ppm is a grade. It’s “parts per million” instead of “percent”. 1 percent = 10000 ppm
See http://www.rapidtables.com/convert/number/PPM_to_Percent.htm
2 Likes
That is true, but upon a completed agreement with a public company, that public company usually has three business days to make a public announcement.
It may be possible that the purchase still needs to go to the notary for it to be completed, so that may be the hang up. Just a thought.
Note…probably should note that the grades should be adjusted to be in copper equivalents since other valuable minerals are present etc. (The other copper deposits in your charts probably adjusted already to account for gold/silver.) Also note, whatever they found at surface likely has been leached/weathered so higher grades might be lurking just a little deeper.
2 Likes
That’s one of at least 3 porphyries per the Perez report.
1 Like
What’s interesting here is that for decades the southern terminus of the famous “Early Cretaceous Porphyry Belt” in Chile’s Coastal Range was supposed to be the Colliguay Mine 200 Km north of us. This belt was made up of 90 to 100 million year old rock. A recent PR by AMC said that their head Geo was sending in samples of the Rhenium bearing molybdenite from our Pegaso Nero area to a specialty lab to test its age. Sure enough it’s the same rock age from the same “Veta Negro” rock formation and its 2 subdivisions the Lo Prado and the Ocoite. Now we have confirmation that this belt extends a little further south than we thought. This could result in a bit of a staking war in between us and Colliguay to our NW. Porphyries occur in a linear N to S alignment in the Chilean coastal Range.
Everybody and their brother in the mining industry have been heading to the Chilean Coastal Range recently because of the horrendous POWER and WATER issues in Chile’s Andes and Atacama Desert where over 95% of Chile’s mining industry hangs out. About 3 years ago some group from Peru tied down a huge swath of mining concessions from the border of our Mambo concessions up to the NW towards Colliguay.
On Figure 6.5 at the above link you can see porphyry deposit #8 north of Colliguay. This is the Andacollo Mine which plays a very special role in Medinah’s history. Les/Medinah noticed that 7 European hedge funds put $110 million into refurbishing this mine when it was run by Dayton Mining and Bill McKatyn. Dayton had failed to consolidate the surrounding mining concessions, however. Medinah decided to play opportunist and tied down the properties around the central pit of the mine. The 7 hedge funds, however, didn’t find that maneuver very clever and the bullets have been flying ever since. There was even a midnight bulldozing of Medinah’s office in the area and destruction of all of Medinah’s mining equipment. Tough neighborhood! How Medinah survived that onslaught I have no idea except for a lot of perseverance and the merits of the ADL properties.
4 Likes
There aren’t too many of us who have been around that long to remember it. Good recall! Let’s do a survey.
How long have you been a Medinah shareholder for?
- 0 to 1 years
- 1 to 2 years
- 2 to 5 years
- 5 to 10 years
- 10 to 15 years
- 15+ years
0
voters
2 Likes
I sometimes have the thought - we must have lost some of our past enemies to the old folks home by now.
1 Like
Yes, along with many of our shareholders. Of course, just like Medinah is overdue for success, many of us are overdue for the home. 
1 Like
Sad to see that more than 50% have been here standing on the dock for more than 10 years.
Doc, those were the days! Here’s Medinah’s release about that event and Dayton’s response!
Medinah Release
Discussion about it on SI
From Medinah’s release.
In court case files no. 2.119 and 2.120 titled Dayton Vs. Olivos Araya,
Gumercinda and Dayton Vs. Aguero Plemkosic, Maria Andrina (sister in
law), Dayton was granted surface access to certain Olivos properties.
Dayton was prescribed a compensation payment to Olivos of 50 million
pesos for this access.
Chilean courts have stated that Dayton exceeded this access right
granted them when they demolished all of the buildings, plant and
equipment owned, under a legal lease agreement, by Medinah Energy Inc.
This has prompted the filing of criminal charges by Olivos and civil
compensation suits by Medinah Energy Inc. against Dayton.
