Yea I did that too much at 4 cents when it just couldn’t go any lower. Lol
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Every time we bring up the subject that penny stocks sometimes run with no fundamentals BE just finds a way to be negative on MDMN. MDMN has some value although we don’t know exactly how much value. What do you think about DOGE BE? Please show me the fundamentals on this stock where it ran from .00018 to .57 and now trading at .13. Yes Musk did pump it up a while back but not lately.
With inflation at 40 year highs and gold still way undervalued where would little MDMN go if/when AUMC releases some outstanding results? There has never been a better time for MDMN and it’s shareholders provided that AUMC hits that damn DL vein!
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It does seem just a bit strange and over the top, doesn’t it? Especially when I remember one of Baldy’s responses last December 21 when I pointed out that same observation! 
BALDY:
I will take your recommendation on my participation on this board under advisement. I certainly don’t want to fall under the label as someone who has a singular point of view.
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Look, Bald Eagle is entitled to his opinion - and if he chooses to analyze and approach MDMN in the same way a financier would (read proof of mineralization via drill holes and a 43-101), that’s fine by me. There’s actually value in his negative opinion. But, denying the fact that a penny stock new discovery can rocket is another point of view that is well within the range of sanity, and even well-documented.
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I’m not sure what is strange about my opinion. Anything can go up 100x based on non-fundamentals. Bitcoin, Doge, AMC, GME all are good examples. I haven’t owned any and God bless those who were lucky enough to be on those rides. Could MDMN go up 100x based on a squeeze or pure speculation? Absolutely. As long as we agree that fundamentals (as of today) wouldn’t be the driving force behind the move. None of us have any way of finding the next rocket ship but I can (and do) offer my opinion on the fundamentals and, in my opinion, MDMN/AUMC are richly valued when looking at the fundamentals. Any analysis (or whining) of my comments should be limited to my view of the fundamentals. Isn’t that the point of a message board?
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Baldy,
There’s no WE or US in your presence here when it comes to MDMN. While you may be included as a former shareholder who has a critical eye on perhaps regaining a stake as a shareholder in this company someday, you are welcome to express your valuable insights. Not strange at all as Hulkster observed, that you just find a way to be negative on MDMN in every one of your posts here. You certainly are entitled to express your opinion. What I really question is why you find it so necessary to keep coming back to tell us why you are not invested here! Now,THAT IS STRANGE!
It is your past consistently derisive and critical manner of others while presenting your opinions that some here, including myself, find objectionable. Thankfully, you have recently toned down many of your pointedly condescending attacks of other shareholder’s assessments and opinions. Showing a very evident mean streak is not admirable. I don’t think I need to elaborate further on that point.
You’ve made it very clear that this company was so poorly run that your decision was the best thing for you personally to take the loss and “invest” in companies that are “richly valued” based primarily on fundamentals. I agree and have done so myself. You fail to realize that not all shareholders could have benefited as you have by taking a substantial tax loss benefit and investing in other companies that meet your exacting standards and show near term ROI.
As a “stuckholder” irretrievably invested in this company, for better or worse, it was my decision that got me here and mine alone. You have every right to have a contrarian view of whether there are other speculative or sounder equities showing greater value, considering the passage of time, before a return on investment is expected. I know of no shareholders here that have not been sorely disappointed on the turn of events over the past decade or two with this investment. From my perspective, the current management, to this point in time, is in somewhat the same situation as other shareholders that are still here.
Management has struggled along with shareholders to make a success of this company, and are in the best situation of the past twenty years of possibly achieving their goal of consistent and profitable mining of what is finally being uncovered in the old workings within the mountain. I look forward to the day that is richly rewarding to all shareholders that have endured this misadventure. It is not your assessment that is often right or wrong. Personally, my present investments are mostly elsewhere, as I have posted on other threads of this forum. My position in AUMC (including CDCH & MDMN) is largely dormant in retirement accounts where no tax loss strategy could possibly be put to work. I know other shareholders here may find themselves in a similar “stuckholder” position. No surprise, due to your investing experience and expertise you are obviously not included as a “stuckholder” … Congratulations!
EZ
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Well, I guess in a few more days the first quarter of 2022 will have passed - and then they might be giving us an update?
They did say as soon as they hit the DL vein they will let us know. So no update and no more pictures since a month ago tells me they have not hit that vein. Kevin did say that would be the binary event. Anything other than that would be a disappointment. Jmo
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This DL vein is being “very” elusive??? By this stage of the game they could get one of these and start drilling where ever the pointer lands.
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I suspect that since they announced prematurely once, they are waiting for assay and geochem confirmation before trotting out the news (if indeed they have hit the DL). Announcing without verification would be a hit to credibility that would be counterproductive to good news. They thought they had encountered it once (due to grade I assume) but were wrong when they tests results came in. Once burned, twice shy.
