There is nothing new in the idea of reworking old mine dumps and tailings impoundments to get out the gold, copper, or uranium left behind in times past by less efficient processes. All the old slimes dams around which I played as a kid in South Africa are gone and have been reworked for gold and uranium.
A colleague in the office is consulting to an Australian company that now seeks to heap leach the hundreds of acres of waste rock dumps at their old copper mine. They reckon there is as much copper in those waste dumps as ever came out of the mine. All they have to do is to find a way to get the proper chemical solutions into the waste rock to get the copper out. I think they will succeed; afterall they have my esteemed colleague advising them. Sorry I cannot tell the name of the company, but if this line of investing interests you, I am sure you could find out.
Not necessarily as a good example of a great investment opportunity, but a good example of the lengths to which some will go to find gold in old waste, I quote the following from an e-mail that hit my computer earlier this week. Look for these and better investment opportunities to profit from old mine waste mining.
A cursory examination of the War Eagle tailings dump resulted in an upward revaluation of the quantity of ore held in that particular dump and samples taken at random showed definite signs of gold mineralization. In the coming weeks, a sufficient quantity will be taken and sent to our lab, for complete assays to be conducted and results will be published on our website.
The road up to the summit is still somewhat covered with snow from the 6,500 level to the top but appears to be in good condition, with only some surface grading required to fill in the ruts caused by the running waters of the spring snow melt.
Mr. Quilliam, President of Silver Falcon Mining, said: Although this has been a record year for snowfall on the mountain, nature is rapidly melting the snowpack and we do not anticipate any abnormal delays in our plans to bring the ore from the mountain to the mill and the start up of production.
Silver Falcon Mining, Inc. is an exploration and development Company specializing in high-grade Gold and Silver mining properties in North America. War Eagle Mountain has produced approximately 415,000 oz of Gold-equivalent to date, worth approximately $374 Million at today’s prices.