Friday, March 30, 2018

Serra Pelada

Serra Pelada ("Bald Mountain") was a large gold mine in Brazil 430 kilometres (270 mi) south of the mouth of the Amazon River. In January 1979 Farmer Genésio Ferreira da Silva hired a geologist to investigate whether gold he found on his property was part of a larger deposit. Soon word leaked out that da Silva was sitting on one of the largest deposits in the world.

By the end of the week a gold rush had started with thousands of people descending on the farm. Five weeks later there were 10,000 people on Ferreira's property and another 12,000 nearby. Huge gold nuggets were discovered, the biggest weighing nearly 6.8 kilograms (15 lb).

The government banned women and alcohol at the site. This caused the nearest settlement, until then an isolated village, to morph into a bustling center of “stores and whores”, where under-age girls worked for flakes of gold, and 60 to 80 murders occurred every month.

Use of mercury in the gold extraction process left large areas around the mine dangerously contaminated. People eating fish downstream from the mine have elevated mercury levels.
During the 1980s, up to 100,000 garimpeiros (artisanal miners) produced an estimated 2 million ounces of gold plus platinum and palladium, from a hand dug open pit. Garimpeiro production declined sharply in the mid 80s due to frequent pit wall collapse, the water table, and flooding.
COOMIGASP, a Brazilian cooperative, was a granted Exploration License in 2007. Colossus Minerals and COOMIGASP formed a partnership to develop the remaining mineralization at Serra Pelada. Colossus lost over $300 million on the Serra Pelada project and became insolvent. The current company is the result of a 200 for 1 rollback that passed control to creditors.
In August, 2014 it was announced that COOMIGASP had launched a legal challenge against Colossus that attempts to dispute the validity of the legal agreements.

The property is currently on "care and maintenance".

Thursday, March 29, 2018

NV Gold Corporation - NVX.v

NV Gold Corporation - NVX.v is advancing the Across the Valley (“ATV”) Gold Project in north-central Nevada.
On March 12, 2018 the company released News

NV Gold Corporation is pleased to announce that it has re-entered diamond drill hole ARC-6C and anticipates extending it up to an additional 600 meters. NV Gold also announces a private placement of units of the Company for gross proceeds of up to CDN$390,000. As announced in its news release dated March 2, 2018, diamond drill hole ARC-6C intercepted carbonate-bearing sedimentary rocks thought to belong to the Comus Formation at its 100% controlled Across the Valley (“ATV”) Gold Project in north-central Nevada. Orebodies at the nearby Twin Creeks (Newmont) and Turquoise Ridge (Barrick and Newmont) mines are hosted by Comus Formation

Tuesday, March 27, 2018

FPX Nickel Corp. - FPX.v

FPX Nickel Corp. - FPX.v The Decar Nickel District is the company’s flagship property, a greenfield discovery of nickel mineralization in the form of a naturally occurring nickel-iron alloy called awaruite.
On March 14, 2018 the company released News

FPX Nickel Corp. is pleased to report that it has closed its previously announced non-brokered private placement for gross proceeds of $1,470,000 . The Company expanded the originally announced private placement from 5,416,666 shares to 12,250,000 shares for gross proceeds of $1,470,000

Monday, March 26, 2018

Atlantic Gold Corporation - AGB.v

Atlantic Gold Corporation - AGB.v owns Canada’s newest open pit gold mine Moose River Consolidated in Nova Scotia with first gold pour and initial production announced October 2017.
On March 5, 2018 the company released News

Atlantic Gold Corporation is pleased to declare commercial production at the Moose River Consolidated (MRC) gold mine, Nova Scotia, Canada. The effective date of commercial production is March 1, 2018.

Saturday, March 24, 2018

The King of the Klondike

Alexander "Big Alex" McDonald (1859–1909) was a Canadian gold prospector who made (and lost) a fortune in the Klondike Gold Rush, earning himself the title "King of the Klondike".

The son of Scottish immigrants, McDonald was born in Antigonish, Nova Scotia. He was in the Yukon, employed by the Alaska Commercial Company at Forty-Mile to buy mining properties when Gold was discovered in the region in 1897.

"... a large brawny, swarthy man, canny and close of mouth, with a curious habit of slowly rubbing his chin whenever a new proposition is presented to him. He makes it a rule to first say "No" to every proposal, however alluring, thus gaining time to think it over."
One of the early arrivals in the Klondike, he purchased Claim 30 on Eldorado Creek for a sack of flour and a side of bacon. That claim proved to be one of the richest of the Klondike and made a fortune.

Rather than work claims, he leased them to others, who did the actual work for half of the proceeds. He soon acquired 28 claims and by 1898, he had interests in 75 mines, making him the largest landowner and employer.
Klondike City in 1898 "Scraping Bedrock 2 Above Bonanza, 1899, 2 Pans of Dirt Yielded $2,000.00, Alex McDonald Co. Ltd."
Unfortunately the Klondike Gold Rush didn't last and neither did McDonald's money. He died alone in a cabin on Clearwater Creek of a heart attack in 1909 virtually penniless.
One character of McDonald's era was 'Soapy Smith'. "Smith took little time to stamp his mark with the trick that earned him his nickname: during first-day drinks at Clancy's Bar, he produced a small tripod on which he opened an old leather suitcase, whose open lid blocked patrons from seeing its contents. "Friends," he announced. "My name is Colonel Jefferson Randolph Smith, and I have the pleasure of introducing you to my special brand of soap … soap, friends, that I have an offer for you…"

At this stage he unwrapped a bar of soap and slipped a $100 bill under the wrapper which he carefully resealed, then $50 into other bars, and smaller notes into more. He nonchalantly tossed each bar back into the suitcase, then invited the suckers: "Friends, choose a bar of my soap for $5, and you could gain $100!"
Patrons rushed forward. The first man to select a bar of the soap, unwrapped it and jubilantly thrust aloft a $100 bill; several others unwrapped $50 bills, others found five- and two-dollar notes in their $5 soap bars. Or nothing at all …. ultimately of course the only big "winners" were Smith's gang members, who knew exactly the bars with the notes in them.

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