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By William F. Butler, Mo-Hung Che

DEVELOPMENT OF MONEY AND MONEY STANDARDS This chapter is concerned with the rise, and then the decline and fall, of gold and silver as monetary metals. As a first step in tracing the history of this process, it is necessary to consider the nature of money, and the manner in which different forms of money have developed over the centuries. The origins of money go back into deepest antiquity. Once men ceased to be pure nomads and entered into even a rudimentary form of society such as clans or tribes, money had to be invented The first step was barter as farmers or hunters swapped their surplus products for things produced by artisans such as shoes, clothing, and simple tools. But such barter trading is inconvenient even in primative societies It is difficult to match up buyer and seller at any point in time There are problems in arriving at viable and acceptable terms of exchange. The accumulation of savings-wealth-is complicated. No one can be sure that a pile of furs, or wheat, or certainly fish or game can be used in the future to trade for other goods or services. So even prehistoric man saw the need for money. There was a need first for something to serve as a medium of exchange This was an essential first step in the process of specialization-or the division of labor. A farmer, a hunter, or a shoemaker could only devote his full efforts to his trade if he could be sure that he could exchange his surplus production for the other things he needed for existence. This required a medium of exchange-a form of money which would be broadly acceptable. Money was needed for two other reasons Some system of market prices was essential to facilitate the exchange of goods and services. This required some form of common denominator-some standard of value-to govern the exchange process. And there was also need for something to serve as a store of value, a place to put any excess production (savings) with the assurance that it can be used in the future to acquire a general range of goods and services. As a result, money, in one form or another, developed at a very early state in civilization. Yet the centuries have been marked by a search for a form of money which will possess in full measure all of the attributes in money-a reliable and universally acceptable medium of exchange, standard of value, and store of value. -A wide variety of things have been used as money at one time or another: shells, beads, stones, feather, metals, and even the teeth of sharks and dogs. Some of these things were obviously of little or no practical value. They were used because people had confidence in their continued acceptance as a medium of exchange. As the world evolved and as trading ex-

Jan 1, 1976

By L. C. Stone, J. C. Parr, T. N. Anderson, D. Metcalf

An increase in the importance of low-grade materials as sources of gold and silver has led to the need for improved analytical methods on leach solutions, ores and various effluents, residues, and in-process streams. These are required by plant operators as guides to process control and for accounting pldrposes. Atomic absorption spectrophotometry (AAS) and AAS preceded by pre- concentration have been applied successfully to resolve many such problems. However, AAS is no panacea and imprecision or loss of accuracy can result if adequate precautions are not taken to prevent losses and eliminate interferences. The recent methods are discussed together with methods for overcoming difficulties. Comparisons with more classical analytical techniques are also given.

Jan 1, 1981

By T. N. Andersen

The history of gold and silver analyses shows an interesting duality. On one hand, classical chemical and instrumental methods have evolved to meet changing needs, but on the other hand, the age-old and somewhat empirical fire assay has remained a popular tool. Inasmuch as gold and silver generally have been present in ores at low concentra¬tions, methods have been challenged by a need for sensitivity and selectivity coupled with reasonable assay time. A progressive increase in the importance of low grade materials as ore sources has led to the need for improved methods. Assays of these materials are required for process control and accounting in operating plants as well as for guiding research and development activities. The analytical response to these needs is evidenced by numerous reviews published through 1977-¬e.g., cf Kolthoff and Elving (1966), Beamish and Van Loon (1966, 1972, and 1977), Young (1971) , Mallett (1970), and Sen Gupta (1973). In this paper we present a brief sketch of the history and status of various gold and silver methods. A more detailed summary of atomic absorption spectroscopy (AAS) is Given, as this method has gained in popularity more than other assay methods. AAS methods currently in use are summarized and discussed briefly. This paper is not meant to be a detailed review, as are the above mentioned publications. Rather, we borrow from those works and more recent papers to report trends in gold and silver analyses (particularly in AAS). Also, we discuss some selected poten¬tial problems, and problems that have been experienced by this laboratory.

