The Mining Play

Medinah/Auryn - 2018 Q4 General Discussion

Ok, here we go: 2018, Quarter 4!

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I am hoping this is the game changing quarter for MDMN. My prediction for fourth quarter is we will see a Medinah/Auryn 2019 Q1 then Auryn 2019 Q2.

Waiting to see how it plays out… FYI, Baldy I have not been sitting on the sidelines waiting for this to happen :wink:

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Still rather annoyed waiting on something. To add to my annoyance, Auryn has yet to fix their website. If you click on filings…it goes to this link: https://www.otcmarkets.com/stock/CDCH/disclosure which of course leads to an error. (Kevin, could you pass this on when you get a chance and have them change their stock symbol to AUMC. They also should pull the plug on their old website(or redirect to the correct one) as it is just confusing leaving it up! i.e. pull this one: http://aurynmining.com/ )

Note also the About Section:

Welcome to Auryn Mining Corporation. We are a mining and exploration company trading on the OTC Pink Markets as CDCH.

Broken web links, inactive Facebook page etc goes hand in hand with companies that are sloppy or inactive or really don’t give a crap.

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We’ve heard about LOIs for many years. Is it too much to ask that they provide follow up to the statement indicating early September contract signing and that work has begun??

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As much as I like to complain I would point out that the timing of completing these LOIs is not for the impatient. There really isn’t much in the way of a “bridge” announcement the company can make in between announcing the LOI and completing the JV. I would add that Hochschild has their hands full at the moment. This deal may be important to them but its nowhere near the top of the priority list. IMO, it’s highly unlikely that any due diligence following the announcement of the LOI is going to kill the deal. They already know the asset.

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If the deal was anticipated to be signed in early September and was signed and work was scheduled to begin, they should let shareholders know.
They need to follow through.

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A month late is analogous to a millisecond in mining life. What would you suggest they say? The deal is either done or it’s not. If it was dead they would have put out a PR , IMO.

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I would like to hear the deal is signed and no longer just LOI and work has begun
Then I’d like to hear the property is worth 200 Billion based on what they’ve seen in the first week.
Then I’d like to hear of a $5 per share buyout
Then I’d wake up and in reality appreciate a dime in a few years

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Like what the heck happened to these guys?? are they still alive? are they going to be throwing us a bone once a year? Just when you thought things are going to get better, BANG!!!

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If hoshchild and CDCH have signed the new contract which CDCH is now AUMC would that be a definitive agreement that has to be made public by either company…if so I guess the deal has not been signed yet

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Las Dos Marias Project Update – 2018-10-07
Oct 7, 2018
Hochschild Mining PLC started Phase 1 work on Las Dos Marias project on September 23, 2018. This phase includes re-logging and assaying existing drill cores and systematic sampling at surface and inside both tunnels. Phase 1 concludes on Friday, October 12, 2018…
https://aurynminingcorp.com/notifications/

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So is the deal signed?

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Las Dos Marias Project Update - 10-07-2018

Shareholder Notification | 10/07/2018

INDIANAPOLIS, IN, October 7, 2018.

Hochschild Mining PLC started Phase 1 work on Las Dos Marias project on September 23, 2018. This phase includes re-logging and assaying existing drill cores and systematic sampling at surface and inside both tunnels. Phase 1 concludes on Friday, October 12, 2018. Phase 2 will begin on Monday, October 22, 2018, and we expect a Phase 3 to be completed prior to the end of 2018.

The aim of these first phases is to establish the targets for drilling in early 2019. AURYN management is very pleased with the progress to date and will keep our shareholders posted as things progress.

Sounds like progress to me :grin:

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I’m confused. In practice, what is the difference between a binding LOI and a contract? Wasn’t the deal done back on Aug 22nd?

contracts needed to be detailed and signed I guess. Glad to see work being done up there again

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Absolutely correct, the contract whether signed or not is a formality with all the details, but the evidence of work being done is a significant event even if the contract is not already signed .

Who knows it may just a little item holding off the official signing of the agreement and/or its announcement. Maybe something as simple as getting all the significant parities together with the signing authority and /or just getting out an official PR. In either case signed or not, if work is being done that is major information at this point that the project is moving forward.

