How do assay results translate to the profit potential of our operations?

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What is the significance of our assay results and how do those results translate to the profit potential of our operations?  Below is a list of the ten “richest” underground (not open pit) mines in the world.

Note that although we speak in terms of ounces per ton, these measurements are all in grams per ton (31.103 grams in a troy ounce).  Attached to this document are two results of Bates Hunter assays that were taken to determine gold content in areas in which we were working at the time of the sampling (all of our assay results are available on our website).  You can see how significant these assay results are.  Central City was called the Richest Square Mile on Earth – not because of the volume of what it produced, but how “rich” (defined as ounces per ton) the ore bearing rock was.  Based on that criteria, it is possible that we could end up with one of the richest mines on earth.  Certainly, our assay results and what you can hear from the geologist on the video presentation below bear that out: Remember, we report in ounces per ton, the ten mines listed below are in grams per ton

Bates Hunter Mine Assay Results
Assays Received – 1/16/20
240 Level Cut Samples


Bates Hunter Mine Assay Results
Assays received – 5/21/2020
240 Level Material Samples Batch #3



Top 10 Underground Gold Mines

Data retrieved from the IntelligenceMine database, which provides researchers, investors and suppliers with up to date global mining market intelligence – mining and mineral exploration company reports; mine, project and processing facility reports; securities filings; an interactive mapper and much more.

  1. With 44.1 g/t of gold in reserves, Fire Creekmine, owned by Klondex Mines and located in Nevada, United States, is believed to be the highest-grade underground gold mine in the world.
  2. Macassagold operations, Ontario, Canada, owned by Kirkland Lake Gold Inc., is  part of one of Canada’s oldest and richest systems.  The Kirkland Lake Main Break system boasts production of 24 million troy ounces of gold over a span of 86 years and average historic grade of 16.5 g/t. With 22.2 g/t average gold grade reported in reserves, South Mine complex of Macassa operations holds the second place.
  3. Kedrovkamine, Republic of Buryatia, Russia, owned by the local Zapadnaya Gold Mining company, enjoys the third highest grade underground mine and has a 22 g/t average ore grade in reserves. The mine is currently focused on the Osinovaya vein – a huge quartz vein, which has significant exploration upside potential with at least 100 identified veins.
  4. Barrick’s Turquoise Ridgemine complex (Nevada, United States), fourth in our ranking with 16.9 g/t gold in reserves, has considerable untapped potential and is becoming a core operation for Barrick.
  5. Part of Newcrest’s Gosowong mine complex in Indonesia, Toguracimine sits at fifth with 16 g/t grade of gold in reserves.
  6. Peruvian Orcopampa mine, owned by Buenaventura, is sixth with 15.8 g/t gold grade.
  7. Dvoinoyemine holds seventh place with 15g/t gold, being a part of Kinross’ Kupol operations and located in the Far East of Russia within the Chukotka Autonomous Region.
  8. Pinsonmine, Atna Resources’ underground operation in Nevada, United States, eighth in our list with 13.8 g/t gold grade in reserves.
  9. Midasmine of Klondex Mines (Nevada, United States), is ninth with 12.9 g/t gold grade.
  10. Chilean Pimentonmine, owned by Cerro Grande Mining, is tenth with 11.1 g/t gold grade.


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