New Big Copper-Gold Exploration Target in BC | Kingfisher Metals CEO Interview

Summary

• Investment Focus: Kingfisher Metals is exploring copper-gold porphyry systems in the Golden Triangle of British Columbia, with a significant land package of nearly 900 square kilometers.
• Market Position: The company is listed on the TSXV under the ticker KFR, with a market cap of $23.5 million and approximately 90 million shares outstanding.
• Exploration Results: Recent drilling results have been mixed, with some market disappointment, but only a fraction of the data has been released, indicating potential for more positive results in the future.
• Strategic Location: The project is strategically located near significant M&A activity, with major companies like Tech and Anglo investing heavily in adjacent properties, enhancing the project's potential value.
• Financial Health: The company ended the year with over $1 million in the bank, with no immediate need to raise capital, although future financing will be necessary before the next field season.
• Project Potential: The exploration is focused on uncovering a large porphyry system, with the potential for significant copper and gold mineralization, supported by geophysical data and drilling results.
• Future Plans: Kingfisher is considering additional exploration in the Golden Triangle and evaluating other potential projects to balance the seasonality of exploration activities in Northern BC.
• Market Strategy: The company is exploring opportunities to enhance shareholder value through potential joint ventures, acquisitions, or spin-outs, while also focusing on marketing and investor relations to better communicate the project's potential.

Transcript

Today on a CEO barbecue, we're looking for gold and copper in the British Triangle of No, in in the Why Not the British Triangle of Golden Colombia. Why not? Uh the golden triangle of British Columbia, we're doing that together with King Fisher Medals. If you want a bullet point summary of this conversation and all the other CEO barbecues in your inbox once a week, go to resourcealks.com and subscribe to our free newsletter. Now, the company you're about to hear from has paid us for the production of this video, which means that this is not research. It's an advertisement, and you should treat it as such. Research is conducted by reading the company's official filings, which you can find on setterplus.ca. And please only watch this if you absolutely know what you're doing. This interview is intended only for experienced junior mining speculators because mineral exploration development and mining is a very tough business where failure is the norm and should be the expectation. This is going to be a conversation that is general and impersonal nature containing forwardlooking statements. I am not a licensed financial adviser and my business sells content producing services which also makes me biased in multiple ways. So, before continuing on, please talk to an independent investment advisor with a good long-term track record because your capital might be at risk. If you're not 100% sure you understand 100% of the disclaimers I just showed you, please go to the last section of this video and do not consume this content unless you fully understand and agree with everything said therein. That all said, Kingfisher is of course an exploration company. They're chasing again copper gold corfries in the golden triangle of British Columbia with an almost 900 square km land package which I by the way visited last summer. So if you're new to the story that video is is a good starting point. I'll make sure to link it below this video. We did a a full-blown um documentary if you will on it. So King Fish is listed as KFR on the TSXV and with just under 90 million shares outstanding and $23.5 million market cap today. This is a 26.5 cent stock. 52- week high, almost 50 cents, 52- week low, about 14 cents. Again, no long intro needed, so I'm going to shut up already and uh leave it all to you here, Dustin. And uh thank you for being here today. >> Yeah, thanks, Antonio. Good to be on again with you. >> Pleasure is mine. And and although I am looking forward to the conversation, I'm going to start off with um an annoying question as per usual. Uh but you've uh you've announced some results from this summer's drilling uh which the market wasn't too happy about by the looks of the stock price and and we're now going from fall to winter here soon. So why would I want to hold your stock uh in the meantime? >> Well, we still have eight of so we we drilled 11 holes and two failed. So there's nine there will be nine reportable holes and we've only released one so far. Um and in addition to that we did a lot of regional work uh large scale mo mobile so an airborne electromagnetic survey but you know really large one uh comparable to what was done probably in say in the Hercules area. Um lots of IP uh lots of soil sampling uh within this huge 12 km long uh gold copper anomaly we have in the Hank Mary area. We filled in some gaps of probably up to a couple kilometer gaps were filled in. So, we collected a lot of good information this year and we've only released a fraction of like like a minute fraction of it so far. Um, I've seen some feedback on on bullboards acting as though we've we've released everything and it's a long wait till next year, but you know, that's not the truth. We we've only released a tiny amount and uh I think yeah, there's a lot a lot yet to come. So, uh that that that would be the argument for holding. Uh, aside from that, uh, I I I would hope that the value of what's already been turned up on this project and the strategic location of the project would underpin value of the company having such a large piece of ground in a highly prospective region where, you know, M&A has happened like Tech and Anglo that that new merged company would be our our neighbor and they've committed 750 million to our adjoining, you know, the property that adjoins us and uh there's a lot of gold on this project and gold is doing incredibly well right now and you know in addition to what we have there we still have our gold range and tibet project which are they would make a standalone pore for free sorry portfolio in in this market and even what we drilled at gold range grassroots expiration drilling back in 2122 those results I would imagine would do quite well in this market today you know brand new discovery of 40 m of 3 g of almost 3 g up to 73 gram over a meter. Numbers like that on a project that has no holding cost. It's 500 km and it's 100% owned. So, there's a lot of inherent value here that uh maybe I'm not doing a good enough job of of making the market recognized, but it's something I will be working on. Um but uh yeah, sucks seeing the share price go down. Uh but we've only just begun putting uh information out. So, lots yet to come. I do want to talk about the gold project sort of the latter part of the conversation because I've been thinking with gold where it is right now why not you know revamp it or or put some marketing behind so we'll talk about that towards the latter part um yeah when when's the rest of the assays coming in is it going to be hole by hole what's the cadence what do you expect there >> uh they'll be in batches and I would expect fairly soon uh for the for the next batch probably a few weeks not not months so Yeah. How's uh how's money for you after the program? Um was everything on on budget? How did that go? >> Yeah. Uh it went slightly over budget. Uh not due to execution of the field program. Uh just in regards to uh there was a permit condition of fixing a a hole that went artisian. What that means is the a previous historical hole hit a water table and was eroding the the side of the slope. and we had a permanent condition of fixing that and uh it it took a little more time than we had expected which uh you know delayed starting drilling by about a week. So that that that was the only place we went over on our proposed budget but otherwise uh no it was it was a well executed program and in terms of cash uh should end the year you know I would I would imagine over a million dollars in the bank. Also, no need to like you've got plenty of runway to kind of pay the bills. Is do you have any of the corporate bills that are kind of year-end weighted where where you're going to have to make a big payment or something like that or do you expect to not having to raise capital anytime soon? >> Uh we have no uh like immediate bills to be paid. Uh I can't comment on on other bills that might come up for various reasons, but no uh yeah, we're in good shape in that regard. And uh yeah, no, we're fine in that regard. And you know, the in terms of raising money, like I'm I have no idea when we're going to raise money. Uh we've got we've got holes yet to come and you know if we get a lot of love out of something that might be an opportune time given the the access the availability of capital right now but uh we don't have like we don't have a gun to our head right now needing to go raise money so there's there's no immediate urgency but obviously we have to raise money before next field season. >> Yeah. Yeah. Shocker. Uh that's not okay Dustin. You shouldn't be doing that. I hate dilution. Don't do that to me. Just drill for no money please. Um, are you are you still opposed to the idea of a JV though? >> Uh, personally I'm not uh huge on it. I've talked to some people who including some shareholders who uh some like the idea of it. Uh, a lot of the big money doesn't like the idea of it. Um, it, you know, it's it's something like if if there was something that made sense, we might go down that road. uh it would have to include a lot of money though being spent on the ground >> but I yeah it's we're not moving towards that right now despite being in discussions with with quite a few uh different large corporates uh I you know we we do have access to capital um you have to weigh that against delution and risk and all all these different things um so I think I'll just leave it at that >> I do want to ask essentially well how How much money would you be looking for when you say you have access to capital and everything, you know, is within reason and