Update 7/19/2018
The BCI at 247.9 is above last week’s upward revised 247.3, and for the current Business Cycle, at a new high indicated by the BCIp 0f 100. The 6-month smoothed annualized growth BCIg at 16.0 is above at last week’s 15.9. Both BCIp and BCIg are far away from signaling the next recession.
The Business Cycle Index
Nobody can predict the arrival date of the next recession. However, using freely available economic data we derive a reliable signal that warns of an oncoming recession.
Russian Shipwreck Allegedly Carrying $130 Billion in Gold Has Been Rediscovered
By Kyle Mizokami Jul 18, 2018
A salvage company has located the remains of a Russian warship lost during the the Russo-Japanese War. The battle-damaged cruiser Dmitrii Donskoi was scuttled off the coast of Korea in 1905, reportedly carrying a cargo of gold worth an estimated $130 billion in today’s dollars. An international consortium of companies plans to salvage the gold.
…At the time of her sinking Donskoi was reportedly carrying 5,500 boxes of gold bars and 200 tons of gold coins with a street value today of $130 billion. That’s more than twice Russia’s 2017 defense budget, which was $61 billion. If the treasure does materialize, the Russian government will receive half of the recovered amount.
Anyone in First Majestic? Thinking of taking a position, as its share price has been hammered. Year ago, it was at the top of Michael Belkin’s silver stocks list
I’m surprised Russia only gets 1/2. It’ was my understanding different rules applied to warships. They’ll probably cut a deal to get the rest, as Russia has been steadily adding to their gold reserves
This has been a very difficult position to hold long-term without trading actively, IMO. You did see TR’s post 8 days ago, didn’t you? (Also see TR’s update post #742)
TR’s chart analysis was helpful, as I do have a position. Long term charts do not look very encouraging, but I’m in it for the longer haul. (May want to take this discussion to the Other Mining Stocks thread.) Here’s a view of today’s daily chart you may find useful:
Thanks, I forgot about it or just skimmed it at the time. Wasn’t looking to take a position then. (doesn’t matter which one we have it on, they’ll delete it anyways)
Western Troy provides historical San Nicolas resources
2018-07-23 13:00 ET - News Release
Mr. Rex Loesby reports
WESTERN TROY PROVIDES HISTORICAL RESOURCE INFORMATION FOR THE SAN NICOLAS PROJECT
Western Troy Capital Resources Inc. has released the results of its investigation into the historically reported resources at the San Nicolas project near Cajamarca, Peru.
In its press release of June 29, 2018, Western Troy announced, through a reverse takeover process with MASGLAS Peru S.A.C., a transaction that involves the acquisition of a minimum of a 70% interest of Cia. Mineral San Nicolas S.A. including, among other assets, concession rights to the San Nicolas Mine Project. Western Troy has received mine resource data from the historical records.
Rex Loesby, CEO of Western Troy, and Steve Friberg, independent geologist and Qualified Person under National Instrument 43-101, traveled to the San Nicolas Mine Project in early July of this year to investigate the basis for the resource data so as to allow publication of those data in compliance with NI 43-101 requirements. A second purpose of the visit was to satisfy the requirements necessary for Mr. Friberg to develop and publish a current draft NI 43-101 technical report for the San Nicolas Mine Project. The draft NI 43-101 report is expected to be ready for TSX-V review in late July or early August.
Mr. Friberg took chip samples of mineralized material from underground and surface workings at the San Nicolas Project site. He also took samples of mineralized material and tailings at the Cosinsa Mill. The samples were transported to the ALS lab in Lima. The site verification confirms the existence of a steeply dipping mineralized vein system up to 15 meters in width, and adjacent moderately dipping mantos of up to 25 meters in thickness.
In his research, Mr. Friberg also found a Roscoe Postle (RPA) 43-101 report on the San Nicolas Project published in 2005 for Goldmarca Limited (now Ecometals Limited) and posted on the SEDAR Website on February 28, 2006. This report relied upon data from 104 reverse circulation drill-holes totalling 10,680 meters plus surface and underground mapping and sampling that a prior company, El Misti Gold Limited, completed in 1997. RPA constructed a block model of the San Nicolas mineralization and, using a 0.5 g/t gold cut-off, calculated the following mineral resources:
**MINERAL RESOURCES -- SAN NICOLAS PROJECT, PERU **
From the available data, minimal mineral projection was included by RPA below the deepest underground drift level at San Nicolas. The RPA study concludes that “The current mineralization is open at depth and there is some potential along strike to increase the tonnage.” RPA chose to cap (cut) all gold and silver values (7.0 g/t Au and 350 g/t Ag) and the RPA report noted that this method “overly penalizes the high grades while leaving the lower grade portion of the distribution unaffected.” In the opinion of Mr. Friberg, the above historical Indicated and Inferred resources meet the definitions as stated by NI 43-101, and defined by the Canadian Institute of Mining (CIM) Standards on Mineral Resources definitions and guidelines as adopted by the CIM Council on August 20, 2002.
It is important to understand that the original mining done by the owners in the late 20th century concentrated strictly on the surface oxide enrichment zone. Very little attention was given to the sulfide mineralization at depth that was tested by the El Misti drill program. Very small scale mining has occurred in the sulfide zone and primarily included some of the narrow high grade areas, leaving most of the mineralized material in place for future mining. This mined material was shipped as far as 400 kilometers for milling. In addition, a down-dip mineralized extension of over 50 meters can be projected for additional resources but these are not included in the RPA resource data.
