Providence Gold Mines Inc V.PHD

Providence Gold Mines

[DaveTOR]

Bulk results should be a interesting time for shareholders! Next days PHD have the attention.
Now it is PHD time, Ron it s your turn now!
PHD a big player? We will see.

[KozmoT]

The trench results sucked, the drill results sucked but you think there is a chance that somehow a bulk sample FROM THE EXACT SAME TINY WASTE DUMP is going to come out ... better?  Who here really even thinks the results are going to come out before the end of the March? "Test work and full reporting is expected before end of March."

[Darkangel]

RON is rewording his report , hopefully the person in town and not out of town again.Ron did say end of March but he did not say what year.

[Avocadopit]

If you add up all the assay results from the trenching assays, and exclude the outlier (253 g/t) then the average of 64 samples comes to 3.6 g/t. Assume 80% recovery (conservative) you get 2.88 g/t. We know the area is 8200 SQM, assuming the trenches were only 1 meter deep we come up with 8200 cubic meters. Using a specific gravity of 2.7 tons per cubic meter we end up with 22,000 tons. At 2.8 g/t

[givemeabreak1]

Avoco I ran the number in a similar manner except there was 2 outliers and it makes a huge difference.  There is the 253 and there is the 90 after that everything is under 20!  In fact as I recall there is a 17 and everything is under 10 with most being very low.  When you are talking a trench sample a couple of grains gives you massive numbers.  Needless to say if you drop the

[KozmoT]

With all due respect, thats wildly optimistic. For starters the avg grade is nowhere near 3.6 g/t - you only excluded the one outlier; you forgot they lose 10% right off the top to the owner of the property and you bizarrely left off the "expenses" - using your own numbers they'd be lucky just to break even!!!

[givemeabreak1]

You have to drop at least the 2 outliers which brings it down to 2.1 g/t.  Less his 80% now you are down to 1.68!  So you are talking about 1400 ounces of gold!  Less 140 ounces for Royalty.  So Revenue is now down to 1260 ounces times 1700 so about 2.1 million!  Minus costs for portable equipment labour etc etc.  Insurance bonds and whate ever.  I guess the cost

[givemeabreak1]

Maybe I will take a run over with my pick up and mini excavator and do some pans at the bottom of the holes where all the nuggets dropped!

[Avocadopit]

10% to the owner AFTER all expenses, NOT before. Go read the news release.  https://www.providencegold.com/news/net-profit-interest-agreement-signed-for-stockpiles-re-processing/ The Company will pay a net profit interest (NPI) of 10% to the Ellers Family Trust for such processing or reprocessing of numerous stockpiles. On another note Kirkland Lake just announced a life of mine PR for

[Avocadopit]

My estimate only covers the top 1 meter of the stockpile. If even the low estimate posted by another person applies to the entire stockpile there is a considerable amount of gold present. Percussion drilling indicated the stockpile was as deep as 20 meters in some places. 

[KozmoT]

Um, you seem to forget that it was the company itself pegged the entire stockpile at only approximately 25,000 cubic yards. Go back and look at those drill results, its waaay thinner than they originally thought and there were entire holes that hit ... nothing.   Now, about those bulk sample results ... LOL

[Avocadopit]

Word I hear is that they did not drill the entire area of the stockpile, and that there may be more stockpile than they thought there was. Have to get back on the ground to confirm. I suspect that will happen once they start putting in the ore processing equipment. 

[KozmoT]

LOL !!!

[givemeabreak1]

They said they have costed out the portable equipment needs. In theory those numbers should be included with the stockpile release so the market can judge if there is any value.