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KTN, WRLG, WM, RIO
Kootenay Silver aka KTN continues to release excellent drill results from its Coumba silver prospect in Chihuahua, Mexico. With the release of two step-out and three infill holes along the D Vein, its strike length has now been increased to 1275m, all the way to the intersection with the B Vein. Headline assays include 33.8m (estimated true width 18.18m) @ 96 g/t Ag, 0.1% Pb, and 0.3% Zn, and 28.6mh (estimated true width 21.85m) @ 176 g/t silver, 0.1% Pb, and 0.4% Zn
KTN is less than halfway through this year's 20km drill campaign at Columba, after which an initial Resource Estimate encompassing the B, D, and F Veins will be calculated..
https://www.siliconinvestor.com/readmsg.aspx?msgid=34835843
West Red Lake Gold aka WRLG released new assay results from drilling in the South Austin zone on its Madsen Mine property in Ontario. South Austin already has an Indicated Resource of 476k oz Au @ 8.7 g/t and an Inferred Resource of 32k oz Au @ 8.7 g/t, but with new intersections like 4.48m @ 49.39 g/t Au. 1.2m @ 18.46 g/t Au,, and 4m @ 20.63 g/t Au, this drill programme will not only increase the overall Resources but also convert Inferred to Indicated. The South Austin zone, along with the Austin and McVeigh zones, is expected to form the basis for restarting mining.
There has never been any question as to whether there is high grade ore at Madsen, the issue is whether it can be produced profitably. According to WRLG, this ongoing drilling will ensure enough high-confidence mineral inventory to make the Madsen Mine work.
WRLG acquired the Madsen mine and adjoining properties after Pure Gold went bankrupt. They plan to release a PFBS on restarting production by the end of 2024, with the aim of restarting production next year.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34837265
In addition to its 100%-owned projects in the Detour-Sunday Lake gold belt in Quebec, Wallbridge Mining aka WM has several JVed properties. Today we hear a drilling campaign that has begin on the Casault prospect, JVed out to Midland Exploration and adjacent to WM's Matiniere project.
Over the summer, a progamme of mapping and sampling identifies a number of prospects on the eastern half of the property, which borders Martiniere.The drilling, scheduled for five holes, will also follow up on a till-in-soil gold anomaly that was found during sonic drilling last year.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34837512
The IKN newsletter highlighted the market action last week in the stock of Rio2, aka RIO, who are developing a gold mine in northern Chile. On Wednesday afternoon a single buyer picked up about a million shares at 60 cents or more, kicking off a strong move. With final permits and financing on the way, IKN and I are hoping that marks the end of trading under 60 cents. My eventual personal target for RIO remains $2 a share.
Saville reminds us that even as gold makes new ATHs, gold stocks are being valued much lower than they normally are at this point in the cycle, creating the possibility of out-sized returns over the next year.
WRLG, TECT, WEX
West Red Lake Gold Mines aka WRLG released an update on the Madsen gold mine in Ontario, which they acquired after previous operator Pure Gold went bankrupt and which they are planning to restart in 2025. To that end, WRLG has selected four locations inside the mine from which they are going to extract bulk samples which will be processed once they restart the mill. This will serve a number of goals; testing different mining approaches; to test for mineability; to test for discrepancies between expected and actual results after ore processing; and eventually, to generate some money. (They don't mention the last one, but at current gold prices...) The four areas chosen are expected to collectively host 114600t of total material with an average grade of 5.98 g/t Au, from which WRLG expects to extract 5000t.
No indication is given as to when to expect the milling to take place. If the grade holds and recoveries are good, this should yield in excess of 25k oz Au, so I hope it will be soon.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34830895
Tectonic Metals aka TECT released an update on metallurgical testing of material from their Flat gold project in Alaska. TECT has been hoping they can use an approach similar to that currently used at the nearby producing Fort Knox mine, which is a run-of-mine heap leach, much cheaper than conventional heap leach because it does not require grinding of ore. Hence, learning that heap leach column tests on a mix of oxidized and non-oxidized material yielded recoveries in excess of 90% is very good news.
Needless to say, more testing will be required to confirm.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34830925
Western Exploration aka WEX released the results of metallurgical testing on samples from two holes drilled into the Gravel Creek deposit on its Aura prospect in Nevada. They employed a variety of gravity and flotation techniques that are reported to have achieved recoveries of up to over 90% for Au and Ag, even the selphide ore, but this is still too early in the process to come to any conclusions. One assumes met testing will continue even as we wait for assays from current drilling to be reported.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34832283
KDK, WGX x 3, HMLO, MAI, NTH
Till now, Kodiak Copper aka KDK has been solely focused on finding copper-gold porphyries on its MPD property in south central BC, located between the producing Copper Mountain and Highland Valley mines, with New Afton a bit further north. But with today's announcement that KDK has acquired the 112 sq km Aspen Grove property, which borders MPD to the north, KDK now controls over half the area between Copper Montain and Highland Valley that hosts similar porphyry centres to those in production.
