Out of respect for Goldcorp as a value investment I think a few words on the subject at hand on stockpicking pickens now so slim. I listened to AGM LIVE .
goldcorp.com
BTW I am writing this as a forcast of a POSSIBLE DOUBLE( OK 10% a day is fime w all ) on G-t Tomorrow I feel yes, a zoom because of the professional way they presented the NR Target and 4 fold possible MINES in some years hense: Say just a POSSIBLE at 3 X the Deposit of gold ( high grade extension ) and not 20 cents a share earnings but 83-92( at POG $CN352) cents and the PE now is 20-35 range lately at that 20 cents with historical of 55 PE Ratio : G will fly this week. I suspect I might be a day late saying it but, if I am not right on target tomorrow I will be right some quater soon as it goes on a trip in 3 years to say $50-100CN.
They have enoght gold stashed away( they can only talk about Dec 31 and before I think is the RULE which by that time is 35,000 OUNCES OF VAULT GOLD not sold)( he had aan example he tried to by just some small quantity he thought on spot and delvery was said to be 2 weeks away with a 2 day closing rule on funds- it has not been that way before things are happenning IN POGville) in the last quarter of 2001 to be worth a EXTRA DIV of 9 cents a share along at $352 gold average px ( POG ) assumed this next year.
Last staement: " I thiunk there is another two mines to be found at Red Lake." Earlier he talked #s on 5 discinct areas of future study. The talk of new technologies also had words about MICROWAVE TECHNIQUES and transporting some ore to extract some 2,500 miles to Nevada in a various stage deal with a Barrich tech, milling formulae.
TWO rocks in 2 yrs were found aboute 700 ft apart that were 4-5000 ft down from surface that graded GET THIS OVER 7,000( 7 thousand OUNCE PER TON RATES if back calculated ) ie newest was 28 LB at 66 OUNCES OF GOLD! (= 7,400 OPT )( 2,000 pounds to the ton and 2,200 pounds to the tonne have no clue )WHICH so-- do the math.
Chucka
NR OUT that they talked about at The AGM:
Goldcorp Inc - News Release
Goldcorp releases the latest results from Red Lake
Goldcorp Inc G
Shares issued 181,669,548 May 29 2002 close $18.130
Wednesday May 29 2002 News Release
Mr. Chris Bradbrook reports
GOLDCORP INC. - IMPRESSIVE EXPLORATION RESULTS - MULTIPLE ZON ...
Goldcorp has released some very significant results for its first exploration update of 2002, which are highlighted below.
The first occurrence of multiple zones of high-grade mineralization beneath the current High Grade zone reserves encountered eight significant intersections within a 241-foot (74-metre) interval including 3.53 ounces of gold per ton (121.0 grams per tonne) over 58.0 feet (17.7 metres) below the limit of any previous exploration drilling.
The deepest intersection of the High Grade zone to date encountered 4.40 ounces per ton (150.9 gpt) over 4.4 feet (1.3 m) at a vertical depth of 6,850 feet (2,088 m).
Extremely encouraging intersections of sulphide mineralization were encountered 300 feet (91 m) below the current limits of reserves and resources, including 1.50 ounces per ton (51.4 gpt) over 13.0 feet (4.0 m).
Intersections of sulphide mineralization in the Far East zone were encountered 400 feet (121.9 m) further east than any previous results, with results of up to 1.12 ounces per ton (38.3 gpt) over 9.6 feet (2.9 m).
Infill drilling of the High Grade zone continued to confirm the richness of this ore body as it encountered 136 intercepts averaging 4.26 ounces per ton (146.1 gpt) over 5.6 feet (1.7 m). Individual results were as high as 19.04 ounces per ton (652.7 gpt) over 20.9 feet (6.37 metres).
Goldcorp is currently conducting a $12-million exploration program at its Red Lake mine, which is the largest ever undertaken there. Exploration is the research and development of the mining industry and is vital for ensuring the future growth of mining companies. For 2002 Goldcorp made the strategic decision to reduce the production rate by 5 per cent to accommodate the additional development work required to support this exploration effort. The goal of this work is to substantially expand reserves and resources to a level sufficient to increase the mine life and support an expansion of production. This exploration program is focused on four primary target areas, which are: 1) depth extensions of the High Grade zone (HGZ) from which all current production takes place; 2) depth extensions of the lower grade sulphide mineralization, which was the source of all mine production from 1948 to 1996; 3) a potential repeat sequence of Red Lake mine style mineralization to the east in the Far East zone; and 4) potential high-grade mineralization 2,500 feet (762 m) west of the HGZ in what is called the Western Complex area.
Depth extensions of High Grade zone
As a continuation of its exploration program of 2001, Goldcorp is exploring for depth extensions of the HGZ. To date this work has been focused on the Hanging Wall 5 (HW5) zone which is the highest grade zone and accounts for 25 per cent of the high-grade reserves. In 2002 the company's focus has been widened to determine the vertical continuity of the other zones which comprise the HGZ.
The most recent exploration results continue to confirm the continuity and high-grade nature of the HW5 zone. However, the results from one drill hole (37L032) are of particular significance for two reasons.
