SUMMARY OF THE PLACER GOLD RESOURCES OF RAINY CREEK
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Rainy Creek in the Alaska Range is a rich gold placer stream providing a unique raw gold investment opportunity. Vegoren Enterprises is offering the mineral rights on 86 mining claims, which total 3,440 acres of stream valley gold placers for sale or joint venture. Gold and platinum are mined on the ground, but gold is the much more common. The volume of placer ground is about two million cubic yards. The grades range from rich (.13 ounces per bank cubic yard) to easily economic to mine (.015 oz/bcy). One bulk test, 70 feet wide by 1320 feet long and 15 feet deep (51,333 bcy) yielded 2,667 troy ounces for a grade of .052 oz/bcy.

The depth to bedrock depends on the location. A vertical reach of 20 feet will generally get into bedrock, but it may not in the alluvial fan on the lower claims. Alluvial fans, as a rule, do not have bedrock concentrations. The shallow gravel in the alluvial fan has been profitable to mine without reaching bedrock. Of course, the depth to bedrock will vary with the distance to the sides of the valley and irregularities of the bedrock floor. The rock in the floor is hard and believed to be fairly smooth. Nevertheless, there could be older and deeper buried channels, similar to Valdez Creekís buried channels that were carved by interglacial streams in the valley.

In spite of the rich grade of the property, it has only been partially (less than 5%) mined since its discovery in 1900. In those early days the prospectors attempted to mine Rainy Creek gravels, but were hampered by the boulders, the locally high water table, and blacksand. Mining by hand in the early days in Alaska was only successful where the bedrock was shallow and the ground could yield about .1 oz/bcy. Rainy Creek could not be coerced to produce that much gold. In those days, this area was quite remote and much more difficult to get into. All of this has changed. Today it is close to the Richardson Highway and heavy equipment has enabled large volumes of less than bonanza grade gravels to be mined quite profitably.

Placer mining in Alaska has surged since the price of gold rose above $35 during the last third of a century. In that time why hasnít Rainy Creek been mined, you ask? Some of it has been mined. The reasons it has not been more extensively mined are typical of many business ventures. These reasons include inexperienced operators, under capitalized operations, bad luck, and personal incompatibility problems. The full report, prepared by Jim Halloran, elaborates on these issues and about the testing and mining on the property.

The setting around the property is outstanding even by Alaskan landscape standards. The access is good by Alaskan standards too. It is only four miles from a paved highway. However, the Delta River must be crossed. The PDF report's photos shows how this is done.

Rainy Creek has high potential for $15 to $20 per yard gravel from the mouth of the West Fork down to the top of the fan, which is approximately where the sand pattern starts on the topo map. In my opinion, it cannot miss in this area. It is a sure thing because there has been mining upstream, downstream, and even a little in the middle of this area. The mining in the area yielded $15+ per yard at $300 gold. Rich ground ought to extend to the lower end of the claims too, but it theoretically should be a little leaner. Some of this lower area has been mined.

In conclusion, a placer mining operation with the right equipment to deal with the large boulders and the magnetite should easily make a handsome profit by mining on Rainy Creek. The previous heavy equipment mining was profitable. There is every reason to think it can be repeated, especially with a highly efficient operation.

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Asking Price: 1.5 million USD or Joint Venture
Contact: Earl Vegoren Phone: 907-895-4248 Fax: 907-895-4775 E-Mail:westernminer@gmail.com

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