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CEO.CA members discuss high-risk penny stocks which can lose their entire value. Only risk what you can afford to lose.
@FreeBird@ocotilloredux Ok, thanks, I find it odd, but I appreciate your opinion. Can I ask you another question? (If you have the time/feel like it, don't bother otherwise.) Tamerlane who owned Pine Point before tried to move R-190 (underground) into production using Thyssen Mining and ground freezing. It died together with the falling zinc price, but from what I remember Thyssen thought freezing would be doable (though expensive). But you don't think ground freezing is possible for the underground deposits?
@ocotilloreduxI am not a nasty guy but will take down everything in the basin except nxe shortly. One of the key issues is for utilities to understand where their future lies with respect to future security of supply.
@ocotilloredux@HighROI I still should write a book about this whole industry. Ken Seitz and I were not even willing to put a bid in for the entire Paladin at 11 cents a share before their 100:1 plus dilution.
@ocotilloreduxI feel at bit sorry for Froneman though since the week he tried to sell the Uranium One fraud on Jerry Grandey, the CEO for Cameco, Ted O'Connor and myself in Joberg SA, his mother died. We were in Kruger National Park when he got the call.
@PamplonaTrader@ocotilloredux I only asked because you had previously mentioned that you would like to see a JV with a local operator with good community relations. I have no interest in engaging in a pissing match with you... I think everyone here knows how that will end for me. One doesn't simply divine decades of wisdom by "getting off their ass".
@teevee@ocotilloredux, looking forward to your comments on upcoming PEA. I'm hoping the $NXE PEA includes recommendations for a water treatment plant, shaft and drifts for underground drilling.....anything in particular you will be looking for, hope to see?....or not see;-)
@teevee@ocotilloredux, apparently, Kzatomprom is going to IPO a uranium distribution company in Switzerland in 2018.This is purportedly part of a plan to gain further control over the uranium market. Any thoughts on if Kazatomprom might also take a run at $NXE?
@ocotilloreduxI suspect there will be plenty of surprises here over the years. You just need to look at the area south of Cerro de Pasco to see how you can get a copper deposit within a few kms of zinc deposits for instance. Chaucha will be interesting since I doubt most CRD zinc deposits in Peru have much of a mag anomaly associated with them. Weekend geologist talking here mind you.
@ocotilloredux@FreeBird The two issues with ground freezing are: 1) if the groundwater is already moving it is tough to freeze, 2) if the freeze walls are successful you still need relatively impermeable ground under the orebody to prevent water coming up from below since mining has created a low pressure sink. So I think dewatering is the right approach here.
@ocotilloredux@teevee Kazatomprom could certainly do with a few business savvy types running the show but they jv'd too much with Russia and China to have much influence over production levels going forward. An IPO would be nice but I don't think it will change their overall approach much. At $20/lb AISC they can play the volume card while ignoring the bigger opportunity of driving the price to the low 40's by supply constraint.
@PamplonaTrader@benduck Per the NI 43-101:
"Ayawilca differs from most other CRD deposits in that it has early tin-copper mineralization associated with pyrrhotite...
Zinc mineralization (sphalerite) at Ayawilca typically overprints abundant pyrrhotite and/or magnetite, and occurs as replacements and veins. Pyrrhotite was early, and is more common at deeper levels near the base of the Pucará Group. Late sphalerite-galenatennantite/tetrahedrite
veins cut all other mineralization events."
As such, magnetic anomalies have served as an important exploration marker for zinc mineralization at Ayawilca.
Early pyrrhotite tin-copper mineralization is also reported to exist in the Cerro de Pasco deposit although not so well developed as compared to Ayawilca. Also like Cerro de Pasco, the Pucara Group limestone is an important host of zinc mineralization.
As you mentioned, Chaucha and Valley could represent entirely different styles of zinc mineralization than the main resource.
Also per the NI 43-101:
"CRD deposits (Ayawilca) are considered more distal from the source than porphyry (Los Pinos?) and skarn deposits (Zone 3?), and closer than epithermal precious metals deposits (Colquipucro)."
Ayawilca is showing early indications of a large system. The Peruvian polymetallic belt is elephant country. Cerro de Pasco is located approximately 40km to the north of the project area. The Colquijirca and San Gregorio zinc deposits are located approximately 10km south of Cerro de Pasco and 30km north of Ayawilca. As @ocotilloredux alluded to, there is also copper proximal to the zinc deposits, the Marcapunta Norte deposit is situated between Colquijirca and San Gregorio. All these deposits are at least 65Mt. When he says "I suspect there will be plenty of surprises here over the years", I am guessing he means the good kind.
@ocotilloreduxYa, I guess I should back off on my harsh $tk comments @PamplonaTrader . We all know these cycles do not last long since the likes of Boliden and Lundin etc have a habit of crawling out of the woodwork announcing new zones for mining (Tara and Neves Corvo etc). So the lack of any talk of putting a mine plan together here put me off but I respect the desire for pure surface exploration here particularly since they do not have surface land rights. But I do not know how to value pure explorers with no clear time line so will wait for some meat here. I suspect it will be bought out prior to this meat however, and not for a price much different then its recent high imo.
