OTCQX:BGMZF - Post by User
Comment by
Czechlateon Feb 20, 2015 1:00am
60 Views
Post# 23446768
RE:RE:RE:Billy boy...
RE:RE:RE:Billy boy...Prize Mining did some placer mining at the Yellowjacket property yes , but it was actually a hardrock deposit that Homestake drilled prior to prize Mining getting the property. Prize Mining discovered that the overburden on the hardrock veins was a viable placer deposit so it brought in a placer plant and used the income to assist in covering cost. The Yellowjacket was taken over by Prize's JV partner Eagle plains Resources and they sold off the placer mine to a private company and tried to make a discovery of a worthwhile hardrock reserve but the veins were to scattered and irratic much like BGMs veins are so now the property sits in limbo.
Homestake had a big estimated tonnage based on widely spaced drilling but after Eagle Plains was done delineating the property they only wound up with 100K ounces reserve. Mahdia Gold on CSE is placer mining right now but also have hardrock as main target in Guyana. Trade at a penny so that tells you how much investors like placer plays...