Below is my uneducated research from google, dyor as always, im just a red heart ramper. I have no qualifications and dont fully understand the court transcripts i read . $ in report is canadian
TMR 8 m cap with 3 m cash, EV approx 5 m, has 20c oppies etc
CANADA
Historic production of over 230,000 ounces of gold between 1986 and 1991 (at over 20 g/t)
Project hosts high-grade historic NI43-101 Mineral Resources (reported in 2009/2010) of 52,600 ounces of gold at 11.3 g/t Indicated, and 231,900 ounces of gold at 11.7 g/t Inferred
tailings dam and mill ( $80 m replacement costs see Sona presso below) last operated 1996 when price was $280 US ounce
Sona a TSX listed company looked to revive project <2010 when gold was 900 ounce but GFC and legal issues with the tenement owners led to approx 7 years of court battles, google the court findings
Sona was taken over by Skeena , Skeena won the court case as judge said the original agreements werent clear and the deal was still ongoing. Skeena divests project as has bigger plays and cant complete the BFS in time.
TMR picks up project but has to deal with original owners over timetables etc, see nov 11 announcement
Sona does the below report on the hard rock project. All found by google if you look
Sona also completes tailings dam reserve of 300k tonnes at 1.5 g/t for 15 k ounces ( $30 m aussie)
Conclusions from the 2010 Micon International PEA are briefly summarized below:
- Good exploration potential to expand readily accessible resources on both properties
- Existing, permitted (Mining License M-171 and Effluent Discharge Permit PE7378) 300 tpd gravity/flotation mill, tailings facility and camp
- Excellent location (road accessible) 250 km northeast of Vancouver
- 9-year mine life producing 24,000 oz of gold per year at 200 tpd (expandable to 300 tpd with available mill)
- Mill feed commencing at Blackdome for 1 year, thereafter, trucking ore from Elizabeth
- Small existing footprint at Blackdome; no mill or tailings storage on the Elizabeth property; no acid rock drainage issues
- Combined metallurgical recovery of 93% Au and 78% Ag (Blackdome gravity recovery – 55.7%; Elizabeth gravity recovery – 61.9%)
- Metal price assumptions: $950 US/oz. Au, $15 US/oz. Ag, and at $1.08 CDN to the US dollar exchange rate, pre-tax NPV of $11,459,000 at 10% discount rate generating an Internal Rate of Return of 31%
- CAPEX $39 million (including 15% contingency
Sona estimates the existing mill needs only $5 m of the CAPEX to get up and running. Sona looks at tailings dam restart option.
Based on the 2010 report breakeven for the hard rock mill is approx 1:1 US : canada and $900 ounce gold, $15 ounce silver , at 2/3 mill capacity
Sona drills approx 80 holes , mostly infill that are not in the report before halting project,
TMR to produce JORC this month
Based on 2010 report and current price and exchange rate theres about $800 an ounce above breakeven plant capacity is about 35 k ounces a year at 10 g/t gold, TMR to do BFS this year
TMR think 1 m ounces of Gold is a chance, see london presentation below
ECUADOR - wild card play
just watch this video, its from a disgruntled Aurelian shareholder who thinks they should have got more $$ on the Kinross takeover of Aurelian
if the drill results dont get you interested then you havent been in this game very long
best gold dicovery of the last 20 years is 800m away from TMR tenement boundary
1 billion mine just commisioned by LUNDIN GOLD
30 billion aussie worth of metal 800 m away , west side sheared off ( see TMR announcements) possibly into tmr land
130 bagger in 2006 Aurelian resources
TMR number 1 shareholder and optionholder is the original owner of the TMR tenement
Ecometals TSX in 2012 drilled 12 x 500 m holes on TMR ground, the geologist said they need to go to 800m and is now on the TMR board with 500k options
https://static1.*.co.uk/upload/SponsorFile/File/4/sona_technical_presentation_6april10_kegs_rev1.pdf
(20min delay)
