The Mining Play

Auryn/Medinah - 2022 - 2nd Half General Discussion

Ouch! Well written update(more pics would have been nice) but Auryn sure has had more than its fair share of problems.

Disappointed with assays but probably they dont mean much till Don Luis fully sampled. As mentioned before, a plausible reason why they have yet to definitely hit the Don Luis is that it plunges steeply as opposed to being closer to the surface like they hoped and expected.

I expect their water and weather issues to continue and actually get worse based on the weather forecast. I doubt little will be accomplished for another month or so.

Looks like its best to come back to check on progress late Fall. Perhaps the overall mining market will have improved by then as great news now would have been wasted anyway.

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Clearly things keep advancing despite setbacks that take time and additional expertise to solve. I’d like to hear news and progress on advancing permits leading to an increase of production once it starts in earnest. I expect to see approval before the end of the year if not sooner.

Nice to hear some good news.

I’m still baffled by the fact that instead of spending so much money undergroud to find/follow the veins, why they didn’t just drill several/many shallow holes (cost would have been a small % of what is being spent now) to find the location of the main vein(s).

I assumed that the reasoning of going underground was to send their diggings to ENAMI, to generate some $, yet still no word on shipments / income / grade / tonnage sent, etc.

Would be good to hear some news regarding the latter.

Rod

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BTY : The grade of chip samples doe’s not contribute to a tonnage assay.

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Anyone know what my message from Ameritrade is about. Can’t buy anymore MDMN only liquidate my holdings. NOT THAT IM A BUYER……
News was decent. Solid info maybe Les can come out of retirement and pump us up one last time so I can bail after decades of sitting on this

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George,
What was the date of that notice? It may be outdated.

TD Ameritrade just sent an email to clients with a 162 page list of OTC stocks (embedded below) that they are going to restrict from trading because of the new SEC Rule 15c2-11. Here is how they are describing their new policy:

On September 28, 2021, new amendments to Rule 15c-211 under the Securities Exchange Act of 1934
go into effect to enhance investor protection and improve issuer transparency. These amendments
restrict the ability of market makers to publish quotations for those companies that have not made
required current financial and company information available to regulators and investors.

Ahead of the regulatory enforcement date, TD Ameritrade will only accept orders to liquidate positions - (i.e. no new buy orders) starting in mid-August 2021 . Please note: After the amendment officially goes into effect on September 28, 2021, it may be more difficult to liquidate these securities. Quoting and market liquidity may also be very limited.

The list is below as of June 30, 2021 and is subject to change at any time.
(Oddball Stocks: SEC Rule 15c2-11 Restricted Securities)

I don’t see MDMN listed on Ameritrade’s SEC 15c2-11Restricted Securities list.Their list has a caveat, however that states, “…as of November 22, 2021 and is subject to change at any time.”

Note that MDMN caught up and became current on all it’s required filings prior to the effective date of that SEC ruling.

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You are correct it was last year. lol that’s how close I’ve been following.

How we looking for shares being converted to AUMC

That’s the multi-million dollar question! :grin:

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I think you’re right about that based weather forecast and radar.

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Somewhat stating the obvious but this is exactly why the 1 in 10,000 mines that actually make it into production spend all of that money (and dilution) investing in drilling, a mine plan, feasibility studies, etc, etc. The downside in relying on historical reports is that you are somewhat flying blind. This is exactly why AUMC has found the DL vein twice. You have to give Maurizio credit for personally funding the project along with the transparency. Unfortunately, this is still an artisenal operation with a very expensive valuation and nowhere near that 1 within 10,000 at this point. Mining is hard. Very hard when chasing a vein with no block model. Extreme patience is still required.

As a side note, the assays (even though they aren’t core assays that could contribute to an actual resource) are represenative of a higher grade underground asset. They are decent but hopefully we can now dismiss the ridiculous claims that there will be 60 let alone 30 gpt average ore coming out of the mountain on any consistent basis. Important to sharpen one’s pencil when modeling hypothetical cash flows in the future.

