So it’s been exactly a month since assay samples were turned in for grades. How long does sampling usually take? Do most people here think they have received the grades already but just verifying? I am just curious why so long on the news.
I just pulled this from Google. Maybe Wiz or Doc can expand on it. As you can see at the end this answer goes back several years. If I had to guess I’d say the 5 to 7 weeks would be fairly accurate today:
These are AVERAGE turnaround times from hundreds of sample shipments. So, if we factor in a week or two for the geologists to import, process and interpret the results, you can see that 5-7 weeks is a good upper limit to wait for results to be announced.Sep 26, 2017
Wow look at those grades on the DL2! Guessed right on Wiz poll
Looks like GOOD news to me, we’re not even down to the intersection (the source) and things are looking economic.
Wow! This averages about 5 ounces a ton. It may not scale, but with these grades you can cut in a lot of the 5-15 g/t rock and make real money.
The bonanza grade numbers encountered should provide more than enough impetus to ensure that the project continues into full production. (Note: Sounds like still need to await for more assay results to have a better idea that the grades encountered are indeed representative of DL2.)
Will be nice if the two veins do indeed combine into a vein greater than one meter across which will make mining the ore more efficient.
Hopefully, some new pictures/videos will be forthcoming soon from Auryn.
Wiz, do you know how extensively promoted this update will be???
I doubt the company will be spending any effort on promoting it other than what is already done and word of mouth and letting family and friends know. (Other than PDC and other mining investment contacts MC chooses to talk to about it.)
I think MC is prepared to demonstrate value with earnings. Too many people have suffered because of LP promotion BS. MC will make sure it is backed up with results before telling a story. That’s my 2 cents.
Yeah Wizard, as I recall, MC is “related” to a prior owner of MDMN? And maybe, he’s looking to PROVE how things are done the RIGHT way? Without a bunch of bravado? I don’t know, but the dynamics of human relationships are powerful - as they should be. Accountability. KEEP UP THE GOOD WORK, MR. CORDOBA! This thing is gonna make money yet.
Over 10 Million shares traded so far today - and moving up, step by step.
My portfolio is up $33k today!
Only 1.47M to go!!!
…and Hello everyone!
Congratulations TR - I have every confidence things are gonna be looking better by the end of this year. MDMN has broken the 200-day MA, pretty looking KDJ, RSI, and MACD. You’ve lost more than MANY of us here - prayers are with you, not to mention fingers crossed, etc.
That’s not a catalyst though. If you don’t do an expensive drill program, nobody cares, majors or market investors. The name of this game is MR/MR.
Nothing to see here.
Wiz, in response to your statement about cutting rock and making real money, could you please expand further? (or if anyone else has an opinion or info to expand, please chime in). The grade results are obviously good, but the sample size is small. We also have had previous drill results with good results, but nothing really happened. How are these results different from the other positive results we have had? How do these results actually help move the project along to greater viability compared to other results we have had? How do these grade results turn into cash flow for Auryn?
I saw in the update Auryn indicated they will in the future send chimney ore to Enami, but I saw nothing about shipping currently stockpiled ore or ore from the actual Don Luis vein. Based upon the fees Enami charges, what does this indicate regarding the quantity Auryn would ship to get a return? And the potential return Auryn would receive? And why are the only shipping chimney ore? Why not ore directly from the vein? Why not the ore they have stockpiled?
If they plan to make the project viable and generate cash flow, and they now have allegedly found the Don Luis vein to follow in two different directions, install a chimney, install a gallery, and purchase a new scoop, why not start sending as much ore as possible to Enami, even if its not the highest grade, to generate the cash needed to follow the vein, make the chimney/gallery, buy the equipment, and establish a viable mining entity? Why is all the ore still just lying around on the ground? If you know you’re going to be pulling out with fantastic grades, isn’t time to start generating money to expand the project?
It seems the update, overall, has very positive developments, but it also seems like they have left a lot out about what they really need to do or receive to turn the project viable and generate cash. How many more assays do they need? How much farther will they follow the vein until they decide to start full blown production? What equipment will we need for full production? How will they pay for it? When do they think they will really start shipping ore and what ore will they ship (stockpiled, chimney, vein)? How will they use the proceeds from shipped ore? If they don’t ship ore, how will they continue to fund the Q1 2023 work? A lot of unanswered questions.