Dayton’s response.
Medinah Energy announced that the “Chilean courts have stated that Dayton exceeded [its] access right granted them when they demolished all of the buildings, plant and equipment”. In fact the courts have never made any such pronouncement and, as described above, the Court of Andacollo has refused Tornero’s mother’s request that criminal charges be brought against Minera Dayton.
That was almost 17 years ago!!! My goodness that was a long, long time ago.
1 Like
Medinah is finally getting their web site together enough to provide same day updates.
SHAREHOLDER UPDATE February 03, 2016
Dear Medinah Minerals, Inc. Shareholders:
We are pleased to publish the attached News Item “Preliminary Exploration at Pegaso Nero Target Suggests the Discovery of a Copper Molybdenum Porphyry System within the Altos de Lipangue Project” , prepared and released by AURYN Mining Chile SpA. on February 03, 2016.
2 Likes
That book would be filed as “fiction”.
3 Likes
Hi CHG,
Thanks for the charts from Singer. That is probably the single most important study ever done in economic geology because of the huge number of developed Cu porphyries studied. Our 860 ppm moly AT SURFACE is obviously insanely high. We’ll have to see if the presence of Rhenium adds a layer of frosting to this cake. Having 1.2% Cu AT SURFACE is a little insane also. The average Cu grade in a porphyry is 0.44% but that’s usually what is found 2,000 meters below surface.
This entire “Early Cretaceous Porphyry Belt” is famous for supergene enrichment especially of copper. A lot of the copper value comes from the high octane form of copper known as chalcocite. Recall that the copper manto structure found over at the LDM has almost the exact same size and grades of copper and gold found in the mine physically nearest to us i.e. the Lo Aguirre just to our south. This deposit features 3 high octane types of copper i.e. chalcocite, bornite and malachite. The puzzle pieces are really starting to come together from a regional geologic point of view.
You can see in the recent plot map of what AMC recently purchased how they extended the property complex to the west quite a bit. This is where in 1996 Gana et. al. constructed the regional study showing a massive area of hydrothermal alteration. These developments are taking on the look of being perhaps in excess of “district scale”.
As far as the NPV of the deposit, we now have indications of the 2 “book ends” for a very large NPV. Since NPV is often measured in terms of “discounted cash flow” (DCF) and since the earlier the cash starts flowing (from early production opportunities) the better, we also now have better indications of the other main determinant of NPV i.e. mine life or how long the cash will be flowing.
The Cu-Mo types of porphyries(Type 21 A) are the monsters in the porphyry world. Rob at ACA Howe used to stress to me the importance of our mountain being located on one of Chile’s 2 “primary tectonic segment boundaries”. These are areas where the upward flow of underlying magma for one reason or another basically went nuts. The other area in Chile with this phenomenon occurring is at the Candalaria Mine which is a giant IOCG deposit.
For me, the key now is to hone in on the average “run of mine” grades we can expect at the various early production opportunities as well as the permitted levels of tonnage that we can produce per day. I get a sense that AMC has the financial wherewithal to attack these areas with a vengeance and crank out some very serious cash flow. This “Early Cretaceous Porphyry Belt” is famous for having areas of breccias, mantos and veins with very high grade gold like we are seeing at the Caren/Merlin/Fortuna vein system. The Andacollo Mine comes to mind.
5 Likes
It is on the OTC now to Don. It hasn’t showed up on any of the major news wires yet that I know of.
Gold: $1145 +1.6%
Silver: $14.77 +3.4%
Dollar is getting whacked: $USD Index -1.8%
1 Like
The US dollar has topped, US economic growth for the fourth quarter anemic (.07 not even 1%),U.S. ISM Non-Manufacturing PMI Falls To 53.5% In January, Yellen big mistake raising rates in December while other countries are introducing negative rates, no rate increases this year so what does this mean? gold will have excellent years ahead.
