Rocket Red,
So, you recommend that Core Gold shut down their open pit mining operations from 5 current pits at the Cerro Verde area of Dynasty Goldfields that started earlier this year and only began to ramp up in Q3 ? An operation that had an operational loss of only $103,000 with the company's share of 4233 ounces produced and have already reported 2215 ounces produced in October ?
And drill what other property ... the Linderos Project or Copper Duke Project ?
How about both ....
Linderos information has been previously posted.
Here's the past history of the Copper Duke Project. Copper Duke attracted the attention of Ian Telfer, who was willing to commit $30 million to get involved with Copper Duke in 2007 prior to the Gov't of Ecuador slapping the Mining Moratorium on foreign companies which caused the deal to fall through.
Current market cap of Core Gold is approximately $30 million ..... seems to me that this company is severely undervalued.
Source: Q1 2007 MD&A for Dynasty Metals and Mining, Core Gold's predecessor, that can be read on SEDAR, or linked to here :
equitystory.com
Copper Duke
On May 22, 2007 the Company announced that it reached an agreement, subject to regulatory approval, to transfer the Copper Duke concessions to SBI Skin Biology Incorporated (“SBI”), a publicly-traded company listed on the Exchange, in exchange for 51 million shares of SBI, and a 2% NSR Royalty on all minerals extracted from Copper Duke. SBI is required to raise $6 million at not less than $0.60 per share.
Upon completion, the Company will own approximately 60% of the issued shares of SBI and will have a pre-emptive right to participate in any future financings to maintain its share ownership percentage. The Company will also have the right to process all minerals extracted from Copper Duke and to nominate amajority of SBI’s directors.
The Copper Duke project area originally comprised 25 mineral concessions covering an area of approximately 200 sq. km.
The Company recently redefined the project to include 11 core concessions covering approximately 100 sq. km. These core concessions cover a number of gold and porphyry occurrences and are located in Catacocha (Paltas) county, Province of Loja, approximately 60 km southwest of the nearest commercial airport.
To date, a major copper-gold porphyry complex, El Huato, and an additional four porphyry copper systems and two gold targets have been identified. Of the porphyry copper systems, Loma Redonda is currently being explored, while three others, Rio Catamayo, Landaluma and Barbasco are at the prospecting stage. Both of the gold targets, Ningomine and El Palton, are being actively explored.
The El Huato copper-gold porphyry complex was discovered by a United Nations survey in 1968. It comprises volcanosedimentary rocks overlying other intrusives. Sub-vertical to sub-horizontal veining and stockworks follow the stratification of these sediments striking southwest and southeast for a known length of 3.5 km.
The complex comprises a central high-grade gold porphyry and a southern high-grade copper-gold porphyry. There are also indications of high-grade copper and gold to the north of the area. In 1978, Adaro, a Spanish government company, drilled two holes into the central gold porphyry that returned, respectively, 62.75 m grading 1.73 g/t gold and 44.7 m of 2.23 g/t gold.
In its October 6, 2006 news release, the Company reported significant assays from 481 rock chip channel samples taken from epithermal vein swarms and stockworks located in an 8.5 sq. km. area in the central sector of the Huato area. Results indicated the presence of widespread high-grade gold mineralization, ranging from 174 g/t gold to 0.1 g/t gold and from 249 g/t silver to 0.1 g/t silver.
The sampled structure subsequently has been confirmed by a geophysical survey and results from 220 rock chip channel samples taken in the area since January of this year have been consistent with those previously reported. 73 of the new samples returned assay values in excess of 1 g/t gold with 36 samples returning values in excess of 3 g/t gold, over widths varying from 4 m to 0.1 metre, to a maximum of 61.5 g/t gold over 3.9 m. The structure is considered to be a prime drill target for a large-scale gold stockwork.
Sampling this year has also focused on the southern portion of the Huato complex - most notably on an area where a copperrich porphyry, cut by breccia dykes, has been discovered.
Mineralization in this porphyry is disseminated in the sub-volcanic host rock. Channel sampling has been conducted in trenches, along outcropping veins, and across other outcropping mineralization. Trench sampling has returned values of up to 2.9% copper over 15 m.
The Ningomine and Loma Redonda areas, situated north and southwest of El Huato, respectively, were discovered by Dynasty geologists prospecting. They contain quartz veins associated with granodioritic dykes with moderate silicification and serecitization. Malachite is found disseminated in granodioritic rocks.
On February 8, 2007, the Company reported assays results from 113 samples, taken predominantly from a 1.5 sq. km. area in Ningomine, three km to the north of El Huato, and from a 2.5 sq. km. area in Loma Redonda, four km to the southwest of El Huato. Significant results ranged from 17 g/t gold to 0.1 g/t gold and from 727 g/t silver to 0.1 g/t silver, over widths of 2.0 m to 0.2 m.
Since January 2007, a total of 20 additional channel samples have been taken from Loma Redonda, of which half returned assay values in excess of 1% copper, to a maximum of 15% copper. Rio Catamayo lies south of El Huato along the same mineralized trend and was discovered by Dynasty geologists doing geological traverses through the area. Small porphyritic dykes outcrop along the river Catamayo. These dykes commonly contain stockworks of quartz veins and hydrothermal brecciation with argilic alteration and local silica with copper carbonate, pyrite, chalcopyrite and iron and copper oxides. Geochemical sampling produced values of up to 2.15 g/t gold and 1.33% copper over 18 m of continuous sampling.