The purchase from a private company, cost 1.4M shares of KDK, and increases the total land package to 338 sq km. Aspen Grove has already been subject to a good deal of exploration, with two porphyries similar to those on MPD already established plus a number of other prospects. The most advanced is Ketchan, which has yielded intercepts like 266m of 0.26% Cu, 0.11 g/t Au incl.78m of 0.50% Cu, 0.15 g/t Au (Let me remind you that these are similar grades of mineralization to what is being extracted from those nearby mines.)
One useful aspect of Aspen Grove is that it has year round access, which should also mean year round news flow from KDK.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34825931
Yes, West Australian gold/nickel miner Westgold Resources aka WGX has traded on the TSX since the merger with Karora but there definitely remain primarily an ASX stock, exhibiting several intricacies I am still getting used to. For one, ASX companies rarely put the name of the company in their headlines, a practise which seems counterproductive to me. Second, they have a tendency to put multiple PRs in close proximity, in this case three in four hours. Then there is the very long disclosure stuff at the end of every PR, which I guarantee no one reads and which is a pain to cut and paste.
(If I was an IR person I would be so tempted to put, say, the word 'booger' randomly somewhere in those pages of disclosure to see whether anyone notices.)
Enough of that. On to the PRs...
The first concerns the declaration of an Exploration Target for the Fletcher Zone. (This is another difference with the ASX -- their JORC regulates how these exploration targets can be derived, Sometimes North American listed stocks declare similar targets, but it is not closely regulated.) In the case of Fletcher, they think they can find 23-27Mt @No Moderator.5g/t for 1.6-2.1M oz Au. To that end, they have added two more drill rigs and have committed to having at least three drilling at all times.
We are told to expect lots of news about Fletcher drilling in Q2 and Q3 next year.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34826076
One minute later WGX released another PR concerning guidance for 2005. (To remind you, for some annoying reason, WGX's financial year ends in June, so they are already into FY 2025. )For FY 2024 they had guided production of 220k-230k oz Au at an AISC of $A2100-2300/oz Au, both of which were achieved. With the addition of Karora's assets, FY25 guidance is considerably increased from FY24, forecasting production of 400-420k oz at an AISC of $2000-2300. (Gold is currently valued at $A3800.)
They also warn that FY25 will see higher than usual expenditures due to mine construction and increased exploration, but that increased production should be able to cover those expenses with plenty left over.
https://www.newswire.ca/news-releases/fy25-production-guidance-lifts-to-400-420koz-805721728.html
The third WGX PR, released a few hours later, reported their latest Resource and Reserve estimates as of June 30 this year. An interesting tidbit in the PR; Their Reserves had declined every year since 2017 due to mining depletion, but during FY24 they managed to increase them to 50Mt at 2.05g/t Au for 3.3M oz Au. (These are equivalent to 43-101 P&P Reserves.) Meanwhile, Inferred Resources were 63Mt at 2.47g/t Au for 5.0M oz Au, and M&I Resources totaled 116Mt at 2.19g/t Au for 8.1M oz Au.
With 19 drill rigs operating across their increased roster of properties, I expect WGX will be able to increase these numbers in FY25 in spite of increased production.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34826166
When Hemlo Explorers aka HMLO last week announced they had acquired a large land package in Newfoundland, I mused that perhaps this meant less than stellar exploration results at their Ontario properties, but it appears not with this PR concerning their Pic gold prospect, JVed out to ABX. Over the last six months ABX has carried out an extensive programme of mapping and sampling, particularly in the Wire Lake prospect, revealing that the 'gold corridor' now stretches over 2.7 km in length with a vertical depth of 150m, and remains open along strike and at depth. They have also revealed the existence of what they call 'satellite corridors' parallel to the main Wire Lake mineralization.
Assays are pending, and we are also promised along with an updated geological model.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34826190
Thanks to 31floors who dug up links to a presentation by and an interview with Doug Ramshaw who runs Mexican gold miner Minera Alamos aka MAI. The first includes visuals and is more a review of MAI's assets, which the second is audio only and concentrates more on Mexican politics of mining.
