Hard to believe that people would invest in a "mining" operation based on pictures with no explanation, nor any idea who took the picture, or what it really means. Those pictures of the rocks at the Keystone do look like pyrite, extremely common at many Arizona mining prospects.
The fact that Joel has not even made a pretense of showing any value in the rocks at the Keystone makes this one even more amateurish than normal.
Maybe Joel does not understand the way a scam is supposed to work. The scammer buys or leases a mining claim. The scammer then hires a willing, and not-so-ethical geologist to go out and find the best looking chunks of rock off the dumps or out of the vein, and send the samples out for assay. The assays come back with a few encouraging indications of gold (or copper, or rare earths, etc.), and the geologist then extrapolates the grade evenly over the entire 20 acre claim down to some highly imaginative depth (like 500 feet). Simple calculations will come back with an estimate of $billions for the in-ground mineral value. The multi-billion dollar estimate along with very minimal text and the lab sheets constitute his report.
Wasn't Joel paying attention in scammer school? There used to be a geologist in Prescott who would put together reports like that quite willingly. Unfortunately for him, he was busted by the Alabama securities fraud folks and he spent nearly a month in jail before pleading guilty and paying a fine. He also got busted by the AZBOTR recently. Too bad, he went to the dark side and finally paid the price.
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