The reason we're in thisBefore I get into this, just a quick note to Foxy Fox, and all those others who bailed early or tried to trade this monster unsuccessfully: Don't worry, you'll get your chance to get back in. Can't say if it will be a retreat tomorrow from 70 to 50-60, or down the road a bit from a buck back to 80-- no need to trash talk on this board, you just look like a fool.
As Joey succinctly showed, there was
no expectation of 1mil+ ounces--they have been saying all along they were hoping to prove up over a million ounces -- FIRST MISSION ACCOMPLISHED
This company is 47% institutionally owned, with another 9% owned by insiders and close-hands. If more institutions jump in and take notice, it's light out for those looking to purchase shares for under $1.
They have now outlined WELL OVER the 1 million ounce target they had initially set, which still only reflects a TINY fraction of their highly prospective OSZ property.
Buthands down, I stand by Bob Moriarty on this, and believe that the vastplacer projects along the OSZ truly show the potential here. From a recent PEM corporate presentation:
"+20 km placer mining along strike"
not to mention another gem from the same slide
"15 historic workings along strike"
(see Moriarty's most recent article on PEM here, with a couple key paragraphs from the article below:
https://www.321gold.com/editorials/moriarty/moriarty060810.html )
"Yousee things on a visit that management knows about but it may not meananything to them. Here's what I saw, miles and miles and miles of placerworkings. Over the last 100 years or so,there has been 400,000 ounces ofgold taken out of the valley that the shear zone has created. That's alot of placer gold.And when you see piles of cobbles stacked up formiles, it's easy to see that there is a lot of gold in the OrograndeShear Zone waiting to be mined."
from the same article:
"It'spretty much axiomatic that where you have placer gold, you have a lotmore lode gold. For example I visited the Livengood Project ofInternational Tower Hill four years ago. We knewfrom historical datathat every drainage off the hill was mined for placer dating back to1915. I thought Livengood was goingto be a really big project. Millionsof dollars of explorationhas confirmed the presence of almost 10 millionounces of lodegold. So
for every ounce of placer produced, there is another 20 ounces of hard rock gold waiting to be produced."
[Note: bold emphasis is mine]
WhenBob Moriarty infers that there could be upwards of8 MILLION OUNCES (400,000 ounces of placer gold x factor of 20 =8million), along the OSZ, it's time to pay attention
Somemore key bullets from a recent PEM corporate presentation further indicating the massive potential
"-100% drill success intercepting the mineralized Friday-Fault
using ground magnetic geophysics
-1km drilled mineralized Friday Fault correlates with part of the 4kmlong coincident magnetic high/low geophysical anomaly NorthZone suggesting 4 km of potential strike length
-30 km airborne geophysical anomaly over OSZ correlates with both Friday-Petsite and Buffalo Gulch deposits suggesting
continuous mineralization along the 30 km"
[Note: bold emphasis is mine]
Dig in while you still can.