Midas and Monte Cristo discoveriesBecause I think the market doesn't get it, I hope you all will allow me to re-visit and compare the importance of the Discovery Vein that lead to the Midas mine, and the just announced discoveries at Monte Cristo. Again, please bear in mind that what is now the Midas mine may well produce 6M ounces of gold before it's all said and done.
First, here's the Midas Discovery intercept:
At about 500' depth, 7.8m of 16.8 g/t Au and 388 g/t Ag.
At Monte Cristo, we have:
First, MCC-65, at 72 metres depth, we hit 3.5m of 12.1 g/t Au; and,
Second, GP-72 (drilled in 1989), at similar depth and 50 metres away, hit 7.6m of 16.9g/t Au.
In each of these two holes, there is upwards of 40g/t Au within the larger intersection.
Isn't it stunning how GSM's second hole's gold intersection is almost identical in length and grade to the Midas Discovery Vein?
That said, there are at least three differences between the Midas Discovery Vein and Monte Cristo find. First, Midas has more silver.
Second and third, though, are that not only are the Monte Cristo intersections much shallower (i.e., more economic), but there are TWO INTERSECTIONS. We already know MUCH more than Franco-Nevada did with their Midas discovery, because of that.
One last thing, somewhat off topic (but not really)... Many folks folks have complained here, about what GSM was doing with all it's time and money over the years. Well, I can tell you this: they committed five years of painstaking digging and effort, to collect and agglomerate as much past data as they could from prior operators' drilling results.
And look at how that's paid off. Heck, MCC-65, by itself, is significant. But by including the information garnered by tracking down the information from a hole drilled in 1989, GSM now knows a TON more about a high-grade, shallow, and fairly extensive interesection, than they otherwise would.
Way to go, Tony and team. Good work.