I am not trying to be negative or rain on Auryn’s parade, but I am also tempering my expectations based upon what Auryn has actually done in the past, and what has actually happened, not really upon what they have promised to do in the future. The fact they feel they have found the intersection, have good grades, can hypothesize the direction of the vein, and have shipped out additional ore for assays is all great news. I also really like the fact they have explained in greater detail the difficulties they have had with the wildfires and the scoop breaking down. These are the facts we have. Although good, I can’t see how these facts, coupled with the facts the have given us in the past, will translate to cash flow to Auryn. I hope Wiz, and anyone else, can help me understand how this translates to cash flow and/or a viable mining program.
Regarding the communication, I feel they need to continue to expand on this type of communication and give more of them to us. Even if its news related to difficulties. All communication is good, even if its not good news. It helps everyone get a better read on the current status of the project and set out expectations for the future. I feel it gave us a great insight into how they are working and how what they have done will fit in with what they said they will do.
I look forward to future updates from Auryn, hopefully we start getting monthly updates with regular assay results, an overview of work performed, and an indication on what work they will do in the upcoming month; however, until I can understand a direct path to cash flow and viability for Auryn and/or Auryn specifically announces “we have received X cash for their ore and have spent it on Y activities/items and this is how we will use our cash flow in the upcoming months”, I will continue to temper my expectations. Based upon the regular, consistent, and slow updates we have received, I still feel positive about the progress Auryn has made and the results in the future, but I don’t think the hoped for future will occur quickly. I am ok with that. Looking forward to here everyone’s opinions.
Hi! TR, hope things are going well for you.
And since AUMC is up 75% right now and MDMN is up 16%, I guess someone read today’s shareholder update!
Drift the chimney, develop the gallery, all inside of DL veins. Ship the ore and re-invest the proceeds.
Once chimney and the gallery are complete, continue production along the vein and build cash flow, make projections, and re-invest to scale the operation and fund further exploration in many other high value targets (Caren, LDM, etc.)
It’s MC and his fellow investors that matter for this project. If there were poor numbers at this point, it is very possible that they could have just walked away. Happily, that is not the case.
If you are talking about a “catalyst” in regard to the market, it will be when they obtain meaningful production. That is still some months away at a minimum.
I don’t agree with that Mike. Back in April of 2014 we hit 10 cents on a handshake from a crook. This is not deception (smoke and mirrors) from a thief in a jogging suit. These are facts and real numbers from a hard-working, dedicated, generous individual, willing to put his own money into this project. This report can and should be a catalyst to propel the share price higher, just knowing the potential of this project.
“It seems the update, overall, has very positive developments, but it also seems like they have left a lot out… I feel they need to continue to expand on this type of communication…”
All of the questions you raised in your above post today were excellent, Jak167.
The last shareholders meeting (Las Vegas (Oct 1, 2016), featured a detailed all-day presentation and wide open discussion of all things Medinah/Auryn/Maglas – raise your hand, ask your question or make your comment, and you would hear a clear and complete response from Wizard or Maurizio (or one of the other corporate officers).
I found it breathtaking.
From Auryn’s July 2022 update: “AURYN is making plans to host a shareholder meeting in Santiago, Chile. The tentative date is December 6, 2022. We are contemplating hosting small group tours of the property for shareholders during this time. Further details will be communicated in the coming weeks.”
I was hoping to hear some mention of it in today’s update.
I would twist myself into a pretzel to be in Chile for that.
When the company makes public its revenue projections and estimated oz/mine life, then we will see a major jump in the SP. That will probably be after real production begins. If they can show the ability to produce consistently over a few months, then its rather straightforward to scale the projections.
Publicizing projections are meaningless until they can prove they are able to go into production. These assays ensure as Mike said that we will undoubtedly pursue production ASAP. This was a major step indeed (my previous post was sarcasm).
Its one thing for BB to make estimates on a message board the same way it is for Baldy to scream that nothing matters except for a drill program. What matters is what the experts on the ground think and whether they are willing to back that up in print and with real results supporting it. It sure seems like we are on our way now.