measures in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation” for more information.
The production rate through the mill averaged 640 tonnes/day in the third quarter and with continued optimization, we increased throughput to an average of 851 tonnes/day in the fourth quarter. For the six months of commercial production in 2010, the daily mill throughput averaged 755 tonnes/day; mill head grade averaged 4.8 grams/tonne in the third quarter and 2.9 grams/tonne in the fourth quarter resulting in average head grade for the year of 3.7 grams/tonne. Extensive and unusually heavy rains during the third quarter and first half of the fourth quarter of 2010 complicated production as lower grade stockpiles with less clay material were better suited to run during this time. Mill recoveries were 81% in the third quarter and 74% in the fourth quarter, primarily because of the lower head grade run during the fourth quarter. Mill recoveries were 77% for the year ended December 31, 2010.
As mentioned above, in November 2010, we commenced underground mining and stockpiling of the La Arista mineralization at our El Aguila Project and continue to develop multiple working faces in preparation for processing the underground ore. We began transitioning from processing the open pit ore to the underground ore at our mill facilities in March 2011.
Exploration
Exploration during 2010 was focused primarily on the El Aguila Project. Surface exploration programs on portions of the Las Margaritas property and Alta Gracia property were undertaken which developed additional drill targets to be tested in the future. The drill programs on the El Aguila Project consisted of drilling 36 core holes for a total of 13,678 meters. Many of the areas drilled during 2010 require follow up drilling, which we intend to pursue in 2011 and beyond. We also carried out a geophysical survey, called Titan 24, over a large part of the Project area which resulted in several very distinct and interesting anomalies which are planned to be tested by drilling in 2011. However, we have not established proven or probable reserves as defined by regulation of the SEC on our El Aguila Project or any of our other properties.
http://irdirect.net/filings/viewer/index/1160791/000107997311000188/
Hogwarts has nothin on us. We have our 1st patronus. It's a doe and is not magical just Maricorpial.
"Then tis folly being wise in the future!" Have we gotten it right? It's ok to post what owners of both Mexus and Argonaut have known to be false as to not renew a Jan '16 JV contract. Reason? PT lies more. As the all past bliss quote continues...
Komics 4 kids
Can you spot the errors?
gitreal Member Level Wednesday, 03/10/21 03:51:39 PM
Re: None 0
Post #
41402
of 41404
"The drill map clearly shows that every Argo drill hole targeted known geologic structures. They found squat and bailed out of the JV."
HOLES WERE SPREAD OUT ACROSS THE PROPERTY. THEY ALSO ADDED THAT IN BETTER ECONOMIC TIMES THE COMPANY WOULD HAVE EXERCISED THE (FIVE MILLION) JV OPTION.
It is important to note that these samples WERE NOT TAKEN from the properties quartz veins which are known to hold high grade gold.
"You don't drill initial exploration holes to "define a pit". That's stupid. You drill for discovery."
HOLES DRILLED WERE TARGETED FOR A LARGE OPEN PIT heap leach operation. The average for the 16 holes was .392 Au ppm and 1.676 Ag ppm.
"gitreal Member Level Wednesday, 03/10/21 03:55:48 PM
Re: None 0
Post #
41403
of 41404
A gram per ton might be adequate at one open pit but you might need 2 g/t (or more) somewhere else due to recovery rates, metallurgy, local economics, etc. That's why you do feasibility studies before mining."
Mexus was NOT mining. It was allowing Argonaut to earn in an 80% JV by
1st stage 16 exploration drills to begin to define a bankable resource.
News and Press Releases
Mexus Gold US Assay Results and Determination from Argonaut
CARSON CITY, Nev., December 4th, 2015 (GLOBE NEWSWIRE) — Mexus Gold US (OTCQB:MXSG)(“Mexus” or the “Company”) announced today that Argonaut Gold notified the company that it will not exercise their option at the Julio/Santa Elena property. Argonaut explained that the uncertainty with the price of gold is challenging exploration budgets. This, along with the obligations of $5,000,000 in drilling and mapping, $950,000 payable to Mexus to continue the JV, and a 20% fully carried contract were all factors in their decision . To date it is estimated that Argonaut has spent upwards of $500,000 in drilling, mapping and other associated costs. They also added that in better economic times the company would have exercised the JV option.
The company completed 16 widely scattered drill holes totaling 1990 meters. It is important to note that these samples WERE NOT TAKEN from the properties QUARTZ VEINS WHICH ARE KNOWN TO HOLD HIGH GRADE GOLD. Argonaut was not interested in underground mining AS THESE HOLES DRILLED WERE TARGETED FOR A LARGE OPEN PIT heap leach operation. The average for the 16 holes was .392 Au ppm and 1.676 Ag ppm. Attached to this press release is a detailed map showing where the 16 holes were drilled and the results of the assays that Mexus has received to date. As one can see, THESE HOLES WERE SPREAD OUT ACROSS THE PROPERTY.
Although Mexus is disappointed that Argonaut has decided to terminate their option and were not interested in the high grade underground hard rock project which has huge potential, it remains confident that the property is still attractive. To that regard, CEO Paul Thompson has already begun speaking with other parties regarding the underground hard rock project who were interested in partnering prior to the Argonaut deal. CEO Paul Thompson added, “I will continue to seek a partner who wishes to bring this property to full production. The drill results shown prove to me that this property is economically viable. I believe that a consolidated drill program will prove out a substantial reserve with higher averages than shown above. An update on a new partner will be released as soon as soon as information becomes available.”
How did you do, kids?
"Do your own research, use third-party sources, and don't buy into the hype"
"Even Argo was incompetent and didn't know where to drill.. according to the magic 8 Ball.
Be nice if them 3rd party sources agreed but sad to say they don't.
According to my magic ball Argonaut advised all it was drilling a planned small wide spread 16 holes in a 2.5 sq mile area averaging every .156 miles about each 823 feet apart to define a large open pit. It stated it would not attempt to drill into the well known 6 above ground veins. It made one mistake and hit an area Mexus is now mining.
“Mexus” or the “Company) announced that it continues to work the Mexus III area at its Santa Elena mine producing a detachment structure mineral with abundant sericite and oxide filled boxwork averaging 1.02 g/t Au. There are areas with higher grade zones where the silica content is noted often with visible gold. Argonauts 2015 limited drilling program intercepted this zone from 32 to 45 meters in depth with an average grade of 1.05 g/t Au."
When they pulled out in Dec 2015 they said in normal times they would spend the $5 mil in Jan 2016 needed under the JV contract to continue a larger drill program based on good results. Gold was said to drop to $800 or below as the reason.
So what are good open pit results ?
"Open pit vs underground
Of utmost importance to the cost of extracting gold is where the gold lies within a deposit. A deposit of disseminated gold (small particles of gold distributed throughout the rock) close to surface will be open-pit mined, while gold found in often-thin veins hundreds of meters below surface is mined using underground methods. There are many more low-grade gold deposits than high-grade. For every 2.5 grams per tonne (g/t) gold deposit, Mother Nature forms another 10 deposits around 1 g/t. GENERALLY SPEAKING, ONE GRAM PER TONNE WORKS FOR OPEN PIT MINES,"
NOW AINT THAT QUAINT!
"but underground gold mines require at least 2.5 g/t to be economic."
https://www.mining.com/profit-low-grade-gold-mines/