Updated: Jan 29
For thousands of years, gold has been used by countless civilizations for currencies and trades. It was used as the basis of tremendous empires and was the cause of hundreds of wars. Historically and still to this day, the use of gold has been money, trade, and wealth, but in the 21st century, its uses are greater than that. Gold is used in billions of electronics around the world as the basis of its technology.
The gold mining process is not an easy one and Gatling exploration is one of those companies that has taken that challenge head-on. Gatling exploration (OTCMKTS: GATGF) is a gold mining company that is headquartered in Vancouver, Canada, and was founded in 2018. The stock of the company can trace its start in quarter 4 of 2018, which is when the stock started to trade. The company operates mines in Ontario Canada, which are located about 400 miles north of Toronto.
In late 2018, the stock was trading at about $0.55 per share, remaining relatively the same until mid-2019, when the stock increased drastically to $0.98. By late 2020, the stock declined drastically and was trading at $0.36. The stock has continued to decrease in price and is currently trading at $0.18 per share.
Gatling exploration has a market capitalization rate of about $8 million, with a 52 week high of $0.42 and a 52 week low of $0.16. The volume of the stock is 55,000, with an average volume of 88,453. The company’s total cash is $107.09k and its total debt totaling $167.85k. An interesting aspect of one of the company’s financial metrics is its beta. The average beta of all stocks on the market is one and the beta of Gatling exploration is 0.16. The low beta indicates the company is much less susceptible to stock declines during economic downturns.
The mines are comprised of 3 high-grade gold deposits that span more than 1.7 square miles. Between 2019 - 2021, drilling has connected all of the 3 deposits for a total of 1.73 miles of strike and almost 1 mile of depth. The company has tremendous short-term exploration potential at all of the 3 deposits, with an additional satellite prospect Kir Vit. The Kir Vit deposit is expected to be utilized sometime in 2022 and has great potential.
The 3 high-grade projects are all in Gatling’s Larder Gold Project, which is an excellent and established gold camp that has produced more than 70 million ounces of gold or 4,375,000 pounds of gold or 35,000 tons. The entire project is owned by Gatling exploration with a combination of claims that are patented and unpatented. The entire property of the Larder Gold Project is accessible by truck or all terrain that use non-serviced roads.
The Larder project includes 3 mines, which are Fernland, Cheminis, and Bear. The Fernland mine has 50,000 m drilled, with 115,000 indicated and 156,000 inferred oz Au, both from in-pit and underground mining. The majority of the gold mineralization is mostly in the south sheer hosted mafic volcanics, with the north zone being a secondary zone at depth.
The Cheminis deposit has 105,000 drilled, with 165,000 indicated oz Au and 238,000 inferred oz Au. The main zones of the Cheminis mine are lithologically controlled and occur in the northern mafic volcanics, with a maximum depth of 1,000 meters or 3280 feet. Two pits have been proposed previously that can easily capture mineralization at no deeper than 200m of the deposit.