Jan 1, 1981

By D. Potter

In 1990, Freeport Exploration began regional reconnaissance exploration programs in Irian Jaya, the easternmost province of the republic of Indonesia (Fig. 1). Irian Jaya occupies the western half of the island of New Guinea. Freeport was awarded an initial contract of work that totaled 2.6 million hm2 (6.4 million acres). The company was subsequently awarded additional concessions that added 1 million hm2 (2.5 million acres). The concessions require work commitments and periodic relinquishments. Due to these relinquishments, Freeport’s current land position totals 1.9 million hm2 (4.7 million acres). Freeport began the exploration program to locate additional Grasberg deposits, the largest deposit in the Ertsberg district. But the company recognized that other types of deposits could be present in the largely unexplored area of Irian Jaya.

Jan 1, 1999

By Hans von Michaelis

There has been a renaissance in gold and silver extraction and recovery that has taken place over the last fifteen years, since the price of gold was freed from the $3510~ level. Despite major advances in such areas as carbon adsorption processes for gold recovery, refractory gold ore treatment, crushing and grinding, process control, etc., there still remain several gold and silver mineral processing frontiers. Frontiers related to environmental management present significant challenges especially in the USA. More than ever it is appropriate to optimize total economics by adopting a "systems approach" that integrates mining, mineral processing and environmental management.

Jan 1, 1993

By M. W. BERNEWITZ

AUSTRALIANS and New Zealanders, whose countries have respectively yielded gold to the value of £666,000,000 and £96,000,000, are taking full advantage of the current high prices for that metal. There is a marked activity in ordinary prospecting, geophysical exploration, further development of working mines and reopening of old properties, formation of new companies, installation of new equipment and processes, and expansion of operations generally. Australian gold production last year was approximately double the quantity of 1929 and its value three times as great, 1929 being the low of recent years. The 1933 production was about 821,000 oz. From New Zealand, 165,000 oz. was exported last year. Papua and New Guinea contributed slightly over 100,000 oz. What the future price of gold will be nobody knows, but, even if it returns to the former level, Australian producers are almost sure of 110 shillings an ounce until 1940 through the Commonwealth Government's Gold Bounty Act, at present temporarily and necessarily suspended from operation.

Jan 1, 1934

By Patrick R. Taylor

United States Antimony Corporation, at its Yankee Fork property in central Idaho, is currently using a combination of flotation, gravity-amalgamation, and concentrate cyanide leaching, silver sulfide precipitation, and activated charcoal loading to recover both silver and gold. Tine processes of flotation, milling, gravity concentration, amalgamation, concentrate leaching, sulfide precipitation and gold recovery via charcoal are discussed. The flow sheet illustrates the use of cyanidation as an alternative to shipment to a smelter.

Jan 1, 1984

Primary sulphidic gold ores in the Archean provinces of Western Australia can be broadly sub-divided into pyritic, pyrite-telluride, arsenical and antimonial types. Pyritic ores contain only native gold, and are essentially not refractory. Arsenical ores almost always carry some invisible gold, and may vary from mildly to highly refractory. Pyrite-telluride ores contain gold-bearing tellurides, and are refractory to varying degrees. Antimonial ores usually contain aurostibite, and may be very difficult to process. A classification scheme for metallurgical processing, based on mineralogy, is proposed for the ores, and implications for processing are discussed.

Jan 1, 1995

By T J. Sprott, Associates

A number of people have expressed concern, understandably, that if mining operations take place in the Coromandel, the flows of mineralised ground water which exist will be intercepted. This water in many cases contains toxic metals including mercury, arsenic and lead and it is thought that if this water is allowed to enter streams or the waters of the Hauraki Gulf, it could endanger natural marine life and possibly established fisheries. This paper seeks to explain in simple terms the geology and the process of deposition of the various mineral deposits in the ground, the chemistry of the reactions between these minerals and the rain water falling on the ground, the hydrology and behaviour of this mineralised groundwater as it moves through the ground until it eventually enters the sea.