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@ocotilloredux@criticalinvestor@robmcleod@Allan@nobshere FWIW I have re-established my short here at 1% of the portfolio with plans to move it to 5% as the rot sets in here milling grade wise. I have not witnessed an estimation disaster such as this since Fronneman's Uranium One at Dominion Reefs in SA.
@ocotilloreduxGee, I think I still have a fishing rod and tackle box. During my days in the Canadian Armed Forces infantry they would let me have my own FNC1-A1 and play around occasionally with SMG's GPMG's and Carl Gustav rocket launchers taking out tanks at Meaford. Was never into killing wildlife, just the odd potential adversary to Canada
@ocotilloreduxWell, calling BS here is not a badge of honour @teevee It represents a failure of the system to root out the recreational geologists. Vancouver really has not changed. That is why I have gone cold. There are no mine builders here.
@fb@ocotilloredux Your claim took my attention - "I have not witnessed an estimation disaster such as this..." Now what we know so far is this: Due to the small high-grade veins, the resource estimate model assumes that the whole middle section contains high grade mineralisation. To navigate this issue, Pretium drilled much higher number of drill holes with much closer spacing and tested much bigger samples than only the small drill cores. And its bulk sample program was successful.
@ocotilloredux At what part of this process, did you find a fatal flaw?
@ocotilloredux@fb If anyone but me decided to follow the results of the "much higher number of drill holes...." they would have clearly seen that Stratchona was correct. #pvg
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@DanO@ocotilloredux re: "It represents a failure of the system to root out the recreational geologists. Vancouver really has not changed." The number of recreational geologists matches the number of recreational engineers, doctors, dentists, etc. And most of the guys signing for mineral resources/reserves in those reports are PEngs not PGeos. And they love statistics more than geology. They usually know less about geology (if anything at all) than about numbers. And they might be preoccupied to keep their client happy. That being said the $pvg report was not signed by a simple consultant (like the funny George did for $bgm a while ago) but by well-known consulting groups (the statisticians work for them and have been vetted by them and their results validated by the group). I am not defending them big consulting firms just sayin' that if problems arise at the new Pretium mine then I will first blame the firm then the PEng (even though I will write down their names for I might come across other reports that they've worked on and I will have to be careful) @Tim_Oliver care to weigh in?
@DanO@ocotilloredux Yeah, we should. Again, I am not taking $pvg side. I did not have time to study their report. And there were problems as mentioned by you guys. Just saying that we should be discussing the large consulting groups competence and ethics. Cheers.
@BDMinefinderHa Ha @ocotilloredux, yep remember my days in the army reserve and the C1's, C2's, M72 rocket launchers, GPMGs, Browning 50cals, Sterling SMG's, Browning high powers, grenades,..... Those FN's were where heavy as hell compared to the new stuff. Love the new optics over those old iron sights too. Weapons are way better now, but the 50 hasn't changed.
@ocotilloreduxI was given a C2 at Borden in a static position on the left flank of the trenches. I promptly put five "rounds" through a General that afternoon who did not give me the right password. That night we were hit at 2 AM by the Argyles. Biggest rush in my life. Blew off 2 30 round mags in 30 seconds once the order came in to open up. Blanks of course. Lorne Scots. Best move I ever made in life. Fearless after that.
@teevee@ocotilloredux, $NXE$CCO so the rumour is that Cameco is trying sell Kintyre (70%) and Yeellirrie (100%). Why? Is it because Cameco foresees Kazakstan and Russia eating its lunch and taking signifiant market share when long term contracting rolls over, wanting to reduce debt ahead of that scenario as much as possible, effectively down sizing the company? or less likely, is it possible Cameco wants to raise cash in an attempt to buy $NXE, and bring in a partner on a bid?
@ocotilloredux@SASKEXPRESS wrt $nxe an exploration shaft still needs an approved EIS largely due to the need for groundwater treatment/discharge into a local water body plus the potential for creating acid generating/U mineralized waste rock piles on surface etc etc. Put the shaft down at 7 m diameter since it does not cost much more than the 5.5 m one we put down at McArthur and will allow more fresh air into the mine since you do not want the air velocity to be over 12 m/s in a service shaft.
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@ocotilloredux@CriticalInvestor I went through the last round of intensive underground drilling section by section and failed to find an orebody. If a geologist cannot put F/W H/W contacts on it due to structure or at worst assay chip sample or closely spaced u/g drilling it ain't an orebody. MIK can be OK in some open pit situations where blasthole chip samples can be assayed prior to blasting to differentiate the boundaries between ore and waste and then choke blast using a backhoe for excavation after the geo's tape the boundaries but underground blasthole stoping does not provide this degree of selectivity. So watching this one will be fun. I suspect chip sampling will actually help here despite Snowden poo pooing it.