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MG CHG like to get your thoughts on yesterday news release

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On a project of a District scale like this one I could see where it might be wise to facilitate progress by executing a binding LOI with Hochschild now in order to get progress going at the LDM and hold off on the definitive contract until all JV or consortium members for the Pegaso Nero and other sites are identified. I’m assuming that Maurizio is going to keep the Caren/Fortuna early production opportunities for ourselves. Maurizio hinted at JVs (PLURAL) with “specialists” in the various deposit types present at the ADL constituting a “massive” exploration effort.

As the data comes flowing in, who is to say that the proper approach as deemed by the engineers might be to open pit the whole enchilada. I doubt it but who knows. The majority of “stratabound deposits” like that at the LDM in our region (El Soldado, Lo Aguirre, etc.) are/were open pitted. These families of deposits almost always have associated epithermal vein deposits. Hochschild is one of the premier epithermal vein underground miners on the planet.

I think I would treat the “binding LOI” with Hochschild as a “binding” contract that will no doubt be fine-tuned as the development results come in and a consortium of big boys is put together for the PN.

When the drills turn at the LDM stratabound deposit you’ll want to root for as many similarities as possible with the El Soldado stratabound deposit to our north. It’s a high grade very large deposit weighing in at over 200 MT of 1.4% Cu. What we want to see is an outer zone of chalcopyrite-pyrite, followed by chalcopyrite-bornite, then bornite-chalcocite and then a central core of chalcocite. Chalcopyrite is the boring and most common form of copper. The other 3 are “high octane” copper which we already have found at the LDM in the Nuoco adit.

The similarities to El Soldado are lining up nicely. The host rock at the LDM is the Lo Prado formation of the Ocoite Group as it is at El Soldado. There is already a “belt” of these stratabound deposits called “The Lacustrine-sediment hosted stratabound belt” in our neighborhood. “Lacustrine” refers to once being part of a back arc basin or an ancient lake/lagoon. These deposits are often associated with shale or siltstone. The LDM has both as does El Soldado. El Soldado’s size necessitated a consortium approach. The members are Anglo American, Codelco, Mitsubishi and Mitsui. Despite the potential at the LDM, the big ticket item is still the Pegaso Nero. The ADL Mining District is what is sometimes referred to as “target rich”. The similarities between the overall ADL Mining District and the Andacollo Mining District to our north is also very compelling.

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The only issue I have with this is they said the final contract would be executed within a few weeks, due in mid-September as I recall. There’s a new plan now? Was there some confusion? Did we not know what we were doing in the first place? To be fair, one has to say this at least raises eyebrows - yes, there is the possibility that they re-thought the process (as you suggested, and it makes sense). But maybe management could be at least a little sensitive to the fact that we’ve already been played once?

Thanks, as usual, for your comments.

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First update was;
The LOI is subject to further due diligence and the signing of a definitive agreement.

We expect to sign the definitive agreement in the coming weeks with work planned to begin on the property in early September 2018. The first step on this project will follow Dr. Sillitoe’s recommendations

Second update;
Hochschild Mining PLC started Phase 1 work on Las Dos Marias project on September 23, 2018. This phase includes re-logging and assaying existing drill cores and systematic sampling at surface and inside both tunnels. Phase 1 concludes on Friday, October 12, 2018. Phase 2 will begin on Monday, October 22, 2018, and we expect a Phase 3 to be completed prior to the end of 2018.

The aim of these first phases is to establish the targets for drilling in early 2019.

My personal opinion is that we are letting them do some more Due Diligence before a full definitive contract is secured.
I don’t see how you could sign a definitive contract if you haven’t finished the diligence to set up the drill program.
I do think that while trying to be vigil in making sure updates that come out are as accurate as possible, I’ve noticed sometimes when trying to satisfy shareholders about getting information in front of them, you over reach and aren’t quite as accurate as you thought (Ask Tupper how that works out).
While I’m fully aware of the timing and length of updates, and cannot grasp the low volume and price of shares at this time, I’m sure things will turn soon.
I would like to see advancement in SP and volume, I’m more interested that Hochschild is on the mountain and things are moving forward.

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