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What does this have to do with my question?
The financials still do not outline any field work, such as drilling, sampling, or geophysical work?
No accommodation costs, so it would seem no one was in the field at that time. It would seem that most of the work attributed to HC was related to office work.
And you are making a fairly large assumption if you think that Wayne is taking all (or even part) of this payment in stock. And I have a good reason to believe this.... he position as being a director maybe, but not his work as a geologist.
$2 million shares at the current share price is not much compensation for 2 years of work....
Wonder what they did? Drilling expenses are -$8K for 2011, no mapping, accommodation costs, no geologist costs. The only direct cost appears to be line cutting and trenching ($1.8K) and maybe assays ($2.8K).
It might be some background (office) work, which would be under wages and benefits.
I know... I know... I should be gone. But I gave myself until the end of the day and I do not officially start working until Monday.
Oh - and I appreciate all the replies.
Rather not say, but just under $5 million is budgeted for this field season, which includes mapping, sampling, geophysical surveys, and drilling.
To All - it has been a fun, but I have always said that if I sold all my shares or consider myself to be in a conflict of interest I would stop posting on this and all mining related MBs. As of next week I will be working on a gold play in Canada, therefore I will do the responsible thing and stop posting here and elsewhere. It is an exciting project involving mapping, geophysical surveys, and drilling, all to be done over the summer months.
I am sure there are some that will be quite happy of my departure. But these people just do not like objective viewpoints.
Best of luck to all the shareholders here (which still includes me)!
HV... here you go!
Handcamp
We are all familiar with this story. Drilling completed last year, which included 12 holes, all of which had Au results above background with the best results from Hole #12. Overall, the first phase, while not amazing, definitely warrants a Phase II program. My belief is that this is where KATX/KATG will start their 2011 work, if and when they get their financing (if this is the reason for the delay). I am also interested in another stripped zone to the north that they described, but they have never released any results from work complete here.
Rusty Ridge
This is a complete head scratcher. From two holes they have only officially released numbers from the very top of the second hole. The first hole they only physically described, the key phrase that made a lot of people head for the exits was “sub-economic copper”. The first hole description was not good, but the second hole held promise, but the delay is unnerving.
Now my opinions on the following properties are ONLY based on public information from KATX’s website, where most investor would initially turn to get some idea about what they have.
Twilite
First off, the initial results are eye catching, with visible gold noted and a high of 202 g/t Au. Initial work discovery above background Au values, but for some reason work was halted and the claims dropped. KATX has them, but so far have done little to no work on these claims. I can only assume that the initial work outlined a few targets. Fort Knox Gold hit these targets and thought that the results did not warrant any further work. KATX picked them up because they saw some potential. Unfortunately this property appears to have the least amount of information available.
Colliers
Very close to were I grew up… Seems that work completed by Altius was inconclusive on the extent of mineralization. One high grade sample was noted, but the overall dimensions of mineralization remain unknown and Altius was not interested in any option. From the report, it is of my opinion that mineralization was localized and no stockwork type system was observed. Work here would also be complicated by its proximity to the bay, river, and community.
North/South Lucky
What we know:
“Copper mineralization is quite visible in an old pit near the gravel road and impressive malachite staining along with chalcocite is strata bound within the more sandy beds of the sediments. The horizon that hosts the mineralization has been traced for approx. 17kms with copper mineralization at a thickness of 300ft in places and assay results of 2.5% Cu has been discovered in exposed areas in the pit from within this horizon. This type of environment has the potential to produce low grade, large tonnage copper deposits similar to those of the Zambia copper belt. “
I will comment just on the property itself, therefore I will not comment on Vale’s land position, etc., just the property. Looking at the photos, mineralization is not widespread, i.e., massive, but assays results of 2.5% Cu are encouraging. Malachite represents the oxidation of copper minerals, such as chalcopyrite and chalcocite, the latter of which was observed. The sedimentary unit that hosts the mineralization is mapped over a 17 km, horizontal distance; however, mineralization is not noted as being over the entire distance. From their description, the sandy beds host the mineralization and this makes sense as these are probably the more permeable zones in this horizon and malachite is a hydrous carbonate mineral. What this means is that carbonate-rich fluids, probably from a limestone (source for the CO3), reacted (oxidized) with copper minerals, such as chalcopyrite/chalcocite to form malachite. Precipitation of these fluids occurred in the sandy zones, hence the malachite. However, some of this was not transported far as chalcocite is also noted. The question is whether there are more enriched zones that are buried along this 17 km section. The 300 ft thickness noted is a maximum number and we (and probably KATX/Vale) do not know what the average mineralized thickness really is at this point. Obviously the expose in the pit by itself is not enough to warrant a mine. The BIG question still remains whether this 17 km horizon has a large enough tonnage at grades high enough to mine. Malachite is a minor Cu ore, so you need more of it to make it economical. Enriched chalcocite zones would help with the grades and this is probably were the 2.5% sample was collected.