Each is about 15 minutes long and both are worth your time.
https://www.gowebcasting.com/events/precious-metals-summit-conferences-llc/2024/09/12/minera-alamos-inc/play/stream/38889
https://podcasters.spotify.com/pod/show/mining-stock-daily/episodes/Operations-Update-from-Minera-Alamos-and-Insights-into-Sheinbaum-Administration-e2obrp4
Last week, in an unnecessary PR, Nord Precious Metals aka NHT told us we would find out this week whether Miller Creek tailings on its Castle Mine property in Ontario contained native silver. Now, a few days later that we learn that yes, there is. They were able to produce a very high concentrate using gravity concentration followed by flotation holding 786,809 g/t Ag and 79 g/t Au.
These PRS should have definitely been combined into one. Not impressed.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34827583
NTH, OGC, EDV
And the flood of NRs continues....
First up, Nord Precious Metals aka NTH released a speculative and IMO unnecessary PR regarding the Miller Creek tailings on their Castle Mine property in Ontario. First they make the argument that the silver content in those tailings might be higher than thought due to the presence of native silver and then concluded by telling is we will find out next week. I wish they hadn't wasted money releasing this PR and instead folded it into the one they have promised next week.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34820241
As OceanaGold aka OGC's Halle gold mine gradually transitions to underground production, they continue to define more high grade ore. For example, the Ledbetter Phase 4 deposit was originally slated as part of the open pit, but with 82.0 m @ 35.07 g/t Au, 4.6 m @ 398.12 g/t Au, and 71.0 m @ 16.80 g/t Au, OGC is now studying whether it would be more profitable to extract it from underground. The assays above were from resource confirmation drilling, and now exploration drilling at a nearby target has begun.
Meanwhile, resource conversion at the Horseshoe deposit continues to yield intercepts like 40.5 m @ 13.30 g/t Au, while drilling continues to expand the HEX deposit with results like f 24.2 m @ 2.47 g/t Au below currently defined mineralization.
These drill programmes will continue the rest of the year. Meanwhile, I continue to be surprised that OGC hasn't been swept into the current flood of M&A among gold miners. They are great candidates for a merger, a takeover by others, or taking others over themselves.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34820284
West African gold miner Endeavour Mining aka EDV spent a few years in buying mode, then consolidated their new purchases for a while, and most recently have spent the last couple of years building new mines. Now those construction projects, if not already complete, are very close, so we will see the results of the production increases start flowing to the bottom line.
Today EDV announced they have declared commercial production at the Massawa BIOX Expansion in Senegal and at the Lafigué mine in Côte d’Ivoire. Proving once again they are a competent operator, both projects came in on time and on budget. In both cases it will take some months to reach full production, but FCF for the company is already increasing. Given their shareholder returns policy, i expect both the amount of share buybacks and possibly their dividend to increase
https://www.siliconinvestor.com/readmsg.aspx?msgid=34822047
FWIW, BMO released a new analyst report on EDV. Given that EDV is not planning on starting any new construction, other than optimizing current producing assets, until 2026, they emphasize the coming increase in FCF and have increased their target from $36 to $40 while maintaining tham at Outperform.
Saville is seeing more indications that gold may exhibit a 1-3 week surge to a new ATH before setting an intermediate term top.
TUO, WGX, CLCO, TECT, CEE
And the news just keeps on coming...
Teuton Resources aka TUO and its JV partners released assays from another hole -- well part of it anyway, as they are still waiting for assays from some sections of the hole, as well as the remaining holes on the now-completed drill programme -- and the announced assays continue to improve the economic at the Treaty Creek project in BC's Golden Triangle. So far they have identified 3 gold-rich domains within the Treaty Creek deposit, and this hole extends SC-1, the deepest, by 255 m up-dip and 140 m along strike with an assay of 9.60 g/t AuEq over 13.50m (9.58 g/t Au, 0.44 g/t Ag, 0.01% Cu).
Given the importance of this high grade ore, they are now examining older drill core for evidence of other gold-rich supercells, which Ken Konkin cleverly is describing as the 'vascular system' of Treaty Creek. I expect this vascular system to form the core of the eventual mining plan.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34818550
The event that cemented the success of Karora Resources from Royal Nickel into a West Australia gold miner was the discovery of the Father's Day Vein, which yielded coarse gold, what I call gold boulders, which yielded over 30k oz Au from a very small volume of ore.