Prior to receiving the RPA 43-101 report, the following Historical Mineral Resource calculations dated April 18, 1994, made by Cia. Mineral San Nicolas S.A., were made available to Western Troy:
MINERAL RESOURCES -- SAN NICOLAS PROJECT, PERU
Tonnes Gold (opt) Silver (opt) Copper (%) Zinc (%) Lead (%)
11,800,000 0.075 5.238 0.68 0.96 1.02
Pounds/ounces - 884,056 oz 61,832,000 oz 176,848,960 lb 249,669,120 lb 264,273,440 lb
These calculations, which have not been verified by Western Troy, do not meet the classification and guidelines as adopted by the CIM Council. The documentation of this reported resource included the term “Inferred Surface Resources” but Mr. Friberg was unable to verify whether the surface resources meet the CIM standards for Inferred Resources. The reported resource includes the projection of mineralization approximately 70 meters below the lowest underground drift level. As noted above, the El Misti drilling and the RPA report did not include these potential resources in their estimates nor did they use any of the extensive underground sampling. It is the opinion of Mr. Friberg that the Cia. Mineral San Nicolas S.A. calculations will require further study to determine the validity for future reporting. Mr. Friberg noted that he has not done sufficient work to classify the Cia. Mineral San Nicolas S.A. estimate as current mineral resources, and Western Troy is not treating the historical estimate as current mineral resources.
Not included in any mineral resource estimations are mill tailings reported by Cia. Mineral San Nicolas S.A. to include 2,250,000 tonnes that were processed by the Cosinsa mill in the past. These tailings were viewed during the property examination but were not verified for volume or tonnage. Two assays are pending that were taken on the tailings. The historical tonnage data of this material currently do not meet current NI 43-101 definitions but are relevant for future evaluation in that they may contain mineral value.
One of the properties included in the transaction is a 24 hectare parcel adjacent to Regulus Resources’ Antakori Project. The adjacent map has been assembled based upon public information. The drill-hole locations and projections have not been independently verified by Mr. Friberg. The rectangle in yellow represents the 24 hectare San Nicolas concession. During the site visit in early July, Mr. Friberg took chip samples of mineralized material from this 24 hectare parcel.
The San Nicolas Properties are located in the Hualgayoc District near Cajamarca, Peru. In 2004, Newmont proposed an expansion of the Yanacocha Gold Mine in the District (the Conga gold and silver project). The expansion was opposed by the people of the District and led to massive and sometimes violent protests, primarily due to potential water pollution from the project. The expansion was defeated. Based on Western Troy’s news release of June 29, 2018, MASGLAS and Western Troy received on July 3, 2018, an unsolicited letter of support signed by 23 community leaders in the Hualgayoc District. The English translation of the letter stated, in part, “Hualgayoc welcomes you and expresses our sincere wishes for success for the future. Please understand that we will do everything possible to always have a good relationship and we help each other.”
Mr. Robert S. Friberg, a Geologist and member of the Society for Mining, Metallurgy, and Exploration (SME) Member Registration No. 4031861RM, has approved the technical data presented in the news release. Mr. Friberg is an independent consultant for Western Troy and acts as the Qualified Person under National Instrument NI-43-101.
Is the deadline for our MDMN shares to be converted to CDCH middle of December 2018 or is that just when the 1 year restriction is lifted only…Could Auryn wait past December to covert MDMN shares and if so I guess they could what till whenever they decide to convert
There has been no deadline or mechanism stated for conversion of MDMN shares into CDCH. Until that conversion takes place, MDMN has a direct equity interest in AURYN.
Speculation building upon more speculation. So many questions. Where are the answers?
In June of 2018, Western Troy entered into a binding Letter of Intent with MASGLAS Peru S.A.C., of Lima, Peru. MASGLAS is acquiring approximately 94 percent of the shares of Compañía Minera San Nicolas S.A., a company that controls prospective mineral properties 80 road kilometers north of the city of Cajamarca, Peru, and near Gold Fields’ Cerro Corona Gold Mine and Buenaventura’s Tantahuatay Gold Mine. https://westerntroycapital.com
An RTO with Western Troy for control of the San Nicolas Properties is a provocative move by MASGLAS. This does give rise to several speculative thoughts, a couple of which have already been mentioned. Does MASGLAS really want to add this property to it’s portfolio of mining properties for it’s mineral resources, or is it primarily a preliminary step to give MASGLAS direct access to a public market? Could there be other less obvious reasons as suggested earlier? How would this affect CDCH and AURYN and advance development on the ADL?
CHG had some interesting thoughts when this LOI was first announced.
I cannot improve upon the reasoning in CHG’s speculation, so I will not restate it here. I agree with CHG that this MASGLAS acquisition may well be an inexpensive way for AURYN to acquire a mill suitable for exploiting the high grade ore in the Larissa Adit.
Concentrating ore using a Falcon gravimetric system (which also requires a crushing mill unit) had previously been demonstrated to be an integral part of the best recovery method. Using the Falcon concentrator was a first step leading to better than a 90% average gold recovery. This method was a key part of the evaluation that led AURYN to announce it was confident of being able to produce 25,000 troy ounces in it’s 1st full year of production.
Cash flow generated from production at the Caren Mine project will provide the funding required for the aggressive exploration program at the high-potential porphyry mineralization at the Pegaso Nero target, as well as further drilling at the Merlin-Fortuna targets.
(from: June 2016 AURYN Notification)
We know management of MASGLAS and AURYN (along with AHC) are closely aligned, but we do not know the exact corporate structure. Does MASGLAS have a longer range strategy to use WRY.V as the vehicle to a higher Canadian exchange and eventually be dual listed? Early on AURYN was a wholly owned subsidiary of MASGLAS. At a later date AURYN was stated to be a 100% wholly owned subsidiary of AHC. Does AURYN now have it’s own independent corporate structure? If so, does this provide an easier path for AURYN, through an eventual RTO with CDCH, move to a higher exchange and eventually move to the OTCQX®?
When will shareholders of MDMN and CDCH have these questions answered?
