This is topic Now is the time to take your journey in forum Asia, China and Canadian Stocks at Allstocks.com's Bulletin Board.


To visit this topic, use this URL:
http://www.allstocks.com/stockmessageboard/ubb/ultimatebb.php/ubb/get_topic/f/6/t/000414.html

Posted by STAR GAZER on :
 
http://www.journeyresourcescorp.com/ $0.065/share Journey Resources Corp. (TSX-V: JNY) (Frankfurt: JL4) (US Listing: JNYRF) Journey will shortly not only be a gold and silver producer, starting THIS YEAR, but a LARGE gold and silver producer when it starts production at its Charay project. In addition to that, a new gold resource estimate on its Musgrove Creek project is expected in this first quarter of 2010. It should bring the gold resource estimate for the project to over 600,000 oz of gold for Musgrove Creek and the company is confident that further drilling this year will bring the estimate to over one million ounces of gold, making it a world class gold deposit worth over One Billion dollars. Soon you will no longer be able to buy this stock for 6 to 7 cents a share
In the first quarter of 2010 the blasting permits held by the land owners at the Charay property will be transferred to Journey Resourses which will then start strip mining of the high grade Charay gold-silver deposit. This will produce a large cash flow because the costs involved will be around $100/ton compared to the industry average of $400 - $500/ton. Journey plans to drill 4 holes to see what the grades are below 50m because in the previous drilling the grades kept getting higher as they approached 50 meters and their geologists tell them that this is a mesothermal type deposit which can be quite deep.
Journey will also be drilling and developing their other properties.

Charay: Previous drilling estimated an approximate 37,000 tonnes of material to a depth of 50 meters, which averaged 18.75 g/T Au and 120.15 g/T Ag. At todays prices that would be 22.5 million dollars worth of gold and 2.5 million dollars worth of silver. And most of these prices will reach the bottom line because of the low costs involved in producing the gold and silver. The mineralized structure remains open along strike with mineralization increasing
with depth.

The Charay Property is accessible by road, with most of the property covered with only a thin overburden which means that the high grade gold-silver deposit starts basically at the surface of the property and so will be easily and inexpensively developed as a strip mine once the blasting permits are received. Journey has its own drilling rig which it is going to use to test for parallel veins as well as testing the mineralized depth and extension of the known structure.

It is also a new discovery, there are no outcrops, it was discovered by chance, so there has been no mining of the area. It is a virgin deposit and so the growth potential is enormous. There is a very good chance that there are many veins like this on the property because you usually get dozens of them following a major fault system and Journey has already discovered a parallel vein. And once production starts the ore will not have to be transported large distances because there are two mills in the area that are eager for the ore.

Musgrove Creek project

The last 43-101 resource estimate was done in 2005 when gold was at $350/oz and the resource cut-off was based on that. Because gold is now over $1,000/oz, lower grades will be economical to mine and that alone will mean that more gold will be available for mining. Plus the drilling in 2009 was done on areas that had indications of higher gold values. So the new 43-101 estimate, which is due out in the first quarter of 2010, should bring the resource estimate for Musgrove to over 600,000 ounces of gold. And that is just a preliminary estimate because more drilling is planned this year.

Musgrove Creek has potential for a large low-grade epithermal gold deposit similar to the nearby Beartrack Mine. The property is one of many mineral deposits that occur within a major northeast-southwest-trending structural zone known as the Trans-Challis Fault System. These deposits include the Beartrack Mine and other historic producers to the northeast of the property, and Hecla Mining Co.’s Grouse Creek Mine and other past producers to the southwest.

Vianey Silver Project in Mexico, 50% joint venture with Wits Basin.
Previous drilling in 1997 showed 345,020 metric tonnes grading 2.13% lead, 3.66% zinc and 269 grams of silver per tonne. Further drilling is planned.

Siver Moutain property in Peru

A total of 1,283 samples have been taken for gold, silver and base metal analysis. A total of 316 samples are rock chip grab samples taken from dumps at drift portals, 628 are surface rock chip outcrop and subcrop samples and 339 are underground channel samples. Assay results have been received for 120 of the samples taken from dumps.

The Property covers approximately 9,780 acres, is located 30 kilometers south-west of Peru Copper's Toromocho property and Pan American Silver's Morococha Mine. The claims encompass the past producing Pacococha, Millotingo, Silveria and Germania mines.

Sampling of rock dumps at drift portals indicate that most veins pass downwards into silver-bearing galena-sphalerite dominant veins. Chalcopyrite, an imprtant copper ore, is also present in most veins and appears to increase in tenor downwards. Historic mining targeted the galena-sphalerite dominant intervals of the veins. Galena is a lead ore that contains significant amounts of silver within its structure because they both precipitate out of solution at the same time during its formation. Sphalerite is a zinc-iron mineral.

Assay results received to date have identified samples with high gold grades in veins which is significant because historic records do not mention gold, and so the property may contain significant amounts of gold which has never been mined. One sample assayed 6.89 g/t Au, 3240 g/t Ag, 1.5% Pb and 2.6% Zn. The high gold-silver grade, but relatively low lead-zinc grade, suggests that silver grades are not always linked to lead grades, but may occur with gold in a quartz-pyrite assemblage. Quartz-pyrite veins were not historically mined because the miners were looking for the dark galena silver bearing veins.

Outcrop and subcrop samples were primarily taken from quartz-pyrite vein stockwork zones, silica and silica-pyrite altered areas and unmined quartz-pyrite-base metal veins at the top of the Pacococha Prospect where the potential for a bulk target exists. All assay results are pending.

Underground channel samples were taken in order to verify the grade of unmined ore blocks. Access was provided by existing adits and drifts comprised of 4 drifts, developed on 4 levels, approximately 2 kilometers long in total. Samples were taken at 40 metre intervals along the length of each adit and drift. Assay results are pending, although sampling indicated that sphalerite-galena mineralized veins remain in some parts of the mine. Overall, adits and drifts are in good condition.

The President of Journey, Mr. Jack Bal, comments; "We are very pleased with the progress to date on the project and look forward to receiving all assay results in the near future. We are also very pleased to have completed and filed a 43-101 technical report on the Project."

Available historic mine plans, long sections and production records have been imported into a digital GIS database and are currently being verified by Journey prior to import into a 3D model. The Company intends to engage SRK (UK) as the lead consultants for resource modeling and Wardell Armstrong International (Truro UK) have commenced bench scale metallurgical scoping studies.
 


© 1997 - 2013 Allstocks.com. All rights reserved.

Powered by Infopop Corporation
UBB.classic™ 6.7.2