<<<..the ttl amt of 43-101 silver at Sierra Mojada came in at 151,588,000 ounces.
TABLE 1-1
Metalline Mining Company
Technical Report, Sierra Mojada Project
Inferred Resource Estimate for the Sierra Mojada Deposit
Silver Ounces
North---- 136,346,000
Red Zinc-- 15,242,000
See top of page 1.7:
metalin.com >>>
Nice find, pogbull....
Additionally:
From the MMG board here at SI (dated 9/7/09):
"On May 14th 2009 MMG announced block model results. Combined with previously released results, the indication was that there is over 8 billion lbs of Zinc, and over 125 million ounces of Silver in the ground. There is probably much more. Not even counting lead and copper, the block results indicate that there is close to 9 billion dollars of metal in the ground. The current market cap of MMG, depending on how you account for the warrants is between 20 - 30 million dollars. How is this possible ? (my bolding for emphasis)
If these projections were not based on results from extensive drilling ( over 108,000 samples as of May 2009 ) I might understand it.
If we owned shares in a mine where the metal would be difficult to get because the ground was frozen for a good part of the year I'd understand.
Maybe if Metalline were in a country where there was even the remotest possibility of a mine being nationalized this would make sense to me.
If we were heading towards a major deflationary environment I could see it. But the opposite is true. Inflation creation for the purpose of short term survival is shamelessly happening before our eyes. These people will do anything to get out of Dodge. Cash for clunkers,$8000 for first time homeowners, negative real interest rates, and stimulus packages galore. Who knows whats next. One things for sure. Anything commodity related will win.
At this stage of a junior miners life, a company that has done as much work as MMG should trade at a minimum 1-2% of the metal that is in the ground. This translates into a market cap of 90 - 180 million dollars or so. We are nowhere near that. Gaps like this in a free market are unsustainable for very long."
Message 25922902
Fwiw, and as an informal update, I remember Merlin telling me that he felt there was "well over 10 billion lbs of Zn when the more recent drilling @ Sierra Mojada was taken into consideration." |