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BB,
Earlier in March you wrote in detail of the due diligence that Hochschild performed in good faith before entering the option agreement for the LDM. I agree, but that was in 2017 before several other opportunities arose for Hochschild which I think sidetracked their efforts on the LDM. Earlier I posted that it was in October 2019, Hochschild purchased Aclara, a Chilean rare earth deposit. Aclara remained as an independent business unit within the Hochschild group until December of last year when it was completed as a spinout for Hochschild shareholders. "Recall that Bustamante over at Hochschild commented that “there’s some pretty interesting geology over at the LDM” that they spent much time on before signing the option. The need for follow-up is evident with preliminary drills from Howe’s report showing between 68 and 70 metres yielded 61.77 and 122.2 grams gold/tonne , and sample 347182 returned a spectacular 455.02 grams gold/tonne. Dr. Sillitoe’s report is certainly supportive of further work being performed.
There was another Hochschild project that I was unaware of until yesterday while watching a webinar on Skeena Resources (mentioned on our other threads) and the SNIP property it acquired from Barrick Gold in 2017. In the 1990s SNIP produced approximately 1M OZ of AU at an average grade of 27.5 g/t. October of last year Hochschild entered into an agreement as operator of SNIP. A 3 year option term when completed will earn a 60% interest by expending approximately C$100 million. I point this out because I still don’t think it’s important for now whether Hochschild does much of anything further with the LDM. Hochschild has until December 2023 to make good on it’s LDM option and may wait to see if results on the Fortuna are impressive enough that they negotiate to continue their option before the option expires.
It may be a blessing if the DL1 bonanza grades are located and profitably producing before then to self-finance much more of the ADL. AUMC will still have the Caren/ Merlin 1 Vein areas to complete exploring through to production. The Larrisa adit is certainly worth pursuing. The LDM may remain a head scratcher for a while longer without HOC, but it is still there and waiting to be developed. I commented on the Other Mining Stocks 2022 thread there are so many good mining companies to choose from it’s hard to choose just one or two to highlight. If AUMC holds true to previous releases we expect to see the annual report in two days at the end of the month on Thursday. Progress will show we are getting very near to our goal of cash flow production. It is my wish that the Fortuna will be producing and gain a place worthy of being widely highlighted and promoted in the group of very exciting new mining ventures.
EZ
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This is exactly why verification of finding the DL1 vein is so important. It will mark the beginning of a real promotional campaign worthy of bringing in new investors. Grades and cash flow are important promotional tools that increase share price and enrich all investors. I expect there will be a major PRNewswire release when it happens with many more to follow. I think the Annual Report due out this week will have valuable information indicating just what has been accomplished to date. The market timing, with an expected continued major bull market, will greatly assist all producing and speculative miners with exceptional gold grades ready to be exploited. I’m anticipating very good things for AUMC and MDMN this year. GLTA of us here!
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Hi EZ,
My gut is that the current plan is to develop the LDM and Pegaso Nero conjointly probably via an open pit if the economics so indicate. Hoch is a premier underground vein developer. The LDM appears to be a near surface stratabound sedimentary copper deposit with some atypically high gold grades. Our next door neighbor to the south, the Lo Aguirre Mine, was just that as is the El Soldado to the north ofus. You might know these as “manto” deposits.
You can’t design the most efficient open pit design until after the PN and LDM are drilled out. If Hoch went in and did a bunch of underground operations at the LDM, SERNOGEOMIN might not like that when it came time to sign off on an open pit design and mine plan. North of us at either El Soldado or nearby El Salado they ran into this situation and permitting for an open pit was held up big time.
What they’re learning at the Antonino Adit will help them with planning out the PN/LDM and probably the Gordon diatreme breccia. Hoch may still have an option to be part of some kind of consortium to develop the LDM/PN. The LDM may or may not be economic as a stand-alone asset but it would probably be a lot more economic as part of an open pit/bulk mining project. I’ve been told in no uncertain terms that the LDM will shock all of us. Our hope would be an El Soldado type of deposit.
If the cash flow generated by the DL1 Vein project is anywhere near where I think it is going to be then Maurizio might want to advance the PN/LDM a bit before entering into a JV. There’s a lot of leverage involved in putting a million bucks or so into a project in order to “derisk” it for a major and perhaps increase the value 20-times the amount put in.
At the Antonino Adit, as of December 30, they had intersected 20 (twenty) new mineralized structures almost all of which we had no idea even existed. By now, 90 days later, who knows what that number is. We’ve all seen the photos. I’m not so sure that the option of open pitting all of these veins has been taken off of the table yet. In the photos, you can seethe outlines of various discrete structures, but you can also see large expanses of mineralized areas. Remember, we’re only about 100-meters below the plateau surface. That’s not a lot of overburden if it’s open pitable.
