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?
