RE:Gold Canyon -GCU.V-
It always amazes me that in the resource sector when there is suddenly news or renewed interest around an issue that the carpetbagger and flimflammers come crawling out of the woodwork with blatantly false information and assume that people are so stupid they will either sell or buy with hard-earned dollars, or that the regulatory environment is so lax that they will . This company has a very long history and it was not promoting 2m oz in the "mid-90s as you claim. The history and all the reports are still available with minimal research the entire history is on the website under the Springpole Project. There had long been interest in high-grade finds at Springpole and numerous companies tried to find the so-called elephant. But it was not until 2006 that they put out their first resource estimate: That is 10 years after the mid 90s and only a fraction of 2m.
"On November 7, 2006, the Company released the first NI 43-101 resource estimate for the Springpole Gold Project (as prepared by P&E Mining Consultants Inc.) of 242,600 ounces of gold in all categories"
So they were not “pumping it with the same 2M ou of proven reserves… Back in the mid-90s”.
It was only almost a decade past the mid-90s when Quinton Hennig reexamined the previous drill data and cores and interpreted that information according to a new model—in which he theorized Springpole was a unique formation in the Canadian Shield that had the potential for a huge bulk tonnage deposit—that things got interesting. Then big money in Toronto (real big money, not phantom golfers) became interested in Quinton's theory and financed the drilling in 2010 that produced results that ultimately drove it to become, if I recall correctly, the top performing stock on the TSX (or the Toronto market in general) in that year. I remember well. Because I made a lot of cake. That made drilling success more money available for more drilling which continued to produce bonanza holes, The results of that drilling provided the basis for a multi-million ounce resource estimate released almost the moment that the market began its ugly crash. Meanwhile (non-factually) speculation and rumblings about other zones beyond the defined pit suggested Springpole held a lot more Au than most people thought. And then later, when the crash had unfortunately turned into nuclear winter, the company completed a PEA showing 5+million oz gold-equivalent (not to mention a significant silver resource) at a cash cost of $636/oz AuEq and an all-in cost of $860/oz AuEq. Based on a long-term gold price of $1300/oz used at the time, the pre-tax NPV5% came in at approximately $579M with an IRR of 25.4%. Right number of millions, right place (Ontario), very much the wrong time. Now we have the silver guru coming in to opportunistically scoop up larger Au and Ag resource at a cheap price because the mining sector went into major psychological depression and everyone wants the next tech tulip.
Those are the facts that you can substantiate rather quickly. So I would suggest if you want to make good investments there are other ways to do your due diligence than relying on information no more factual than what some guy posts on some weird little message board about what he supposedly heard from some unnamed dude on a golf course. That is unless you are as you say, a “scammer,” and honestly believe you can profit from publicly disseminating that kind of hogwash, and that the people reading this board are that utterly brainless.