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Hi Baldy - thank you for your brief synopsis. You are right; this is one of the million other pitfalls we didn’t expect to hold us back now. An illusive DL Vein is proving your point that mining is hard.

But I have a question regarding your comment: “…They are decent but hopefully we can now dismiss the ridiculous claims that there will be 60 let alone 30 gpt average ore coming out of the mountain on any consistent basis.”

I’m inclined to think that is also an inaccurate claim, isn’t it? Can we say for certain, at this point, that there will not be 30 - 60 gpt once the DL location is found and production begins? Just looking for some clarity beyond the jabs, lol!

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He doesnt know that. He thinks it makes him sound smarter to act like he does. He contradicts himself often if you pay close enough attention. On one side of his mouth he emphasizes why it is so important to do xyz, but at the same time knows like magician what the DL grades are going to be.

Why do anymore assaying? Baldy already knows from the current data.

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Yes. I use this board to support my insecurities. Notice how BB hasn’t chimed in since the last update. I thought we would be working on 5 faces by now and this would be a virtual ATM machine. I’m not trying to sound “smarter”, just pointing out some of the obvious issues/hurdles/challenges with this mine plan.

I’ve expressed my doubts that this would be the highest grade mine in the world and now we are seeing some preliminary metrics. If these guys were mining 60 gpt material one might assume that they would monetize that ore. Thus far the shiny new truck has made ONE trip to Enami. That’s just a fact Jack or Jimmy. Do you really think they are stockpiling high grade material while Maurizio is funding this??

IMHO this board would be a lot more valuable without the ridiculous claims of unicorns and rainbows. Cornhusker and even the Wizard offer a more grounded perspective of what to expect here. Twenty year old illusions (delusions) of grandeur seem awfully misplaced these days.

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I find a lot of your input valuable fwiw. You are 100% correct on many points.

Don’t start pretending though like you know if they can mine consistently at 30gpt on the DL vein. No they have not to date, we know that. They are bypassing plenty of mineable area to get to the sweetest spot and you are here claiming that based on the reported assays that they won’t be mining at the 30-60 gpt level. Are you a prophet?

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That shiny new truck and millions of more dollars have been expended by MC at great financial risk to try and bring success to himself and those of us who are on board with him. Since all you have to offer is your opinion, i suggest you share that opinion with just a little bit more humility.

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At the end of the day, 99% of what is posted here are based on opinions as none of us are working on the mountain. I’m basing my opinion(s) on what is presented by the company. The updates and financials clearly indicate that the truck is not making trips to Enami. The grades thus far do not support the “opinions” that the average grades will be anywhere near 60gpt. No doubt there will be sections/blocks that exceed that amount if/when they are able to succesfully find and then follow the DL Vein but if the tunneling had yielded economic ore it would have been monetized. You gotta put it somewhere and they have a truck to move the material so the clearest explanation is that the grades thus far do not warrant the tranport/process costs. Also just an opinion based in the information that is being provided and a touch of common sense.

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Thank you for your humble comment. Your opinions and knowledge are so much more valuable without the sarcasm.

Isn’t it true that artisanal miners produced at some 60+ grams per ton historically for about 20 years or so? And it’s documented? Do we think the technology/tools/equipment we will have will put us at a disadvantage compared to them?

The problem with historical documents and the primary reason why the market doesn’t place value on the same is that the data is not “qualified.” There is a reaon why you can’t simply drill more holes and then combine those newly discovered ounces with historical findings nor do most companies base a mine plan on those results. There simply weren’t reporting standards and it’s impossible to know if the artisinal miners were just “high grading” (as they typically do/did) which would skew the grades significantly higher. If one is assuming the types of volumes predicted in past posts you can’t just assume the high grade stuff but rather the dilutive effect of actually mining (low grade material combined with the higher grade stuff).

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