There is something very comforting about “old school”, a phrase which the Urban Dictionary describes as: “Anything that is from an earlier era and looked upon with high regard or respect. Can be used to refer to music, clothing, language, or anything really.”
This is how we positively regard RJK Explorations “RJK” (TSX RJX.A). RJK is a Canadian exploration company trading on the TSX, V) exploring Canadian properties with a tradition. President and CEO Glen Kasner has a rich mining background. He has been with the company since 1998 and graduated from the Haileybury School of Mines in 1976. His family has followed in his footsteps – daughter Amanda Kasner is CFO and a director. Corporate secretary Diane Mckean has been with the company for 18 years – so you can see what we mean when we say “old school” – a company with loyalty and values – time to do the “Carlton dance”.
MAUDE LAKE GOLD PROPERTY
The main focus at present is the Maude Lake Gold property (formerly known as the Ramp property). Maude Lake is located about 100 km east of Timmins and 100 km north of Kirkland Lake so the neighbourhood includes 2 famous Canadian mining camps. It is only 8km from a major highway which is a very nice detail to have on your side.
Work was first started in 1915 which definitely puts this in the old school category. A lot more work was done in the 1980’s and 1990’s as well as the early 2000s. The resulting 49,000 meters of drilling, a 140 meter decline ramp and a 6,000 ton bulk sample grading 4.06 gms/ton have inspired the company to continue. They plan to twin drill selected random historical holes to fill gaps in the data plus drill to look for continuity and extensions of mineralization. In short, they are looking to update the known mineralization by following the old edict: “where there is ore, there is more”. Another important detail which can be overlooked or put on the backburner by companies is metallurgy and testing of ore from the 5 Zone previously stripped open pit area indicated recoveries of 92.6% using a typical float/cyanide mill.
A 1994 resource estimate on the property was done but it is important to note that this was pre NI 43-101 so is not recognized by the securities exchange (this doesn’t mean it isn’t accurate or close to). The report showed more than 500,000 tons at .248oz/ton and more than 280,000 tons or ore at .22 oz/ton for an approximate total of over 160,000 ounces of gold! Now if they can increase that amount with the current exploration program, we will really have something for the old schoolyard to cheer about! Lucy, you got more ‘splainin’ to do!
As a reference – below is a brief description of two other properties RJK holds:
Continue to read the exciting part titled “Share Structure” BLACKWATER GOLD CAMP
In the region in Central British Columbia south of Vanderhoof, a 4 million ounce gold deposit was delineated by Richfield Ventures several years ago.
This deposit was subsequently acquired by New Gold, (T.NGD) who eventually bought staked and consolidated more ground in this area which is known as The Blackwater Gold Camp. After this consolidation they are currently in the permitting stage.
TJX.A holds ground contiguous to both the east and west boundaries of the New Gold Blackwater project but due to market interest and various other environmental and exploration challenges they currently are in a holding pattern with this project.
GOLDIE GOLD PROPERTY
The Goldie Gold Property is a 1,400 hectare gold exploration located about 50 km west of Thunder Bay – in the Matawan Gold Belt.
RJX.A is in a 50/50 Joint Venture Partnership with Mistango River Resources (C.MIS) on this project.
The old school drilling on this property consists of 1,767 meters prior to 2006. In late 2006 a line cutting and IP survey over 65 kilometers outlined a new structure which was subsequently drilled with 2 drill programs in 2007.
Two areas were identified which look good enough to follow up.
The property has only been drilled to 120 meters and the structure looks like it has hundreds of meters of strike length so there is a lot of promise with this property. 3 cheers for joint ventures! SHARE STRUCTURE
This is a strength of the company. There is a share count outstanding of under 15 million. Now that is an old school type fantastic float!! Bring on the ABBA reunion!
Most of the debt owed is to insiders, mostly to President Mr. Kasner for deference of salary. He has indicated to me that he is willing to forgo those amounts. That shows a true a TRUE leader characteristic – an old school style leader that puts shareholders interest first!
We are quite pleased to be involved with a company which has such a small float and great upside potential.
Expanding the number of ounces at Maude Lake is the next step in the process. We are encouraged by the fact that previous drilling has not gone beyond 500 meters. Anyone who has followed many explorations knows that surface gold often comes from somewhere down deeper…
We are also encouraged by the fact that management intends to follow current mineralization in all directions looking for continuity and extensions. The bluesky here is that the ore is only being valued at about $10/ounce of gold in the ground and they initiated a small 3-5 drill hole campaign at about 200 metre depth to prove up more resources. We are looking forward to seeing those numbers.
With a number of important boxes ticked off by the old boys and girls in previous explorations, we say, go get ‘em RJK Explorations and 3 Cheers for Old School!
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