From Microcaps Alert
4/22/98
The Latest-
The stock has been beat up the last couple days, 95% of this is the market makers short selling. I recently heard that the delay in the Bateman report was primarily because new samples were submitted to Le Doux and RDI Metallurgical. With the company on the Brink of closing the financing with the European Group, these games appears to be a last ditch effort by the shorts to scare people into selling to try to cover their positions.
I have seen excerpts from the memorandum on the financing. I thought I would share it with you, it is public information and outlines that 8 more holes have been drilled, this obviously has been the reason behind the delay with Bateman.
"Project Status
A series of 10 widely spaced reverse circulation's drill hole, each to a
depth of 200 feet, except for holes M-4 and M-8 that penetrated to depths of 40 feet and 400 feet(respectively), have been completed and sampled on 5 foot intervals. In total 410 drill hole cuttings and 250 surface samples have been analyzed. Check assays were undertaken at LeDoux &Company in New Jersey, and at RDI Metallurgical Services in Denver, Colorado.
The available assay data describes a mineralized zone exposed at the
surface some 6,500 feet by 2,000 feet in aerial extend, within which gold grades of surface samples average .15 ounces per ton (opt). The widely spaced drill holes averaged .14 opt gold over the total drilled footage The dimensions of the near surface gold mineralization indicates a geological resource containing atleast 150 million tons of mineralized rock."
Let's look at a couple of these statements they have filed- "410 drill hole cuttings and 250 surface samples"; ".14 opt gold over the total drilled footage.";"a geological resource containing 150 million tons of mineralized rock.".
Let's put this together what we know- conservative extraction cost
predicted at less than $175 per ounce. The extensive drilling program plans for atleast 250 more holes throughout the entire property, not just this small 6,500 by 2,000 foot area, but the hole schbang. If they've identified 150 million tons in the 6500 by 2000 imagine what could exist throughout the rest of the property.
A lot of this may sound like hype, but hell, I don't know how else to get
the point across to you people. It is a steal right here and anywhere below $5 for the present stage of this company. |
