Golden Triangle Gold Camp
I've been collecting information for a while... and this weekend finally got around to starting the work to assemble what I hope will become something usable...
I'm still a long way from being "done" with the page... still just starting, and its far from complete... even in not yet listing all the "known" participants. And, much farther away still from able to use what's there (or what will be) to use it in ferreting out hidden gems, or in making reasonable judgments about the relative value of the "lesser known" potentials... among the junior explorers who are just starting to kick the rocks around...
The GTBC stocks had a big run back in 2007, and again in 2010... and, while they have trended higher again since 2015, a lot has changed in the last 15, 12, or 5 years ? Gold is now back to where it was at its prior highs in 2011... (with silver still at less than half of its 2011 highs ?) but, Seabridge, for example, bottomed at $5.00 in 2015... and today, still bumping along down below $20, again... in spite of now having proven over 38.8Moz of gold and 10.2Blb copper in reserves... in ONE of their projects ?
Last time gold was at $1800... SA traded for $40... when it had vastly less gold in hand at that time... and had a far more difficult path to developing it than they face today. Should gold still be priced where it was 12 years ago ?
Its not just them, of course. Miners in general have not been in favor in a long time... and gold miners in particular have been... purposefully abused...
Read the Resource World article linked in the intro post... note how SA addresses its potential given the market... and note how the article is purposeful in pointing out that its not just investors who are adrift now, but even the GTBC companies are sort of... clueless... about what's happening in their own region, now ?
The big story recently... came from SA's near neighbors at KSM... in the three party Treaty Creek JV... which surprised the market by putting out its initial resource estimate in March of 2021... since which the stocks are all LOWER... apparently because having proven up >24 million ounces of gold reduces their value ? To be clear... they're not done yet. That's an initial report, and exploration work continues... and they're still finding more ? But, the market cap of all three... including all their other projects... is $479 million... which works out to $17.76 per ounce of Treaty Creek gold found thus far ? That's insane, of course, but, its also not necessarily... unusual ?
Partner American describes it this way:
Treaty Creek JV Partnership
The Treaty Creek Project is a Joint Venture with Tudor Gold owning 3/5th and acting as operator. American Creek and Teuton Resources each have a 1/5th interest in the project creating a 3:1 ownership relationship between Tudor Gold and American Creek. American Creek and Teuton are both fully carried until such time as a Production Notice is issued, at which time they are required to contribute their respective 20% share of development costs. Until such time, Tudor is required to fund all exploration and development costs while both American Creek and Teuton have "free rides".
But, note... Tudor and Teuton today... with that gold now in hand, both trade around $1.60... while in December of 2018 Tudor traded under $0.15... and in February 2019 Teuton traded for a dime ?
They may be deeply undervalued still... right along with gold, and a lot of other gold miners... ?
But, the point is... there's still gold left to be found in the Golden Triangle. The Treaty Creek partners may not be the last to find themselves still deeply undervalued... at ten or fifteen times where they trade today ?
And, that's the challenge in the gold camps... is finding the finders... those few that will succeed... and make themselves worth more... in spite of what the markets are doing, otherwise, to make things of great value appear worth less than they are really worth...
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