A PICTURE IS WORTH $88,000 +
African Gold Group (AGG:TSXV) today announced the discovery of a 2.7 kilogram gold nugget in the north-west quadrant of the Kobada concession. AGG stated:
“AGG geologists describe the gold nugget as being “local”, as witnessed by its irregular shape and the ease with which the nugget fell apart when lifted for weighing. These factors are indicative of the nugget not having travelled very far from its point of origin.”
AGORACOM member – Regdunlop – did some quick math in this post and came up with the following:
“if its pure, 2700g/29g per oz= 93.1 ounces x $950oz = $88,488 for that one chunk, nice little bit of paydirt!!! “
Nice math, Reg. I didn’t know that 1 ounce = 29g, so I learned something new today. For other mathematically challenged people out there, here is my rudimentary calculation.
2.7 Kg = 5.95 Lbs = 95 ounces x $950/oz = $90,300
Pretty close but I’ll go with Reg’s $88,488. Remember, this assumes the nugget is pure gold, which we don’t know. Either way, it qualifies as a nugget and that is great news for African Gold. I don’t know if the market has fully grasped this yet as it is almost too big to be true, so we’ll make sure to get an interview with the company from PDAC.
FULL DISCLOSURE: African Gold Group is an AGORACOM client, so assume we are completely conflicted as you absorb this info and do your own DD.
Regards,
George