Hi Goldy,
So you have lived in the NWT for 23 years and have a number of geologist friends (reliable ones, I suppose) who tell you that GMD, HAW and LMX are 'speculative' stocks, at best! By the way, what about Fortune Minerals (Symbol FT) that trades on the TSE? The Fortune Minerals' property is located in the NWT and it abuts the properties of Hawkeye and GMD and Avalon Ventures. Please tell me what your geologist friends think about FT. I am very eager to know as I have a significant position in FT.
I, too, have lived in the NWT for about a quarter of a century! And, to the best of my knowledge, GMD's properties (the old Discovery Mine which reportedly produced 1 million oz. gold from 1 million tons of ore before it burned down in the sixties and the Ormsby Zone) lie in the gold-bearing Greenstone Belt where a number of gold mines (e.g., Royal Oak, Con Mine (Cominco), Colomac Mine and Nicholas Lake Mine? are located. For more info on GMD's properties, visit GMD's website at
gmd-res.com, and you will get the full details. BTW, archived data (in Ottawa) show the gold grades of the old Discovery Mine (that portion not mined) to be relatively rich.
I do appreciate your opinions even though they had been rather negative. Indeed, 'tis sometimes better to err on the side of caution. However, it cannot be gainsaid that "no venture, no gain" and "no guts, no glory" are also truisms. It is also true that a lot of people will not begin to learn from their investment mistakes until they get 'burned' or experienced one helluva' jolt!!! BTW, were you ever 'burned' before? I was 'burned' a few times! Maybe I am one heck of a masochist!
If I am not mistaken, Dave Webb graduated as a geologist from Queens and from Western (both in Ontario) and he has a MSc. and a PhD. Almost everyone addresses him as "Dr. Webb." (To his Mom, he is simply "Dave".) He is the President of Mongolia Gold and is currently assuming GMD responsibilities on an interim basis.
Regards,
Richnorth
P.S. Fortune Minerals released their drill data last week. If you are interested in what stuff they have found to date, read on:-
Canada NewsWire
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Attention Business Editors:
FORTUNE MINERALS LIMITED ANNOUNCES REVISED RESOURCE
ESTIMATES FOR THE BOWL ZONE ON THE NICO PROJECT
Listing: TSE, symbol "FT"
Issued Capital: 17,062,509
TORONTO, Feb. 12 /CNW/ - Fortune Minerals Limited is pleased to announce
revised resource estimates for the Bowl Zone on the Company's NICO group of
claims, 160 km northwest of Yellowknife, NWT. The claims are 22 km from the
Snare hydro-electric complex and its related infrastructure and roads, and 55
km from a navigable inland water system interconnected to Great Slave Lake and
the rail head at Hay River. NICO is a joint venture operated by Fortune with
a private corporation holding the remaining 20% interest.
The Bowl Zone resource estimates were prepared by Dr. A. Hamid Mumin,
Ph.D., P.Eng., an independent consultant, using the volume of polygonal blocks
of mineralized zones correlated between drill holes. A total of 80 holes were
used in the calculations and were drilled at an average spacing of 50 metres
along 50 metre sections in the central gold-rich subzone, and 100 metre
sections in the remainder of the deposit. The Bowl Zone deposit consists of
several closely stacked stratabound lenses of ironstone with an average
specific gravity of 3.25 g/cm3. The deposit is continuously defined along a
1.3 km strike length, up to 700 metres in width, and with individual lenses up
to 70 metres in thickness. The overall thickness of the mineralized zone is
locally in excess of 250 metres from stacking of the lenses. The Bowl Zone
deposit remains open along strike in both directions and at depth.
In accordance with the 1996 edition of the ''Australasian Code for
Reporting of Identified Mineral Resources and Ore Reserves'', the Bowl Zone
deposit contains:
1) A Global Inferred Mineral Resource totaling, 128.6 million tonnes,
grading 0.54 g/t gold, 0.07% cobalt, 0.08% bismuth, and 0.05% copper,
including:
2) A Measured and Indicated Mineral Resource of 88.6 million tonnes,
grading 0.54 g/t gold, 0.07% cobalt, 0.08% bismuth, and 0.05% copper, of which
one third is measured and the remainder is indicated, including:
3) A higher grade Measured and Indicated Mineral Resource of 60.1
million tonnes, grading 0.77 g/t gold, 0.10% cobalt, 0.11% bismuth, and 0.05%
copper, using a $CDN 30.00 minimum cut-off value.
The near surface, gently dipping (25 deg. to 50 deg.) geometry of the
Bowl Zone deposit will facilitate lower cost open pit mining techniques with a
low strip ratio. The gross metal value of the lower grade, measured and
indicated mineral resource is $US 50.63 ($CDN 72.43) per tonne, indicative of
$US 4.49 billion at current metal prices (x). The gross metal value of the
higher grade resource at current metal prices (x) is $US 71.64 ($CDN 102.44)
per tonne. In the event of lower, $US 20.00, 15.00 and 10.00 per pound cobalt
scenarios, the gross metal value of this higher grade resource is $US 60.63
($CDN 86.70), $US 49.60 ($CDN 70.93), and $US 38.59 ($CDN 55.18) per tonne,
respectively, all of which compare favorably with other bulk tonnage open pit
deposits. Additional calculations, in progress, demonstrate that the deposit
can be further telescoped to produce even higher grade resources, including a
particularly gold-rich subzone, the results of which will be released upon
completion. Preliminary metallurgical testing by Lakefield Research indicate
that the economic metals are contained within the 5 to 10 wt. % sulphide
fraction and that high recoveries (90% for cobalt, 83% for gold, 85% for
copper, and 55% for bismuth) can be achieved by flotation, followed by acid
pressure oxidation hydrometallurgical methods and cyanidation of the
concentrate to produce high value metal products on site. TCLP leachate tests
on the residue indicate that it can be disposed as a ''registerable
non-hazardous waste''.
Fortune will resume drilling on NICO and the nearby Sue-Dianne deposit
(measured and indicated : 13.5 Mt, grading 0.78% copper, 3.81 g/t silver and
0.07 g/t gold) later this month with an anticipated 100,000 foot drill program
in 1998. Drilling will focus on determining the limits of the known deposits
and test various geophysical targets and surface showings. Further metallurgy
and pilot plant tests are also planned in order to optimize the processing
methods. Fortune plans to initiate a full feasibility study upon completion
of this work.
(x) The current market values for the contained metals is: Gold: $US
304.50 per ounce; Bismuth: $US 3.35 per pound; Cobalt: $US 25.00 per pound;
Copper: $US 0.80 per pound; and $CAN 1.43: $US 1.00.
A drill plan of the Bowl Zone deposit is available upon request.
FORTUNE MINERALS LIMITED
Robin E. Goad, President.
For further information: Further information can be obtained from Fortune Minerals
Limited at: Tel: (519) 858-8188, Fax: (519) 858-8155
FORTUNE MINERALS LIMITED has 26 releases in this database.
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