dilution and everything? But we'll get to that once we're talking about this new target that you have now. Um, would you be opposed to the idea of picking up a a project in a different jurisdiction to kind of balance out the the seasonality of exploring in in Northern BC? >> Um, potentially if the right project came in front of us. Uh yeah, it you know it needs to have be as perspective in our eyes as what we have and it needs to be something that would so it needs to be a creative uh it needs to fit within our wheelhouse. You know we're not going to start looking for something that we're not experts in because that wouldn't be improving the story for investors and increasing the odds of discovery. Uh obviously I'm I'm aware of the the issues with having a seasonal drill play. Um, so it's, yeah, it's it's it's something we look at, but uh, right now we're we're I I I like the Golden Triangle focus and I think there's more potential, uh, deals to be done in the region. >> Um, yeah, that's I'm not committing to doing anything. >> You know, it's going to bring value to investors, a new antimony project or or maybe rare earths. I hear I hear that's hot now these days, too. Well, you know, we actually happen to have some pretty good anamony grades on our gold range project. Uh, so >> that's actually true. I keep forgetting about that. Um, I think a lot of I think the market kind of keeps forgetting I I feel like some sometimes, you know, the market can kind of only understand one part of a story and like for you it's being poor free, but it is much more. And um, I I wanted to keep that for the latter part of the conversation, but talk to me about that. Um, what is going on with the with the with the gold projects? have any plans of doing their uh doing something there anytime soon or how do you see that? >> Uh so the last two years we have done uh soil and till sampling at our Tibet project. It it does have an annual spend requirement that's quite low around 150,000 um to to maintain the 10 years because we haven't gone and done a big drill program to push those 10 years out into the future. Uh so we and we have not released that information yet. uh you know it it's it's not drill results it's and it's not our flagship so I would deem it not material in that regard. Uh we will be putting that out soon. Uh small team you do have limitations on on what you can do and everybody's been focused on on Highway 37. Uh but over the winter we'll we'll put out some information on that and and probably tie that into a summary of updating the market on our gold range project which we have not done any work on since uh 2022. Uh but it is a highly perspective gold project uh you know that we own entirely and have zero holding cost. So it's it's value sitting there that isn't really creating value for Kingfisher right now. So there there is uh an intention of of attempting to create value through that in some form. And I don't think we're going to go and drill there. Uh but if somebody wanted to spend money there or somebody wanted to acquire it or there was an option to complete a spin out with the two companies, uh these are things we're going to be looking at over the winter here. >> That's going to be an interesting convers conversation there in and of itself maybe on the back of um on the back of that news release. Um I do want to talk about more specifically about the drill results here though. Just before I start asking about them myself maybe though what is the feedback that you've received from your larger shareholders in the back of those results I mean Ashwad Krescott Plethra Deutser Rash and and I mean you're you're you know the the big money what are they telling you about about all of this? >> Well I would say you know the the immediate reactions I had at Beaver Creek when we released that that first drill hole uh were actually surprised that the share price went down. Um, you know, that was a good drill hole. I think part of that might have to do with the fact that the intercept started around 330 m, I believe. Uh, but we knew it was starting at that point. Um, because we were coming into it from the side of the system and and drilling through a a barren hang wall. So, uh, and and it extended mineralization quite a bit further. So I you know uh I wouldn't say there was disappointment in that. I don't think the the people that have you know are really with the story and then and then especially that came in on that uh financing it's not like their expectations were something 10 times higher than that. I think retail might have had expectations quite a bit higher than that. >> Uh which isn't necessarily always realistic. Uh and it's also just the first hole. Um, but I there was there was no anger or frustration. I'm I'm sure there's some frustration with the way the share price is going now. Uh, but uh not with that actual result. >> What about corporately? I mean, you said um some of them might like the idea of a JV or any of them pushing for, you know, an immediate capital raise or or doing some, you know, picking up a different project or anything like that? >> Um, no. No. I would say there's there's no pressure on any of those things. Um, and you know, as a junior CEO, you're always looking for capital. Doesn't mean you're pushing the button on the financing, but you're always >> trying to meet new groups and tell the story and and you know, get get support lined up for the future, >> which is something obviously I am working on. Um, and then, you know, other other projects and whatnot. That's that's stuff we're doing confidentially and internally looking at other opportunities. >> Any marketing trips or anything else planned in the meantime? Uh as results is coming in. >> Um I will be back I'll be in Europe for the uh the precious metal summit in Zurich and then I'll be at the one to one and uh tying on some meetings in between those two. So >> that will be the final trip of the year. >> Yeah. Well, it's been a busy year for you. You just got married I think. Congratulations by the I don't think I've congratulated you on on camera, so I want to have it on record. >> Um, let's talk about some of the uh some of the technical aspects of of it all then. And uh it's actually the last news release that caught my eye um more than than usual. I I I'd call it, but you you say that this is all 11. So yeah, highway and 25 and then 11. Hall 11. You you're you're interpreting as proximal margins of a porefree core. What does that mean? What what are you really seeing here? Okay. So, uh I'll give a little rundown on porefree systems. So, porefree systems are corded by an intrusion. Um and the intrusion coming in at the beginning is going to be the highest temperature uh event. And as you grade out from a porefree, you get lower temperatures the further you get away. And those different temperatures have different minerals that are indicative of of that temperature. you know, like at a different temperature, different minerals form and your copper and gold is going to be the best in the core of the system. And as you grade out, uh, you're going to lose those metals and you might even trend in towards say lead and zinc. Um, and you'll have the copper minerals like borite in the core of a system, uh, if you have it. You don't always have borite. You know, GT Gold saddle did not have borite and it still had good grades. Um, we do have Borate obviously at at uh at uh Williams. Uh, so anyways, as you get out though, you'll often you don't have pyite in the middle of the core. It's just the copper bearing minerals like calco pyate and then as you get further out, you get more pyite and then eventually you're just in pyite. And so what we saw on these holes were uh once we got into the system it was all of a sudden you're seeing calcyate. You're still seeing predominantly pyite. Um but you're seeing calop pyate over 400 m of core where pretty much every piece of core you pick up you can see calopyrate in it. And as you're trending towards the end of the hole, you're seeing that ratio change where you're seeing a higher uh concentration of calcyate relative to pyate. Uh you're still not into the only calcyite or borite zone. So you're not into the you're, you know, you're probably getting into like the borderline or grade on that. Um but a few things to point out. So that drill hole um maybe I I bring up a a slide here. >> Sure. you know, we drilled uh down slope here and we drilled into here into this chargeability anomaly. And just a little bit of reference here. So, you've got uh a large chargeability anomaly here that really extends through and then you've got a pipelike feature coming up here and you know this this shoulder extends down here and just for scale that's uh you know beyond uh 1500 m wide there. And what you're seeing is, you know, very strong chargeability out here and and very strong chargeability out here and then a slight decrease in the middle. And in a in a pfree deposit, you know, you've got these copper uh like minerals, calcy, borite, and then you've got the non- copper bearing minerals like pyite. Pyate is more chargeable uh than calopyrate, and borite is actually less chargeable than calopyrate. So what you would expect in the center of a porefree is a response exactly like this where you've got little bit lower chargeability rel it's still a chargeability anomaly but it's a little bit lower this area here um than than the flanks and the flanks should be higher chargeability. Um, one caveat I'll say is that some porefree systems can actually have a fair bit of pyite with the calcy and and there could be enough copper in there to actually create ore. So you you know there's a nuance to this. Every system is a little bit different. Um either way uh what we saw was a defined zonation of getting a hotter in this direction. And I would point out that I don't think it's going hotter this way. I think it's going hotter this way. >> And what we're seeing over that co over that length is is actually representing so you know we we drilled 400 m of of seeing copper mineralization that corresponds with actually a 200 m uh lateral extent. And with some of these more alkaline systems which which uh Williams would be a good example of uh but other examples