Journey Developing a Comprehensive Plan for Building a Full Scale Gold Mine at C
posted on
Apr 30, 2010 03:28PM
Edit this title from the Fast Facts Section
Journey Resources' Charay gold deposit currently averages over 18g/t Au, the deposit pretty much starts at surface, the maximum drill depth drilled to date was only ~50 metres and every drill hole intercepted the vein with the highest grades seen at 50m and below, intersecting areas over 100 g/t gold -- not only is JNY.V looking at near term cash flow from the bulk sample, the prospects for significant high grade discovery over the next few months are very real. NEW YORK, NY, April 30, 2010 /Sector Newswire/ -- Mining MarketWatch Journal has published an updated review on Journey Resources Corp. (TSX-V: JNY) (Frankfurt: JL4) (US Listing: JNYRF) which this week filed a 43-101 technical report on their 100% owned Charay gold project in Sinaloa state Mexico where they anticipate to soon begin a 35,000 tonne pilot mining bulk sample operation of high grade vein-hosted gold-silver mineralization. The geologist’s report is part of Journey outlining what its plans are for the Charay deposit in a more encompassing way as Journey has also brought on board an engineering group and sought the input of noteworthy contract mining professionals to develop a comprehensive plan, looking beyond the pilot mining, to build a bigger mine. For expanded content on Journey Resources Corp. see http://miningmarketwatch.net/jny.htm online.
Currently Journey has people on the property draining the underground, rehabilitating some of the four shafts on the property, and stockpiling selected near surface material in preparation for the pilot mining. This however is going to be a much bigger mine than 35,000 tonne bulk sample and Journey is laying out its plan to do deeper drilling and perform infill drilling so the deposit can be put in a 43-101 resource/reserve category. Journey is planning to drill along strike as well and complete a preliminary feasibility study while they are at it, targeting a meaningful resource by the time they are done.
Although the first 35,000 tonnes of material is near at surface with an average grade of 18.75g/t and may well yield 24,000+ oz of gold, Journey will design a full scale operation to target possibly 100,000+ ounces of gold and that is likely the tip of the iceberg . This plan will be solidified by drilling expected to occur before spring is out. It is believed that even if Journey drills to 100m it’s probably going to triple the size of the deposit because most of its high grade is below 25m and its highest grade is at 50m which is the depth of the deepest hole to date – there is a high probability that if Journey drills to 100m they are going to be drilling through very high grade material which would really add to the deposit and then Journey will be in a position to actually design for a bigger mine.
Mining MarketWatch Journal has confirmed that Journey has been actively working/consulting with Mike Bourgeois in detailing mining specifications and possible approaches for Charay. Mr. Bourgeois is also a central figure in the mining contractor group that is currently mining Scorpio Mining’s Nuestra Senora underground mine in Sinaloa state Mexico (same state as Journey’s Charay). Scorpio is producing at ~1600TPD, they just amalgamated with another company and are bringing their operation to 4000TPD – this will make them one of the biggest underground mines in Mexico. It is a testimony to the strength of Journey’s Charay gold prospects to have someone of Mr. Bourgeois’s caliber involved in advancing Journey’s project in conjunction with Journey’s lead mining engineer -- coincidently both are from out of Val d’Or Quebec and have known each other for over 25 years.
The geologist’s NI 43-101 report is available here [PDF].
From the geologists understanding of the deposit, the mining consultant and engineer are now considering the potential of the deposit and are forward looking at things a bit differently by the possibility of putting a decline down to 100m. Initially for pilot mining the bulk sample Journey can use the shaft to go down to 35m or 50m, but they want to know what’s at 100m before they decide how they really want to mine it on a large scale -- Journey needs to know if it is still at high grade at 100m, if so shareholders will have a major gold deposit there and plenty of future cash flow.
Remember, this is a very high grade deposit, Journey Resources has over 18g/t Au, the deposit pretty much starts at surface, the maximum drill depth drilled to date was only ~50 metres and every drill hole intercepted the vein with the highest grades seen at 50m and below, intersecting areas over 100 g/t gold -- not only is JNY.V looking at near term cash flow from the bulk sample, the prospects for significant high grade discovery over the next few months are very real.