That is 31 million tons of rock with veins of gold. The actual gold is only estimated to be 320,000 tons. But even that seems extremely optimistic, and something that large will take decades or even centuries to mine out of the ground.
I've been around gold miners enough to know very high grade ore is still a small fraction of 1% and they all exaggerate (lie about) what they've got! That's a lot of waste material to dispose of, it's a messy business. Iron does run 70% in that big red Australian mountain range.
A typical yield is about 30g of actual gold per ton of ore for a good mine. A very small fraction of 1%. These guys are claiming 10kg of ore per ton of rock. That has never been found at scale anywhere on the planet.
I think someone is blowing smoke. I don't think it is a coincidence either that it came on Jun 8, just a week before the Fed tried to raise the rates.
Was just visiting an old gold mine today. I believe the person said 1 ton of ore produced a little over an ounce of gold. So the 70% is off by a huge amount. If I did my math correct that's about 0.003% gold from raw ore. Now this guy might have been stating numbers from when the mine was started, somewhere around the late 1800's early 1900's. But regardless, there's no way you're going to get 70% gold out of gold ore.
That is 31 million tons of rock with veins of gold. The actual gold is only estimated to be 320,000 tons. But even that seems extremely optimistic, and something that large will take decades or even centuries to mine out of the ground.
I got a bridge for sale.
I've been around gold miners enough to know very high grade ore is still a small fraction of 1% and they all exaggerate (lie about) what they've got! That's a lot of waste material to dispose of, it's a messy business. Iron does run 70% in that big red Australian mountain range.
A typical yield is about 30g of actual gold per ton of ore for a good mine. A very small fraction of 1%. These guys are claiming 10kg of ore per ton of rock. That has never been found at scale anywhere on the planet.
I think someone is blowing smoke. I don't think it is a coincidence either that it came on Jun 8, just a week before the Fed tried to raise the rates.
It’s a scam to create cover for the continuation of suppression of gold prices as though it’s an oversupply issue.
Was just visiting an old gold mine today. I believe the person said 1 ton of ore produced a little over an ounce of gold. So the 70% is off by a huge amount. If I did my math correct that's about 0.003% gold from raw ore. Now this guy might have been stating numbers from when the mine was started, somewhere around the late 1800's early 1900's. But regardless, there's no way you're going to get 70% gold out of gold ore.
Seems to be invester bait for dumb investors with too much money and no common sense.