Unfortunately, the assays are taking forever unless management is waiting to present the results all at once which might be wise. The information being gathered will help create a block model which will help in deciding how to develop other areas of the ADL.
If the photos from the Auryn website “gallery” are trying to tell us that the Antonino Adit is sitting within a “supergene enrichment zone”(SGE zone) full of bornite, covellite and chalcocite as well as within a “boiling zone” with visible gold and chalcedonic/cryptocrystalline quartz, then Maurizio might be wise to let things play out there and keep a pen out of his hands when it comes to the PN/LDM. If an open pit ends up being feasible for the PN/LDM, then the calculus might change for the various other areas. For now, however, I’m figuring on underground mining at the DL1 Vein probably via “bench and fill” methodologies.
What I’m seeing is a whole bunch of “optionality”. How many of those 20 (or perhaps 30 by now) new mineralized structures in the Antonino Adit represent high-grade, near term production opportunities?
If you remember back to some of the early maps of the ADL, you might remember the maps showing the 6 or so main mesothermal veins in redon the eastern plateau. Surrounding the veins was this massive area of “argillic alteration” drawn in yellow. In areas it reached 200 meters in width. The Antonino Adit just taught us what’s underneath this yellow stuff just east of the DL1 Vein. It’s packed with mineralized veins, mineralized fissures, mineralized splays and ramifications, etc. It also has vast expanses of more generalized mineralization.
Does all of that yellow stuff on the maps have similar findings underneath it or was there something special about the yellow stuff over by the DL1 Vein? (a rhetorical question) Is it time to refer back to Perez’s hyperspectral satellite imaging survey and see where else on the ADL this yellow stuff is? Is it really a surprise that underneath all of this argillic alteration are a bunch of mineralized veins, fissures, faults, etc. ? No, not at all. It’s the same ore-bearing scalding hot hydrothermal fluids and gases that “altered” the surface granodiorite to argillic clays like kaolinite, illite and smectite that gives rise to mineralized veins, fissures, etc. For prospectors, whitish/yellowish “argillic alteration” at surface is the ”X marks the spot” place to concentrate your efforts. These structures form the “plumbing system” that brought up the hydrothermal fluids bearing the ore and altered the host rock. Converting granite to clay takes a lot of “upflow”. We shouldn’t forget that 91 million years isa long time for the provision of upflow. Of course, we had a “heads up” that these areas were likely “juiced”, maybe not to this extent, however.
We need to remember that at surface, the vegetation and soil hide the presence of veins. Trenching programs find some of them. If you drift an adit underneath the surface in fresh (nonweathered) rock, you can see what’s really going on in a much clearer fashion. If you went back to those early maps with the veins drawn in red and penciled in red the 20 or 30 new structures, the area in between the DL! And the Antonino Adit would be solid red. This is a “mesothermal vein SYSTEM” with 6 or so veins that made it to surface. We’ve been labeling these as “main veins”. One of the mineralized faults we just hit is over 6-times the width of the DL1 at surface. We don’t know which are the “main veins” yet. All we really know is that “SMFL” saw an outcropping of the DL1 and traced it out and averaged 64 gpt gold grades over30 years. The two widest veins found at surface that management refers to as “massive” because they exceeded 2-metersin width at surface, are located in the “Polverine” area just west of theintersection point with the DL1 Vein.
If all of that bluish rock believed to be bornite (an SGE indicating copper form with 63% Cu) does indeed indicate the existence of a “supergeneenrichment zone” then the question becomes how wide vertically is this zone and how wide laterally does it go. The average is over 200-meters vertically.
If a certain percentage of that SHINY YELLOW STUFF is indeed “visible gold” sitting in the midst of chalcedonic/cryptocrystalline quartz which we see plenty of, then the question is how wide vertically is this “boiling zone” which is where the highest-grade gold exists in any gold deposit. The range of widths of “boiling zones” is 50to 800 meters with an average of about 300-meters. Fingers crossed.
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In retrospect (not very creative retrospect) It would have been a lot smarter for Maruzio to bulk mine that shiny material on his eternal version for the DL. The time to make that decision was in the three month period they had thought they found it. I would agree that there aren’t a lot of eyeballs on this investment but I don’t understand why the second finding of the DL is gong to have ANY additional binary impact ((from the last “discovery” (where the stock did nothing) beyond finally establishing some credibility.
Pictures are great but there is no economic explanation for AUMC to be digging out economic ore and stockpiling the stuff when they have a truck to haul the material AND there is on onsite lab at Enami. This “free loan” is starting to accrue at a healthy rate. I’d be curious to know if its secured.