1 Like
If you want to zoom in a little bit into Figure 1 on todays AMC PR you can see how linear the arrangement is of those high grade moly showings. The line extends to the NNW. If you continue up the page (NNW) you smack into the Gordon breccia. If you go a little further NNW you run into the Merlin 1 Vein which continues across the plateau heading NNW until it runs into the ultra high gold grade Caren Mine. This is one extremely straight linear arrangement of very high grade ore.
Obviously there was a large crack in the rocks here ( a “fault”) that apparently went all of the way across the mountain in a NNW fashion and provided a pathway for metal bearing hydrothermal fluids to make it to surface where they cooled and the metals the fluids contained got deposited. An earlier PR of AMC cited how the Merlin 1 Vein was “vectoring” towards the Pegaso Nero mineralization. This geochemical surface sampling definitely confirmed this observation. This is nice when you have Mother Nature concentrating all of the goodies in a nice linear array as opposed to a “widely disseminated” deposit.
Where this Fig. 1 says “Moly zone” you can see where those very large red balls start to line up going E to W. This looks like another fault line. Just to the left of those 2 red balls that touch each other you see 3 squares half filled in. These are “adits” drifted by artisanal miners that were chasing down this high grade ore. They did all of the heavy lifting in diagnosing where the goodies were concentrated. This area where the 2 fault lines intersect might represent yet another extremely high grade early production opportunity. Keep in mind that this is occurring right at surface and not a kilometer or two below surface which is the norm.
We got lucky at the Caren/Merlin/Fortuna Vein area in that the mountain experienced just enough erosion to expose these veins yet keep the vertical structures intact with the carbonate layer remaining untouched. The same thing appears to have occurred at Medinah’s Pegaso Nero area that is pictured. AMC’s PR cites “this VERY WELL DEFINED STRUCTURALLY CONTROLLED ALTERATION SYSTEM…”. The “structure” (a lineal fault) “controls” where the metals got deposited.
Recall that Perez’s hyper-spectral satellite imaging survey detected a 7 Km long swath of about a dozen intrusives oriented in a SW to NE fashion along this very same southern downslope off of the plateau. This faulting would be at about 90-degrees to the NNW lineal fault.
This particular press release sure ties things together nicely. We already knew that we had a Cu/Au type porphyry structure over at the LDM. Nuoco hit that at the “Level 70” workings beneath the LDMC adit. It was hosted in Andesitic rock with an “Ocoite” texture (from the Veta Negro formation). Now we have the Cu/Mo type porphyry hosted in granodioritic rock at the Pegaso Nero. Most singular porphyry systems have a diameter of about 1.5 Km. This twin porphyry system looks to be more on the scale of about 7 Km in diameter. This represents a very, very large amount of tonnage. Next we need to get a feel for the average grade to expect across this district.
It will be interesting to see how AMC develops this project. They’re definitely going to go hard on the early production opportunities. That’s a given with the grades being encountered. But what do they do on the porphyry scale in the meantime? Might they slow play the blocking out of gazillions of ounces of MR/MR in order to be able to fund things by themselves or do they bring in the heavy artillery and go deep?
5 Likes
Doc’s post about the bulldozer caused me to go back through memory (or should I say nightmare) lane! Too bad the History Professor isn’t here to give this lesson! 
Medinah Enters the Scene – This is the very first mention of Medinah in the LP family of companies. They participated in a project that NPEC (NPER) was involved in. (6/30/97)
Medinah with 100M Authorized / 40M issued – A post by some naive moron who thought he understood how the markets worked! Obviously a fool who didn’t know a thing about mining or how he was being played. (8/20/97)
Start of ADL Acquisition Negotiations – Only 40M shares out when we first started negotiations on the ADL. (1/7/98)
Announcement of ADL Drill Program – Can you believe the first ADL drilling was announced over 17 years ago? (9/14/98)
Purchase of ADL / LDM – MDIN closes 1998 the option with JJ and purchases the ADL and LDM properties. (4/14/99)
Either stupidity or amazing perseverance for those of us who’ve been here through all of this!!! Crazy.
8 Likes