THIS IS AGCManagement feels it could be the next EFR. I see it also has copper and I know I saw a molyreference. It is a major asset ladies and gents and I think it is worth more than all of AUG.
SO, we get wealth management and rest of merchant banking,etc for free. Deal or no deal !
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Repost//////I predict that this portion of AUG.V called AUGEN GOLD CORP will be a highly explosive , rich reward for shareholders of AUG. First portion describes Jerome. Suggest this to be must read for anyone that loves hidden gems. AUGEN management are leading AGC from here and they own the majority of the trend. Yum ! I purchased my final shares today and have maxed out my position unless some other ships come in.
I will now hold through to min. $1.50 then think over position for $5 3 year target. Could get there alot sooner.
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Osprey Gold Corp. EXTRACT FROM GOOGLE SEARCH
Properties: Jerome
The main focus of Osprey Gold Corp’s extensive land package in the Swayze Greenstone Belt of Ontario is the Jerome Mine. The mine is located in Osway and Huffman Townships, Porcupine Mining Division, District of Sudbury in Ontario. The Jerome Mine produced an estimated 56,878 oz of gold (Au) and 15,104 oz of silver (Ag) for the Mining Corporation of Canada during a two year period of production, which was suddenly aborted in 1943 because of manpower reduction due to the war effort. The mine was never reopened due to the difficulty in obtaining financing during and immediately following WWII. A fire in the area destroyed most of the mine records, including the loss of inter-level assay results, which had an impact on the classification of identified ore. Ore reserves (J,E, Millard, 1989, Muscocho Exploration) indicate that there are a total of 577,495 tons of ore (all categories) at a grade of 0.200 oz Au/ton or 115,713 oz Au (at a cut-off of 0.115 oz and undiluted). A 43-101 recently prepared by Frank P. Puskas (August 2004), states the current ore reserve as 583,068 tons of ore at a grade of 0.203 oz Au/ton (i.e. 118,362 oz Au and 31,958 oz Ag) down to the 800 foot level.
During the fall of 2003, Osprey Gold Corp purchased 63 patented mining claims containing the Jerome Mine. The area claims form an east-west trending rectangular block approximately 3.5 miles in length. Previous property owners completed over 250,000 feet of diamond drilling, also completed a three-compartment vertical shaft from surface to a depth of 1,100 feet, completed over 11,000 feet of lateral drifts (tunnels), and completed numerous geophysical and trenching programs. In addition to the 63 patented mining claims mentioned above, the Company acquired 4 unpatented mining claims in Huffman and Potier Townships, Porcupine Mining Division, Ontario, that cover an area of approximately 1,600 acres across the porphyry structure. These claims were previously identified by Frank P. Puskas as having commercial values of gold, silver and copper. No major work has been undertaken on these claims as a result of the previous owners not having the proper financing. It should be noted that following additional staking in Osway Township and the immediately adjacent Townships of Huffman, Potier, Arbutus, Mallard, Esther and Benton, the Company has extended the strike length of its holdings to an east-west rectangular block of 21 miles in length.
A multi-stage exploration and drilling program is currently underway in order to confirm inter-level continuity east of the existing shaft, and thereby upgrade the classification of ore to the status of proven. In September 2004, Phase 1 of the Jerome Mine drilling program (19 diamond drilling holes; 10,000 ft.) was completed and confirmed the existence of 86,269 oz Au in the Main N Zone from the 100-ft level to the 700-ft level. Phase 2 (Oct. 2004-Dec. 2004) will involve an additional 30,000 ft of diamond drilling as well as reserve assessments. Phase 3 is expected to commence in January 2005.
Infrastructure
• A gravel road provides year round access to the Jerome Mine road and the Osprey Field Headquarters.
• An airstrip is in place approximately 0.5 km NE of Osprey’s Field Headquarters.
• Rail transport in close proximity.
• Permanent mining camp, which can accommodate up to 120 people has been acquired and is operating.
• Existing three-phase power generation on site.
Maps & Images
To view and print maps & images relating to the Jerome Property, please visit: https://www.ospreygold.com/props_jerome.html.
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Properties: Lingman Lake
The Lingman Lake Property is located in Northern Ontario, 200 miles (322km) north of Red Lake, Ontario east of the Manitoba border.