would be Red Chris uh Cadia North Parks and and there's lots of other systems like this in BC. These these more goldrich alkaline systems they often don't have a big copper uh halo effectively you know like at Williams it's quite abrupt. You get into mineralization and and you can have good grades you know like 3.4 four copper and they might only go for and you know 100 meters away you're at negligible copper. And the fact that we're seeing this broad of a broad of a of a halo while not being in the core yet indicates a very large system and the geoysics does back that up. So you know that that to me on a kind of just on a high level that's what excites me the most. What also excites me is seeing the vein intensity. We're seeing a higher degree of vein intensity than what we see at Williams uh within the drill core. Uh and these veins are coming off the intrusion, but we're, you know, you're getting little maybe little sniffs of intrusion. It's quite altered, so it's difficult to tell. Uh but you're not in an intrusive core yet, and you're not in the potassic core yet. You do get veins with potassic alteration, but those are coming off an intrusion, and they can they can travel a ways. Uh but it it just indicates a very robust system and uh our whole idea going into this into this region was what is causing this massive gold anomaly here in this huge hydrothermal system. Um is it Williams? you know, we >> we thought it could be, but we also came into this thinking there's probably either a cluster of Williams type deposits or there's a unique larger system underneath uh underneath Hank. And based on this one hole down here, I can't say if it's one uh you know, if it's one and there's going to be other ones or if there's just one giant system there. It's way too early to to say that. What I can say though is that we've proven that you can hide a porefree system underneath this hank area which is a huge gamecher for us because you know you you look across different regions of the world the golden triangle for example you're not going to it's very unlikely you're going to find a massive porefree system outcropping you know just sitting there that hasn't been looked at before >> uh I know that uh Like some of the guys like Phelps Dodge back in the '60s, they flew in in fixed wing planes and they basically did flight, you know, they flew grids over British Columbia looking for goths and a lot of the deposits in BC were found just by people geologists flying in planes like like Berg that Surge uh Serge Copper has that just sticks out like a sore thumb. On the flight to Terrace from uh from Vancouver, you can see that sticking out. It's just any geologist would be like I need to go there. But everything like that has been discovered and uh you need to look underneath cover and saddle is the only discovery in the golden triangle that's actually blind that's been that's been made and I think pink is probably going to be the next one. Williams did actually come to surface and there's outcrop where you see borite. No p signs of a pfrey here other than the fact of you've got this large epiothermal system that we believe is sitting on top of a pfrey. There's no actual disseminated disseminated copper mineralization or pfrey veins that come to surface in this area. So it it was blind what we found and it really really elevates the potential of finding a large system underneath here. And you know when you see a large epiothermal system like that and epiothermal systems are related to pfries you often don't find the pfrey because it's too far to find it. Um or maybe you don't find the epiothermal system and you find the pfrey because the epiothermal system has been eroded and you're just at that porefree level. Um but the big key here is an epiothermal system that's like 6 km long. The amount of sulfide that is in this body, you need a big intrusion and a big porefree complex to create that just from a a mass balance standpoint. Like the amount of fluid that needs to move through the rocks to add that much pyite, the source of that is going to be a large porefree or a number of porefree. And uh yeah, what what we see here validates that uh you know, it's a it's a it's a big game changer for us. Um, and I I don't think it's necessarily going to be actually that deep. You know, this was a long hole. Uh, but it was one hole and we came into this from the side. And if we look at this from here, uh, you know, theoretically the aid shell in here could could easily be like this. Um, they're generally at the top of an intrusion. And this is all conceptual here, but but everything, you know, it it makes sense, which is generally the the uh the way to approach expiration is don't try to over complicate things and if there's a simple explanation, it's probably the best explanation. >> Is that uh is that geologist speak for saying yes, I would mortgage my house to drill this target if I had to. I I think I was I I was on some maybe I was chatting with Robert Sin about this, but I was saying this is the closest I've come to doing that, but I'm still not doing I'm still not doing that. Um I I I just got a $1,500 bill for my bet for my dog having diarrhea the other day. So really >> So yeah, that's uh that's that's keeping me out of doing that. But >> your your dog is the the OG Highway 37 explorer, though. He was there with you since the beginning. I think >> he was unfortunately, you know, in his dog life. Uh, you know, this has been towards the towards the end. He's getting on. He's he'll be 11 in a month or less than a month in two weeks. So, which is, uh, as my vet said, he's on bonus time right now. Um, still full of piss and vinegar, but uh, he didn't he hasn't got to spend as much time up here. And you know, part also our our exploration agreement with the talent, we we're not allowed to have domesticated animals on site, so he he hasn't been up there uh for the last 2 years. >> Who chases the beers away though, Tyler? >> Uh well, you know what? I I had an interesting uh experience uh I guess last year with a bear. I was trying to trying to get some drone imagery of something and I saw a SA grizzly and two cubs heading towards uh one of our advisers, Stephanie Sakor, who was mapping about a kilometer from us and I just raced the drone right to her and kind of just pushed the bear away from her and uh it was it worked incredibly well actually. It was like a a drone sheep dog. It it it prevented a potential issue uh quite well. >> I want to see a video where it didn't happen. Oh, I thought I was going to I thought I was going to be able to fund a drill hole with a YouTube video from that with the you know, I thought we'd get get a million views out of that, but the uh the ST SD card was full. >> I'm both both happy and disappointed that I get that I didn't get to see any grizzlies on site. We saw a couple of black bears on our way there, though. But, um it was funny. Um friend of mine actually saw black bears at uh Beaver Creek. They filmed them. And didn't I show you that? I think I showed you that video. like they're in the middle of the village, so they do go everywhere. >> I I about a month ago, I had a black bear in my front yard in Squamish. I was I got home from work and I'm sitting on the front porch and I I had to do a call. I don't know, it's like 6:00. I'm I'm having a phone call on my front porch and my dog just books it and I look over and there's a black bear about 40 ft from me and he bites the bear right in the groin. bear pisses his pants, runs to the other side of the front yard. I I raced, grabbed the dog, put him inside, and went and got a can of bear spray and got out and shued the bear away, and it was acting pretty aggressive and actually emptied the can of bear spray on it, >> and it didn't really do much, which uh >> gave me a lot less confidence in bear spray. with the lifestyle that that you've got because you told me you saw seals and and and stuff like that not too long while ago as well just you know a trip not too far away from where from your house as well. You might a good marketing strategy for KFR might be just becoming a you know a live streamer on on uh on Twitch or something like that and then just live stream your entire life and and tell people to buy KFR throughout the entire uh process. >> Yeah. The only problem is I don't even know what Twitch is, so >> forget about it. Um, where is the potassic core though? I mean, you say here that you've kind of it's it's again proximal margins of a poor free core. Proximal margins doesn't sound like a poor free core. So, so um from from there on out the just if we look at the um at the screen again, how far away is that? Uh is it >> Yeah. How many meters would you have to step out? And uh in in terms of topography as well, like where where I went there, where is this relative to to where we were? >> Um so we we napped right around here. >> Okay. Yeah. >> Yeah. >> And so left is essentially looking toward uh Mount Ziza. >> That's probably 10 kilometers out that way. >> Yeah. >> I'll just uh I'll just it'll be easier to see if I just bring up the the image. Uh so we we were up in here and we we drilled hole six which we're waiting in until that is complete and you know we we we haven't been able to see other assays but once we have that there'll be a batch out that includes hole six. Hole six was drilled up here. Uh this hole was drilled down here. So, we've uh you know, the nice thing is when you've got a a big footprint to a target, uh you don't probably need to be as um precise in exactly where you you put the uh a drill hole. And we've we've looked at it and I think we can I think we can adequately test this target with about 4,000 mters. Um or maybe even less. Uh, you know, I think I would go up slope and probably three two 300 m up slope and just drill back in. And then you'd probably do another one like that and like that and maybe one like that and maybe one like that and that would give it a pretty damn good initial test. Um, keep in mind that's this magnetic anomaly is about 1,800 meters long. Um, so it's a it's a big area, but you know, we're we're already seeing copper mineralization. And I have the drill core in my office here, and I've spent, you know, every time every