No Name Resources - Fall 2010 - Summary Report
10 Mile Creek Gold Mine for Sale - Yukon Mining Recorder Map
No Name Resources Inc.
Haines Junction, Yukon
Board of Directors
President: Marcel Dulac 33 Shares
Secretary: Kevin Eliason 33 Shares
Treasurer: Cameron Johnson 33 Shares
No Name Resources Inc. (No Name) has been gold placer mining on 10 Mile Creek since 2004. From mid-summer 2006 to the fall of 2010 No Name was a dormant company due to the previous Director’s life threatening health. The No Name shares were then purchased by Marcel, Kevin and Cam and divided from 1 Share into 99 Shares on August 14th, 2010. Under the new ownership, No Name operated the Gold Mine out at Ten Mile Creek from late August to early October 2010.
In brief, No Name began sluicing August 19th through to October 11th, 2010. Within this approximately 60 day period the sluice plant was in operation for approximately 30 days, with a few night shifts. Due to the equipment having not been operated in three years as well as expected (normal) and unexpected breakdowns, we were only able to sluice about 50% of the time while out on site. By mid-October some stripping taken place in preparation for next year’s sluicing season. As well the equipment and camp was fully winterized.
See our video from 2010 below:
Number of days sluiced = 30 (many partial days and a few night shifts)
Number of hours sluiced = 270
Number of cubic yards (1/2 a bucket) = 27,000
Total ounces recovered = 357 ounces Troy (The Yukon Mining Recorder can Verify)
Ounces/cubic yard = .0170
Gold Purity = 84.153% pure
Silver content = 15.546%
Total Nuggets = 53 ounces
Largest Nugget = 20 Grams or 2/3 ounce
In Placer mining it is always difficult to estimate what the reserves are since there are so many natural variables involved when moving on to new ground. The following estimates will be very conservative and is to be used with caution.
Of the 242 claims that we own, 49 of them have been partially mined. When I say partially mined, the center main cut was fully taken leaving side pay, virgin ground under some of the tailings as well as the benches have not even been touched. Basically the best zone has already been mined on these 49 claims. Keep in mind that these tailings have already been tested and the results are very promising. In the reports that we have obtained, it is calculated to contain 1.5 ounces per 100 cubic yards or .15 ounces/cubic yard.
On the remaining 193 claims (over 19 miles), it is all completely virgin ground. This includes 2 miles of upper Ten Mile Creek, 4 miles of 13 Mile Creek, 5 Miles of the 60 Mile River, 2 Miles on Donavan Pup, 1 Mile on Valentine Pup, 1 Mile on Flume and unnamed Pups and 4 Miles worth of claims on the benches.
We have several sources (which can all be confirmed if requested) on what the previous miner’s recovery rates were on the property over time. There is ourselves with between .01 and .02 ounces/cubic yard with an overall average of .0132. The previous owner of the property reported between .01 and .03 ounces/cubic yard. One company that worked in the mid 1980’s reported .015 ounces/cubic yard which was apparently just enough given the low price of gold at the time. This now “word of mouth”, but the original main miner on the creek was recovering between 3300 and 3500 ounces/summer when mined lower 10 mile pretty consistently with small equipment and not very modern techniques.
Taking into account all of the above information, erring on the side of caution and remaining conservative, it is probably safe to say that the property will have no problem yielding .01 ounces/cubic yard minimum at all times on a full season average.
With the current sluicing system at 10 Mile Creek, a season should consist of an absolute minimum of 100,000 cubic yards/summer where a crew sluices for 10 hours/day for 100 days at 100 cubic yards/hour. This will have a result of 1000 ounces and 2 claims worth of ground being consumed. If all of the claims were to be mined it would take 75 years to mine the main channel of the whole property. This would not include side pay or the benches. Generally, bench claims tend to take 2-3 time longer to mine out due to the additional volume of paying ground.
Bear with me for this next calculation. Kevin, Cam and myself sat down and calculated the approximate loss of 50 mesh gold that we were experiencing this fall. When we would pan our cuts prior to sluicing, we are always catching at least 2 colors/pan. It was also not uncommon to catch between 10 and 20/pan. In our sluice plant after 4,000 cubic yards were sluiced we discovered that we were only catching around 3,000 - 5000 colors (1-2 ounces).
Since we are using small pans for testing there are 60 pans/cubic yard. With 120 colors/cubic yard we found that there should be 480,000 colors in our clean-up. With this calculation it appears that we were losing about 99% of the 50 mesh gold right out of our sluice runs.
With the addition of centrifuges to the whole sluicing system (proven technology), we should be able to greatly reduce the loss of this very fine gold, which would in turn greatly increase our recovery rate per cubic yard.
Ownership and Assets
No Name Resources owns all 242 grouped Claims, the Water License and Land-use Permits. No Name also owns the camp and all of its accessories.
The Heavy Equipment, sluicing equipment, vehicles, fuel tanks tools... is owned by a separate partnership (same 3 owners) called KCM Equipment Leasing and Rentals.
Financials will be made available from 2006 - 2010. A letter of confidentiality will have to be signed in order for us to release No Name’s financials.
The intension of No Name is to continue operating and pulling gold out for the next several years. It has been brought to our attention that there are several parties that are interested in purchasing the property. We are open to this possibility and are willing to negotiate. The asking price for the property for the last several years has varied quite a bit based on the assets which have been bought and sold as well as the increasing price of gold.
Please ask for our current price since we have added a lot to the mine during 2011.