MDMN discussion 4th quarter
Was hoping the 4th quarter start’s off with plenty of good news, not what is coming out of Las Vegas today… Prayers for all that have been effected…
It’s spring in Chile - I expect a ramp up in activity.
Wish we would have some kinds of news .
I am very confident that Auryn will spend the next six months aggressively advancing the property. All the roadblocks have been removed. Professionals are in charge, and they are financially invested. Stay tuned for the sea change…
Now that Kevin is not associated as a Director or CEO with MDMN someone needs to update the company’s profile on the OTC.
Well here we are 4th quarter let’s see if Auryn shows up to the dance.
My guess is we’ll see that on the profile when the Q3 comes out, also a short announcement on CDCH’s change in management about the same time CDCH’s Q3 is filed on the OTC. I’m open to a pleasant surprise if if news starts popping before then, but certainly expecting significant news after the Q3s are out and updated. AURYN is painfully methodical and slow to release much of anything in this transition phase.
Altos de Lipangue waits ramp up production
October 2017: Production may resume during the next few weeks to commission the Altos de Lipangue project. This is an Auryn Mining project that is comparable to the Andacollo copper mine operated by Teck (TSX: TECK; NYSE: TECK),
located in the V Region. Maurizio Cordova, CEO, said “We are currently constructing escape tunnels and chimneys, to comply with Sernageomin requirements. We believe that we could begin to ramp up production in November.”
Nice find HR!
If any anybody is wondering what is “Sernageomin requirements”.
Chile’s national geology and mining service Sernageomin is a legally and financially autonomous government agency run under the supervision of the mining ministry. It is comprised of the departments of geology and mining. Sernageomin is responsible for producing and providing mining and geological information, products and services to meet the needs of government agencies, businesses, and public and private organizations.
Great! Never really thought they would go IPO without getting the mine fully operational. If they can get some good cash flow going, this will forestall the need for future cash calls and hopefully they will give Medinah(and Cerro) some cash to pay off the outstanding debit so both companies can dividend out their Auryn shares and dissolve.
Good find!! They reference the Andacollo copper mine. Is this suggesting ADL copper production is about to start since the comparison is to another copper mine?
Interesting that they reference this large open pit operation. Andacollo is a porphyry copper-gold deposit, hosted by andesite and other volcanics.
It says “production may resume”.
I take that to mean they have already been in production and possibly had to stop due to the need for more escape tunnels, etc
If you remember this from January’s notification, it makes sense that to explore 30 meters above and below the Larissa adit, additional permitting and safety requirements were needed to be met before exploitation:
We expect that this intersection extends vertically at least 30 meters in each direction with similar grades and width. Our speculation is that this vein is not the same vein that we uncovered in September on level 2. The vein on level 2 returned bonanza grades which we reported on at the informational meeting.
Also, with references to the Andacollo mine, one may infer that permitting for open pitting on the Fortuna claims area may be under consideration. Andacolla, while primarily a copper open pit, has large gold production, as well:
Royal Gold acquires Gold Stream on Teck’s Carmen de Andacollo Mine
Royal Gold, Inc. (NASDAQ: RGLD; TSX: RGL) (“RGI”) announces that its wholly owned subsidiary RGLD Gold AG (“Royal Gold” or the “Company”) entered into a $525 million gold offtake agreement with Compañía Minera Teck Carmen de Andacollo (“CMCA”), a 90% owned subsidiary of Teck Resources Limited (“Teck”). The transaction will encompass certain exploitation concessions by CMCA on the Carmen de Andacollo copper-gold mine, any mining concessions acquired within a 1.5 kilometer area of interest, and certain other mining concessions that CMCA may acquire.
- Royal Gold made a $525 million advance payment in cash to CMCA
- CMCA will deliver to Royal Gold 100% of payable gold from Carmen de Andacollo until 900,000 ounces have been delivered, and 50% thereafter, subject to a fixed payable percentage of 89%
- Royal Gold will also pay CMCA 15% of the monthly average gold price for the month preceding the delivery date
Transaction Highlights for Royal Gold
- Larger economic interest in terms of duration and gold interest in Carmen de Andacollo relative to RG Chile’s prior royalty
- Expanded footprint encompassing additional mineral rights and a 1.5 kilometer area of interest relative to RG Chile’s prior royalty
- Estimated average annual deliveries of approximately 41,000 payable gross gold ounces over the life of mine (50,000 payable gross ounces over the first five years)
- Proven and probable reserves of 1.6 million contained gold ounces grading 0.11 g/t gold and a 22 year mine life reported by Teck as of December 31, 2014
- Long operating history including 5+ years of concentrator operations and prior relationship with RG Chile
- Well-respected partner in Teck, Canada’s largest diversified resource company
- Adds to the Company’s strong geopolitical footprint with another investment in Chile
Let’s hope the future for the ALTO is proven to be as rewarding over time.
FYI…Here’s the full article. Note that the article incorrectly states the “company’s exit from the stock market is formulated”. That appears to be a mistranslation as Auryn is obviously not listed on a stock market and they are looking to be listed on one.
Looks like Auryn is starting to open up on how huge the deposit is.
I found this part of the article interesting since it shows that they are still adding properties to Auryn!
Mr. Cordova mentioned “We want to buy Princesa Caballo, which is a property 3km to the north of Altos de Lipangue, where we have already completed mapping and sampling that have provided results ranging from 2g/t Au to 23g/t Au.” Princesa Caballo contains a 946m long breccia structure of unknown depth, but it would appear to be good prospect. Mr. Cordova is also managing the acquisition of a project from Revelo Resources (TSXV: RVL), in Copiapó, 70km to the south of the Inca de Oro mining district. This project is called Los Azules and covers 3800ha. RVL has already completed geological mapping, geophysical studies, geochemical sampling and over 5,000m in diamond and RC drilling between 2008 and 2010, and the results indicate 120m @ 0.41% Cu and 0.02%Mo (DD LA-08-09) and 48.4m @ 0.97% Cu and 0.09% Mo (DD LA-08-12).