coffee break I have or the washrooms downstairs on the on the warehouse floor, every time I go down there, I I take a look at the drill core, and uh I'm like gaining more and more confidence with it each time I look at it. I I did see most of it on on on site, but it, you know, sometimes you need to look at things over and over again and they uh they'll just increase your confidence. I'll go back to the section here just to show you what I'm talking about though with these. So, you know, coming up like this, that would be the next hole. And we can we can test this with six 700 meter holes. So, you're not drilling 950 m. >> Yeah. And and keep in mind um you've got a lot of gold mineralization near surface above here. You've got a pretty robust epiothermal system that is something we're going to be working on evaluating over the winter. Uh with you know epiothermal systems you like LAR is a really important data set and that's something that we did acquire this year. We'll have that data sometime in November we've been told and and we're going to be utilizing that and looking at putting together the high-graded gold story at these gold prices. is I think you know you could you could surprise people pretty quickly with uh with what's here and you know the the the historic intercepts here are quite impressive. Uh this this area here has a historic uh non-compliant resource from the 80s. Uh we drilled a hole here through an intense hydrothermal brecha uh that was planned in the 1980s or proposed in the 1980s but nobody was drilling that and it looks pretty damn similar to the historic drill logs we have. We don't have uh that core and a lot of it's just rubble here. Uh but I think the gold story here is uh probably not appreciated by the market. But the you know the one thing to keep in mind is it's the golden triangle. Pneumont uh Tom Palmer the ex CEO of New Pneumont referred to the area as the BC copper belt but it really is the golden triangle. It's the most prolific gold area in in British Columbia by a long shot. Um, I don't know the number off hand, but it's got to be over 80% of the gold in BCS within the Golden Triangle. The largest undeveloped gold deposit in the world is KSM. KSM is the same age as this system. Our Chief Geo did her master's degree on KSM. Um, you know, Bruce Jack is connected to KSM. Scotty Gold is same age mineralization. Uh, the premier mine. Um, there's a there's a lot going snip same age. the new discovery by uh by Sebridge at their Iscot project. These are all same age systems. There's a lot of gold kicking around. People walked away from the gold story here uh around 1990 cuz the gold price was too low. Gold price is very high now. Uh things are quite different. >> Uh so that's that's something we will be evaluating in tandem with poor free expiration going forward. But, you know, we we we released results on uh in copper equivalent at Williams. Uh that it was pretty much 50/50 copper gold. >> So, there there's there's quite a bit of gold here. >> What's the closest comp to this potential warfare here? Um, so if you look at the systems we have, like if you look at Williams for example, and you see those types of of of grades, they're, you know, we haven't hit the crazy high-grade core of Red Cris yet, but you've got the right rock types. So, you know, some combination between a Red Chris and a KSM. I would I would argue uh what you know Mitchell at KSM which is the the behemoth within KSM it has incredible vein density as well and it actually has good grades. It's just such a large deposit they've taken in lower grades which has brought the you know the cut off is quite low so it's brought the grade down. Um but uh something in that ballpark would probably be you know saddle 2 is a good example. Um but large that's that's the key. This doesn't from what we've seen it doesn't look like the the clues don't show that it's a small system. The clues show that it's large and when I say large I'm talking you know our our working model is that we're on to a billion ton scale system not a 100 million ton scale system. >> What kind of grades? >> It's way too soon to to say that but you can just look at examples in the region of what grades are um and and what we've already drilled. And you know at at at Mary uh you see a lot less copper than what we're seeing here. And uh you know one of the best holes at Mary is uh almost 300 m from surface of half a gram gold and I think 0.15 copper. >> Um I I think if you go deeper there you'll probably get into the copper. But what we're seeing here is at this depth you are you are starting to see copper and uh haven't got into a borite zone yet. You know, we didn't we didn't touch on Borite in the uh in the in the presentation because or in the news release because I did not want to uh create unrealistic expectations, but we did see borite in in a couple veins. Uh so, you know, there there is some borite. I'll see if I can bring up a photo here to show you what I mean. Um you know, >> right, >> that's borite right in there. So you can you can see some borite within here, but it is it was a it was a rare occurrence that we saw. Um um you know down at the end of the hole though, you're seeing some pretty impressive mineralization. You're seeing actually quite a bit of malibdonite and malibdonite would would infer that you're still on the flanks of a system. You you're not getting molly in the core of these golden triangle systems. Um but good calculy mineralization and and it's really the veins though that is what excites us. Uh this type of vein density is very high and when you're seeing this further away from deposit where you're higher pyate relative to calc pyate yeah the grade isn't going to be crazy. But when you transition into this type of vein, if you're getting this type of vein density, not in the intrusion, wait till you get in the intrusion is predominantly calcate. And with that kind of grade, that's actually how you get red cris grade. Pfree deposits, they generally like vein density is it's kind of like the the reduced intrusion related gold model. uh you look at snow line like the higher vein density you're generally obviously there's examples where you're not seeing that but generally the more veins the more the more metal you're getting and you know once you get into the the hot core of a system if you're getting this type of vein density things are going to be good. Um, I'll show a couple other like here's some other, you know, you you are seeing potassic alteration in here, but it's not like all the rock is pink. You're getting it associated with the veins. So, it's pushing that out quite a ways from the intrus intrusive core. This would be down at the bottom. Things are starting to get blacker. So, you're getting biotite in here, but you're getting nice calcyate veins through here. You're getting disseminated calcate, but you're, you know, you're getting a whiff of epidote 2, which means you're still on the flank of the system. Uh, you're not going to get that in the heart of the potassic zone, but you're still seeing potassic, which is potassium fel. You're seeing potassic uh alteration associated with these veins being pushed out further to from a deposit. And uh you're seeing copper being pushed out further and a lot of magnetite. So, it's a it's a good oxidized system, which is what you want. Um, >> yeah. >> Is the fact that the that you get less boronite at Hank than you do at Williams? And I understand what what that implies for temperature and oxidation, but what about the um does it tell you anything about core fertility, great grade essentially at depth? At Williams, borite is confined to a core and it grades out to calcite. >> Um, so the fact that we've seen a vein with with borite here indicates that you have the temperatures and the copper saturation to create borite. So I don't see why we would not see borite once we get into the core of this. What I'm what I'm getting at is we're dealing with a big system and we're on the flank of it and it's going to take longer to grade into the best grade. >> Mhm. But you're likely going to have economic grade further out based on what we're already seeing. So the just the prize is way bigger and the scale of it could be way bigger. And once you get into given the amount of calc pirate you're already seeing in the vein density when you get into the core of it is probably going to have better grades than Williams. I'm asking about Hank because I'm thinking if if Hank or will Hank's center really is a different center than than Williams and I know you're thinking about that too as in does it mean that does it mean clustering or does it mean there's a you know a single long live center there feeding these things that you've been coming up with? >> Well the whole trend is a long lived mineral system. So there's a 12 km trend from, you know, the southwest end of of Hank all the way to Mary. That's a 12 km trend. And we have age dates from Williams and Mary so far and we've collected a lot more uh age dates. You can take a sample from the malibdonite and get an age date run. We won't have those for a while, but we took samples from that hankhole. We took samples from uh hole six, the epiothermal system that had some Molly veins in it as well. Um, and then we actually took it from a few other locations on the project. Um, that's something that retail might not care about, but major mining companies definitely care about that. And it also helps our exploration uh process. These are all related to one large magmat magmatic event. Um, and there's multiple centers within it. And it, you know, it it's I I believe this is early stages of a bonafide porefree district similar to KSM. I I'm not saying there's another KSM in the Golden Triangle. Um, but it's a it's a it's a legitimate porefree district kind of similar to probably what you're seeing within the the Joy District uh with like Aurora and uh and all the different deposits on Amark's project. I think Canyon Pine all those all those different pfries uh you know that that looks like a a district too. Uh, Aurora is the only one that's really, you know, made its mark and the other ones are not economic. Um, I don't think the other deposits on Amark's ground, I could be