You always want a bargoon. RIC. Lowering costs at Beaufor. New resource due at Beaufor. Costs to come down at Island Gold by year end.
RIC is drilling the golden wonder:
<The Golden Wonder Mine is a high-grade, epithermal deposit, with veins averaging two to three feet in width, located in the historically precious metal rich Colorado Mineral Belt. Previously in commercial production from 1998 through June 2006, the mine produced approximately 8,400 tons of ore with an average grade of 16 ounces/ton (oz/t) and yielded 133,701 ounces of gold. Mining operations were conducted between the third and sixth levels from two horizontal access drifts along the Gold Hill in the San Juan mountains. The ore trends generally in a north-east direction with a north dipping of 75 to 80 degrees and the mineralization is embedded in an altered felsic volcanic rock package. The main lower access is located on the sixth level and consists of a nine-by-nine foot trackless haulage crosscut over 1000 feet in length.>
They got some high grade chip samples. I like that 70 ounces per ton #:
During Richmont’s initial evaluation samples were taken of the Golden Wonder vein system below the mine’s 6th Level. Assays from these samples, taken at four-foot intervals over a thirty-two foot vertical section, yielded the following results:
Gold
Silver
ozs. / grams (per ton) ozs. / grams (per ton)
K416-1 2 .82 / 79.94 13 .9 / 394.06
K416-2 0 .328 / 9.30 1 .11 / 31.47
K416-3 70 .30 / 1,992.97 29 .80 / 844.81
K416-4 0 .636 / 18.03 0
.70 / 19.84
K416-5 9 .27 / 262.80 1 .70 / 48.19
K416-6 29 .0 / 822.14 6 .46 / 183.14
K416-7 0 .360 / 10.20 0 .46 / 13.04
K416-8 21 .9 / 620.85 22 .5 / 637.86
Average 16 .82 / 476.84 9 .57 / 271.30
The average assays from this area are remarkably consistent (although possibly coincidental) with the average of 48 assays/samples (15.208 ozs. / 431.14 grams gold per ton) taken from the Golden Wonder by Pincock Allen & Holt for Barrick last summer.
Another plus only about 24 million shares out.
Barrick took some higher tonnage ore samples and they ran 16 ounces to the ton:
Earlier this week LKA received assay results from a detailed sampling program initiated by Barrick and conducted by Pincock, Allen & Holt. The object of the sampling program was Golden Wonder ore both within the mine as well as ore stored at offsite locations by LKA’s former operator, Au Mining.
The assays, conducted by Hazen Research, Inc., involved fifty-four samples and were broken into four categories representing Golden Wonder ore stored in four different locations. Of these, LKA considers only forty-eight samples/assays and three categories (locations) to be relevant. Samples and assays from the remaining category were obtained from a small amount of known, uneconomic material which was previously discarded by LKA’s operator.
Results of the assays (gold only) are as follows:
First Category– 24 samples/assays taken from approximately 20 tons of ore stored in offsite location #1. This ore was produced during the 2nd Quarter of 2006 and was considered to be of lower grade. It was specifically excluded from the final shipment to Barrick GoldStrike.
High = 13.3 ozs. (377.05 grams) per ton.
Low = .082 ozs. (2.32 grams) per ton.
Avg. = 1.679 ozs. (47.59 grams) per ton.
Second Category– 16 samples/assays taken from approximately 16 tons of ore stored in offsite location #2. This ore is known to be of exceptionally high grade.
High = 106 ozs. (3,005 grams) per ton.
Low = 6.05 ozs. (171.51 grams) per ton.
Avg. = 40.96 ozs. (1,161.2 grams) per ton.
Third Category – 8 samples/assays taken within the Golden Wonder mine at locations presently unknown to LKA.
High = 20.2 ozs. (572.66 grams) per ton.
Low = .038 ozs. (1.07 grams) per ton.
Avg. = 2.98 ozs. (84.48 grams) per ton.
The average of the above 48 assays derived from Barrick’s sampling program is 15.208 ozs. (431.14 grams) per ton. LKA considers this to be remarkably consistent (although possibly coincidental) with ore grades produced from the Golden Wonder over the past seven years of commercial production.
A good spec in the case of RIC I am thinking the lower costs and new resource at Beaufor may help support the price so if they miss at Golden Wonder maybe not as much down side. |