These boulders were found in what is known as the A Zone at the Beta Hunt mine. Karora's drilling in 2018 revealed what is now thought to be a similar mineralization event in the parallel Western Flanks structure, yielding unbelievably rich assays like 2.00m @ 1,017.3 g/t Au - including 0.27m @ 7,621 g/t Au and 4.75m @ 395.9g/t Au - including 0.85m @ 2,210g/t Au. Now recent drilling at Western Flanks by Westgold Resources aka WGX following the merger with KRR has revealed the existence of a stratagraphic unit called the Lunnon Sediment which hosted the coarse gold in the A Zone. In fact, WGX suspects that the same sediment may exist throughout their entire Beta Hunt landholdings.
So watch for more news along these lines from WGX in the future. These finds are so lucrative that there is a powerful incentive to uncover as many as possible.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34818700
I will also mention that Culico Metals aka CLCO, which was spun out of the merger between Karora and Westgold, has announced a PP. Since they are only provisionally listed, they need to complete the PP and buy some assets before long.
https://ca.finance.yahoo.com/news/culico-metals-inc-announces-non-112700360.html
At long last, TectonicMetals aka TECT has announced the start of this year's drill programme on its Flat gold project in Alaska. They will be testing extensions of known mineralization at Chicken Mountain and Adit, as well as initial drilling at the Alpha Bowl and Golden Apex.
The other problem with TECT last year was that they took forever to release their drilling results, creating uncertainty among investors as to whether they were hiding something. Hence, it is good to see them say explicitly that the first assays from this drilling are expected in October.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34818754
And just a quick note on Centamin aka CEE. In the wake of yesterday's announcement of a takeout by Anglogold Ashanti, CEE continues to trade about 10% below the offer price on both the LSE and TSX. Skepticism indeed...
RRI x 2, WGX, CEE x 2. WRLG, KDK, NTH, SNAG
A LOT of news today; I didn't manage to get to everything.
Project generator Riverside Resources aka RRI has once again illustrated how it's done with their latest PR.
RRI acquired the La Union prospect in Sonora Mexico in 2019 as part of a package of five properties for a very small expenditure. A few years later they optioned it out to Hochschild who paid for $550k in exploration before dropping the option. Then in 2023 RRI added the past-producing La Union mine to the property for under $300k, meaning the total amount paid for the properties was around $500k.
This brings us to today's announcement that Questcorp will be acquiring the La Union prospect over 5 years by paying RRI $100k, along with the issuance of 19.9% of the outstanding common shares of Questcorp, and the incurrence of no less than $5,500,000 of exploration expenditures on the Project by Questcorp.
If La Union is anywhere near as prospective as Riverside thinks, those Questcorp shares will generate a hefty profit for RRI when sold. And if Questcorp can't complete the requirements, Riverside gets the property back and keeps the cash and whatever Questcorp shares they have earned.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34811970
A few days later RRI announced that after a summer programme of geophysics on its Cecilia prospect in Sonora Mexico, JVed out to FVI, a drill programme targeting three prospects is underway. If things go as expected, there will be a follow-up drill programme on these three targets and four others.
I case you're wondering, FVI has not released a corresponding PR.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34817013
It was announced that West Australian gold miner Westgold Resources aka WGX will be added to the S&P/ASX 200 Index on Sept. 25. This should trigger some buying from funds that match the index.
https://www.westgold.com.au/showdownloaddoc.aspx?AnnounceGuid=dbc3a694-875f-4eb9-865b-49820cb44f28
African gold producer Centamin aka CEE released two updates in quick succession.
The important one tells us that the board of CEE has agreed to a buyout by Anglogold Ashanti. For each CEE share, you will get 0.06983 New AngloGold Ashanti shares and $0.125 in cash. (Oddly, the PR does not say which currency the cash will be in, but it is safe to assume it is $c given where the shares are listed.) As well, current CEE shareholders will still receive the already announced dividend.
The other PR is an update on how the first two months of Q3 have gone, which is well, as planned. The Sukari mine in Egypt continues to run on rails, generating large amounts of free cash flow.
I am very disappointed by this acquisition, as I had hope of CEE reaching much higher prices. I do not intend to hold through the takeover, but for now will hold as I wait to see how thins unfold. It is interesting to note that on both the LSE and TSE this morning, Centamin is trading about 10% lower than the what the PR values the offer at.