wrong, but I don't think they've had intercepts even as good as Williams. Um, Aurora is obviously better than that. Uh, and they've done a lot of drilling. You know, that that it's not like it's not like uh Aurora was the first thing they drilled on that project. They've done a lot of drilling. And as things progress, you're gonna find more. The key is obviously you need to find something quickly to limit your dilution. >> Yeah. And and hopefully it's not flat lying either because that raises questions at least for me. What's um what's the minimum amount of drilling you'd need to answer those unanswered questions. I know you showed some of the holes there that that you would might want to put in, but it Yeah. How many meters do you want to put into this thing to have a yes or no essentially? Well, that you know that area like I I don't I don't think we need to drill a kilometer away from there. I think we're heading in the right direction right now. So, I think a series of probably two to 300 m stepouts. Probably probably four to five uh 700 meter holes would give us a pretty damn good idea on whether this is real or not. And uh I think I I'd be shocked if it if it isn't real. It's just the question is going to be is the grade there? >> Um, >> yeah. So, so irrespective of what you see in the other holes that you still have to report this year, next year you raise money and you go and drill this thing as as the first the first target essentially. Is that kind of the plan? >> Uh, I wouldn't like reveal our entire plan yet. Yeah. Until we get all our assays back. Uh, I I would say though that like no matter what, we're going to find a way to drill this next year. I I I don't think it's going to be challenging. Like this is a very financable target to drill, but but you know, I touched on before that we uh and it's not like I just touched on it with gold at 4,000. I've said this, there's a reason why we did the LAR survey. We are interested in the high-grade gold story uh there as well. Um you know initially we were more focused on the structural epiothermal uh veins like the slightly deeper intermediate sulfidation but the the higher level disseminated gold uh at today's gold prices is kind of a no-brainer. Um and whole six has the potential to to strengthen that once we get those assays. We'll see what it does. Um, but our drilling isn't just going to be taking wildcat drill holes. It's going to be I think I think we're going to be moving towards filling in some gaps and probably trying to reconfirm some of that near surface min because there's a lot of really good grade near surface. I'll just uh I'll bring up a an old map here. One sec. Slightly outdated here. This map uh the the grades aren't it just doesn't have our recent data on it. But you can see in in, you know, in this upper pit area here, these are pretty pretty damn good grades given they're all very shallow. Um, you know, these like 58 of 1.4, 49 of 2.83, these are right at surface pretty much. Um, and this area is wide open and you're getting large gaps. Keep in mind this is 1 kilometer here. You're getting pretty large gaps between drilling. You know, you're getting 58 m of 2 g with including 18 m of 4.9 out here. And that's probably a 500 m gap to the next hole >> within a huge geochemical anomaly. And uh there's a lot of room for growth here uh with potentially shallower drilling. So I think next year's program is probably going to be a combination of of going about both things. We did raise critical metal flowroughs this year. So that limited us in in looking for you know the potassic cores of porefreeze. Um, but I think there's a lot of value in here that that we can bring forward with the new information we have from that LAR survey. >> That's essentially where I was I was going with this or thinking about is what what's the bare minimum amount of money you might have to raise in order to um to test this specific target. >> The hank the port freight. >> Yeah. Yeah. Um, probably 5 million bucks, 4 million bucks, you could probably drill it. >> Yeah, that's reasonable. Yeah. Um, >> and it's it's always like that's the test, the cost of the test versus the prize, right? >> That's true. Yeah. And um hopefully at that point it's um hey, good-looking and not loss highway. Um, I I do want to talk about I think like two people are going to get that joke, so I might want to clarify it, but it's Hank Williams. >> I got it. >> I hope you would at least. Um, anyways, I I did want to talk about alteration as well. Any evidence of a chloride replacing biotite or, you know, versus sort of primary chloride propolytic or what does that look like um at surface there at Hank? Um, so Hank, the big the big thing with Hank is you you've got a clay cap basically on that that is obscuring a lot of a lot of things on top of cuz you you've got a litho cap on top of this large epiothermal system which is on top of a porefree system now that we know. And uh if you look at our geochemical maps, there's actually apparent dead zones. That's really just where you're in the lithocap environment and it's it's leeched out and it's just clay alteration and you get below that clay and you you get into into intense alteration right away. Not that the clay the clay is intense alteration, it's just not metaliferous alteration is leeched. Um but you do get uh you do get propolytic alteration around this area. What we're seeing in the hole we just drilled though, you do get chlorite alteration, but that it's not a propolytic event. It's actually similar to what you get at Mitchell. Um, where Gail, our chief geo, did her did her master's research. Uh, you're you're seeing like a chlorite pyate, kelco pyate magnetite event, which is an alteration assemblage they have there. Not every pfrey has the like the exact same uh you know alteration assemblage you'd see in a diagram if you go on Google. Uh and that is one of them. There's a there's an interesting uh paper on or or there's an interesting uh YouTube video by Steve Garwin where he talks about type one and type two porefree systems. Uh you can find that on on YouTube. I think it's or deposit hub. Uh, and he talks about these type two systems that often actually have more pyrite uh, and they have a lot of chlorite and they make a lot of the biggest deposits on Earth are the type two systems. And that's that's what this is looking like to us. It's a type two system. >> Yeah. Okay. >> You can you maybe put a reference to that and people can dig into that on their own time. >> It's pretty technical, >> but it is helpful. I've seen that as well. I I do know what you're referencing. Where does, so if we're talking about potassic casear um magnetite, where does that first appear downhole? Like how far down is it? And how does it it's um yeah, how does it evolve sort of when when you go further downhole? How does how does the intensity evolve versus sort of the filic overprint? >> Uh the intensity definitely increases as you go downhole. I would say you're not in what I would call a potassic assemblage yet or you're not in the potassic like to be in a potassic zone. So this is something I'll just clarify like you can a like you can look at things like the potassic zone of a pfrey which is your or zone effectively >> and then you can have potassic mineral assemblages which would be like potassium felspar which give it the pink color. Yeah, >> not always though. You can have gray potassium felspar. Um, and then you can have uh and then you'd have biotite, you would have magnetite and copper minerals in there. So, we're seeing veins that have potassium felspar with them. They've got uh magnetite with them uh in places biotite with them and calopyate obviously. and we're seeing those, but you're not seeing it where the entirety of the rock yet is pink, >> right? >> So, it's not it's not a it's it's like vein controlled alteration, not uh not a like pervasive alteration, which is what you would expect when you're getting into the core of the system. And once you get into that, you're in ore. >> Yeah. >> So, it's it's it's you know, you got to be careful throwing around the word of like we hit potassic alteration. If we had said we hit potassic alteration and we hit mineralization on the flank of the system, which we did, then people might think, "Oh, that's the potassic core. The grade's not good enough." We didn't hit the potassic core. We hit veins coming off of potassic core. So, you know, you're heading in the right direction because you're getting more of more veins with that as you get closer. >> You did get magnetite stringers toward the end of the or the deeper parts of that hole, I think. Um, below 900, I think. Is it >> uh quite quite a bit of magnite throughout that hole from that intercept where we started seeing copper? It was we there was magite actually at the bottom of hole six on the other side of this and only about 1500 meters away. >> Is it additive or is it replaced by uh chloride hemite? >> Uh what do you mean by that? Like >> well the and I'm talking about the the magnetide uh stringers that you describe here. That's at least what I've written down um that you see toward the end. So I have it at 800 890 to 969 m. Um so what what you you increasing charcoal pyite pyite and early casear magnetite stringers is what I've written down. Um >> yeah. So is that additive or is it replaced by chloride hematite? >> It's uh I guess additive. Uh >> yeah, is it? >> Yeah, like it's it's part of the the hydrothermal system and they're they're they're potassic altered veins effectively. >> But essentially what I'm thinking here is is it um magnetite destruction that's sort of indicating you know late oxidation telescoping or something else that that would be farther away or is it is it coming closer to the center? That's kind of where I'm coming from with this. >> It's coming closer to the center. They're hotter veins and uh yeah, they're hotter veins and you're you're you're seeing some A veins as you get further in which are likely traveling less distance from the core and you're getting the B veins that are probably going a little further. Um you're there's a very clear vector that things are getting hotter as you go downhole. And one of the easiest ways to look at