Until this horizon is mapped and/or explored the full extent of this horizon well remain unknown.
Shaylee
The descriptions and photos of Shaylee seem just as promising as Lucky; however, no assay results are reported. Although “stringers of native copper” are observed. Not enough information here to give a thumbs up or down. The observations alone warrant at least the collection of hand samples, but there is no description of how large of an area that may be mineralized as was reported for Lucky.
Clifton
Grassroots property that is in the same geologic environment as RR and Lucky. Completely open to interpretation as three different mineralized environments are considered, namely a sediment-hosted stratiform Cu, volcanic-redbed Cu, and IOCG. No assay information presented, except to mention lake anomalies for Cu, As, Pb, and Co.
Cabot
Outside of RR and HC, the Cabot property seems to have the most potential, at least from the available information. It is located along a fault zone, which is along strike with other mineral deposits to the SW. In addition, other known mineral deposits are along a sub-parallel fault zone and/or in similar rock lithologies. The work completed to date is encouraging with Cu results up to 1.90% over 2.78 m. Further, the presence of a quartz/sericite vein with good Au results should be tested to see if this is part of a larger system.
From this quick overview I would still focus on HC. RR might come into play, but it is depend on numbers from the bottom of Hole #2, which are being held. Other than that Cabot seems to be a location that warrants further work, even before Lucky. However, if Vale is willing, let them get the work done and KATX can focus their resources on HC and/or Cabot.
This overview was not as complete as I would like, but family life takes precedent. As new information becomes available these interpretations can change. If anyone wants to discuss certain properties in light of data I have not reviewed, please add it. If you want to shoot the messenger without any backup, don’t expect a reply. I can accept and welcome constructive criticism.
Hopefully at least some of this makes sense!?
My disclaimer: These are all my own interpretations / opinions based on my own experience. Don’t ask for credentials.; take it or leave it. My purpose is not to gain your trust, but to supply objective opinions on a company in which I own shares. Any investment decision is your own and I will not post if I buy or sell.
Well then I will get back to you later as I am on and off the computer doing numerous projects and this question deserves some time.
Is this an honest question?
Tink - you are smarter than this. Most of your posts are well thought out and for the most part do not twist the information. Your previous post defends longs etc on their ability to read. That is true, but a select few also negate such words as "similar" and "potential" in a concerted effort to pump the stock. They know what they are doing.
Why must you quote posts that are > 1 yr? Over a year ago things were a lot different as KATX was gearing up to start drilling, etc, etc.... However, I think you know exactly what I meant about babble, so let us not lower ourselves to that conversation. I think if you poll some of the posters you mention you might get a slightly different perspective.
Sorry I missed out on some of points put forth by HV. But I guess you must agree with most of my counterpoints too.
The fact that Vale can or cannot process ore cheaper is not something that I looked into and I am not the type of person to BS. Nevertheless, even if they can process ore cheaper they still need to put actually ORE through the plant. To date, economic numbers have not been provided on Lucky, no feasibility study, etc. So it is a mote point. But this too can change.
I will concede that the proximity of the plant to Lucky is an advantage, but again they still need actual economically viable Cu to make it work. N'est pas?
The timing issue - thought I touched on that. Vale, being as big as it is, probably saw the PR and thought it would not hurt to blanket the area then figure out whether it is worth the time and trouble. The fact that they are BIG allows them to do it. Again, admittedly the timing looked great for KATX, but how has it affected the PPS over the long term? I think we know the answer to this....
Great dream...
HV (or should I address BMB as this is his babble)...
Where to begin...
