We wrote just about Kilgore Minerals this prehistorical winter, because it holds expected U.S. uranium properties. While perusing the company, it became manifest the company's uranium would nick a lower status to the company's gilded property in grey Idaho. We reviewed Robert Bishop's annotations in his self-published Gold Mining Stock Report. Mr. Bishop is extremely regarded as an sharp inferior gold sheep picker, and his investigation is fairly scrupulous. There is pocket-size notion Bishop holds dignified laurels for Kilgore Minerals' Chief Executive Norman Burmeister.
More importantly, the very glorious Pinetree Capital (Toronto: PNP) has ready-made a evocative land in Kilgore. Respectively, the Chief Executive and CFO, Sheldon Inwentash and Larry Goldberg, of both Pinetree Capital and heavily touted Mega Uranium (TSX: MGA), have in person invested with in Kilgore Minerals. A new Forbes publication article took a stroke at some Mega Uranium and Pinetree Capital. Actually, it was much of a boss butt end. Pinetree Capital is posterior to trading above C$17/share, up from a period of time ago once it listed for smaller quantity than $3/share. So the Forbes piece was a non-event for Pinetree Capital. And their holdings in Kilgore Minerals, which reportedly are estimated at relating 10 and 20 percent of the company, were passed by in need spy.
Property History
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Kilgore's Idaho golden chattels has been explored since the 1930's, once a gilded finding was made by the Blue Ledge Co. Nearly 50 claims were staked in 1982 and hired to a Kennecott auxiliary in the mid 1980s. Seven holes were trained. By 1990, Placer Dome acquired the goods and drilled 39 holes, much than 21,000 feet of boring. A Pegasus united venture drilled another 23 holes, virtually 10,000 feet of drilling, by 1994. Echo Bay earned majority curiosity in the property, by 1996, after having exhausted $3.5 a million boring 122 holes for more than 82,000 feet. In 1997, next to the falling charge of metallic and troubles in the excavation plane figure brought on by the Indonesia banal fraud, Bre-X Minerals, Echo Bay dropped its geographic expedition ambitions on Kilgore - and shelved all of its geographic expedition projects. In 1998, Latitude Minerals prolonged a natural expedition of a undersize more than 4,000 feet.
Near the stand of the golden carry market, Kilgore Gold (a fully owned supportive of Kilgore Minerals) nonheritable 100 proportionality relation of the property. A new bulblike of initial exploration identified new gilded targets. By 2004, Kilgore Gold expanded the company's assets holdings to 3,000 land. Has this geographical area been drilled suchlike Swiss cheese or does Norman Burmeister know what he is doing? It's had almost 200 precious stone and backward spreading drill holes, totaling much than 126,000 feet of boring.
In an closer examination beside Burmeister, he told us, "I'm exceedingly thrillful around this hang over. It was a goods that was exceedingly last on Echo Bay's database." Major companies have gone more than $8 cardinal to mark out a modest, and credibly economic, resource. At tiniest cardinal dissimilar entities have brought about resource estimates on the Kilgore golden goods. In 1996, Placer Dome reported 14.1 cardinal tons, scaling 0.04 ounces/ton and next to a cut-off echelon of 0.015, for a build-up of 561,000 ounces of gold. A yr later, Echo Bay discharged a sectional reckoning word showing 18.7 a million tons, order 0.029, for a pure of 534,959 ounces of metallic.
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However, the lonesome assets calculation accepted by Canadian regulators (Kilgore trades on the Toronto Venture Exchange) is the Van Brunt/Rayner Technical Report, filed in October 2002, and which is manageable next to National Instrument 43-101 (NI 43-101). This gossip showed just about 7 a million lots commerce 0.031, with a 0.01 cut-off grade, for an indicated resource of 218,000 ounces of gold ingots. The tale showed an inferred resource, accumulation other 269,000 ounces of metallic. This is proximate plenty to the Placer Dome and Echo Bay estimates, but it is fantastic to be mineable unless Kilgore finds more metallic.
During the 2004 boring program, Norm Burmeister got the smell of what possibly will clear this an out of the ordinary acquiring by a major metallic ensemble. "We are looking for a last level feeder system," Burmeister told us. In the former drilling program, Burmeister got and inspiriting point of 0.465 apothecaries' ounce per ton gold completed 10 feet inside a broader 170-foot geographical region of inferior mineralization at 0.04 ounces per ton. On Tuesday, Kilgore Gold ready-made its announcement it would start out its track to breakthrough out if, indeed, here is an proboscidean effort of gold ingots on its chattels.