that is just the you're you're seeing a higher percentage of calc pyate relative to pyate. Obviously though like it goes in and out like you get you get you're probably going to see some I' I was I've been looking at core here and you see some zones where you get pretty good calcy higher up and these are related to veins coming in. Isn't it the um isn't it unusual for for the pyite shell to be I think it's 20 to 30 in terms of um uh intensity I suppose you would call it here. I mean wouldn't it wouldn't the highest chargeability be at the core to shell transition. >> Um you're referring to 20 to 30 mol volts. >> Yeah. Yeah. Yeah. >> Value. Um well you can have a core that is 20 to 30 of a pore. You can also have a core that's like 12 to 15 of a porefree. >> Um there's a lot of different variables at play. Uh >> but the the the thing going on here which is a little different is that you have an epiothermal system sitting on top of this that is also chargeable. Um which I think is you know it does complicate targeting here uh in that the entire mountain is pretty much chargeable. >> Yeah. Um, so there's what I'm getting at is that there's pyite that's epiothermal alteration, pyite, filic alteration from an epiothermal system as well as the fillic alteration related to the porefree system. Um I don't like you you just got to look at what you see in core and correlate that with your geoysics and we see very high pyate >> further away and then you're getting more calcy relative to pyate and the calc pyate is less chargeable. So you would expect the you know we're going towards a hotter direction. you would expect the the pyate to decrease and the calc pyate to increase which should mean the chargeability is actually going down. I >> I do want to ask about the epiothermal veins that you have there at surface and I will here in a second but just so because we're in the topic of the geohysics here um resistivity sort of the resistivity core that you have is that >> what is that I mean is it is it an intrusive or could it be kind of a resistive cap of something else or something? Let's bring that figure up again. This is the resistivity anomaly that sits right here. And you know it's resistivity is measured in ohm meters. So down here would be very conductive and this and then up here would be very resistive. And what we're seeing here is, you know, it's it's a little bit conductive around like 230 or so, which is probably 240 250, which is probably the range in here. >> Yeah. >> And to us that indicates uh a body where there's like an intrusion is going to be like a a monzanite should be more resistive than the surrounding uh volcanic wall rock that it's coming into. And also quartz veins are more resistive, but if they didn't have metal in them, the resistivity would be way higher. So that like the the sulfides within those veins are going to actually add some conductivity to it. So it's kind of buffering that that reading. Um so the the signature just fits with what you would expect. and the connectivity above it that's going to be related to the epiothermal system and the lithocap which is a combination of you know and but then right at top you're getting a little bit lower which is the silica on top um but generally this is this is clay alteration clay clay is highly conductive and you're getting sulfides in there as well >> but so it's not like graphite or something deeper there. >> We haven't seen any graphite on the project here. No. >> Okay. What does this look like in terms of um structure and plumbing? I mean, I I suppose you got to drill it to know it, but what's the thesis on the major faults or anything else that you're seeing? >> So, you know, we're on a major structure through here. And when I say a major structure, I mean not necessarily something you can map at surface. We're talking about a a basement structure, a long live structure that's been reactivated over and over again. Something that fluids are coming up on a regional scale. Maybe not a deposit scale, but maybe like this structure we believe is focusing a large intrusive complex that is defining this district. And this trend goes for 12 km where you get an almost like highly highly anomalous geocchemistry and you've got Marriott at the far end of it. Within this area though, uh we've got a few other uh different faults and there's one running right through here and there's another one that actually kind of runs right through here and I would imagine these are more the ones that are focusing uh mineralization. Um so you know that's a big part of it. There's also also thrust faults, which is another component that we've been modeling. And we believe that this fault here is a pretty significant fault. And you've got thrust faults that are coming off this way. So, I'll I'll I'll just create a a section view here. Say you've got uh uh out here. So, you got a big big mountain or whatever. And then say you've got this fault here and you've got thrust faults that are coming out this way and fluid is coming up here and going in there and that's probably where you're getting a pore and that's right where this would sit. >> Right. Where so where's the epi the epidermal veins? Where are they relative to that to that? >> So um one sec. So this map >> you know you've got a broad zone through here of intermediate sulfidation epiothermal mineralization. >> Mhm. >> Uh those are drill holes. These are actually channel samples. Um uh more channel samples in this area. Um these are drill holes down here that are disseminated epiothermal mineralization. So, these are vein like pretty structurally focused vein corridors where you're getting uh some pretty uh damn good grades actually. I'll just bring up that old map again so you can see. So, some of the values in here um like 9 m of of of 6.1 include and 43 m of 3.3 uh 15 m of of 7.2 plus 64 of 1.87 and 7. Um, you know, 4 m of 15 g. Uh, there's actually some high-grade silver 6 of of 3200. Um, so there there's there's good grades within that, which is actually that zone there. Um, and then further along strike towards this kite area, uh, you've actually got some some like bonanza grades, 08 meters of 133 grams. Uh, also 24 of that. So you, you know, you got good mineralization in here. And that is deeper epiothermal mineralization by a few hundred meters than what you're getting on top. But this trend on top, it's likely going like way out like this. It's likely a big blanket. And there's big areas. I'm I'm completely messing up this image here, but there there's big areas that are untested within here. And you know, I think like what we've what we've continuously kind of been trying to do on this project is take a step back. And as we take these steps back, we're increasingly gaining confidence in the in the scale of the system and the potential uh for it to be larger than previous operators thought, but also than what even we thought. And seeing this big pfrey in here, seeing the intensity of alteration in this brecher we drilled up here in hole six, it really is kind of hammering home the significance of how big this system is. And you know, it it probably actually goes over to this side of the valley over here. You've just got a lot of clay alteration and you know, the odd landslide here that is uh kind of messing up the geochemical signal, but it's a it's a big big system. >> Yeah. What does the river run through again where that we we flew over it I think when I was there. >> So this is a pretty low volume creek coming through here. >> Yeah. >> And another one out here. >> Yeah, that one. What? So how important are these two? Um I think you and I have talked about this, but I I noticed under um under our video someone had asked about it, so I thought might be worth bringing up again if people are thinking about it. How important are they in terms of um let's call it ESG in general but just um you know having them there. How challenging is it? How do you deal with it? Yeah. >> Um so I you know we we we did not do it this year. Our plan is to do it next year kind of baseline envir environmental studies but I would be shocked if there's fish in this creek. There's massive like waterfalls that fish could not get over uh below them. And there's we're a long ways from salmon where we are. Uh this all drains into the uh into the Iscot River. So this area right here drains. So we're we're right on uh we're right on a drainage right here. And you've got massive canyon right in there that I don't think fish are getting up. And then you got another massive canyon like right here. And then you hit the Iscot River here. And I forget exactly where where it is on here, but somewhere between, you know, here probably and and down off the screen here, there was a massive landslide in the past that is actually blocked salmon from coming up this river. So, in terms of the Golden Triangle, you're you're quite a ways from salmon habitat relative to to various other projects like, you know, Glor would be a lot closer to the Stain River, which is right there. Uh Seab Bridg's new uh Seabbridge Gold's uh new new discovery at at Iscat would be right on the banks of the Iscuit River, like literally on the banks of the river. They might have even drilled underneath it. Um Escape Creek is much closer to the Iscat River. Um Red Chris is much closer to the Kapan River, which has salmon in it. So I would I would say it's pretty well located. Um that being said, it still is British Columbia and you know it's uh you still have to take every measure to you know to to meet the highest environmental standards. So it's not like it's in the desert. So it's it's not >> it uh maybe it's a risk. I I don't but I don't see it as a as a huge risk here. >> Yeah. No more uh birds nests and and and stuff like that. Yeah, that's that, you know, we actually looked at um towards the end of the season once we had already pulled out, we we considered going back in and and uh getting archaeologists and biologists to go pre-clear sites and have loggers go in there and clear them so it' be easy to build a pad like like get us ahead of schedule next year. But the cost just didn't make sense. Um it it's inefficient when you're doing things like that without having a a program going on. would have