1. "first off...if the NI-43-101 were complete and it was worth well over 5 Billion Dollars:
IF, good choice of words. So no NI 43-101 exists, but based on your massive amounts of resource based estimate experience using no drilling information you came up with $5 billion. Interesting.
2. Copper at the surface, 300 ft thick in places. Good indications to support getting the property, but does not guarantee anything economically. 300 feet is the maximum, but what is the average thickness?? What is the average grade? These are just two of many questions that will determine if there is anything worth mining.
3. Vale can afford to surround them with their deep pockets, make a quick deal then figure out if it is worth the trouble. If you want to see a real claims rush look at what is happening in the Yukon!
4. The plant has nothing.. let me make myself clear... NOTHING to do with Lucky. The NL government forced Vale to build a plant in order to keep jobs in NL. All your evidence related to the plant has nothing to do with Lucky.
So I hope I make myself clear that you still have not provided evidence to support YOUR claim of KATX and Vale working on a Zambia Style Cu belt.
HV - I have also posted this same thing many times....
You should realize that a lot of exploration work can occur in the dead of winter. Drilling, geophysical work, etc.
Work that cannot be done include soil and rock sampling, and trenching.
A lot of work gets done during the Canadian winter and on the island getting work done, such as drilling and geophysical work avoids the prolonged mud season! That is when it is a challenge to get anything done!
HV - where is that link? You must have found it by now?
And HV do a search of my posts. I have already expressed my opinion on RR and HC.
You still avoid the question?
"This type of environment has the potential to produce low grade, large tonnage copper deposits similar to those of the Zambia copper belt."
Why do you avoid the question? Is it because your information is wrong?
I noticed you asked for link from another poster, yet refuse my request.
So what have I discovered (a question a little bird asked me)?
False statements from HV???
That was a response to Mappo - convenient interpretation on your part.... Or are you Mappo too???
I have not blamed HV for anything. Just asked for him to explain / provide support for his statement. Can you know see this, or is your support for everything positive clouding your judgement.
I do not have Dr. Woods report in front of me, but I highly doubt he did not use words such as "possible", "similar", etc in his descriptions.
As a geologist (and scientist) I look for supportive evidence. And none was provided. End of story.
PS: And if anything - please put me on IGNORE.
Thanks!
Very easy.
You post indicates that Vale is working with KATX on a Zambia style Cu property.
Whereas every PR and property description, which you highlighted in red, uses the words "potential" and "similar". This is a HUGE difference and I think you know it.
This was the same twist that was done for RR wrt a possible IOGC deposit. KATX mentioned the possibility, but a bunch of people dropped the possibility and pumped it up. Since the initially drilling at RR, even KATX has dropped using the IOGC tag when talking about RR.
'cheepo - I try to keep an even keel, but I don't want the stock that I own to be labeled as a P & D. All it does is create false hope, as well as possible volatility.
If Ken and co. find something then we will go up. If they don't it will fall and it doesn't matter if Ken is the nicest guy on the planet, the number of past JVs he has done, or if he knows every square cm of NL. If their currently worked properties (i.e., HC / RR) do not have anything of economy value they need to focus on their other properties. First and foremost we need news. We are in June already!
I will sign off this evening with this. The amount of exploration going on in Canada this summer is amazing. And there are a lot of available geology jobs. So I hope KATX has funds to pay its current staff, otherwise they can/will find employment elsewhere. And when it comes time to get in the field they might have a tough time finding people. I know they had a hard time finding staff late last year.
Great trip down memory land, but these are posts from years ago.
How about just answering something from today?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=63890854
Where is the link supporting this statement? Still waiting...
Hello... hello... is this thing on??
If your early statement is false you might want to clarify so that we do not have misleading information here.
HV - still waiting on that link to show that Vale and KATX are working on a Zambia style Cu belt.
Glad you were able to make an objective option on posters here after a couple of weeks.
Personally I find anyone's credibility is suspect on any MB, but even more so when they copy/paste something without a disclaimer that they took it from some other source. Even more so, when they have a holy-then-thou attitude.
And I doubt I scared him off. It just might be that he was running out of online material and needs a break to find some more stuff.
Seems you forgot to erase the [6] from your copy/paste. Heard of plagiarism? And you seemed to have gone out of your way to insulted everyone here.
