The valuation is based on his visits to the 3,200 acre parcel in northeast
Griffin places the value of the property at
The geologist collected seven rock samples to assess the value of the minerals of the property. His findings, by location, were as follows.
- {Sample 1} Representative sample of lower mine dump, copper and iron oxide stain on 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} mine lower dump, representative sample with grey quartz and marble, slightly elevated levels of all metals but not ore grade
- {Sample 4} Phalen mine upper mine dump, 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 elevated gold and copper.
- {Sample 5} same location as above, select sample, metal detector was used to identify high grade sample, dark brown, metallic appearance, ore grade mineralization, 4.9% lead with 7.6 oz/ton 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 concentrations of metals in general
- {Sample 7} mine dump below shaft just west of marble quarry, granite and meta-sediments, copper and iron stain on fracture, marble chips, anomalous amounts of all metals but elevated copper at 1.5%
Also noted by the geologist were deeded water rights that are sufficient to supply a substantial surface mining operation, and reserves of various critical base metals. The property has various surface and subsurface, mineral, rights as well.
Griffin previously issued the following executive assessment of the property as part of his initial engagement.
In 2013, gold mineralization was recognized on the west side of the Kinsley project in limestone and shale beds within the Hamburg Formation and
Drilling in 2015 through 2020 extended portions of the Western Flank mineralization to the east. The gold at Western Flank occurs within thinly bedded units that are replaced by fine-grained pyrite and arsenical 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 both surface and subsurface rights, and water rights, all as part of a joint venture with Fourth and One.
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