been nice. You know, if we had $30 million in the bank, we would have done that. But if we had $30 million in the bank, we would have kept on drilling until until Christmas time. >> Hopefully, no uh snails either. Did you see there was uh there was something yesterday, I think, about a about a there's a company facing about $300,000 in regulatory fines uh for something to do with not protecting, you know, not not protecting a snail or something like that, an endangered snail, like um not doing enough in in terms of fencing or something like that. >> Where was that? >> In BC. >> Yeah, it was in BC. I'll send you I'll send you um I'll send you a screenshot right after this. I'd seen it on uh I'd seen it on Twitter. Pretty funny stuff. So, you don't have any of that, I hope. >> No, occasionally my garden, but uh no. Uh no, the like the in the spring you have bird nesting in in northern Canada, so you need to be surveying for birds and you know, if you have a nesting bird, you got to move your drill pad. um for next year where we're drilling. Luckily, it's uh it's a big target. If you have to move your pad by 25 30 mters, it's not a big deal. Doesn't it really it doesn't matter. >> And the a lot of the gold areas uh there there's quite a bit of historic disturbance there. There's actually uh there's actually old uh bulldozer roads all over the top of Upper Hank there. Um they actually they actually walked a bulldozer in there in the 1980s in the winter and and put roads all through there. So you know potentially you might actually be able to go and uh you know modernize uh the drilling there by confirming some of it with a track mounted RC rig. Uh that would be quite cost effective. It's it's pretty uh like all that mineralization is generally within 100 meters of surface. Uh, it's open, but I mean like you could just go in there and and at least bring all those historic holes up to modern standards so they could be incorporated into a resource. That's actually maybe within the lines of of talking about this epiothermal stuff here because you you know there's there's gold there, right? Um, the question is how much? And and I suppose everyone can do your back of the envelope math for themselves, but why don't you do it kind of as a I don't know scoping study or bring out, you know, something small just to or maybe not small, I don't know, but just bring something out to the market being like, you know, we have at least that and we think there's a poor free beneath it. Is that like could that be a corporate strategy? >> Uh yeah. Well, I think it would even from a develop like a potential future development standpoint, if you have a nice gold system on top that is pitable >> and it continues down to a porefree that really changes the story from a strip standpoint. Uh but I also think that like there's a lot of gold on this project and uh given you know given the way gold price is going right now it would be foolish if we didn't allocate our some of our resources over the winter to a evaluating that but also if we don't focus on drilling that some of that next year. >> Yeah. So that definitely will that that that's definitely something we will do. And uh >> you know it's I think we're in a pretty damn good position here having you know this type of historic mineralization that is quite frankly wide open in in in so many different directions. I know that's a very overutilized thing, but when you've got 500 meters between good drill holes and continuous geocchemistry and alteration between them, that that really is the case. Um it just this this area just hasn't ever seen a a crack, you know, a really good systematic hard aggressive push on it in a good market. >> Could what you're seeing there though, the epiothermal stuff at surface, could that suggest telescoping or so? Are you seeing the structure at depth essentially to correspond with that late telescoping and and I don't know probably vertical metal zonation or something like that or how does that yeah how does that correspond to structure? Well, what like from a telescoping standpoint, what we see here is that so, you know, part of why I think this area was overlooked within the Golden Triangle is because uh there's some discrepancies in the regional mapping. Um, and basically you've got a you've got a lot of mineralization hosted in slightly older rocks than a few other areas in the Golden Triangle. And the reason why it's hosted in slightly older rocks is because where during okay so during the you know like 200 million years ago say uh the area we were like the whole golden triangle area was island you know island arc. So there were islands like call it like Papa New Guinea or whatever and where we were was higher up like you know if you go to Papa New Guinea say we were we were up in the Grassburg level we were up in the mountains and the rocks we were at um it it basically just brought all the rocks higher up and they were already there and then these pfries came into them. So kind of what I'm trying to get at is that uh this area was a highland area and this area continuously through pfrey development experienced a lot of uplift and what that did was as the pfer is formed first but the ground's being uplifted and it's being eroded and then the epiothermal systems forming and that in effect is telescoping and it's compressing the distance between an epiothermal system and a pfrey and we we already have direct evidence of that of seeing epiothermal mineral minization within a like very close proximity elevation wise to Williams where you're getting potassic alteration cuz think epiothermal mineralization is happening at a couple hundred degrees C pfrey potassic is like 600 700° C >> you don't have a like a you know 4 500 degree temperature gradient over a couple hundred meters naturally you get that with time and compressing that distance cuz they happen at different times So I I think in I I don't know if we're going to get high-grade epiothermal veins within a pfrey like you see say at fo where you got that like beautiful silver zone within the pfrey I don't know like we'll have to we'll have to drill uh but you do get some pretty high-grade veins within some of these systems though like we drilled uh three or 3.1 meter I think three call it 3 meters of 811 gram silver within Mary a couple years ago. So you you are seeing some of these veins within it. Um but the big key from our standpoint is just the fact that it's not that far to find a pfrey and they could be close enough that they could actually potentially be in the same mine. >> What happened at Mary those three years ago? That was Yeah. 2020 season of 2022. I think that was one of your >> 23. 2023. >> Okay. Yeah. What happened there? I mean why why was it not there the way you had expected it? maybe maybe worth kind of the um you know a recap on that. >> Yeah, let me just get up a map of that to show you >> cuz you still like it as far as I understand it and uh you know much more about it now than you did before you started drilling it. Um yeah, >> no, Mary's a pretty compelling system and there's pretty good gold grades at surface here. Um, it's a big project though, so we can only do so much in any given year. Um, but I like our intention is to to poke a few holes into the Mary area next year for sure. Um, so you know, Mary, you've got a big geochemical anomaly as well. This is copper labelled on here, but it's a big gold anomaly as well. And then you've got an area that is a a bit of a dead zone here. Uh which we're working on the geological explanation, but we think it's a cover sequence through here. Um and you know, you're you're getting pretty respectable grades through here given that there most of these holes are from surface. Like this hole right here is from surface. Um, so last year we drilled a hole uh or not last year, two years ago we drilled a hole back out here and uh the grade wasn't it wasn't as good. So that might indicate that we're on the edge of the system there um and that we should have actually been going back in the direction of historic drilling but deeper. Um but we also drilled um these like over 1 km stepouts down here and hit pretty damn anomalous mineralization like 162 m of 2 gold uh with a bit of silver and pretty anomalous zinc which would indicate you're on the edge of a system. Cliff also hit some you know interesting numbers. They're not grade but they're uh they're clear evidence of a system. And last year we went in there and we did I we you know we added deeper IP to get deeper coverage on the area. >> And it it it looks like we're really just on top of a system here uh and that there's a lot more room at depth here >> uh to go deeper. So it you know it is deeper tests of this. But the the cliff area, we've got a belief that there's actually a low angle pattern here based on the veining and we'd like to go in there. Again, things we're going to work on over the winter here. Uh this wasn't our highest priority this year. Williams and and the and the Hank area was uh but as you know, as I've touched on, we're trying to systematically go through this and pick away at targets here. And you never know which one's going to hit. And I think a a great recent example of that is the Aurora story at uh Amark. And uh I don't want to get into trouble for saying this, but like the stories I've heard from people working in the Tudagon were that the uh that what I've heard is that they basically it was a pretty lower tier target actually. >> Uh and it wasn't a priority and uh the helicopter pilot could not go where they wanted to go. and he he's like, "Well, I can take you here." And they drilled it in and the first hole hit. So, they just went, you know, balls to the wall on it. Could be wrong on that. That's a rumor I've heard. But, uh, regardless, you know, the even if that isn't the case, they tested so many other targets before they tested that. And often often the first thing you hit isn't necessarily the best. And, you know, you kind of got to work your way through targets and and reduce the risk on them through various different surveys as you're going. That being said, William the the sorry the Hank Pfrey it looks like the real deal here and we've only got one hole into it so it's not actually