Greenland is preparing for a gold rush after a mining company reported finding high-grade deposits in the south of the country. Copenhagen-listed NunaMinerals, which is now seeking other partners to help develop the prospects, has been focusing its efforts on gold-baring granite rocks in the Niaqornaarsuk Peninsula in western South Greenland and in Kangerluluk in eastern South Greenland since July this year.
NunaMinerals CEO Ole Christiansen said in a statement, “I am delighted to announce that the latter part of our 2010 exploration field season has provided excellent results across our gold prospects in South Greenland.
“Our work in the Amphibolite Ridge area confirms the presence of gold in a wide mineralised system. Our work now will focus on analysing the results in details as we prepare our follow-up exploration programs for 2011.”
The company also said that the second stage of its investigation indentified extremely high gold grades of 1,013 grams per tonne in multiple quartz veins. At least two drill areas have been chosen within the 1500km which is owned exclusively by Nonortalik Gold Province licences.
I keep blowing the same trumpet on the subject of Greenland. Whatever Nuuk does, keep Wall Street and London OUT! Between the oil and gold potential, they can easily barter those commodities for what they need without needing U.S. dollars or Euros.
I know the temptation is great to securitize the oil and gold and leverage it a thousand times through the Derivatives machine on Wall Street. Somehow, Nuuk has to pass laws to make such malfeasance impossible! What Nuuk could do is use some of its oil to buy a few tons of silver. With gold and silver bullion in its treasury, Nuuk could use the tried and true banking practices that once brought prosperity to those who abided by its strict discipline.
The old 3-6-3 Rule. Borrow at 3% from depositors. Loan out at 6% to borrowers. Domestic use currency will be fractionalized out no more than Three (3) Greenland Silver Krona Notes for every ounce of silver in the national vault. The same for Greenland Gold Krona Notes. Three Notes for every ounce of gold in the national vault. Use lesser metals for coin change. Greenland can pay foreign banks with export-backed Greenland Notes under slightly more liberal constraints.
The value and exchange will be done by law, NOT BY THE MARKETS!!! Market-valuation of free-floating currencies has proven to be a spectacular failure and the source of the world’s financial distress, today.