Hi tom..... I am sure someone can answer you question.....but rather than focus on the day to day.....It's raining and I thought I would reply in a broader way.
If you want to go back and read about the hole that caught Dennis' attention, in the update by Agora in the excerpts regarding a U.S. newsletter writer, he has tried to inform his readers.
Now if you want to read the last portion of some very good DD, posted earlier (and below) by a friend to us all, you may see why I believe that MIQ has a long way to go AND will be worth the wait..... (Just like ABX at about the same stage as MIQ/Kinross is now) and that a little patience may be required.
If you have neither the time nor the patience..... such as short term trading etc then feel free to "click" to something higher on your priority list.
BTW: I also sent below to Dennis Wheeler:
>Did a little digging on the weekend, remember this quote from the
>internet interview with MIQ,
>>This is due to location of the property in the Carlin and the location of a Carlin gold >>window on the property. Remember this situation is identical to the one that led to >>the birth of American Barrick in 1983 in the Carlin when the stock was trading at .45 and upon release of one drill hole, the stock reopened the next day at $45. Though we are in no way indicating this is probable or possible event for our shareholders.
I haven't a clue where they got this information from. First off if they
are referring to drilling the Carlin Trend Goldstrike Mine in 1983.
Barrick didn't even own the property in1983, they were still looking for
oil under the name of Barrick Explorations. In fact, it wasn't until
1986 that Barrick got involved in negotiating for the rights to the 6900
acres of Goldstrike. At the time Newmont was sitting on 250,000 acres
in eastern Nevada, much of it with promising gold deposits. It had
enough to keep it busy for many years to come, so going after Goldstrike
wouldn't make much of a difference, so they thought at the time. They
felt that the geophysical makeup wouldn't allow for an economic find and
at the time they knew the area better than anyone else. At the time of
negotiations, Barrick, or rather Munk did not want part ownership of
Goldstrike. The two owners were Western States and Pan Cana and he got
both of them to sell their shares to him. The deal actually closed on
December 31, 1986. It was considered a small gold mine at the time and
difficult to unload overall. While in the hands of it's pre-Barrick
owners they did drill one hole down to 391 feet and found high-grade
ore, indicating significant reserves. However, the reserves were all
refractory ore, which was at the time extremely difficult to extract. In
fact the funny part is one of the owner's of Goldstrike, had to make a
choice to either sell a horse farm in southern Kentucky or the
Goldstrike mine (can you say ooops).
When Barrick initially started looking at the property a guy by the name
of Smith, who was with Barrick, went down to Elko, Nevada, to take a
look at the property. They found that the operators were not exploiting
the orebody to maximum advantage. Smith and his team were confident
that by spending a little money and using a variety of recover methods,
they could increase the recoverable reserves to 1.2 million ounces.
This is when they decided to buy it.
This is where it gets interesting, while they were checking the property
after the December 31, 1986 purchase of Goldstrike, when Smith and the
crew were up there, Brian Meikle had stood at the lip of the open pit
one day and said to his colleagues, "You know, we've got Genesis a few
miles to the south (3 million to 4 million ounces of reserves owned by
Newmont), we've got Bootstrap and Dee a few more miles to the
north-west, that's another 2 million ounces, and there's all these
little small pits, scattered all over the place. I wonder if all these
pits represent a leakage from something major, at depth." No one took
it any further, but they all knew it was a possibility.
The reason I say this is interesting is that if you recall I asked
the Guru what would be the theory of drilling all over the Railroad
Project, LT/Darkstar/DikeSwarm/POD/etc. It appears that MIQ is doing the
same thing. They are putting together a leakage which could be something
major???? Just speculation on my part, but I have inquired with my
geologist contacts and there is nothing else that would make sense
otherwise.
Anyway back to the story, a couple of months into 1987 and Brian Meikle
called Smith telling him the core from their first exploratory drill
hole was showing 0.36 ounces per ton for a depth of 330 feet. At first
they actually thought someone had salted the core, that it was too good
to be true. They immediately drilled a hole 10 feet away. They didn't
even tell Munk. Meikle did the drilling and got even better results.
Other holes were ordered drilled further and further away and gradually
it dawned on them that the orebody was just what Meikle had speculated
it might be...a massive gold-bearing deposit deep underground that
spread its tentacles all around the area. Jackpot!
Basically, that's the story of Barrick's find in the Carlin Trend. Note
that this occurred in 1986, actually 1987 was the infamous drill hole
that I assume they alluded to. However, the 40c to $45 issue., appears
to be a "salted" story, I can't figure it out otherwise and as you can
see I've done some DD. After adjusting for stock splits, Barrick's
shares rose from $1.90 at the end of 1986 to $5.20 a year later, then
$10.87 three years later, and $15.50 two years after that, in December
1992. Then in 1993, it almost doubled to $28.50 (note: Barrick split 2
for 1 three times in 1987, 1989 and1992).
Anyway thought you might like to here some facts of Barrick's find,
since it has been mentioned with RELATION TO MIQ. Note the first drill
hole, .36 opt at 330 feet., we'll see what LT brings, but also note that
Dike Swarm is already at .20 opt at 15 ft. Also, the POD had a high of
.70
(approx) at 300 ft., looks like tentacles all over the place. If you
get a
chance check with Speros to see if this is their game plan.<<<
>OK Dennis..... I have taken enough of your time so I will leave you with
a curiosity..... If you talk to MD or any of the geologists.....Ask them
what they think of the Pinion~Anticline intersection with the Carlin
Trend faultline.... MIQ also has the second largest Carlin Trend Gold
Window, ABX has the largest and NEM has the smallest of the three known
windows.
Best regards
One last comment: Bear in mind this DD was done BEFORE the MIQ/Kinross deal was announced.....and BEFORE all of last years drill results (for Railroad) were announced.
Also :-) HAVE A GREAT DAY !!!!! |