On the bright side, I am currently not far from a triple compared to what I paid for my CEE shares, and if you add in the dividends I have collected I am at the triple. OTOH, my personal long term target is close to double that.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34816603
https://www.siliconinvestor.com/readmsg.aspx?msgid=34816609
There is a new horse in the stable, West Red Lake Gold Mines aka WRLG. Their main asset is the Madsen Gold Mine in the Red Lake area of Ontario, which profitably produced a lot of gold in the past but which most recent owners Pure Gold ran into bankruptcy. With the backing of bigwigs like Frank Giustra, the new owners were able to pick it up at a bargain price, and they think they can run it profitably They also own a large inearby property called Rowan with multiple past-producing mines with even hugher grade resources.
Madsen currently has an Indicated Resource of 1.65M oz Au @ 7.4 g/t and an Inferred Resource of 370k oz @ 6.3 g/t, but several of the deposits remain open in multiple directions, and based on the drill results in their latest drill results from the Austin Zone they should be able to grow that substantially
The intercepts are all relatively narrow, up to 6m in width, but as is usual in Red Lake, high grade, e.g. 4m @ 54.19 g/t Au including 1m @ 215.61 g/t Au, 3.53m @ 23.73 g/t Au including 1m @ 79.81 g/t Au, and 6m @ 11.65 g/t Au including 1m @ 10.86 g/t Au and 1.05m @ 47.27 g/t Au. It should be noted that all these intersections are within 40m of existing workings, some much closer.
I am playing WRLG through the A warrants, which have a strike price of 95 cents expiring Mar 19, 2029. I am betting that before that date the WRLG common shares will trade well above a loonie.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34816686
Kodiak Copper aka KDK released results from the Adit zone on their MPD property in SE BC, targeting coincident 3D IP chargeability and copper-in-soil anomalies, Adit is one of a number of Cu/Au/Ag porphyries they are exploring, and first indications are good, with an intersection of 357m assaying 0.43% Cu, 0.02 g/t Au, and 10.05 g/t Ag (0.46% CuEq), all within 200m of surface. If these assays seem low, be aware that a number of mines in the area have done very well with similar mineralization. Encouragingly, this hole included some higher grade segments, including 1.24 % Cu, 0.02 g/t Au, 5.36 g/t Ag (1.13% CuEq) over 21m. They also found a zone with high silver values, including 0.66% Cu, 0.03 g/t Au, and 840 g/t Ag over 3m within a wider 13m high-grade interval assaying 1.74% Cu, 0.03 g/t Au and 194.98 g/t Ag (2.77 % CuEq).
Adit remains open in multiple directions and drilling continues. So far it looks like KDK are well on the way to establishing Adit as the third established porphyry at MPD along with Gate and West.
This PR also included results from initial holes at several other zones which included indications of Cu/Au/Ag mineralization but nothing yet of significance.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34816800
Nord Precious Metals aka NTH released the results of reanalysis of historic drill core on the Miller Creek tailings on its Castle Mine property near Cobalt, Ontario. Silver assay values in the 14 holes from 49 to 370 g/t, with AuEq values ranged from 248 to 411 g/t Ag. For the first time, significant Mg are mentioned, though the rocks also contain cobalt, copper and nickel which were ignored in the silver mining that created the tailings.
Next up is metallurgical testing. NTH envisages using the tailings to generate enough money to restore the underground Castle mine, and then processing loose ore left in piles inside the mine itself.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34817088
Silver North Resources aka SNAG released more details about the drill programme now underway on their Haldane Ag/Pb/Zn property in the Keno silver district in Yukon. They plan to further test the West Fault, plus a deeper hole that will target both the West Fault and Main Fault where they intersect. In addition, a hole will follow up the single hole drilled at the Bighorn target. Meanwhile, we wait assays from the recently completed drilling at the Tim property JVed to Coeur further south in Yukon.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34817120
SNAG, HMLO, NRN, WGX, TECT
Silver North Resources aka SNAG released an update on exploration of several of its Yukon properties. At Tim, which is JVed to Coeur Resources, which runs the nearby Silvertip mine, six holes were drilled which contained evidence of CRD mineralization similar to that being mined at Silvertip, indications promising enough that Coeur added extra geophysics to set up next year's drilling. Meanwhile assays are pending for Tim even as SNAG moves the drill rig to its 100%-owned Haldane prospect in the Keno silver district.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34810225
For the last number of years, Hemlo Explorers aka HMLO has been concentrating on several properties in the Hemlo area in Ontario. Now they have expanded their focus with the announced purchase of a private company which owns six underexplored gold prospects in Newfoundland, most of them on the vicinity of NFG's Queensway project. And along with the purchase comes a new VP Exploration with much experience in the area.
The main prospect acquired is the Gold Anchor property, which comprises 533 sq km and is host to more than 50 km of strike length very similar to that which hosts the mineralization at Queensway yet has barely been explored, with no drilling so far.
