Kay Mine - Gold and Copper Discovery - Black Canyon City, AZ


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Hello All,

    If anyone has ever explored up around Rock Springs or Black Canyon City, AZ, you have heard of the Kay Mine.  It's an old Copper and Gold Mine that is located off the old Black Canyon City Road.  A good friend of mine just shared this with me, as it looks like a Canadian Company called Croesus Gold has re-drilled and found some good ore bodies.  Here is a short video and link -

http://arizonametalscorp.com/kay-mine/

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Croesus Gold Corp ("Croesus Gold") is a private mineral exploration company based in Toronto, Ontario. Croesus Gold owns 100% of the Sugarloaf Peak Gold Project in La Paz County, Arizona. The property consists of 219 BLM claims with dimensions of approximately 4km x 6km, and hosts an historic resource* of 1.5Moz gold at a grade of 0.5g/t. The deposit is open for expansion in all directions at surface, as well as at depth. Croesus Gold intends to undertake a 10,000m drill program in order to update the resource to NI 43-101 standards, while also testing the expansion potential.

 

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I am half owner of claims with virtually the same geology as the Kay mine. Geophysical testing shows several likely ore bodies and further drilling is expected later this year. The mine that was worked for copper nearby tossed out the gold ore that sat on top of the copper ore body because they didn't realize what it was. The copper ore they mined in the 1960s ran about 10 percent copper, and some of the gold bearing rock they tossed on waste piles ran close to a half an ounce per ton (the gold is all dust sized stuff, not even little flakes).  My partners and I have leased the claims to a Canadian Mining company that is exploring the property.

http://www.nevadasunrise.ca/projects/coronado-vms-project/

At the bottom of the presentation above, there is a photo with 3 guys in it. I am the guy farthest from the camera. It was taken when we were meeting with a couple of the company geologists.

 

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That link is dead for me anyway....I did find a little info on it. Man, its under the Aqua Fria. 

http://docs.azgs.az.gov/OnlineAccessMineFiles/MapColl/669-3-08/669-3-08_0007.pdf

Tom H. 

 

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I have very strong opinions negative about foreign companies mining in the United States of America. 

The US has laws to make it very difficult to allow US corporations to raise money for mineral exploration. So most exploration companies are headquartered in Canada, although most of the employees may be operating in the USA. So for at least this situation, its a self inflected problem. As doo-gooder politicians create a nanny state to protect everyone. They see mineral exploration as too risky, so you cant invest the same way that Canada allows.

Edited by Reno Chris
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I also have some claims which I've optioned to a Canadian mining/exploration company, though not for gold. I'm not so convinced it's politics in play as much as the Canadians I've spoken with just seem more willing to take risks in the small scale/junior side of the mineral industry. Most of the junior mining or exploration jobs I see are for Canadian based companies, and many of these are often pursuing projects larger US based companies have passed over. I'm curious which laws in specific make it harder for a US miner to raise capital for mineral exploration in the US than it is for a Canadian miner to raise capital for an operation in the US?

I see imbalances in things such as the way MSHA regulates a 1 person operation the same way they regulate a 1000 person operation, making the costs to actually start mining prohibitive for small scale miners, but this applies to any foreign entity mining here just like it does to US citizens.

From what I can determine, all the legal documents are still filed in the US for a foreign corporation, the laws of the US apply to all issues regarding the exploration and mineral extraction, and to my knowledge the corporation must have a US based entity or citizen in order to hold the claims outright if the option is executed fully. A stock sale can occur in the country of origin to raise capital and need not be in the US, but that has nothing to do with mining or mineral regulations and more to do with international finance law. Is this what you mean by being easier to raise capital outside the US?

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The US did away with the Penney Stock Exchange's in the 1980's, like the Canadians have. Exploration projects are high risk and this is the only way to raise money. This is what killed small mining companies in the US.

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Ok yeah that's what I was guessing. That was in large part due to organized crime manipulating small markets, which doesn't exist in Canada as much as here. The miners didn't help themselves there either though, the mining industry in the 90's and prior was in fact a poster child for penny stock scams and fraud which was in part what attracted all the government regulations. Two sides to every story I guess. I just watched a movie on one such fraud.

As far as I know you can still seek funding and go public, and penny stocks can be traded OTC. Just not on the NYSE or anything. 

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I'm curious which laws in specific make it harder for a US miner to raise capital for mineral exploration in the US than it is for a Canadian miner to raise capital for an operation in the US?

Yep. Its laws you have to comply with to have your stock listed for sale in the US - specifically amounts of money you have to have capital you need to have on the books before you can start. These companies raise capital by selling stock - and many of them start really small. Even if you are perfectly law abiding and clean as a whistle, it still costs big money just to comply with the US laws.

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On ‎4‎/‎21‎/‎2019 at 9:56 PM, jasong said:

Ok yeah that's what I was guessing. That was in large part due to organized crime manipulating small markets, which doesn't exist in Canada as much as here. The miners didn't help themselves there either though, the mining industry in the 90's and prior was in fact a poster child for penny stock scams and fraud which was in part what attracted all the government regulations. Two sides to every story I guess. I just watched a movie on one such fraud.

As far as I know you can still seek funding and go public, and penny stocks can be traded OTC. Just not on the NYSE or anything. 

There are stock scams in every business and in every country (Including Canada.). They are just more prevalent in the mining exploration, because there is a one in a million chance of finding a ore deposit, but they do raise money and hire geologists, geophysicists and engineers that wont to find a deposit and eventually they do. The only guarantee in finding a deposit is if you are not looking for a deposit you will never find a deposit.

They do not force anybody to buy there stock. Greed of the investor is what sells the stock. The biggest scam I see right now in private industry is Tesla.

And our government is running the biggest Ponzi scam ever seen and they force the citizen's to participate. 

It is up to the individual and not the government to do the research and decide what to invest his money in.

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