2021Gamble wrote: TheNewswire - February 24, 2021 - Providence Gold Mines “the Company” ( TSXV:PHD) (OTC:PRRVF) (FSE:7RH1) is pleased to report further on the ongoing evaluation of one of several stockpiles of material containing free gold on the Company’s Providence Group of Gold Mines located near the city of Sonora, California.
The Company has now completed a conservative volume estimate using trenching, ground percussion drilling and airborne survey imagery of the stockpile area. The first of numerous historical stockpiles contains approximately >25,000 cubic yards, which consists primarily of historical stamp mill tailings material.
The Company has received confirmation of shipment of several tons of material to FLSmidth Minerals Testing and Research Center of Salt Lake City, UT. This bulk sample test work will determine the distribution of gold in the various size fractions and so as to better understand how much of the contained gold is present as unrecovered fine gold in stamp-milled material versus discarded gold-bearing coarser material. The test work will also evaluate recoveries of this gold at several size fraction cut offs, and when completed will provide design constraints for a portable milling and gold processing plant. Test work and full reporting is expected before end of March.
Weighted and arithmetic gold grade averages for trenching and percussion drilling were considered, however, due to poor and variable sample material recovery of gold from this air recovery drilling method the bulk sample test work now underway will provide a much better representation of grade and recovery.
The higher grade composite yielded a calculated head grade of 13.7 g/t Au. After simple crushing to -2 mm (P80 of 836 um), 49.7% of the gold was liberated and recoverable, and after second stage grinding to a P80 of 88 um 77.4% of the gold was liberated and recoverable.
The medium grade composite yielded a calculated head grade of 1.47 g/t Au. After simple crushing to -2 mm (P80 of 917 um), 35.9% of the gold was liberated and recoverable, and after second stage grinding to a P80 of 90 um 61.6% of the gold was liberated and recoverable.
given the two composites are of the same size, that's average 69.5% recovery, and 7.58 g/t average
or 5.2 g/t gold straight average
Upcoming ground field campaigns will aim to better delineate the extension of the first stockpile and evaluate the potential for other nearby stockpile locations within the patented tenure. This is expected to improve on the limits defined through air-photo analysis into the ravines and under canopy, where conservative approaches were taken for the current calculations. Cost-benefit trade-offs for other methods continue to be evaluated to increase confidence in the volume calculations (e.g., sonic drilling, ground penetrating radar). The field work will also include prospecting and reconnaissance work to further define future diamond drilling.
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So, we have a minimum from the first stockpile of 25,000 tonnes and 5.2 g/t. That by math is well north of 4000 ounces of gold from the minimum size of the first stockpile. There are a minimum of 6 stockpiles that have been identified by aerial survey, and they are "conservative" estimates in line with 43-101 standards.
so, we could be looking at what?
25,000 x 6 x 5.2 g/t / 28 = 27000 ounces of gold . processed approx. $1500 per oz. net
= $40 million - my calculator says this is about 0.75 per share? verus a current value of 0.075...with a 1 multiple....that as they say is a no-brainer...which I guess is why you don't get it.
ya, lets not bother with that.....that's not worth it...you said that earlier today....
and then....there are the hiostorical mines itself for the next decade or two or three, fully funded by 'free gold' on the surface....
That is the math that my DD has come up with. That is why I like PHD.