Firstly it encountered multiple (eight) zones of high-grade and other mineralization over a total interval of 241 feet (74 m). This is the first occurrence of multiple zones of high-grade mineralization beneath the current high-grade reserves and was encountered below any previous exploration drilling. The highest grade of these intersections was 3.53 ounces per ton (121.0 gpt) over 58.0 feet (17.7 m). The other intersections included 3.81 ounces per ton (130.5 gpt) over 8.0 feet (2.4 m), 0.68 ounce per ton (23.2 gpt) over 12.5 feet (3.81 m) and 0.31 ounce per ton (10.7 gpt) over 15.5 feet (4.72 m).
The second most significant factor of this drill hole, is that it obtained the deepest intersection to date of the HW5 zone with an average grade of 4.40 ounces per ton (150.9 gpt) over 4.40 feet (1.3 m) at a vertical depth of 6,850 feet (2,088 m). The previous deepest intersection was 6,763 feet (2,061 m).
These latest results are extremely encouraging as they indicate the potential to substantially increase high-grade reserves and resources, should these additional zones of mineralization prove to have more substantial vertical and lateral continuity.
Depth extensions of sulphide mineralization
Sulphide mineralization was the sole source of production at the Red Lake mine from 1948 to 1996 contributing 3.2 million ounces of gold to a vertical depth of 4,400 feet (1,341 m). This mineralization is typically lower grade, with the reserve grade of past production being 0.42 ounce per ton (14.4 gpt).
This mineralization has previously been encountered in isolated drill holes to a vertical depth of 7,200 feet (2,195 m). The primary goal of the current exploration program is to attempt to establish continuity of the sulphide mineralization beneath previously mined areas in order to identify sufficient reserves to contribute to expand production at the Red Lake mine.
The company has discovered that within the previously mined sulphide mineralization a number of zones of substantially higher grade existed. Extending this type of mineralization to depth therefore offers Goldcorp a number of exciting alternatives to increase production as it could be mined in bulk or more selectively, depending on its extent and the prevailing gold price.
Year 2002 exploration to date has intersected this mineralization over a vertical extent of 800 feet (244 m) and a lateral distance of 500 feet (152 m). The results of this work have been very encouraging, with a number of potentially economic intersections being obtained. The most significant of these were 1.50 ounces per ton (51.4 gpt) over 13.0 feet (4.0 m) and 0.44 ounce per ton (15.0 gpt) over 10.3 feet (3.1 m). The mineralization was encountered 300 feet (91.4 m) below the current sulphide resources and therefore suggests improved continuity of this mineralization. The company continues to be excited over the long-term potential of the sulphide mineralization.
Far East zone
The Far East zone is believed to have the potential to host a repeat sequence of the mineralization contained in the Red Lake mine, including both high-grade and lower grade sulphide types. In 2002 it is being explored from surface and from underground, from the 16 level (2,400 feet or 732 m below surface), the 26 level (3,900 feet or 1,189 m below surface), and the 34 level (5,100 feet or 1,555 m below surface).
Initial results for 2002 from the 16 level are very encouraging. This work was able to test the Far East zone over a vertical extent of 1,000 feet (305 m) and a lateral distance of 700 feet (213 m). These results include a number of highly anomalous intersections and the most easterly intersection of gold mineralization to date in the Far East zone, 400 feet (122 m) to the east of the previous most easterly intersection. Among the more significant intersections were 1.12 ounces per ton (38.3 gpt) over 9.6 feet (2.93 m) and 0.65 ounce per ton (22.3 gpt) over 19.7 feet (6.0 m). Mineralization in the Far East zone has now been encountered over a vertical extent of 5,400 feet (1,646 m) and a lateral distance of 1,900 feet (579 m).
High Grade zone infill drilling
Year-to-date 2002 drilling has continued to confirm the continuity and distribution of the high-grade reserves and resources. This work encountered 136 intersections which averaged 4.26 ounces per ton (146.1 gpt) across 5.6 feet (1.7 m) and continued to highlight the tremendous value of the Red Lake mine and the extremely high-grade nature (richness) of this gold mineralization. Among the most impressive results were intersections of 19.04 ounces per ton (652.7 gpt) over 20.9 feet (6.4 m) and 17.21 ounces per ton (590.1 gpt) over 13.6 feet (4.2 m).
Support for research and development being rewarded
As previously stated, Goldcorp views exploration as the research and development of the mining industry. The decision to reduce production at the Red Lake mine to support the current increased exploration program has been rewarded with these initial extremely encouraging results. With much of the necessary development work having been completed, Goldcorp anticipates being able to provide exploration updates for the remainder of the year more frequently.
Qualified person
These results have been prepared under the guidance of Gilles Filion, professional engineer (OIQ), vice-president of exploration, who is designated as a qualified person with the ability and authority to verify the authenticity and validity of these data. All samples were analyzed by either Chemex Laboratories Ltd. of Mississauga, Ont., or SGS XRAL Laboratories of Red Lake, Ont.
(c) Copyright 2002 Canjex Publishing Ltd. canada-stockwatch.com
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