Anyways, since supposedly you know more about trading than anyone here, why not comment on the rumored naked short selling that some blame for the decline in PPS?
You will have to highlight where it says that they are working with Vale on a Zambia style copper belt.
Only see this:
"This type of environment has the potential to produce low grade, large tonnage copper deposits similar to those of the Zambia copper belt."
And this only states "potential" and "similar" to Zambia copper belt.
Please provide a link that supports your original statement.
Thanks in advance.
Where is the link that states they are working on a Zambia style copper property???
I think everyone should know this "fact".
The FB page is basically a King's court and anyone that challenges the King gets jumped on...
Many got in here to early, myself included. And I have been here (too) a long time, so I would say agree that I am a speculative investor.
We have been waiting for news, any news for a while now, which has resulted in the wild west atmosphere. IMO, they are waiting on some funding and if they get it a lot of news will be coming regarding a summer field program. It is June already, so hopefully they can get their ducks in a row ASAP.
I have no problem with Ken and have never said anything against him. However, Ken cannot make minerals out of thin air. I am not suggesting that RR or HC are duds, but if the mineralization is not on any companies property it doesn't matter how much you like a person the PPS will suffer.
For a mineral exploration company with the summer field season already started... I think the lack of information is a little disturbing....
I can agree with that....
The unfortunate thing is that we are at this point due to the lack of information. It is the lack of information that give the naysayers ammunition.
So your suggesting that an option agreement with a major company such as Vale could be negated by NSS? Or maybe people did not like the agreement? Or maybe people were expected something else?
Two of the biggest trading days (by volume) followed this option PR and the pre-Xmas bomb.
Strange that the price has dropped since this agreement?? So using your argument, waiting after the option was signed was actually a good idea?
So why bring this up? Seems to paint a more negative picture...
I agree that Vale would not necessarily make any announcement, but you would think that KATX would rush to get the news out there. We can, of course, fall back on a NDA, but leaks on such work would be hard to keep secret. Again - we are back to the waiting game. I hope that Rick got some look ahead materials from Ken, because I would be a little annoyed if I went all that way to only get "I can't comment on that", etc, etc. And the forecast looks like rain for most of the next 5 days (which is no big surprise)....
Majors.... juniors... they all jump when things are hot. I have worked with the majors on grassroots projects that would never have gone ahead if prices were not high.
Sooooo if Vale is not jumping what does that tell you???
And Vale did jump in and work some of the area, they hit the first spot they thought was the best. So maybe the question you need to ask yourself is: are you questioning Vale's program?
You could not be more wrong. When prices are up, like they are now, exploration moves at warp speed. Juniors are falling all over themselves to get work done.
Now THAT sounds like a story! Have a safe trip across the pond!
Rick,
Make sure you get the meeting in before heading to George Street. And once on George Street you should get yourself "screeched in"! I know Trapper John's does it, but I am sure there are other places that can accommodate you.
The big thing to look at is the structural/lithlogical trend(s) in the area. If the trend(s) is SW-NE, then the new claims are within the possible same trend that host Creso's claims. Presently I have not looked at a map or any of Creso's work, so I cannot comment directly.
I would interpret from these posts that the financiers, after hole #1, were willing to pull the plug. Money talks, particularly in this business.
Since we have heard over and over again about Ken working this area, he would obviously not be so inclined to throw in the towel.
Oh and FYI - a professional geologist (PG) is only needed to sign off on the reports as long as they are recognized as a qualified person under NI 43-101. Don't need a PhD....
I think you are right... I believe Schwab does not permit trades of 1 mil or more. Or at least does not allow you to sell that large of a lot as I have never bought that much, but have tried to sell a million shares before and the trade was refused.
B402 - thanks for the PM. I would keep the first part of your message private and that is just for my personal reasons given my background (hope you understand).
The last part of your message concerning RR is something that could be shared as people would be interested in that insight.
In the end it is your call. Thanks for sharing.
The team as a whole is necessary. James' resume is posted in the stickies as an asset because of his experience. We don't know what is happening behind the scenes and hopefully they are functioning as a team.
Whether the new information we have received through this MB is real or not, I think it is safe to assume that these past few months have been trying times. If they can emerge with the funds to continue they will probably be stronger for it and be better prepared.