I expect Gold Anchor to become the main focus from here on for HMLO.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34810363
Northern Shield Resources aka NRN released some results from trenchhing at their Root & Cellar prospect in Newfoundland. The headline is all about high grade samples and the appearance of visible gold, both of which experienced folks know mean little on their own. More interesting is discussion of a new approach involving potassium/aluminum ratio which indicates the Conquest zone stretches more than 750 metres. Once NRN has completed the processing of recently obtained geophysics, drilling will let us know if this is a useful tool.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34810394
West Australian gold miner Westgold Resources aka WGX has continued the flurry of PRs following the recent merger with Karora Resources. Now we hear about the start of mining at the South Junction deposit, part of its Bluebird South mining complex. This deposit is destined to become the chief source of ore feeding into the Bluebird mill. To that end, definition drilling continues at South Junction, yielding assays like 4.93m @ 15.95g/t Au, 6.83m @ 15.31g/t Au, and 3.00m @ 3.65g/t Au, with drilling ongoing.
Mineralization at Bluebird occurs in discrete lobes, with the next one up for exploration being the Polar Star Lode. Drilling has already defined a 600m strike length, which remains open to the south. Drilling will continue at Polar Star with an eye to declare a resource late next year. Most intriguingly, for the the first time deep holes will be drilled under both South Junction and Polar Star. If these hit, it would substantially increase potential resources.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34810412
We finally got some assays from Tectonic Metals aka TECT which is exploring the Falt gold property in Alaska, but these were not from new drill holes but from reanalysis of four holes drilled more than 20 years ago. The good news is that they say they have discovered that the drilling, which they say was not optimally oriented, did find indications of formerly unknown mineralization that warrants immediate followup. The bad news is that this slow-moving company gave no indication of when that 'immediate' might be. I am not holding my breath.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34810465
ORS, CEE, ARK
One of my small speckie holdings, Orestone Metals aka ORS, had been suspiciously quiet the last while. They hadn't mentioned their Resguardo Cu/Au prospect in Chile for years, and the planned drilling on their Captain Au/Cu prospect in BC has just not happened. Now we hear about their latest initiative, optioning 75% of Cascadero Copper's 56.8 sq km Las Burras-Incahuasi Cu/Au/Mo porphyry property in Salta province, Argentina.
The property contains two targets, with the emphasis on the the Las Burras zone, which lies at the bottom of a river valley, easily accessible and amenable to year round exploration. Previous drilling has yielded some intriguing intercepts, and ORS think they have a better handle on where the core of the porphyry lies. To that end they will be carrying out a geophysics programme followed up by drilling.
I notice in the company description at the end of the PR, ORS still describes Captain as its main property. If that's so, let's get the drill turning!
https://www.siliconinvestor.com/readmsg.aspx?msgid=34807533
A few months ago, African gold miner Centamin aka CEE released a DFS for its Doropo project in Côte d'Ivoire. The numbers looked good, and I expect CEE to announce a positive construction decision next year once they have further advanced permitting and a few other aspects of the project. Today, CEE announced they have filed the associated Technical Report on SEDAR. I took a quick look and could not see anything important that wasn't already known, and now you can peruse the entire document an check for yourself to see if I am right
https://www.siliconinvestor.com/readmsg.aspx?msgid=34808920
Arras Minerals aka ARK released an update on the exploration programmes underway at a number of their 100%-owned prospects in in Kazakhstan.
At Bozshakol , a programme of geophysics has been completed and scout drilling of shallow holes to reveal what lies under the 10-40m of cover is underway. The results of this exploration will be used to guide a deeper drill porgramme next year.
At Elemes, geophysics is almost complete, and what they have seen so far along with past exploration has been used to guide a 5000m drill prgramme now underway with results expected in November.
At Tay, a programme of shallow drill holes designed to test the top of bedrock has been completed, along with a single deep hole designed to test a geophysical anomaly. Assays are pending.
It looks like we will know a lot more by the end of the year.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34808938
WGX, MAI
West Australian gold/nickel miner Westgold aka WGX released it FY24 financial results. (Unfortunately, WGX is one of those companies who for some reason does not align its financial year with the calendar year, so this covers the period July 2023 to June 2024.) I face a difficulty in coming up with meaningful commentary as I am still familiarizing myself with the combined company after the merger with KRR., so please read what I have to say with that in mind. Also keep in mind that some of the numbers will not be meaningful because they apply only to pre-merger WGX.
