Someone called me a month or so back and pitched me on a company I had visited and followed a dozen years ago. I had lost track of the company because I never seemed to hear anything from or about them. Part of the reason was because they weren’t doing anything at all.
Sutton Resources controlled by Jim Sinclair explored for gold and found the deposit now known as Bulyanhulu. In 1999 Barrick purchased Sutton for $343 million and began construction of a mine. It cost $280 million and went into production in 2001. Today the mine still produces over 100,000 ounces of gold a year and has 2.5 million ounces in reserves. As far back as 2010 Barrick was producing 250,000 ounces of gold a year. Clearly they would like to find new and easy to mine resources.
One of the principals of Sutton staked ground to the west and northwest of the Bulyanhulu deposit and formed a company named Lakota Resources. Lakota was an early advertiser with 321gold but the guy running the company was more interested in drinking than mining. I can understand that, at times I feel exactly the same way.
I visited the property about fifteen years ago. When you look at maps of the structure and the Bulyanhulu mine off to the distance to the southeast it becomes obvious that the gold bearing structure runs from the mine right onto the Lakota property. To confirm, there were hundreds of garimpeiro miners working near surface showings.
DISCLOSURE: GLOBAL FINANCIAL NETWORK LTD, (GFN) AND ITS AFFILIATE MIDASLETTER.COM, (ML) HAVE BEEN COMPENSATED FOR THE PRODUCTION OF THIS LANDING PAGE AND OTHER CONTENT PRODUCTION AND DISTRIBUTION SERVICES AS TO A MONTHLY FEE OF CA$15,000, AS WELL AS AN OPTION TO PURCHASE 150,000 COMMON SHARES OF.
THE INFORMATION HEREIN PRESENTED HERE IS BASED ON PUBLICLY AVAILABLE INFORMATION, AND MAY CONTAIN FORWARD LOOKING INFORMATION AS DEFINED BY THE ONTARIO SECURITIES COMMISSION IN STAFF NOTICE 51-721. (HTTPS://WWW.OSC.CA/SITES/DEFAULT/FILES/PDFS/IRPS/SN_20130613_51-721_FORWARD-LOOKING.PDF)
THIS CONTENT IS PRESENTED AS AN ADVERTISEMENT TO ASSISTCORP IN THE PRESENTATION OF ITS CORPORATE ACTIVITIES TO INTERESTED PARTIES, AND AS SUCH, SHOULD NOT BE RELIED ON TO MAKE ANY INVESTMENT DECISION IN REGARD TO CORP OR ANY PUBLICLY TRADED SECURITY.
INVESTING IN JUNIOR MINING STOCKS IS RISKY AND YOU COULD LOSE ALL OF YOUR INVESTED CAPITAL. ALWAYS CONSULT AN APPROPRIATELY ACCREDITED FINANCIAL ADVISOR IN YOUR JURISDICTION PRIOR TO MAKING ANY INVESTMENT DECISION.
©2022 Midas Letter. All Rights Reserved.
Gold Digger: Gold flirts with US$2,000/oz, leaves everyone frustrated and wanting more
Gold rallies past US1,950/oz on Fedspeak, before falling back below US$1,920/oz on Friday “Bullion traders will need to see disinflation … Read More
3 Best Passive Investments to Buy Now
The three best passive investments include an emerging market technology fund, a health care exchange-traded fund (ETF) and a diverse portfolio of commodities….
Disagreements and First Principles: The Pushback on my Tesla Valuation
I wrote about my most recent valuation of Tesla just over a week ago, and as has always been the case when I value this company, I have heard from both…
Tech Analyst Says Buy This Gold Co. Without Fear
China’s Reopening Has Been A Boon For Metal Markets
IAMGOLD drills 1.99 g/t gold over 342.15 metres at Gosselin, Ontario
A Closer Look At Pan American Silver Corp. (PAAS)’s Financials
Gold Market Isn’t Buying Powell’s ‘Disinflation’ Declaration
US Federal Reserve Sticks To The Script But For How Long?
Terra Balcanica Hits 895 g/t Silver Equivalent Over 2.0 Metres In Latest Assay Results
Analysts Mean recommendation for New Gold Inc. (NGD) was 2.80: Is this the key time?
New Gold Inc. (AMEX: NGD) Stock Has Gained 18.32% Over The Month – Is There Room For Growth?
Timberline Resources (TSXV:TBR) Announces New High-Grade Gold and Silver Target at Eureka Project
Energy & Critical Metals15 hours ago
Richard Mills – The Fossil-Fuel Elephant in the Electrification Room
Financing News15 hours ago
Hudbay to Host Conference Call for Fourth Quarter 2022 Results
Uncategorized20 hours ago
Companies12 hours ago
Filo Mining Reports 1,776m at 0.70% CuEq and 1,297m at 1.00% CuEq
Energy & Critical Metals20 hours ago
General Motors makes largest-ever investment by an automaker in battery raw materials
Energy & Critical Metals17 hours ago
Copper Co. Says BC Project 'Chock Full of Minerals'
Uncategorized20 hours ago
Billionaire Robert Friedland Calls for End to “African Discount” in Epic Copper Rant
Financing News21 hours ago
TASEKO EXTENDS TERM OF UNDRAWN REVOLVING CREDIT FACILITY AND PROVIDES UPDATE ON HEDGING PROGRAM