At a Saturday morning garage sale I bought a gag gift that I will soon send to an old friend who, when he sees it, will immediately guffaw in memory of a hysterical incident from our past.
I placed it front and center on the messy desk in my backyard studio to remind myself to mail it on Monday morning, which is now this morning, the first day in the week that Auryn’s quarterly report is due.
Then just last night, Sunday night, I had to go out to the studio again to visit my stash of six-dollar wines. To my delight, the next bottle on deck was again from the Aconcagua Valley of Chile, the same region as the bottle pictured in my Feb 4 post, when I proposed a well-received toast to Maurizio – 18 likes, oh my!
This six-dollar bottle had an even fancier label than that other six-dollar bottle (Reserve! this one says – and Hand Picked!), and I glanced around my room for a handy background photo prop, and… Aha!
So, once more: Here’s to you, my mining-play homies! And here’s to Maurizio, who almost single-handedly resurrected Medinah from the grave, and who – amidst a chorus of applause drowning out, yes, a few scattered catcalls – is the guiding hand and generous wallet behind the impending ascension of our share price! Long live Maurizio!
That is why AUMC hasn’t converted the shares yet. Why would we want to convert the shares at the price .0025 and have less AUMC shares coming to us when we can convert it at a much higher price and more shares of AUMC to us. This will all happen when we are cash flow positive and a higher share price. Jmo
I sense that Kevin had a good reason to have some Chilean wine last night. The finish line is the intersection of Shaft #4 and Level 2 of the old workings. One of the more prominent thrust faults occurs here also. The video shows what appears to be a prominent thrust fault with a bunch of unconsolidated well-mineralized rock. The rock looks well-oxidized because the fault allows oxygen bearing meteoric/rainwater to oxidize the sulfides into sulfates.
When we’re at the finish line, which is this fault structure, you’ll see the bluish bornite (63% Cu) and indigo blue covellite (66% Cu) cohabitating with and “upgraded” to reddish cuprite (88% Cu). We’ll probably see some yellowish/brownish/orangish limonite which is what pyrite gets converted into in an oxidizing environment like that in a near surface thrust fault.
Regarding the audio associated with the tweeted video, either the miner has emphysema (just kidding) or you can hear air flowing through the structure. This would suggest that the old workings have been breached. The miners will know when they’re super close because with every blast that’s real close to Level 2 you’ll probably get a poof of blast dust through the fault into the old workings.
OK, news out apparently. Kevin just posted two photos juxtaposed. This is the Promised Land you’ve been waiting for. Why? The photo to the right is where Shaft A intersects Level 2. You can see how it was recently wet. The yellow stuff is the limonite I referred to. It is an iron oxide/hydroxide that loves wet environments. This is where those 16 samples were recently taken from that included the 1,220 gpt gold as well as 3 other samples over 100 gpt gold.
This is exactly where SMFL started their Level 2 work. Their production averaged 64 gpt gold over 30 years WITH NO COPPER CREDITS and they never got below Level 2. As is typical of mesothermal vein systems, the grades improved with depth. The ore pictured here brought SMFL’s average up to 64 gpt gold. I assume they got pretty much the same grades in this area that Auryn just averaged which were well over 64 gpt gold. As a reference point, the average underground gold mine produces 7 gpt gold. At $1,950 gold they’re still making good money. The POG when SMFL was producing was $35 per ounce and they did well.
Before I watched the video brecciaboy mentioned, I turned the volume all the way up.
Behind the wind sounds you can hear two hombres discussing the recent discovery.
My Spanish is half-decent (okay, maybe one-eighth decent), but as best I could I copied exactly what I heard and then ran it through Google Translate and this is what came out:
Hombre #1: “Finally! At last we really are here, amigo… Congratulations!”
Hombre #2: “Yes-yes, and congratulations to you, too, amigo — to every single one of us!”
Hombre #1: “When do we make the announcement?”
Hombre #2: “It’s too late to announce today, but maybe tomorr…?"
Hombre #2 stops mid-sentence and for a moment all you hear is the swish of the wind, which is suddenly drowned out by asylum-style cackling, and a moment later, well, here’s how Google translated it:
“Oh, they would just kill us over on the mining play! Tomorrow is April 1st!”
How can one not get fired up. AUMC traded almost $100 of value today. I’m just kidding. If the DL Vein was actually hit this time you’d better be fired up. Otherwise why own the stock? No production in the 2nd quarter, no real explanation for not having any production in the first quarter and the company hasn’t hit any of their timelines yet but one has to start somewhere. If they are working 5 faces in the 2nd or 3rd quarter and we actually get assays on grade and an ability to model some sort of cash flow, I might even get fired up (not like anyone cares). Still quite expensive for this early stage but mining co’s can grow into valuations pretty quickly. Just in case anybody accuses of me of being too optimistic I would add that finding the vein is hard. Being able to follow/mine the vein with no prior drilling or block model is a lot harder. If they are successful, I believe there is still plenty of time to buy at these levels. If I’m wrong, all my best to those who are already on the ride.
For all the haters ( or disapprovers) of Bald Eagle’s POV, I thank him for his counterpoint, which, frankly, has been proven tethered to reality thus far. Hitting the DL vein is a massive game changer that EVENTUALLY will play out.
Let’s hope the zero interest investment money continues to fund this truly exciting time in the ADL saga…
Thanks!