Jan 1, 1981

By James R. Finlay

SOMETIMES the American Institute of Mining and Metallurgical Engineers appears to be a strictly technical society, and if so my paper should deal with the technical operations of finding and producing gold. But I have not been engaged in practical gold mining since 1910. What I have been doing mainly for the last 25 years is to try to figure out what the income of a mine-gold, or any other-would be worth to an investor. So I have been in contact with gold mining, in one way or another, for some 42 years. I say that with a purpose. In that time the industry has been through one of its cycles. The value of gold mines is very dif¬ferent at different points in one of these cycles. For this reason the cycle of gold mining is a highly practical study. The cycle of gold is a more or less rhythmical change in its value or purchasing power measured in the grand average of other commodities, which is the same thing as its price. Taking the price of gold in 1897 as a stand¬ard, a dollar at that time declined to 55c. in 1913, to 26.8c. in 1920, and since then it has risen to 47.4c. in 1930 and to about 64c. in 1932. It is worth about 21/ times as much now as it was in 1920, but less than two¬thirds as much as in 1897. When this change is applied to the value of a gold mine still greater differences are evident. The cost of producing gold is of course measured in labor and other commodities, and as that cost goes down the margin of profit measured in the gold itself increases. Thus a mine which might make only 10 per cent profit in 1920 on its gross output may easily make 25 per cent now. The stockholder gets 2 ½ times more gold that is worth 2 1/2 times as much in purchasing power, therefore the real value of his holding has risen by the one factor multiplied by the other, giving him 61/4 times as much goods or services as he had in 1920.

Jan 1, 1933

By Masatake Haruta

Gold can be deposited as nanoparticles on a variety of support materials by coprecipitation or deposition-precipitation of Au(OH)3, grafting of organo-gold complexes such as dimethyl-Au(III)-acetylacetonate, mixing of colloidal Au particles, and vacuum deposition. Owing to the moderate adsorption of at least one of reactants (for example, CO) on the edges and corners of Au nanoparticles and to the activation of the counter reactant (for example, O2) at the perimeter interface with the supports, supported Au nanoparticle catalysts exhibit unique and practically useful catalytic properties at relatively low temperature below 473K. They have already been commercially used for deodorizers in rest rooms in Japan and will find growing applications in indoor air quality control, pollutant emission control, production of hydrogen energy carrier, and innovations in chemical processes. Cluster science of Au may also open an exciting area of research showing some magic numbers for dramatic changes in reactivity.

