Wow you call that a snoozer???
3 Likes
Very nice results, obviously looking more like an underground mine given bonanza grades are at depth. They are going to need a merrill crowe system given the polymetallic nature of the mineralization.
I agreeā¦Good resultsā¦But what is it going to take to bring some new blood into this investmentā¦Trading below .02 is getting oldā¦
1 Like
Wow look at those grades!!!
CHG what do you think?
No! Look at diagram and erosion level
Now whereās the Corporate Update from Auryn?
New contracts still being filed with govāt
1 Like
What is the time frame on that???
MG - what do you have in mind? Adit #2 is 300m below peak of the plateau. ( It appears to be less distance from the plateau surface over on the north side. )
And I am no mine construction engineer to be sure. Nevertheless Itās hard to see an open pit to mine a 1m to 1.5m vein with high grade ore starting at 150m or 200m. But I wonāt argue about it. I will obviously defer to anyone who has experience in mine construction - else to Auryn themselves.
1 Like
Etrade has a 1250000 on the BID @ .0160
We have traded only 100k shares since the update over an hour ago. Todayās news in not yet a āwireā release. It is just on the Auryn websiteā¦
I can imagine that AMC has been IP/CSAMT-ing the heck out of the Merlin-Fortuna area over the last couple of months. We got those 4 sections in the one update but they were just covering the Fortuna and the Fortuna Oeste. The results of these would tell them where the āblindā veins are (as well as any bosses and/or plugs) which in turn will help them design a more meaningful drill program which I assume is ready to rumble by now.
The engineers are definitely going to earn their keep on this one. I could see them starting underground and then morphing that into an open pit or several open pits that might eventually coalesce. Keep in mind that the Merlin-Fortuna system is vectoring right towards the Pegaso Nero Cu/Mo bx. If a TSX.V listing is right around the corner, Iād attack those veins with a vengeance and establish some production tonnages and cash flow. Habla Usted ātemporarily high gradeā the crap out of it pre-listing.
4 Likes
Using Google Earth,
It is about 100 meters from the mine entrance to the Plateau in the area of interest. (The bonanza grade stuff may drift up or down from where they sampled it.)
With the vein obvious all the way to the surface of the Plateau, see no reason why they canāt mine it from above?
Historically, there is evidence of guys with pics/shovels mining the high grade veins right at surface in the same location so why not Auryn?
With the kind of production rates that Auryn is going forā¦hard to imagine that will come from just underground.
CHG, i agree with your comments. If one were to do a open pit design, the pit opening would need to be very large/wide, assuming they bench down every 20 feet, and the road width would need to be at least 40 ft so the articulated/haul trucks could comfortably pass each other.
There would be a huge cost to remove the overburden. Also, if you look at the diagram, look at where the water table is. The pit will constantly have water problems causing more expense.
Lastly, another benefit of going underground is minimal environmental impact which makes for easier permitting.
I see what you are saying now: those are not āleach levelsā they are erosion levels - i.e. the top of the current existing plateau. So the implication is that the high grade stuff isnāt too far below surface. The scale on the left is from the ancient 0m level before the top of the mountain disappeared one way or another and left the current plateau.
Having said that, the Adit 1 versus Adit 2 grade differences seem to imply that they may still have to go > 50m to near 100m to get to the higher grade stuff. As I said: Iāll leave it to the mining engineers.
Suffice it to say that between these results and the old Fortuna results, Auryn believes they have at least on the order of 5 km of narrow high grade veins that go to hundreds of meters in depth which can certainly be mined to great financial success one way or another.
For reference: even at todayās prices if you can do a shallow non-complicated open pit you can mine stuff > 1g/t and certainly 1.5 g/t economically if there are no other complicating factors (water, energy etc. - which as we know should not be a problem at the ADL) Underground mines of any depth need something 5 g/t or better on average. Of course there has to be enough tonnage (wide enough veins) to make it worth while.
But it is obvious that 1m to 1.5m of 60 g/t or 100+ g/t is ābonanzaā. It certainly stands out in comparison to most other opportunities out there. And even in todayās horrible market - I really think Auryn will be able to come up with the $100M somehow for such an unusual opportunity.
But the basic economics have been obvious for a while except for the most energetic worriers. Now how is Auryn going to proceed toward mining success? How quickly? And how will MDMN shareholders succeed with them in this process? Thatās what we would like to have better insight into.
7 Likes
The water table level that is shown is for an idealized model. It is the very top of a dry mountain. Water is not going to be an issue.
1 Like
Got it, thanks
post must be 20 words