Darlene,
The Super Bowl is due to start in a few minutes, so I will have to make this somewhat short. (g)
I do enjoy reading your posts, and this one is no exception. It appears to be well thought out and coherent.
Since my last post to you I have been doing some background reading of the BCMD SEC forms, especially the last two 10KSB's. It would appear that, since 1990, BCMD has had a pretty dismal record of finding gold, first at the Carson mine, then the Ruby.
It does seem that the Brush Creek mine is a bright spot. I truly hope that the estimates all "pan" out.
On your last points :
1. I agree with you that, assuming the JV did their own DD, and did not rely on any previous reports, that this is a positive sign. The added cash is desperately needed by BCMD.
2. If you are identifying the Strandberg report as one of the two reports, then I must defer to the use of the term "inferred". I have not seen any of the other report - Keewatin / Nealon?
3. Yes, but the quantities are not defined. They found visible gold before in the Ruby mine and probably the Carson. A portion of the text from the 1996 10KSB follows :
"The Wolf and Irene veins in the Ruby Mine were also explored. Due to
the presence of visible gold, the Company began sinking on the Irene vein from the two-hundred foot level. After sinking approximately 15 feet,significant visible gold was encountered on the left-hand rib of the vein.However, 40 feet down, the vein split into several separate smaller veins. The decision was made to focus hard-rock mining on the Wolf vein which appears to be the main structure in the area.
The Wolf vein was mined from track level to a depth of first, 65
feet, and then 200 feet in the late 1930's. The published grade of the ore was approximately .37 ounces of gold per ton of ore. The advent of World War II, and U.S. Government limiting orders, ultimately caused mining in the vein to stop."
Please note that they first found visible gold, then switched to a completely different vein and then stopped. At the end of all this, the grade of the ore was just .37 ounces of gold per ton.
I am not trying to throw cold water on this company or this stock. I am just trying to keep a balanced view.
I hope we all get rich.
Regards,
Dr. Bob |
