Valuation is based on your visits to the 3,200 acre parcel in the northeast
Griffin puts the value of the property at
The geologist collected seven rock samples to assess the mineral value of the property. His findings, by location, were as follows.
- {Sample 1} Representative sample from the lower mine dump, copper and iron oxide stain in the fractures, anomalous amounts of copper, lead, zinc, antimony, bismuth and silver
- {Sample 2} Representative sample of mine dump, iron oxide and copper stain on marble host rock, elevated amounts of copper, bismuth, otherwise moderate amount of metal enrichment
- {Sample 3} lower mine dump, representative sample with gray quartz and marble, slightly elevated levels of all metals but not ore grade
- {Sample 4} Phalen Mine Upper Spillway, Representative Sample, Iron Oxide and Copper Stain, Dark Brown Granite and Marble Host, ore grade mineralization, 22% lead with almost 20 oz/ton silver, 1.7% zinc and high gold and copper.
- {Sample 5} same location as above, selected sample, metal detector used to identify sample high grade, dark brown, metallic appearance, ore grade mineralization, 4.9% lead with 7.6 oz/t silver, 1.4% zinc and elevated copper and bismuth.
- {Sample 6} mine dump below drift 800 m south of Phalen mine, granite and meta-sediments, dark brown with quartz, anomalous amounts of copper and zinc but no overall metal concentrations
- {Sample 7} mine dump below shaft just west of quarry marble, granite, and meta-sediments, copper and iron flecks in fracture, marble chips, anomalous amounts of all metals but elevated 1.5% copper
The geologist also noted that the deeded water rights are sufficient to supply a substantial surface mining operation and reserves of several critical base metals. The property has various surface and underground mineral rights as well.
Griffin previously issued the following executive appraisal of the property as part of his initial commitment.
In 2013, gold mineralization was recognized on the west side of the Kinsley project in limestone and shale layers within the Hamburg Formation and
Drilling between 2015 and 2020 extended portions of the Western Flank mineralization to the east. The gold in Western Flank is found within units with thin layers that are replaced by fine grained pyrite and arsenic pyrite.
The styles of alteration, mineralization and geochemistry at the Kinsley project are similar to those of sediment-hosted gold deposits located in the
Property rights, as mentioned above, include surface and underground rights, and water rights, all as part of a joint venture with Fourth and One.
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