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Stem - Re: "Are we not we paying the fees? Spare me with the liabilities."
Perhaps Mineguru, You or someone can step in and correct me if I'm wrong in content and provide a Link for Ontario Canada Claims Rules
IMO Investus has Mining Claims and annualized fees are paid and Assessments on each claim must be done annually or every two years.
I Can't locate the the exact wording about Claims fees for Ontario Canada , although they are probably much like the U.S I would imagine. This Page in U.S Dept. Of Interior BLM explains the US Claims Fees.
Stem - if you are from Ontario or can provide a Link to a reference source please pass it along, If I'm wrong.
Investus did convert some Claims to Leases in 2009, in order to do Blasting for Bulk Samples to get a understanding of the Avg. Gold content, this long before the 007 & Godzilla Zones were found.
IMO, Investus has already or will be or is in the process of converting at least two of thier Claims into Leases.... Claims 3009440 & 4202512. This so they can probably do the Bulk Sampling in the 007 & Godzilla Zones, the Highest Grades Zones to date, and probably where Spotted Mining maybe Bulk Sampling this year to access average Grades for those zones. Speculation Only, but it makes sense to me. Others may have and are welcome to their own opinion.
Accordingly Bulk Samples should not be run in a Pilot Plant, but rather the plant should designed for Sample Program. Due to This, it may preclude any Revenues as it's Sampling Program and just how many tons of Conglomerate will actually be used in the Bulk Sampleing Process?
If that Ore is processed all the way into Dore Bars and there are any revenues from it, might pay for Mount Logan Resources NEW Office Space in Ontario for a few years.................
"Once a claim is staked the prospector must perform assessment work in order to maintain the claim in good standing. This work must amount to $400 per claim (16 ha unit) per year and be reported to the Mining Lands section of Ministry of Northern Development and Mines. Claims are forfeit if the assessment work is not done. The land affected by the forfeiture then returns to the Crown and may be staked by someone else.The prospector’s right is only to explore the mining claims in good standing. Mining cannot take place until the claims are brought to lease. Mining leases are issued for the express purpose of undertaking mineral exploration, development or mining. The right to go to lease is a statutory right upon the claim holder fulfilling the obligations of the Mining Act. Twenty-one-year leases are issued by the Ministry of Northern Development and Mines and may be renewed for further 21-year periods. Leases can be issued for surface and mining rights, mining rights only or surface rights only. Once issued, the lessee pays an annual rent. Further, prior to a mine coming into production, the lessee must comply with all applicable federal and provincial legislation."- See more at:
As I stated in a previous POST "Granted Bulk Sampling does involve a rudimentary form of Mining or Trial Mining. DRilling grades thus far are to spoty at this point and Bulk Sampling may give a better overall Average of Grade from an area."
If any of the above is information is incorrect, then my understanding of Mining Claims and Leases needs a Canadian a course, and I will humbly apologize for my Errrors (not my Opinions and Speculation). As Always, JW
Your welcome to choose to not read the following Ramblings and Editorial Rant that have nothing to do with Inventus.: Some us don't know where in the world other posters are from or what their expertise and background is, unless it's in a username as an example the name like GoldExpert and even then they may or not be what the name implies.
It his case it appears the name MineGuru looks to me like he is knowledgeable investor or has some background in mining by reading his work here, on MUX and on Stateside's Board. It's hard to write to an audience of 10 investors or more, not knowing backgrounds and knowledge of most. You can only judge or gage a person by the content and way they write posts and given time you get to know which individuals to listen too. Example: try reading the yahoo boards. This is just generally speaking, and not to imply at anyone on this board. Just an understanding of how hard it is taking to write in-depth posts with information to include links to provide references of which you write about, which some may put to good use. I've been doing that on MUX/US Gold for 10 years.
I know some find the work worth the time I spend posting info and comments and links to verify the info and comments. Thanks to thoses who post or send feedback in Si Mail... That's how I use to do DD back in the late 90's on Stock Boards, dig through thread Posts hunting for useful Links on a Company and stay away from the Hype and stock bashing that went on.
