RE:RE:Accuracy of a bulk sample - is actually the pointThanks Avocadopit for joining the discussion
Very much appreciated
Avocadopit wrote: I asked Ron if he had ever brought a mine into production. He has not. Which would explain why he is dragging his feet on processing the almost mill ready stockpile material. All he needs to do is find a 50 or 100 TDP portable processing plant, lease or buy, and start making money for the company, rather than endless stock offerings at rock bottom prices to play with the property. We already know from past results that their is still gold in the mine, lots of it, and yes, they do have to drill, but why not generate the funds from the stockpile than more stock offerings?
My estimate is 2 g/t with a net recovery of 1. A 50 TPD operation would yied $3000/day before expenses, 100 TPD twice that. (I suspect the overall grade is much higher, but I'm trying to be conservative)
My research on stamp mills of the early 1900's and post processing indicates that 40% recovery was more like it, not 60%. But in either case there is going to be a lot of recoverable gold, and I would not be surprised during processing if they stumbled across a large quantity of very rich tailings, especially as they get deeper into the pile. 100+ years of rain percolating down.
My fantasy is there is some other small mining company out there that can do a takeover of Providence Gold for stock, and go out there and start processing the stockpile, and eventually the mine itself. I do not think Ron is ever going to be able to do that. They have known for two years that there is easy to process gold ore in the stockpile, yet to date they have done nothing with it. And Ron's latest presentation says they won't, as he wants to sell another 20 million shares to drill instead of process the stockpile and start making money.