May
22, 2012
Press
Release Regarding Geology andMining Activities at
Asset
#27(Mt. Boy) and Asset #26(Reveille)
The company
recently received a memofrom our Geologist Brian R. Bond regarding
our second property Asset #27 (Mt.Boy/Eureka) which has 58 claims
covering 1,160 acres near Eureka, Nevada. The memo is shown
here.
“GEOLOGICALSUMMARY,
Mountain Boy Mining Claims, Eureka Mining District; Eureka,
Nevada,Re. CJT Mining, Inc. By Brian R. Bond,Geologist March
30, 2013
MountainBoy
Mining Claims
TheMountain
Boy property consists of 58 lode mining claims (1,160 acres)
locatedin the Battle Mountain/Eureka gold belt. The contiguous
claim block is adjacentto American Barrick’s Ruby Hill mine, which
is to the northeast.
Barrick’sEast
Archimedes open pit produced 125,000 oz. of gold in 2011 and 41,000
oz. in2012 ; it has 326,000 ounces of gold reserves. The gold grade
increases withdepth.
Mostof
the historic production from the claim block came from the Mountain
Boy andKentucky mines. There are also prospect pits scattered
throughout the property.Historic gold grades range from .01 ounces
per ton (opt) Au to .527 opt Au;silver concentrations range from
1.25 opt Ag to 47.8 opt Ag. The ratio ofsilver to gold increases to
the west and southwest.
Mostof
the old workings are aligned alongthe mineralized
northeast-southwest lineament which passes through theArchimedes
pit and the east-west trend which was mined at Prospect
mountain.These two trends intersect in the middle of the Mountain
Boy claim block, alongthe northwest strike of the Battle
Mountain/Eureka gold belt.
Existingmine
workings on the property require geological mapping and sampling.
TheBattle Mountain/Eureka, Ruby Hill and Prospect Mountain trends
merit detailedexamination. Mine dumps should also be sampled.
“
This memo
confirms that our claimswhich are adjacent to Barrick Gold’s Ruby
Hill/Eureka operations are in thecross hairs of major
mineralization trends from the east and the northculminating at the
locations of the Kentucky Mine, Mt. Boy and about 12 otherprevious
prospecting/mining sites.
Some of the
historical information wehave gathered from these previous
activities have provided us with some verypromising
opportunities.
Asset #27 (Mt. Boy Eureka) –
58 claims 1,160 acres
Asset #27 is
adjacent on two sides tosome highly regarded precious metals
properties:
1.
Approximately
75 claims and 1,500acres, the Prospect
Ridgeimmediately to the east is
certifiedto contain over 10 million tons of
minable ore containing a minimum of 10million ounces of gold and 20
million ounces of silver. This property has been actively
mined by oldtimers from 1870 to 1930 with recent activity from 1995
to 2002 by the currentowners but due to the age of the owners they
do not appear ready to go intoproduction at this time.
2.
Over 1,000
claims, 20,000 acres ownedby Barrick Gold.
Claims are filed in the names of BarrickGold, Ruby Hill Mine and
Homestake Mining. The Ruby Hill mine is located on the Battle
Mountain/Eureka gold trend,less than one kilometer from the town of
Eureka. Barrick acquired the mine through a mergerwith
Homestake. Ruby Hill is anopen-pit, heap leach operation. In
2011 after an extended redevelopment phase,Ruby Hill produced
127,000 ounces (approx. $200 M) of gold at total cash costsof $334
per ounce. Proven and probablemineral reserves as of December
31, 2011 were 978,000 ounces of gold.
Asset #27
(Mt. Boy) located in the Mt.Boy Range just to the west of Prospect
Ridge and South of Barrick Gold’s claims.
Mined intermittentlyfrom 1860 up to the 1930s, approximately 15
different independent miningoperations were conducted with horses
and mules as the primary means of accessin and out of the steep
terrain.
Historical Information
from samples gathered from the various historicalmining operations
at Asset #27 (Mt. Boy) have been charted and tabulated. The
tonnage estimates use the Jensen methodof estimating which
estimates apercentage of mineralization, in this case 10% in only
the top 100 feet and inonly 13 of the 58 claims. The
estimateindicates a very significant potential tonnage of ore of
over 10 million tonsand the historical samples assay results which
we have not had the chance toverify yet show very high grade
mineralization with an average of 0.192 ouncesof gold per ton and
12.756 ounces of silver per ton.
Asset#26
(Reveille) Trenching and Drilling
Historical Information
Asset #26 at
Reveille is much furtheralong than Asset #27 as far as preparation
for drilling, mining and processingof ore. Asset #26 also has
a historicalanalysis that is very similar to that shown above for
Asset #27, using theJensen method
of estimating which estimates a percentage of mineralization,
inthis case 10% in only the top 100 feet and in only 14 of the 54
claims. The estimate indicates a very significantpotential
tonnage of ore of over 6 million tons and the historical
samplesassay results which we have not had the chance to fully
verify yet show veryhigh grade mineralization with an average of
0.01 ounces of gold per ton and 17.546 ounces of silver per
ton.
AboveGround
Stockpiled Ore Value - Thestockpiled
ore derives it’s valuation numbers from certifications in July
2009by a qualified individual as to the tonnage and grade of the
stockpiled ore andhas been extended at today’s prices to show an
above ground asset value of
$39,178,000.
Because
Asset #26 has roads,stockpiled ore and a more developed
infrastructure, the decision has been madeto bring it into
production before Asset #27.
The next
step in the pre-productionactivity is an expansion of drilling
activities by proceeding to do additionalsampling in thirty-three
(33) fifty (50) foot long trenches in 20 of the miningclaims on the
west side of our mining claim properties.
The results
of this trenching, rippingand sampling will establish a more
thorough understanding of near surfacemineralization where the
initial mining is to start. From the trenching analysis,
another 25 drillhole locations will be identified and
drilled. These 25 drill holes will provide the data needed to
block out and provethe ore reserves needed to commence mining, and
construction of the gold-silverprocessing facility.
Posted by N.
Fred Anderson, President
Statements
contained in this summary that are not statementsof historical fact
are "forward-looking statements" as that term isdefined under
federal securities laws, including, without limitation,
allstatements concerning expectations, beliefs, goals, intention or
strategies forthe future of CJT Financial, Inc. and/or CJT
Mining, Inc. Forward-looking statements may beidentified by
words such as "goals," "plans,""believes," "will," "expects" and
other words ofsimilar meaning used in conjunction with, among other
things, discussions offuture operations, financial performance,
product development and new ventures.Many factors could cause
actual events or results to differ materially fromthose expressed
in any forward-looking statement. This document is not
asolicitation to invest. Investors arecautioned not to place
any undue reliance on any forward-looking
statements.
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