Note that there was some new verbiage with the latest Auryn Pics.
“Work continues on two fronts as we extend the Larissa tunnel to the south and blast a new chimney.”
“CEO Maurizio Cordova inspecting work on the new chimney currently about 10 meters above the Larissa tunnel.”
“Mineralized ore from the Larissa tunnel.”
I would like to add that the “Larissa” tunnel is currently the main production adit at Level 3 of the Merlin 1 vein. The “south” direction is along strike of the vein as it heads across the Alto Plateau in the general direction of the Pegaso porphyry target. I believe the new chimney is probably a required safety chimney so that there is more than one way of escape in the event of a tunnel collapse. The chimney probably can be done in a way that connects the various levels of the mine and also cuts into new virgin ore on the way upward.
The selling stopped when the tax loss selling ended at the end of the year.
Based on today’s announcement each and every individual/entity who participated in one of Les’ private placements should be very nervous and prepared to buyback shares + cover unlawful gains. Just take a look at any of the older quarterly filings (I think 200M shares were issued one quarter) and you’ll see the names of the folks with a target on their forehead. I imagine most of the reported offerings were legitimate if they were announced in the public filings BUT there ain’t no way the same names didn’t participate in the “off balance sheet” deals. It’s been amazing to me that none of these folks (complicit or not…unknowingly participating in illegal private placements or not) haven’t already been in the market buying back shares. They are either naive or broke.
IMO, the share price will have a ceiling until there is visibility on the shares outstanding but, in the interim, there certainly could be some bouts of buying as “covering” begins. If they perform a stringent forensic audit there’s no reason why we can’t get back to the 2B shares outstanding range and all of NUOCO’s percentage in Auryn should be sent back to MDMN. I also don’t see how JJ isn’t forced to return his shares but, as are many, he’s a snake in the grass who’ll be hard to chase down based on his location/citizenship.
LDM, bottom of the glory hole. Looks similar? This picture was produced by Medinah and that was pretty much the last we heard re. the LDM to this day. What you don’t see in the LDM picture is the actual vein in the wall as shown in the one Auryn picture on FB. You can see that it is not very wide. Grades need to be very high in that narrow of a vein. Looking forward to the first ore assay reports…
On the narrow veins is where an “uneconomical” deposit for direct shipping of ore to ENAMI could be made economical by pre-processing the mined ore using a crusher and gravimetric concentrator such as the Falcon system. At the information meeting Maurizio said the system that was tested concentrated the gold content of the ore 100x. How many veinlets could be harvested in this manner remains to be seen. Everyone is awaiting to hear how the assay grades on the first shipment measured out and what to expect from future shipments.
OK…All you chartists and non-chartists out there…Do we continue our up trend from last week, and trade at or near .01 this week? With good news for sure, but say without any news?
This is just my opinion, but with where the company is at fundamentally, as well as the price, for me the charts are pretty much out the window, although they can probably be somewhat useful. I’m out of that game now and don’t have the charting software anymore to be able to offer much of anything.
