Interesting analysis. I hope the SEC and Canadian regulators really start nailing those companies that claim they will be NI 43-101 compliant. MDMN issued this gem a few months ago wherein they claim the exploration work will provide a report compliant with "43-101 international standard".
These penny stock mining companies really need to be reigned in. They not only sucker in the uninformed mineral/metals investor but really capitalize on greed by claiming "billions" in gold or some other nonsense. It's a scam twofer.
United Resource Holding Group URHG now has the old Noble "mineral processing" plant east of Reno. They are also promoting a new placer operation in western Nevada. I stopped by the building several years ago. It is in an industrial park and appeared to have been originally set up to manufacture some kind of sheet metal parts. It has no room for any kind of stockpiled material for processing. It reminds me of Russel Twifords lab near Phoenix where he was going to extract gold and platinum from well water.