All that said, given the already factored in problems WGX experienced, FY24 does look decent from the numbers, with revenue, EBITDA, FCF, and Net Profit all up meaningfully, plus their cash stash grew to $263M. OTOH, gold production was down about 10% from FY23 to about 228k oz, though the high gold price and a 12% reduction in costs still allowed them to declare a dividend which is expected to continue for the combined company.
FY24 was always going to be a transitional period for WGX in any case, but with the merger complete it is essentially now a new company. We will have to wait to see if they can carry out their plans as seamlessly as Karora did.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34802323
WGX also released a presentation to accompany the FY24 results,
https://www.westgold.com.au/pdf/b1521ae2-2ad8-4727-9627-9e50c9dca4fe/FY24-Full-Year-Results-Presentation.pdf
Mexican gold miner Minera Alamos aka MAI released an operations update and its Q2 results.
To review, things ground almost to a halt on its operating Sanatana mine last year as they waited fruitlessly for permits to expand the heap leach due to interference from the outgoing Mexican government. This is expected to improve once the new, more pragmatic government takes office, but in the meantime MAI developed a new approach to better utilize the existing heap leach. This necessitated a virtual halt to mining, but that is now over, and mining levels are now back to what they were in 2022. And this will continue -- planned mining in Q3 alone will exceed production for the entire ty of 2023 -- and the mine is expected to return to cash generation in Q4. They are also extracting and storing higher grade material for future processing pending more metallurgical studies.
Although they sold only 505 oz Au in Q2, MAI remains in good financial shape in spite of their cash stash having dropped to $8.6M at the end of Q2. This number will begin to grow again going forward as production increases.
Meanwhile, MAI has made the final payment to complete the purchase of their next mine build, Cerro de Oro, for which permitting is proceeding. And they wait to see if the new Mexican government will follow the urging of local and state authorities and resume the issue of permits to further expand Sanatana.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34803607
I just cleaned up my Gold A watch list.
The usual caveats: inclusion is not endorsement; companies may also work with other metals
Two formats available
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SNAG, EDV
Even as Coeur pays for and runs a drill programmer on Silver North Resources aka SNAG's JVed Tim property near Couer's Silvertip mine in south Yukon, SNAG is preparing to restart exploration on their 100%-owned Haldane property further north in the Keno Silver District.
The drilling will follow up on two recent discoveries. In West Fault, they will be looking for more CRD-style Ag/Pg/Zn mineralization, while at Bigfoot they will be following up stacked Ag veins discovered in 2019. Drilling will begin mid-September just as the Tim drilling wraps up.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34799334
West African gold miner Endeavour Mining aka EDV released an update on the sale of two mines in Burkina Faso to Lilium Gold in 2023 for $210M plus a 4% royalty on the first 400k oz Au sold from one of the mines. After making initial payments, Lilium stopped paying, resulting in court proceedings.
A settlement has now been reached which will result in Lilium selling the mines to the Butkina Faso government, with EDV receiving only $60M cash in addition to the $37M already already received, with the royalty dropped to 3%.
On the one hand, it is good that the expensive legal proceedings have ended, but this agreement results in EDV receiving only about 40% of the originally agreed sale price. I am chiffed that with the deal concluded, EDV has reduced their country risk by reducing their exposure to Burkina Faso.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34799360
In response, Scotia issued a new analyst report on EDV, calling the impact Mixed, but maintaining EDV at Sector Outperform with a target of $40.
Saville opines that a daily close below $2500 would mean that an interim top, and likely the price peak for the year, has been set for the gold price. And he continues to think that in the next while HUI will set its own intermediate term top around 340.
TUO, NTH, WSG
Teuton Resources aka TUO released news from one of its many 'other' properties in BC's Golden Triangle, specifically from the 50/50 JV with SVG on the Ram prospect. (SVG and TUO are also 50/50 partners on a number of nearby properties.)
Ram, which borders Ascot Resources' Red Mountain project, has been jointly owned by TUO and SVG for over 30 years, but only recently has glacial retreat opened up new areas for exploration. In the newly exposed areas, they have discovered two new zones of mineralization, Malachite Porphyry and Mich. Malachite Poryphyry contains a 400m length of, well, malachite based porphyry, while nearby Mich exhibits both similar and other types of mineralization.
Samples have been sent out for assay. The JV partners are planning additional mapping and sampling followed by geophysics and then drilling, each step contingent on results from the previous one.