El Palton was discovered in February of this year by Dynasty geologists working to the west of El Huato. This gold target contains highly oxidized and leached quartz-magnetite veins with wide zones of argilic alteration with brecciated texture.
The veins and veinlets are found in porphyry dykes with quartz lenses up to 8 m wide, in a parallel formation with local stockworks of very fine veins and massive stibnite. The wall rock is predominantly propilitized granite. Geochemical sampling of the area produced values of 10.13 g/t gold over 0.5 m and 19.07 g/t gold over 0.3 m.
The deal was subsequently revised before the Gov't of Ecuador's Mining Moratorium scuttled the deal ....
marketwired.com
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There were also two historical drill holes that DMM found in the Gov't of Ecuador archives that were drilled by "Adaro" in 1978. Mineralization started at surface in hole 2 and only 9 meters from surface in hole 1.
marketwired.com
Dynasty Commences 2006 Exploration at Copper Duke Porphyry
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 23, 2006) - Dynasty Metals & Mining Inc. (TSX VENTURE:DMM) (the "Company") has resumed exploration on its 100% owned Copper Duke porphyry project.
Copper Duke is located within the 90 km by 20 km Dynasty Copper-Gold Belt, approximately 18 km east of the Company's Dynasty Goldfield and 40 km south from Dynasty's Zaruma Gold Project. The porphyry-style system covers 10 km x 5 km and was acquired in early 2005 (see news release dated January 24, 2005).
Previous Exploration
A recent search of the Ecuadorian government's archives has uncovered an extensive report on exploration conducted in 1978 in the Copper Duke project area by Adaro, a Spanish government company. The report, under seal of the Ecuadorian Ministry of Energy and Mines, contains the results of a geophysical survey that outlined an anomaly coincident with positive results obtained by the United Nations in a 1968 sampling program.
Adaro subsequently drilled two closely-spaced holes, each 220 metres deep, into porphyry on this anomaly. Significant assay results from this drilling, taken from the Adaro report, are shown in the table below. Dynasty has now confirmed the drill platforms for both of these holes in the field:
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GOLD SILVER COPPER LENGTH(ii) FROM TO
Hole # (g/t) (g/t) (ppm) (metres) (metres) (metres)
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1 ...... 2.5 ... 5.6 ... 349 ... 33.1 ... 9.0 ... 42.1
incl .. 4.0 ... 6.0 ... 180 .... 1.4 ... 33.1 ..34.5
......... 2.5 ...1.0 .....320 ... 2.5 ....45.3 ..47.8
......... 2.3 ... 2.0 .... 252 ....4.5 ....49.2 ...53.7
2 ...... 2.1 ...7.0 ....151 .... 39.6 ..... 0.0 ... 39.6
incl ...4.0 ...10.0 ...180 .....4.7 .....26.7 ...31.4
..........2.0....8.0 .....335 ....2.2 ......43.2 .. 45.4
..........2.0 ...8.7 .....667 ...10.9 .....51.9....62.8
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(ii) Core length
Dynasty Exploration in 2005
The Company conducted initial, regional exploration at Copper Duke in 2005. In areas surrounding the Adaro drilling, assay results from 110 surface rock channel samples ranged from 0.1 g/t to 12.1 g/t gold ("Au"), 1 g/t to 251 g/t silver ("Ag"), 0.03% to 1.4% Cu and 1 ppm to 61 ppm Mo. A new anomaly, discovered 800 m east of the original Adaro anomaly, features strong argillic alteration with quartz stockworks in oxidized quartz porphyry. Taken together, this area is referred to as the "Huato" anomaly.
New Exploration
The Company believes that the Huato and Blanquillo anomalies at Copper Duke are significant disseminated gold and copper targets. They are approximately six km apart. The Blanquillo anomaly, first identified by the Company in 2004, is 0.8 km by 0.8 km. The Huato anomaly is 1.0 km by 1.5 km. Both targets have porphyry with associated high-grade epithermal gold and silver veins and stockworks.
The current program of follow-up field work and previous drill results will include additional mapping, soil sampling and rock chip sampling.
Quality Control and Assurance
Exploration of the Company's properties is under the supervision, of Greg Whitfield, the Company's Exploration Manager and a "qualified person", as defined by National Instrument 43-101. Mr. Whitfield is responsible for the preparation of technical information in this News Release. Samples are sealed on the property and shipped to the BSI Inspectorate laboratory in Lima, Peru for preparation and gold fire assay. Sample pulps are shipped by BSI Inspectorate to its laboratory in Reno, Nevada for silver and multi-element ICP analysis.
Readers are cautioned that, while the Company has no reason to doubt the accuracy of the historical results reported in this news release, it can provide no assurance as to the accuracy of any such results that are not expressly stated to have been confirmed by its own exploration.
About Dynasty
Dynasty Metals & Mining Inc. is a Canadian mining company focused on the exploration and development of mineral properties in Ecuador.
Dynasty Metals & Mining Inc.
Robert Washer, President and CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release
Best of Luck ! |