Oct 1, 2003

By Paul Gilmour

"The principal role of the geologist is to recognize the existence of phenomena before trying to explain them" - B.M. Keilau, 1825; A. Holmes, 1965 Some important groups of mineral deposits in the layered rocks of orogenic belts or greenstone belts occur in horizons characterized by the presence of exceptional amounts of silica, iron and carbon, with more or less significant amounts of manganese. Generally, the rocks involved are well banded. In practice, these five physical features - four compositional and one geometric - are found with many lithological guises. Iron formation, in the full, modern sense of the term (James, 1954), quartzite, ferruginous quartzite, chert, jasper, "tetsusekiei" (Horikoshi, 1969), tuffaceous jasper ("purple porphyry" - Anderson and Creasey, 1958, p. 36), ferruginous or graphitic shale, argillite, slate or schist, and hematitic tuff are but a few of the more familiar of the names that have been assigned to these rocks. Widely acknowledged and well-documented examples of metallic deposits found in such sediments include concentrations of iron and manganese and stratabound, polymetallic, massive pyritic sulfides. Less familiar examples include occurrences of asbestos (Miles, 1953; and Coetzee, et al., 1976), antimony (Coetzee, 1976), and perhaps stratabound deposits of Au-Cu-U-W-etc., such as Aitik in Sweden (Mining Magazine, 1975; and Nilsson, 1979) and Olympic Dam in South Australia (Roberts and Hudson, 1983). The case of gold is intriguing. An association between gold and iron formation has been identified at several famous deposits and districts, such as Yellowknife, N.W.T. (Morton, 1979), Homestake, S. Dak. (Sawkins and Rye, 1974), Vubachikwe, Zimbabwe (Fripp, 1976) and the Barberton district, R.S.A. (Hammerbeck, 1976). Yet a critical reading reveals the existence of many other hitherto unsuspected examples. The purpose of this note is to draw attention to that omission and the apparent explanation for it. It is not hard to detect the two most probable reasons for the discrepancy between reality and the record.Most occurrences of gold are associated, not with the familiar banded iron formation or interbedded magnetite and chert (technically, the magnetite-banded variety of the oxide facies), but with the enigmatic carbonate, sulfide and silicate facies of iron formation and/or with rocks evidently related to iron formation. All too commonly, the unfamiliar facies of iron formation have been identified by field and mine geologists and not a few researchers as products of regional metamorphism and hydrothermal alteration, as mafic igneous rocks, or as conventional sediments, ie., without regard to their intrinsically ferruginous nature. The justification for these two complementary assertions is largely to be found in the recognition of a characteristic suite of metals and minerals in gold deposits known to be associated with iron formations. Although, from a geological standpoint, a lithological association is more important than a mineralogical assemblage, the latter is the more likely of the two to be diagnostic. This arises from the different natures of mineral and rock classifications, The identification of a mineral or an element is a matter of fact. Owing to the genetic component inseparable from petrographic nomenclature, viz., "igneous": a rock (believed to have been) derived from a melt, the identification of rocks depends on inferences or conclusions about their mode of formation - conclusions that are commonly debatable and, all too often, involve subjective judgements. This is especially prone to be true, if - as at many of the gold occurrences in question - the host rocks have been metamorphosed and/or "altered". In the notes that follow greater weight has accordingly been assigned to elemental and mineralogical than to host rock composition. In other words, if, in a given gold occurrence, the suite of metals and minerals present conforms to the standards of the subject class, whereas the names assigned to host rocks do not, the latter will be viewed as suspect.

Jan 1, 1985

By Elma van der Lingen

Gold is considered the most inert of all metallic elements, but the metal can show catalytic activity when prepared by specific techniques. Preparation techniques being used to prepare gold catalysts systems mainly involve precipitation methods incorporating gold compounds or complexes. This paper introduces a totally different method for the preparation of gold-based heterogeneous catalysts that can be used for oxidation and reduction reactions, as well as electrocatalysts. The method involves alloying of gold with a less noble metal, such as aluminium, to form a gold-containing intermetallic precursor. AuAl2 was produced by melting gold and aluminium together in a vacuum arc furnace under a protective atmosphere. The aluminium is then dissolved from the AuAl2 precursor by means of NaOH to produce a highly porous gold structure. The paper also reports on a method of incorporating transition metal oxide(s) with the porous gold to form an active heterogeneous catalyst. Promoter elements can also be melted with AuAl2 to improve catalytic activity. Alloying has the advantage that the promoter element can be in contact on atomic level with the gold. In-situ xray photoelectron spectroscopy (XPS) studies have also been done on the porous gold catalysts to further clarify the CO oxidation mechanism on gold-based catalysts.

Oct 1, 2003

By L. J. Cabri

A gold sample assaying 11.4 g Ault was selected for this study. Approximately 99% of the gold in this sample occurs as discrete gold minerals; the balance occurring as invisible gold in pyrite (determined by SIMS analysis). The sample was coarsely ground and sieved, yielding -38, 17, 22 and 22 wt.% in the -400+160 um, -160+80 um, -80+40 µm and -40 µm size fractions. Assays of the size fractions gave a gold distribution of -32, 20, 21, and 27% respectively. Processing with the hydroseparator (model HS-02) gave two tailings products and one concentrate from each size fraction. Assays of the concentrate from each size fraction gave gold recoveries of -7, 7, 24, 19%, respectively. Polished sections were prepared from each hydroseparation product and studied by image analysis to automatically search for gold minerals. Calculations were done using the surface area of the grains of gold minerals found on the polished sections.

