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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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From: ogi	1/11/2006 9:45:24 AM
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Tom, Jennifer et al.: Spoke with John Carden at length. IR had given him a wrong number for me, this time he called within 1/2 hour. Really not a lot to tell here other than the vagaries of exploration. Let me see if I can shed any light here. First off the water holes. They were drilled by a guy looking for gold, using water well equipment. We all talked about the possible inaccuracy there and that appears to be what happened. The rig used is prone to contamination of the process because the samples come back up the hole without being separated from the surrounding rock. The other possibility is that the lab may have allowed cross contamination within their facility. Either way we pinned some of our hopes to those circumspect results even though he gave us the necessary disclaimers regarding their existence. The underground sampling was from a breccia not a manto as I may have thought. He said he sampled it extensively and it was pervasively mineralized. When drilling he tried to angle several holes underneath it to see if he could find the source but simply did not find it. The rest of the story is that there is and was gold there and they have identified in the drilling that there has been tremendous hydrothermal activity that has altered the rock. Something did happen there and did deposit gold there. It will take more drilling to explore what they have seen from the first round. The target model is a low sulphidation epithermal system. John is going to be concentrating on another company in the near future, so he won't be conducting the next drill program. Meanwhile, he is taking another geologist down to El Trebol to review everything. I believe he said that would be Margaret Venable ( phd geol)who has been working with PTQ. They will have to do some geophysics and try and identify the structures underneath. Then drill again. He feels this is a normal set back in the difficult world of exploration and IMO he is right. Bummer though. He is a former exploration manager for Echo Bay Mines and I found out he worked extensively with David Shaddrick in his early days on Nevada exploration. He has found mines and Shaddrick is well known and well regarded as one of the best mine finders to ever work in Nevada. John Carden certainly said he gained much for his time with Shaddrick. I doubt any other geologist would have had any different results from El Trebol. It could be that the "water holes" should never have been mentioned in the report, disclaimer or no but that could be hindsight talking. All that said he does not feel the share price will be down forever. They still have a million in the bank will drill again and are working toward other projects as well. If we look at Nw 's recent performance it demonstrates there is little sense in selling at the bottom. I did not ask if there were leaks. Sorry. Cheers, Ogi

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