I Goof off with Videos Pics etc. for the entertainment factor that usually fit the Topic of the post , and sometimes do post Off Topic, itt usually has something with PM'S or Why PM'S should be going Upward., Ground Control to Major Tom, Orbit Hiway has been Achieved, Shut Down those rambling Rocket Engines Now ! JW@KSC Kennedy Space Center
You can find all the mineral claim info on the ministry of northern development and mines (MNDM) website. When you perform work on a claim you can file assessment credits which you can bank towards your claim fees. I believe they are $400 per claim and paid every 2 years. I have read Ontario is changing to online claim staking so this may change slightly. I am unsure if they have any mining leases, however if one did some digging this could be determined.
JW is correct in the sense that preparation for actual mining is time consuming, as government red tape does bog down the process. There are many permits and environmental studies which need to be conducted prior to mining operations. There are many levels of bulk sampling from 10's of tonnes to 1,000's of tonnes, I am not sure which inventus has planned, however trial mining would fall into a separate category. In my opinion the bulk sampling is a intermediary step to determine the grade of the conglomerates, after which they could evaluate the deposits feasibility and streamline trial mining and a 43-101 resource. We will have to wait and see, I suspect some news following the AGM next week.
JDub, yes, I understand there are fee's that need to be paid on the claims annually. All the more reason to get even the smallest amounts of income generated ASAP. Kinda like paying a lease on a storefront and never opening the store.
I believe all Pardo claims have been brought to lease?
Yes, now that we can agree that there are calms fees , we can discuss Claims and Leases.
"I" won't debate your point " I believe all Pardo claims have been converted to Leases? "
But why would Management write in an emaiL late last year, after having it's placed assets in Long Term Maintenance. Then after no PR's for month they replied following after an inquiry that was made :
"Spending has been reduced as much as possible and our claims are in good standing for years to come."
Back to Bulk Sampling, I did want to validate my statement in the previous post: I could not find the info while writing that post to link it. "Investus did convert some Claims to Leases in 2009, in order to do Blasting for Bulk Samples to get a understanding of the Avg. Gold content, this long before the 007 & Godzilla Zones were found."
I could not locate the Ginguro April, 1, 2010 PR stated in the PDF below : But as page 14 of this Ginguro PDF document states,
In 2009, Mount Logan Resources Ltd., a subsidiary of Ginguro Exploration Inc., carried out a reconnaissance mapping and prospecting program collecting 370 grab samples that contain up to 72.2 gpt Au. This program generally identified the distribution of major rock types exposed in the property, and confirmed that basal pyrite quartz pebble conglomerates of the Mississagi Formation locally contain appreciable gold mineralization. In addition, five 500-pound bulk samples were collected using controlled explosives. These samples were metallurgically tested, indicating an average head grade of 2.0 gpt and 94% gold could be recovered (Ginguro Exploration Inc. April 11, 2010 press release). The result of this test is positive.
I had also dug up the discovery dates on the James Bond Zone and Godzilla Zone ,where I had stated they were discovered long after the Bulk Samples were taken in 2009 Those being, for James Bond August and September 2013 and Godzilla August 2014. Again it is my Opinion that it will be the James Bond "007" and Godzilla Zones where the Bulk Sampling will take place, but I'm not so sure that Sprott will be doing the Bulk Sampling extraction work after poring over that Last PR a few times.
We see, what we want to see.. Perhaps more in that regard later.
Of course there are claims fee's, I am sure long term maintenance means "maintaining at the minimum cost". Got news, if you don't pay your claims fees you lose your claim. Just as the storekeeper would lose his store if he did not pay the rent.
I can see that we are not understanding each other on this point, that's okay, I think that we can agree that something is far far better than nothing.....You shall see.
"I" won't debate your point " I believe all Pardo claims have been converted to Leases? "
I am pretty sure that is a question mark at the end....Are all pardo claims converted to leases? Sheesh.
Boy will I be glad when the first mining results....errrr, I mean bulk samples, come through at a profit and that profit is reported as revenue on our required financials....