Just something to consider while we wait on the next update.
What’s in a word?
From the January 06 th at 3:33:00 pm update:
Discovery of Bonanza Gold Grades at Caren Mine within the Altos de Lipangue Project.
Highlights
•Bonanza Gold Grades (>50 g/t) were discovered in Mina Caren sector.
Bonanza
noun
1. A rich mine, vein, or pocket of ore.
2. A source of great wealth or prosperity.
OK…While we are waiting…Does anyone think or is willing to admit, that they may be adding to their position this month…I am on the fence…It just never seems to work out for me…
I don’t know what the catalyst is, as price of gold is fairly steady today, but mining stocks all of a sudden are getting crushed across the board: -5% and more. Looks almost like a big $HUI or $GDX short attack. Some of the smaller names are fairing a little better but following the bigger names down.
I would love to say that I am buying this week but I just bought a house and would rather install, gutters, a dog door and a new inline pump for my well water system. I have lost the ability to throw money at this investment when I have far better things to do with my money right now.
Agreed mine has become survival now. Lol!!! Well almost. My wife now hates me and all the friends I turned on to this investment have disowned me so far.
One speculative Gold stock that I have been following for the same number of years as MDMN is NG which claims to have the largest gold finds in the world. One problem it is in a very remote part of Alaska. When I started following them they were $4.00 and they are still $4.00 fwiw. They sold a lot of revenue producing assets off in a spin off to simple focus on developing this claim.which they are in partnership with Barrick.
I bought last week and again this morning. I am hoping at least a double on these shares. Here’s to hoping!
If I didn’t have such a large position already I would be buying. I bought some at 014 just so I could have the satisfaction of knowing I bought something near the lows, but it would be terribly irresponsible of me to buy more.
Thanks for your feedback everyone…Anyone else, please feel free to contribute. I am sure almost everyone who has available funds, is thinking of averaging down. TradeRich, if you were a buyer at this point, would you be looking for a certain entry point, or at this level it does not matter. For instance, I would not mind paying a little more, feeling more confident this thing is headed north…Any purchase at this point will lower my average of .07…Like yourself, I just feel it would be irresponsible…Thanks in advance for your reply and advice…
I bought some on the way down at 2.8 cents and bought more at 1.4 near the bottom. Absolutely irresponsible as I am already overinvested in MDMN, but I’m still young enough that I can afford to lose money. Averaged down from 13 cents to just under 9
Had houseguests over the weekend and took them sightseeing in San Francisco, including a walk through Chinatown.
And yes, clearly, all of our troubles are over…
http://www.minsocam.org/ammin/AM64/AM64_768.pdf
Here’s an article that might help explain a paragraph in the recent “Chile Explore Report” article on our deposit. The article cited:
“Exploration is being overseen by consultant geologist Aquiles Alegria(previously with ANTO=Codelco), who recently sent rhenium-bearing molybdenite at the (Pegasus Nero) cite for chemical dating at a lab in Canada. If the molybdenite proves younger than other mineralization, as Alegria suspects, it could have important implications for the potential size of any deposit uncovered.”
I’ll warn you that this article is pretty heavy duty stuff. Rhenium is a super expensive rare earth metal that hangs out with “molybdenite” in some Cu/Mo porphyries. Ours happens to have it. It’ main use is in jet engines. It typically gets laid down during the earlier stages of mineralization. It occurs in these “veinlets” referred to as “B-type” veinlets which in turn occur very close to the borders of the centralized “porphyry stock”. The fact that we have “rhenium” as well as “B-type veinlets” at the Pegasus Nero Cu/Mo breccia AT SURFACE suggests that the porphyry proper is very close.
This is a very good thing since the top of most porphyry structures average 1.5 to 4 Km below the surface (Sillitoe). Our Cu/Mo bx is only 800 meters below the plateau surface BUT IT IS RIGHT AT SURFACE. Recall that our mountain had enough explosive activity that it literally “blew its top”. The good thing about Cu/Mo porphyries is their immense size. They average about 500 million tonnes of ore. The surface moly grades at the PN reported by AMC range from 228 ppm to 803 ppm. That’s insanely high. The associated copper grades at these sampling sites (which are past-producing mines) range from 0.4% Cu to 1.6% Cu. That’s very healthy.
Recall that the Merlin 1 Vein as it tracks to the south is heading right for the PN. There could be a “genetic” connection here or at leat a “plumbing system” connection. I don’t think that the PN is going to cash flow as quickly as the Caren Mine/Merlin Veins but it might really extend the “mine life” a great deal. I’ve never read a good explanation as to why the Cu/Mo porphyries tend to be so gigantic but they sure are. One of the largest on the planet is just east of us across the Central Valley.
From a technical perspective I am watching to see how well .02 holds as support. So far it’s looking really good so I wouldn’t have a problem adding at this price, but I wouldn’t go all-in with my funds.
From a big picture perspective, not considering the technical charting perspective at all, I don’t know how you can go wrong with this price as long as timelines aren’t a concern. I would expect that whatever money I put into this might be sitting for many months to years, and this would be my main consideration as long as I feel confident that Auryn is going to follow through on their current agreements, which I do.
TR…Sound advice…As always…I agree…THANK YOU!!!
If I could get past t Hat “look” from my wif E, I would be buying.
Last time I bought, I got Punched in the neck. When I came too, I explained that I used cash in the retirement account, and she cal Med down.
Seriously, I am pl Enty liquid right now, but I am afraid on so many levels.
Happy to do what I can.
I did the same, I am happy where I bought my last 50k. All I had cash for
Great post, breccia. I remember talk of potential rare earth metals about 7-7.5 years ago so this is exciting. Knowing as we do that porpheries are “big and boring” and that we have a huge Cu/Mo one near surface, generally speaking what do the models say about how much rhenium we might be talking about, or is it too early to predict? TIA.