If they were trying to establish a resource the lab delays would be relevant. They are not relevant here and (unless the conversation divulges into non-sensical what if for crypt rocket ships) and real question is why these mining efforts aren’t being subsidized through tolling…BB will claim its an elaborate strategy, TRswill tell you the DL vein in binary, etc, etc…but I’d love to hear an objective reason why the company can’t produce more than $30k in cash flow over the past years if they are bypassing and stockpiling valuable ore. I have some pretty good guesses but am interested in your point of view. Maurizio busy flirting with the majors who are crowding over these assets is par with Hulk’s investment strategy (investment in anything that can go up 100x independent of fundamentals and based on the latest astrological signs. But BB is kind of like Biden. He’s a very likeable guy who’s put in this time with MDMDN so you almost have to respect the “next chapter in his MDMN chapters” and chalk it up to a Daniel Silva turn pager.
Baldy,
Actually, you’ve never been interested in my point of view here which I’ve been very clear about.
You are only interested in some sort of grandstanding. Every time you decide to “just drop in” you laughably repeat yourself.
Baldy: I will take your recommendation on my participation on this board under advisement. I certainly don’t want to fall under the label as someone who has a singular point of view.
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…but I’d love to hear an objective reason why the company can’t produce more than $30k in cash flow over the past years if they are bypassing and stockpiling valuable ore.
BE, judging just by description of the time line it does seem strange. But my own interpretation of the circumstance from which I would answer is based upon the geometry described here: Auryn/Medinah - 2022 - 1st Half General Discussion - #133 by cornhuskergold
Since they are approaching the DL and the parallel / sub-parallel veins from a roughly 90 deg. angle (plus or minus) they essentially cut through or across these structures as they go and they are only sub-meter to 1m to 2m thick and then they are back into low grade or barren rock. Crossing or going “through” the structure does not produce much ore.
So at any point when they cross one of these structures, a decision must be taken either to take a “right turn” and start developing & mining, that is, abandon looking for the DL for now, or proceed forward once again through low grade / barren rock. Now in a operational mine they might do both. But when you are low budget and have one loader, which breaks, and one truck, and a minimum crew of miners, you must choose one or the other.
Obviously, they chose to keep pushing forward toward what they feel is a more “known” ultimate target and which they incorrectly supposed, at least up to the last update, was not much farther. So the combination of 1. the geometry of approach, 2. the limited equipment and people available, and 3. the mistaken assumption on where the DL would be at this level explain the very low amount of stockpiled ore, which I agree, is painfully low.
Maybe more important is the forward looking question: What will they do if they still haven’t struck the DL by this update? The reality is that something is very different than what they supposed at that point. Will they turn back to the previously crossed structures? How long will / can they keep up this operation under current terms and at what point will the business terms have to change? This set of circumstances can not persist forever. The summer is drawing to a close. This is an important update.
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Notes to Medinah financial statements: March 29, 2022
@cornhuskergold - you and I see it mostly the same way, although I don’t put as much weight on this next update.
This is a thin crew with minimal resources. It is being privately funded, at risk, with one goal - hit the DL with the idea of making this bankable for all involved. Yes, they are discovering a lot of other opportunities along the way. However, with the current crew and equipment they cannot do both at the same time, i.e., mine 15-20gpt AU to make a small amount of money and drive through to the DL and cross into the promised land.
Management has made the strategic decision to drive forward to the DL vein where there are known grades, depth, and width. The belief is immediate cashflow from that can pay back the private funder relatively quickly. Also, there will be cash flow to scale the operation and choose the best targets that have been hit along the way, perhaps start a drill program at LDM, or any number of other opportunities.
By the way, that is what I mean by hitting the DL being a binary event. Once hit, it’s a new world for all of us. Also, I suggest that hitting it is not as illusive as some think. They are going straight towards it. They will hit it.
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So AMNP is in the Golf business now, gold putters? Oops🤭
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I would generally agree with your explanations. Its important to be laser focused when on a shoe-string budget but I would think (guess) that the rock they are clearing should/could still be economic if some of the grades being discussed on this board are half accurate. Just load the truck. Yes, lots of waste rock comingled but…
I do appreciate the objective, grounded discussions vs. those that leap from AUMC trying to find the DL Vein to some of the nutty commentary speculating about mining 5 faces simultaneously. All while the majors are lining up to get involved while the one with front row seats (H) won’t even move forward unless AUMC raises money for additional drilling.
This has the potential of being a homerun (which is why I’m observing from the sidelines) but peeps need to understand that the co is years away from being able to even handicap the possibility of the potential here. Those who continuously fantasize and pontificate about blowing out the candles before the dough has been rolled are really doing their audience a major disservice.
This being said, there do seem to be a handful of investors who understand that this will take patience beyond the current bull market cycle in gold.
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