Adit Picacho property DDI heard about this and saw some presentaitons on Adit. However, the information on Adit Picacho project is still too brief fo rme to know the full detail.
I know that property has been worked on by two previous partners. The first partner probably did NOT do much (or anytihng) on the property before they surrendered the property back to TRGD. The second company spent some money and effort into the property, and then decided to return the property to TRGD.
What I am concerned is the reason that the second partner returned the property if it is so good as claimed.
From what I know, the property may have millions of of oz in,
In Richard's own words: "He also believes that the project has the potential for a multi-million ounce gold property. The grades of 10 grams that we got from our first exploration program support these beliefs. We have 8.5 kilometres of known vein structures 3 to 5 metres wide, which could at least go down to 400 metres depth."
However, when we compare with Centenario, in Richards's own words:
"At Centenario we have a structure which is 7 meters wide with grades of 6 grams gold and 3% copper with an estimated strike of a few kilometers. Then we have another gold system that is 2.5 metres wide with grades of 17 grams gold, 350 grams silver and 7% copper, with a potential strike length of a few kilometres. And a third system which includes 67% iron ore, 6 grams gold and 3% copper."
Centenario has much better grade. Note that 3% or 7% cooper worth good money, so is 67% iron ore (a direct shipping iron ore due to high grade), the third system has > US $600 per tonne now, the second > US $700 per tonne, the first about $300 per tonne (last for few kilometers).
In comparison, Adit's Picacho has only US $250 per tonne, but the size is considerable. If the whole structure mentioned by Richard is mineralized at 10 g per tonne, it has 7.9M oz of gold, but this may be the max. All above assume gold is at $1000. Of course, when gold price dropped to say $800, the value will drop accordingly.
Any one who has more drilling results of Picacho? Please share.