Jan 1, 2005

By Steve Kral

When the price of gold cracked the US$9.60/g(US$300/oz) mark last year, the gold-mining industry began to crank up again. This followed several years of gold prices that had languished in the mid-200s. Existing mines increased production and mines that had lain dormant for many years were getting second looks. The United States still produces a large amount of gold. But not much of the new production is coming from that country. Instead, strict environmental regulations still have companies wary of trying to invest the millions needed to start a new mine or expand existing ones. And after years of studies and negotiations between legislators, environmental interests and the mining industry, the United States still has not crafted a new mining law.

Jan 1, 2003

By K L. Brown

In the Waiotapu geothermal area only Champagne Pool, 109 ng/L, and Waiotapu Geyser, 7.6 ng/L, have dissolved Au concentrations greater than 5 ng/L and most springs have concentrations less than 2 ng/L. When Au concentration data are combined with other physico-chemical data from each spring including; pH, reduced sulphur concentration and temperature, the degree of Au saturation can be calculated. All samples sites except Champagne Pool, Waiotapu Geyser and the Artists Palette are under-saturated with respect to Au(s) by 1 to 3 orders of magnitude. This indicates that adsorption or co-precipitation or both are important processes depositing Au beneath hot springs. Deposition of Au by adsorption or co-precipitation beneath hot springs implies that dissolved Au may not have to reach saturation concentrations for ore to deposit. This interpretation is supported by the presence of substantial Au as sub-microscopic components within sulphide minerals in ore deposits and indicates depositional efficiency beyond that possible through precipitation of Au(s).

Jan 1, 2004

By Aparup Chattopadhyay, Barun K. Gorain

"Porphyry copper deposits are the most important source of copper and also gold within the orogenic belts. These deposits are characterized by low grade copper ore (0.2% to 1% copper) and host precious metals like gold, silver and platinum. A characterization tool has been developed for complex porphyry type copper-gold deposits with an aim to quantify copper and precious metal deportment. This quantification is a challenging task due to low grades and also due to the presence of both visible and invisible precious metal content in different sulphide and non-sulphide phases. Studies were initiated on various complex ore deposits and also on samples representing various processing streams such as flotation and leach products. This paper presents the development of a systematic approach to diagnostic metallurgy using state-of-the-art optical and automated mineralogy, micro-probe, dynamic SIMS and TOF-SIMS analysis for quantification of invisible and visible precious metals content in various species. The relevance of this characterization to metallurgy will also be briefly discussed in this paper.INTRODUCTIONA novel characterization tool has been developed for double refractory gold ores and complex copper-gold ores using state-of-the-art technology for quantitative gold and copper deportment study. The characterization of these ores is a challenging task due to low copper and gold grades in ores, presence of both primary and secondary copper sulphide phases and variable proportion of visible and invisible gold in different sulphides phases (pyrite, chalcopyrite, chalcocite and bornite) and iron oxide phases (magnetite, hematite and goethite). A study was initiated on various ore deposits and also on samples representing various processing streams of pilot plant batches such as flotation concentrates and tailings. This paper attempts to discuss the deportment characterization methodology through presenting results from investigations on four samples from a flotation circuit viz, Feed, Final concentrate, Cleaner Scavenger Tail and Rougher Tail samples. These four samples represent the key streams for a typical copper-gold flotation flow sheet. The key objective of this investigation was to identify and quantify visible and invisible gold along with understanding the morphology and liberation of gold associated with various sulphides, Fe- Oxides and non-sulphide gangue species. In addition, the aim of this study was also to relate this mineralogical and gold deportment information to metallurgical performance."