tested yet. >> You might want to see if their helicopter service is available so that you can hire him as well. Make that discovery as well. Um I hope they give him some options though if that's true. >> Well, I'm sure it was still a target. I just think uh from what I heard that that influenced uh you know going to it when they did. >> Yeah. >> Could be wrong. Could be wrong. And I don't want to get in trouble here for saying that, but I I think there's a lot of cases like that where like you know the first target isn't and even what looks like the best target isn't necessarily the best thing. Um you know like SK took however many holes over 100 holes. Uh Aurelian took over a 100 holes at at at Fidel Norte. I can tell you right now if if the hank porefree is there, it's not going to take us a hundred holes to find it. Um, porefree are a little different than a you know at SK a discrete BMS. Uh, they're big systems and it's either there or is really just is a grade there is always going to be the question. The dip in orientation by the way of the porefree is it what you have there is obviously just an example and kind of a you know more or less a guess of how it is, but could it be different? Like could it be because it's pretty I don't know if you know what I mean but it's it's like it's pretty vertical the conceptual warfree that you have here. I can open it and just see it myself as well. But could it be more flat or something? >> Yeah. Like it could be but uh we have no indication to assume otherwise. And uh the porefree at Williams is is fairly vertical. >> Yeah. I'm I'm only asking because I'm just thinking about how how well essentially what I'm thinking about is how big is the chance that you miss it next year because you mentioned 100 holes. You're not going to need 100 holes. You said uh but yeah, how big is the chance you would miss it and kind of dip in orientation can can play tricks on you as well as far as I understand it. >> I would say very low odds. >> Very low odds. The question is going to be is is the grade? >> Yeah. >> You know what is what is the grade? I no we're we're very encouraged by what we see and like a high degree of confidence still exploration though so >> yeah yeah of course been a really good overview though um and and thank you so much for doing this it it was great and in-depth what am I forgetting to ask you what else did you want to talk about that I'm failing to bring up >> um I think that that was pretty comprehensive it was quite technical um I I think I think the key to point out though is just the fact that you know we've only put one drill hole out and uh we've got a lot of data yet to come and we've got this massive land position in the Golden Triangle with a ton of good targets but also this huge gold potential on it plus two other projects that are uh looking pretty attractive in this market right now. So um and you know the amazing technical team and whatnot. So, it's uh I would say the company is very well positioned for a bull market now, which was pretty damn clear we're in a bull market now. Do you have 200 years of combined experience, though? That's the only thing I want to know. >> At what at what? That's that that I think that should be the question. What What do you have 200 years of experience at? >> That's a that that is an absolutely excellent question that I'm going to bring into my uh arsenal there for other interviews. scamming scamming scamming people like I there there's still so much market inefficiency out there. I see companies that are still worth two times what we have on grab samples with no drill permit with, you know, a pretty piss poor technical team and uh frenzy and, you know, you can see through it pretty easily by the amount of money these a lot of these companies spend on marketing and whatnot. And so there's still a lot of market inefficiencies. And I guess that's just always going to be the way of the industry, unfortunately. and it's always going to cause people to get burned and uh and probably never come back to the industry. So, yeah, things are things are still in that regard despite gold being at at these prices. >> Well, it is a rough industry for sure and um I mean there there's just so many moving particles and I always talk about that. Um yeah, no, I appreciate you doing this. I'm not going to keep you all day. Thank you so much for doing this and hopefully speak to you again soon. >> Thanks, Antonio. Have a good weekend >> and as always, thanks to everyone for watching Resource Talks. I have a couple of more things to say, though. The fact that this company was interviewed here today does not mean that they're necessarily a good or a bad company. I'm not here to endorse nor attack anyone. I am simply here to ask some questions. If you find that I have failed in asking a question that you would have liked to hear an answer to, which will happen as I'm not an experienced interviewer, please let me know and I will try to correct that mistake in a future interview. As mentioned at the beginning, please understand that mineral exploration and development is an extremely risky business. Losing money is the norm and should be the expectation. This is a very complex sector and the performance of individual companies typically depends on many different moving particles including company specific factors like geology, financing ability and many others really as well as particles that are outside of the company's control like geopolitics, macroeconomics, commodity prices and many more. Most of which are nearly impossible to fully understand. Moreover, these companies that typically get interviewed on resource talks are in the pre-revenue stage, which means they rely on the public markets for the financing of their operations, which could result in shareholder dilution. Furthermore, as a general rule of thumb, you'll be better off understanding that all company communications online, albeit this interview or their website and their presentation and their social media accounts or even the social media accounts which you thought were your friends and then told you about a stock, everything really that these companies do is intended as marketing. And although I do not make buy or sell recommendations because there is a clear conflict of interest given the nature of my business, many out there do and you should be aware of that in bias and you should be careful out there. That bias is not always going to be clearly disclosed with everyone out there. So it is safer for you anytime you're watching any type of company specific content to approach it with a dose of skepticism and assume that the party telling you about it is biased in at least some shape or form because there will always be a bias again albeit clear or not. So, always ask yourself what the incentive of your counterparty is and never rely on them regardless of their incentives, but in instead double check if what they're saying is true again by using setter plus.ca. The fact that I have no idea what I'm doing should already be clear to you at this point. I am not saying this to make jokes or or laugh with myself. I just simply do not have a long enough track record of consistent investment profit. So, I should under no circumstances be considered an authority on anything. Again, although this may sound amusing to you, believe me, it is not amusing and it is not intended as a joke. I'm simply pointing out a fact and warning you not to rely on anything I do or say. Unfortunately, at least to my understanding, nobody out there has any special abilities. The CEOs do not possess any superior knowledge and they cannot know about what will go up, what will go down, or what will go in circles. Some people even believe that to be rule number one on Wall Street. Nobody really knows. None of us know whether any of the company's activities will result in a success. Again, given that we're talking about high-risk activities where most of the times it ends in failure. Also, unfortunately, try as I may, I won't always catch all red flags or all challenges with the companies. So, even if I did ask a few tough questions in here, don't rely on this being all of the tough questions. Again, these are complicated startups with many moving parts and I am conflicted given the nature of this business. Therefore, I cannot guarantee the quality of anything presented in this video and you cannot hold me responsible for any losses or damages stemming from the way you decide to use this interview. Viewers, listeners, and readers acknowledge and agree that the information presented herein did not constitute a solicitation or an offer to buy or sell any security or investment or to participate in any trading strategy. Resource talks and all parties involved in the management of the business strictly disclaim any and all liability for losses and or damages whether direct, indirect, special or consequential or other consequences however so cost arising out of any use or reproduction of the content published by resource talks or any decision made or action taken in reliance upon it. By consuming this content, all consumers vow to release resource talks and all parties involved in the management of the business from all claims, proceedings, or consequences. This is all to say, I know it's a lot of lawyer talk, but this is all to say that you shouldn't blindly trust me or anybody on the internet, and you should do your own research. Once again, social media is meant for entertainment. It is setplus.ca, where you do your research. That's where you find a company's official filings. And I encourage you to read and analyze the management information circular, the financial statements, the management discussion and analysis, and whenever available, the NI43101 technical documents. If you don't understand everything in those documents, the chances of you losing money are even higher than they normally are in this space. And as mentioned earlier, the chances of even the best analysts in this sector losing money are extremely high since this is venture capital and it is not for everybody. I'll leave you with one of Charlie Mer's quotes which I wish I had listened to more often earlier on which says quote if you don't understand it don't do