Thanks, Martin. Fact is, the gold and silver content of that 30,000 tons is better characterized and more accurately known than any 43-101 estimate of reserves in the ground. And don't forget- that's only 30,000 tons of an estimated 800,000 tons of ore on the mountain already mined and just waiting to be hauled to the mill. While the gold and silver content of the rest of that ore is not exactly known yet (or at least hasn't been announced), it most certainly also contains economical grades of gold. Certainly enough to keep the mill busy until they start processing new higher grade ore from the Sinker and elsewhere- ore for which SFMI "believes that the earlier geological assessment of 3.75 oz/ton to more than 325 oz/ton (rare "Hot Zones" along the vein), are correct" based on new in house assays.
Let's look at some facts that are often denied or falsely contradicted:
1. SFMI has generated revenue. Not as much as we would have liked due to the inefficiency of the original mill setup, but the addition of the new flotation circuit has brought the recovery up to over 90%- enough to make the mill profitable enough at the 4-5 g/t of the 30,000 tons that it can help support their other endeavors. Revenue will continue to be generated, and in increasing amounts.
2. SFMI has bought back shares. Check the filings- when revenue is reported, shares are bought back. Even when acknowledged, this has been characterized as useless since dilution is still occurring, but remember that the buyback takes unrestricted shares out of the market which are then replaced with restricted shares. And once overall profitability occurs and any dilution ends (sooner than many think) the buyback will be in full swing and very effective.
3. SFMI has plenty of gold and silver. Not just gold and silver in the the extremely well characterized 30,000 tons of processed ore at the mill, but also in the rest of the 800,000 tons of ore piles on the mountain, in the old mine shafts that averaged over 2.5 oz/t and that were closed in the 1800s due to a financial crisis while they were still "in good ore", and in the many unexploited areas of the veins on top of the mountain that can be traced on the surface for miles and that extend down to Sinker level 2000 feet below. Speaking of the Sinker, I can't wait to see the grades of what they pull out of there, if just looking at the surface you can pick out samples that corroborate the previous assessments of "3.75 oz/ton to more than 325 oz/ton". Every single historical reference shows that huge amounts of gold and silver were extracted from War Eagle Mountain and that large amounts were still being taken out when the mines were closed due to external reasons, not because the mines ran dry. All of the geological assessments since then, including official reports from the Idaho Geological Survey, estimate that there are still large amounts of gold and silver remaining in WEM. There is no evidence that contradicts these facts, and absolutely no excuse for stating that SFMI has no gold. Estimates I have seen range from 3 million ounces of gold on up to over 10 million.
Lots more misleading and false information has been posted, but these are the facts most often "overlooked".
AI