Jan 1, 2013

By A. Chattopadhyay

Porphyry copper deposits are the most important source of copper and also gold within the orogenic belts. These deposits are characterized by low grade copper ore (0.2% to 1% copper) and host precious metals like gold, silver and platinum. A characterization tool has been developed for complex porphyry type copper-gold deposits with an aim to quantify copper and precious metal deportment. This quantification is a challenging task due to low grades and also due to the presence of both visible and invisible precious metal content in different sulphide and non-sulphide phases. Studies were initiated on various complex, ore deposits and also on samples representing various processing streams such as flotation and leach products. This paper presents the development of a systematic approach to diagnostic metallurgy using state-of-the-art optical and automated mineralogy, micro-probe, dynamic SIMS and TOF-SIMS analysis for quantification of invisible and visible precious metals content in various species. The relevance of this characterization to metallurgy will also be briefly discussed in this paper.

Sep 1, 2012

By Lewis PC, Carr GR, Dean JA, Glen RA

The Lachlan Fold Belt (LFB) is a complex orogenic belt which developed in Early to Mid Palaeozoic time. A number of orogenies and more localised deformational events affected the region. A simplified classification scheme for the diverse gold deposit types is proposed, subdividing primary mineralizing processes into four categories: volcanism (epithermal and volcanogenic deposits), igneous intrusion (subvolcanic/porphyry style, skarn and magmatic deposits), metahydrothermal processes (deposits generated during metamorphism and regional deformation) and hydrothermal-distal processes (deposits generated by poorly understood, generally remote large scale hydrothermal processes). Major gold deposit associations include epithermal and porphyry style deposits in Ordovician-Early Silurian shoshonitic andesite sequences; volcanogenic base metal-gold deposits in Silurian rift or basin felsic sequences; vein deposits in Late Silurian and Early Devonian S and I-type granitoids; deposits in Early Devonian sedimentary rocks of the Cobar Basin probably generated by metahydrothermal processes during basin closure and cleavage formation; deposits associated with serpentinite; and metahydrothermal quartz vein deposits in folded sedimentary rocks.Studies of host rock geochemistry suggest a relationship between magma types, gold enrichment and mineralization particularly in shoshonitic sequences and Early Devonian granitoids of the Boggy Plain Supersuite. Structural studies indicate the importance of thrust type structures and detachment faults in generation and location of gold mineralization. Lead isotope initial ratios help define metallogenic associations and a number of distinctive isotope "signatures" have been established.

Jan 1, 1990

By Bernhard C. Koch, Richard W. Hutchinson, Bernhard Free

The Tertiary Silverton caldera collapsed asymmetrically to the southwest 27.5 m.y. ago. Resurgent volcanic activity is expressed by a quartz-monzonite stock at the southern caldera margin and by the Red Mountain porphyry stock in the northwest of the caldera which were emplaced at 25 m.y. and 11 m.y. b.p., respectively. The apical Eureka graben formed between 27.5-22.5 m.y. ago and transects the Silverton caldera southwestward. In the northeast it terminates at the 22.5 m.y. Lake City caldera margin. This graben as well as caldera faults provide dominant structural control for base and precious metal deposits. The epithermal gold mineralization of the Gold King mine is proximal to the Red Mountain stock in the north central part of the caldera. Here, west-northwest striking faults related to the collapse of the caldera intersect northeast faults of the Eureka graben. Superimposed upon earlier base metal mineralization at 23 to 22.5 m.y. b.p., the 11 m.y. younger gold metallization was a distinct event at Gold King. Supergene enrichment of the hypogene precious metal assemblage resulted in a metal tenor of up to 3,016 g/t gold and 1,088 g/t silver. The deposit is hosted by quartz-latite tuffs, flows, and flow breccias of the Burns Formation. Veins, up to 5 m wide follow steeply southeast and northwest dipping structures of the Eureka graben. Subsidiary veins up to 2 m wide branch off the main lode and are termed "flat veins" because of their conformable strike but shallow dip of 45' to 50' toward the northwest. Meteoric water-dominated hydrothermal solutions generated by the Red Mountain stock ascended through intensely fractured, ferruginous

Jan 1, 1988