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Mine Exploration Forum

Author There be gold...
Detrus

Joined: 29/12/2014

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There be gold...
Posted: 28/11/2017 20:29:02
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http://www.bbc.co.uk/news/uk-wales-south-east-wales-42081538 IP: 88.111.5.162
Miles-M

Avatar of Miles-M

Joined: 01/03/2015
Location: North Wales

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There be gold...
Posted: 28/11/2017 20:43:53
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Its incredible how much people will pay for Gold just because it is from Wales. Gold from everywhere else on the planet is set by the spot price which at this very moment is 967 pounds per Oz.

Whoever bought that gold paid more than £10k for 0.5oz which is over 20 times the normal gold spot price. I would consider that an act of lunacy if it wasn't for the fact that the consumer really will pay way more for jewellery containing several molecules of Welsh gold.

I know little of mining Welsh Gold, there are people on here who are real Welsh Gold Miners. But if Welsh Gold can trade at 20 times the gold spot price, makes you wonder on whether non-viable mines could be considered viable once more?

Heck, at 20 grand an ounce, gotta be worth thinking about. Although it only has a local market, nobody overseas is likely to want to pay such a huge premium.

Gold is in good demand at the moment though, the Chinese and Indians are massive buyers, so is the Russian Government. With economic uncertainty at the moment, many private investors with diverse portfolios are taking in Bullion as a safe haven.

--

Don`t tell me the moon is shining; show me the glint of light on broken glass.
IP: 87.224.72.55 Edited: 28/11/2017 21:27:09 by Miles-M
danswift

Joined: 31/03/2016

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There be gold...
Posted: 28/11/2017 21:19:27
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day shift at Gwynfynydd would yield that much, it's everywhere Laugh IP: 213.122.254.222
John Mason

Joined: 22/09/2008

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There be gold...
Posted: 29/11/2017 11:30:18
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Indeed - this is the highest price I've seen for the raw material. However, speculation is useless until the buyer identifies themselves.

The mines have potential for sure but it is necessary to weigh that up against a) the pockety nature of the gold deposits and b) the overheads of running a metal mine within a National Park. A lot of the Irish and Scottish Highland deposits have much better grade-continuity and that's what the bigger companies, at least, prefer: they can drill for grade and get some idea of the total in advance.

IP: 86.170.18.159
John Lawson

Joined: 09/12/2010
Location: Castle Douglas Dumfries & Galloway

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There be gold...
Posted: 29/11/2017 20:06:46
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As you are probably aware, the owners of the Tyndrum gold mine, processed some of the ore in the tips, and the extracted
was sold at a much higher price than bullion, simply because it was Scottish.
No doubt if Dalradian gets its way, some of its output will be sold at a premium simply because it is Irish.
IP: 109.155.8.158
John Mason

Joined: 22/09/2008

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There be gold...
Posted: 30/11/2017 01:15:02
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In a sense Simon Hughes and I were among the Dalradian pioneers in this respect as we sunk an open stope on one of the Calliachar Burn veins over about 5 weeks in the autumn of 1990, managing to reach some 5.5 metres below rock-head before the continual rain/snow started making life difficult as the winter came in. We only used hand-tools in order to be selective, taking out slices of the vein then jack-hammering enough footwall out in order to have working space for the next slice. 6.5 tonnes @ 157 g/t Au was the take, trucked down to South Crofty for cyanidation and refining before being sold by Edinburgh jewellers. Had the gold all been free-milling, the overheads would have been a lot less, but these high-sulphidation ores with lots of 10-20 micron gold are never fun to play with!

It was an interesting few weeks, one of the enduring memories being sat around the fire (old bits of core-box in a big galvanised bucket, encouraged by compressed air fed in via a conveniently-punched hole) after finishing for the day, with night gathering fast and stags roaring in the darkness, no more than a hundred metres away or so. They got used to us being there every day and would often approach quite closely.

Was this Scotland's first producing hard-rock gold mine?? The answer to that, I still think, will never be known! The sands of time conceal many things.
IP: 86.170.18.159
Graigfawr

Joined: 04/11/2009

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There be gold...
Posted: 30/11/2017 18:02:02
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Pioneers indeed! What with snow and stags (almost moose...), almost an Alaskan experience!

Were you working for yourselves, or as contractors?

1.02kgs = 32.8 troy ozs; at $386.2* = $12,667.4; at $1.784 to £1.00** = £7,100. Deduct say 50% for Crown licence fee, transport, processing and refining = £3,550. Add say 100% premium because it was Scottish gold = £7,100. Divide by 10 = £710 per week for each of you before overheads, tax, etc. Not an earth-shattering earning compared to many mining jobs - but a unique experience.

* price from http://onlygold.com/m/Prices/Prices200Years.asp
** exchange rate from https://www.ofx.com/en-gb/forex-news/historical-exchange-rates/yearly-average-rates
IP: 188.221.171.149 Edited: 30/11/2017 18:03:03 by Graigfawr
John Mason

Joined: 22/09/2008

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There be gold...
Posted: 01/12/2017 03:49:58
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This was for Colby Resources, AKA Colby Gold plc. One of many companies active in Scotland in the 1980s. IP: 86.170.18.159
Graigfawr

Joined: 04/11/2009

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There be gold...
Posted: 01/12/2017 17:42:56
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Thanks for the additional information. IP: 188.221.171.149
John Mason

Joined: 22/09/2008

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There be gold...
Posted: 02/12/2017 04:22:01
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Not anything like as lucrative as the maths would suggest, but still an experience for us both to treasure! The downside was the truck hire company giving us a wagon that should have been capable of carrying the 6.5 tonnes to Crofty legally (as specified), but there was a cock-up, involving me getting busted by an especially stroppy bike-cop for driving an overweight lorry (by half a ton), on the M5 in Devon. Crazily it went all the way to court, given the circumstances. I received an Absolute Discharge after a guilty plea. Complete waste of time/public money etc etc. The rest was a doddle.... IP: 86.170.18.159
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