As an FYI, according to comments by JJ and the BOD at the February 2012 AGM, the Jota property has over 100 drill holes over 20Km with 100 meter step outs. Based on $1,600 per ounce of gold and JJ's estimate of $6 billion worth of gold, this would represent a rough estimate of about 3.75 million ounces. The preliminary work was performed 15 years ago by "the State" (Codelco), the Germans and the Japanese and the average grades were 0.45 grams of gold per tonne. Considering that gold was only $280 per ounce at the time, the Jota deposit would have been marginally economic. Obviously with gold at $1600 per ounce, the economic value of Jota is more compelling which is why JJ subsequently bought the property.
I personally take the $6 billion figure with a grain of salt as I believe should others, but that is his back of the matchbook estimate presumably based on whatever historical data and reports were made available from Codelco, the Germans and the Japanese. As of the 12/14/2012, he (and the other property owners) are looking to joint venture the property to "several interested parties". Given the instability of the current price of gold, the infrastructure challenges in the Atacama desert and the current risk appetite of mining companies, I'm not counting on a joint venture for the Jota properties at any time in the near future; however, the Jota claims are not a company maker and are merely a side project to Medinah's flagship properties Alto de Lipangue and Las Dos Marias.
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