News über JOURNEY RESOURCES
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The full review, interview, and valuation commentary may be found at http://miningmarketwatch.net/jny.htm online.
Journey Resources is moving ahead quickly at Charay as it arranges for initial bulk sampling followed by ongoing low-cost mining of the high grade vein-hosted gold-silver deposit.
Journey Resources has received confirmation form their metallurgical lab that the material at Charay is amenable to agitated leaching, this provides significant advantages over heap leaching for Journey Resources as agitated leaching methods result in drastically shorter leach times (measured in hours vs weeks), higher overall gold recoveries (>90% vs 75%), and uses a smaller aerial footprint. The metallurgical lab provided results from two sample sources on Charay; one sample lot was ~400Kg from surface stock piles (what the lab called the bulk), that was material taken out of the shaft down to the ~25m level, it is mainly hematite so it is fairly oxidized -- the second set is a sampling of the core (labeled by the lab as core composite) from the higher grade intercept below 25m where Journey's high grade gold starts. At 60 and 100 mesh (the grind) the material yielded well over 90% gold recovery and the silver extraction is excellent too.
Journey will be able set up a small scale plant on site using vat leaching, it won't take up much space, the processing time to extract the gold and silver is measured in hours instead of weeks, and JNY.V would have more control of the final product. Mining MarketWatch Journal notes that a turn-key type mill could be purchased or leased that has all the circuits, crushers, as well as vats built in that will do the entire job for Journey. The deposit right now is averaging over 18 g/t gold so Journey could make do with a 100TPD (tonnes per day) mill because of the grade, especially under 20m depth where Journey is encountering well over 20g/t gold -- if you compare this to other operations that don't have the grade Charay does JNY.V should get the same results at 100TPD as operations at 400TPD with closer to ~6g/t gold.
On March 26, 2010 Mining MarketWatch Journal asked Jack Bal, President & CEO of Journey Resources Corp. whether JNY.V was going to build a plant on site, he told us Journey has already received a quote for a complete 100TPD mill installed for ~$2M. However he said Journey was not going to wait and that they would simply use someone else's equipment initially; "Now that we know what appears to be the best way to proceed we are going to contract a local facility and use their agitation equipment to extract our gold and silver in the interim - we have to buy and install a plant but I don't think we want to wait until that's ready to go."
Mr. Bal offered the following synopsis of Journey's focus at Charay "Our focus is two pronged; one is to increase the size of the resource by drilling deeper and along strike. The second is to get some production while we are doing the drilling. One of the key factors that was required to ship to a mill/processing facility was to know what was the best way to get the gold out - we now know that so we're now in a position to get more aggressive and select the facility that we've determined will give us the highest recovery rate. Long term, as long as our drilling goes well and our resource grows as we expect then we will be in a position to build our own plant on site."
"Right now we have people on site, they've been rehabilitating shafts, dewatering, taking some material out and stockpiling. We have ~500 tonnes stockpiled already. Engineers are currently designing how we are going to start drifting into the vein so I think we are looking at another 30 days of engineering before we actually start some aggressive blasting. Once we start it we will accumulate quite a bit of ore quickly. The other major step is drilling - we want to drill deeper. Remember our deepest hole was only 50m and our grades at 50m were very good, some were over 100 g/t. We would like to go down to at least 150m because we believe we will still intersect the vein at those depths. We would also like to drill along strike and increase the strike length because the vein is visual for a long distance but has only been drilled in a small area."
The risk-reward characteristics are highly advantageous for investors establishing a long position in JNY.V now, as 1) the reality of the undervalued nature of JNY.V becomes increasingly apparent to the market and 2) as Journey Resources takes the high grade Charay gold deposit into operation and expands upon the 313,822 oz gold resource at Musgrove Creek. The current market cap of JNY.V relative to the inherent value of their gold and silver projects seems highly disproportionate. In light of the aforementioned and the fact near term catalysts exist to facilitate justified share price revaluation, JNY.V appears undervalued with only ~94.1M shares outstanding and trading under CDN$0.10, a multiple upward revaluation appears readily in store.
This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. The term investment advisory refers to the fact the reader is being advised there is a publication on an item that is also an investment, and not advice to buy or sell. Articles, excerpts, commentary and reviews herein are for information purposes and are not solicitations to buy or sell any of the securities mentioned. Readers are referred to the terms of use, disclaimer and disclosure located at the above referenced URL.
Contact Information:
James O'Rourke, Editor
Mining MarketWatch Journal
editor@miningmarketwatch.net
Copyright 2010 BAYSTREET NEWSWIRE
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