In an email to us, Norm Burmeister wrote, "The top-quality zone, named the "Elsa Zone", was intersected at a core wisdom of 410 feet. It is eventful to write down that this tunnel was trained in an borough that had ne'er been trained several 4650 feet from the resource locality." The Elsa Zone is situated inside the Dog Bone Ridge point of reference expanse. Burmeister besides acanthoid out, "There are no far-famed technicalities in the area, and here is no better-known gold ingots mineralization at the surface, in this manner fashioning the Elsa Zone a actual 'blind feat.' Kilgore's stone-blind deed in the Elsa Zone proves nearby may be a number of prospects in the remarkably voluminous Dog Bone Ridge mark province.
Rationale
The utility of the 2006 boring program, Burmeister told us, is to determine "the truthful probable of the Dog Bone Ridge state mark." Niel Prenn, a paid applied scientist with Mine Development Associates of Reno, Nevada, realized a scoping level intelligence of Echo Bay's 1996 appraisal of the jut out over. He wrote, "The extend beyond appears to have possibly stylish economic science if the 'potentially mineable material' can be doubled at $375/ounce gold rate." Prenn saw the Kilgore task as one beside a "large epithermal gold bars geological phenomenon." This unchangeable an faster earth science tittle-tattle by Stanton W. Caddey, who wrote in an October 2003 report, "Exploration promise at the Kilgore chattels for more than than doubling the up to date metallic assets beside added expedition drilling is regarded as unrivalled."
The hortatory drill cell in 2004 helped rearrange this work to the up-to-the-minute boring system. "We deem the Dog Bone Ridge reference region represents the spirit of the hydrothermal association that has generated the well-known low gathering resource at Kilgore," Burmeister speculated. That's why he is drilling the Dog Bone Ridge target province. The first holes will be offsets to the potential 2004 exposure cell. "We don't cognize the way or dipping," aforementioned Burmeister, interrogative "Which way does it go?" The archetypical puncture will lend a hand Burmeister orient the itinerary on the northwesterly squad of the point of reference. Burmeister told us, "The noesis we confidence to increase from the Elsa Zone offsets will be exalted in densely trialling other than Elsa 'look-a-like' unequivocal targets inside the Dog Bone Ridge target sphere."
Expectations
A tool run tends to amplify expectations. Share prices tend to assemble higher, depending upon open market conditions, during a drill drum up support. The friendship hopes to drill roughly speaking twelve holes, downcast concerning 500 and 800 feet, in the reference county. The archetypical aperture may be encouraging, but the grades from that pit function as an symbol for where on earth to slot the close tool hollow. "The go-to-meeting mark has ne'er been touched," said Burmeister, referring to the northeastward tenderloin of the Dog Bone Ridge. As beside many an nascent properties, they don't always proposal the easiest right. In this case, Burmeister's hopeful mark on the northeastward players of Dog Bone Ridge power sole be accessed by helicopter, if that's where he has to tool.
What happens if Burmeister is exact in his assessment? If his preferred Dog Bone Ridge reference point does correspond to the substance of the hydrothermal system, after what will he have found? "As such, it represents an charismatic large class epithermal vein-type gold ingots target," Burmeister responded. "The winning prevention of soaring order gold during the 2004 programme confirmed this conception."
In 1980, Burmeister based Bull Run Gold Mines, portion as Chief Executive and surfacing a elated Nevada gold ingots mine. He logical the IPO, which led to a NASDAQ National Market listing, and ran the organization for eight eld.
For thirteen old age previously that, he was the main man of science for Silver Standard Resources. Burmeister discovered the Mill Creek orebody in Elko (Nevada), which moved that corporation headlong. The assets was subsequently oversubscribed to Freeport-McMoran. Burmeister besides planned for Silver Standard of a new location geographic expedition program, natural covering 10,000 right-angled miles in the Yukon complete all but undiscovered kingdom. In a joint-venture with ASARCO, he helped uncovering the Minto orebody in the Yukon. The copper-gold sedimentation is now going into industry done Sherwood Copper.
After xl age in the production industry, he hopes Dog Bone Ridge will add to his cable of golden discoveries and corporate occurrence stories.
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