Previous exploration programs, including 105,539 feet of diamond drilling to a shallow vertical depth of only 400 feet on the Lingman Lake property indicated gold (Au) mineralization in five sub-parallel zones along the quartz-feldspar porphyry contacts. These zones all host significant concentrations of Au-Ag and are referred to as the North Zone, West Zone, South Zone, HW (Hanging Wall Zone) and the 11650N Zone.
D.S. McPhee (1989) reported 1,172,753 tons of defined resources with a weighted average grading of 0.20 oz (i.e. 234,550 oz Au). Previous attempts to bring the property into production failed for reasons relating to project funding and not economical ones. Osprey Gold Corp has an option agreement with Anaconda Gold who owns a 100% interest in 8 contiguous mining claims in the Lingman Lake area of Northern Ontario. Osprey has the right to acquire a 100% interest in these claims by making certain cash and equity payments to Anaconda. Only upon completion of these payments will Osprey exercise its right to purchase a 100% interest in Anaconda's Lingman Lake mining claims. These 8 contiguous claims surround 4 patented mining claims already owned by Osprey. These 8 claims, under option with Anaconda Gold Corp, total approximately 1,100 acres of land in the Red Lake Mining Division, Ontario. In addition, the Company also acquired 14 mining claims to the west previously owned by Kennecott Canada Inc. Additional claim staking has increased Osprey's land ownership to approximately 1,800 acres, with 31 mining claims.
In 1949, Lingman Lake Mines Ltd. executed a comprehensive surface and underground exploration program. They sank a three-compartment, vertical shaft to the 430 foot level, and drifted along Level-1 (150 feet vertical depth) for 771 feet, and Level-2 (275 feet vertical depth) for 1378 feet and Level-3 (400 feet vertical depth) for 1125 feet. In addition, 388 feet of cross-cutting and 207 feet of raising were developed on Level-1, 313 feet of cross-cutting and 233 feet of raising were developed on Level-2, and 121 feet of cross-cutting was developed on Level-3. The underground workings provided the necessary three dimensional expression of the Au mineralization and afforded the ideal exposures needed for sampling and bulk sampling. The underground sampling program included detailed sampling of the faces and the shipment of four bulk samples of 500 pounds each to the Metallurgical Division of the Mines Branch in Ottawa. The bulk sample grades are considered in the industry to be the more reliable and representative value. At Lingman Lake the bulk assayed higher than the corresponding face samples. The specific assay results:
Level-1, east drift; face assay 0.44 opt AU; bulk sample graded 0.40 opt Au;
Level-1, west drift; face assay was 0.54 opt Au; bulk sample graded 0.54 opt Au;
Level-2, east drift; face assay was 0.28 opt Au; bulk sample graded 0.54 opt Au;
The composite (equal weights) of samples 1 to 4 yielded a face assay of 0.45 opt Au and the bulk sample graded 0.58 Opt Au. In a report for Antoro Resources Inc (by Clark, 1998), mention is made that the high grades were not cut due to the numerous gold assays in excess of 1.0 ounces gold per ton in the underground sampling.
Metallurgical tests conducted by the government labs on samples 1 and 2 indicated gold recoveries of 95 to 96 % via simple cyanidation. Sample 3, had an initial gold recovery of 64.8% with simple cyanidation due to a high arsenic content. But with a combination of floatation and roasting of the concentrate followed by cyanidation the gold recovery was 94%. No significant silver values were indicated (McPhee, 1989) although Wade reports(1983) recoverable silver values which may be in the order of $2.50/ton have been neglected in the economic evaluation due to a very limited data base caused by infrequent assaying for silver.
Lingman Lake Gold Mines Ltd. purchased a 300-tpd mill, equipment and power plant from God's Lake Gold Mines Ltd. The mill (which requires erection) is owned by Osprey Gold Corp.
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As mentioned in the 1980 Canadian Energy, Mines and Resources Inventory Section (internal Report MRI 80/7) the North and South zones contained a proven-indicated resource of 444,000 tons grading 0.41 oz/ton, Au (i.e. 171,118 oz at 94% recovery) above 400 feet and 1,300,000 tons grading 0.3 oz/ton, Au (i.e. 366,600 oz at 94% recovery).
Infrastructure
• Access is gained by winter roads that have been previously established, or by air service.
• Several land and sea air bases are within one hour of flying time.
• A module base camp is on site ready for set up.
• Portable power stations already on site.
• Fuel supply already on site in excess of one million litres.
Note: Reserve figures and/or grades mentioned above are derived from historical information.