Like George Micheal sang..."You gotta have Faith!"
https://x.com/golddiscovery1/status/1724500520386085257?s=46&t=BQI0yz1feQq1ecYlHT_naA
In the early 1990s, Thumper Resources found itself in a dormant state on the Vancouver Stock Exchange (VSE) with a mere 2.5 million shares and a modest $0.11 price tag, amounting to a market cap of $250,000. However, the tides of change began to stir within the company in mid-1993.
Thumper announced a deal with a new management group, acquiring a portfolio of projects in Peru owned by the late David Lowell. The deal also involved securing $2 million in financing through the issuance of 8 million post-consolidation shares in a private placement at $0.25 per share.
This pivotal development, backed by a coalition of 106 investors spearheaded by Yorkton and Canaccord, marked a significant turning point for the company. The infusion of new leadership saw the appointment of Henry Ewanchuk, Brian Kynoch, and Stuart Angus to the board, with Ewanchuk assuming the role of President.
Thumper rebranded to Arequipa Resources, and given David Lowell's reputation for substantial discoveries, the market swiftly embraced the change. This collaboration allowed Thumper to earn up to a 50% interest in Acuarios' substantial mineral property portfolio. Acuarios was established after two decades of research in the southern Peru copper belt. Arequipa’s stock surged from $0.21 surged to $2.50 after closing the deal and the rollback.
In the two years subsequent to the agreement, Chet Idziszek assumed the role of CEO, David Lowell increased his holdings in Arequipa, and the company entered into numerous additional agreements with major and mid-tier entities to participate in its projects. The stock price hit a low of $0.55 early 1995.
Arequipa secured a financing of 5.4 million shares at 75 cents. Newsletters began covering Arequipa towards the end of 1995, recognizing the substantial progress and high potential projects identified.
Arequipa executed 45 project deals before uncovering its ultimate discovery, Pierina. In November 1995, Arequipa announced the presence of gold mineralization within a 500 meters by 500 meters area at Pierina. Subsequent exploration results further fueled market interest, indicating a
substantial gold deposit potential.
Creating test pits to evaluate mineralization, Arequipa received promising assay results in January 1996. In March 1996, Arequipa commenced drilling, and it resulted in drill assays like 107 meters @ 5.98 g/t gold. Pierina emerged as a significant discovery, propelling the stock to $35 in just months, a 140-bagger for the initial private placement investors.
Major players like Barrick took notice, leading to a substantial bid for Arequipa in 1996, eventually culminating in a revised bid valued at over $1 billion. The acquisition paid off as subsequent drilling confirmed Pierina's significant near-surface deposit.
By the end of 1998, Pierina's reserves stood at 114.3 million tons, and Barrick swiftly developed it into the world's lowest-cost major gold mine, producing gold at a cash operating cost of $48 per ounce.