Interestingly, the JV partners have created a dedicated website for Ram, which contains much more information and can be found here - https://ramproject.gold/
For the original PR, visit here:
https://www.siliconinvestor.com/readmsg.aspx?msgid=34791373
Nord Precious Metals aka NTH released more details on its plans to reprocess tailings from its Castle Mine near Cobalt, Ontario. They have already produced silver bars and cobalt from waste piles outside the mine, and will also be collecting more high-grade 'waste' from inside the mine itself, and after processing all this material will use it as backfill paste to stabilize the mine.
NTH plans to release another NR when plans are finalized, and say they see this as a 'seasonal reprocessing programme', presumably when it is not winter.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34791584
The Fletcher Zone at the Beta Hunt mine in Western Australia was at the centre of Karora Resources' plans to increase production, and judging from the latest PR from Westgold Resources aka WGX following the merger with KRR, it will be just as important to the combined entity.
The assays from the latest 8 holes drilled at the recently discovered Fletcher Zone at Beta Hunt were included, and drilling continues to find strong intersections like 4.00m @ 22.45g/t Au, 5.00m @ 10.95g/t Au, and 5.20m @ 10.13g/t Au. They also announced that they will be deploying two more drill rigs for a total of three. A measure of the scale of Fletcher is that even with more drills turning they do not envisage completing an updated Resource Estimate till the middle of next year.
Even as they drill Fletcher, WGX is also advanced a decline from the nearby Western Flanks Zone, already being mined, to access future production from Fletcher. I expect a plentiful newsflow just regarding Beta Hunt over the next year.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34791648
WGX, SNAG, TECT, IPT
A few days after the PR from West Australian Wesrgold aka WGX announcing the first Mineral Resource Estimate for its South Junction deposit, they released another PR on the same subject that goes into much more detail about the deposit and how it was discovered and how it will be mined. I am not sure why this info wasn't included in the original PR, but it is worth reviewing regardless.
I won't try to summarize the details, except to say that the South Junction ore body should be a good money spinner for years to come.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34784812
Yukon silver explorer Silver North Resources aka SNAG released an update on its Tim property in Yukon. The current exploration is being funded by Coeur, because Tim continues to show indications it may host CRD deposits like those being mined nearby by Coeur at its Silvertip mine Specifically, they are exploring around the same Wolf Fault that is the source of mineralization at Silvertip and extends onto Tim and another of SNAG's properties.
So far Coeur has completed 4 of 6 planned drill holes, and has been encouraged enough to add more geophysics to this year's exploration. We can expect assays and other results in October.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34788203
It's been disappointing waiting for Alaskan gold explorer Tectonic Metals aka TECT to do more work on its Flat prospect, but finally they have announced that they have raised enough money to get going on this year's drill programme, which will begin shortly. They have really lost momentum with the delay, so investors had better hope they find more quality mineralization this year, and that it doesn't take so long for assays to be released.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34788247
Mexican miner Impact Silver aka IPT released its Q2 results, which I would call mixed. They did increase revenues, primarily due to higher silver prices and increasing production at the Plomosas mine, which is still under rehabilitation as IPT gradually increases production. Silver, gold, and lead production from Zacatecas were all down slightly in Q2. This all led to an overall loss for the quarter, but they remain in good financial shape thanks to a PP completed in Q2, with a cash stash of $9.9M and no debt.
So far IPT has not followed through on my investment thesis, that it is very leveraged to the price of silver, but I am still hopeful. Increasing production at Plomosas should decrease costs, and IPT also expects a more lucrative mix of ore to be processed at Zacatecas thanks to some recent discoveries. If they can follow through and silver makes another big run early next year as expected, the IPT run I am waiting for could happen.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34790198
WGX, ktn, MTA, CLCO
Australian gold/nickel miner Westgold aka WGX announced a new Recourse Estimate for their Meekatharra properties in Western Australia. For the first time this included the South Junction deposit, which is about to go into production and which is expected to allow the Bluebird mill to increase production to 1.2Mta starting in Q3 2025, a huge increase from current levels.
Since the MRE released in March, the total number of ounces contained in Bluebird/South Junction has increased by 137k oz to a total of 960k oz Au, and is expected to increase further due to ongoing drilling, The orebody remains open at depth and along strike.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34781529
Kootenay Silver aka KTN released more skookum drill results from the D Vein on its Columba property in Chihuahua, Mexico. With the 11 holes delivering assays like 98.7m @ 211 g/t Ag, 0.1% Pb, and 0.4% Zn, they have extended the strike length of the D Vein to1080m, still open in several directions. Most intriguingly, a 400m stepout to the projected intersection of the B Vein and D Vein revealed a new style of mineralization which requires further drilling to fully understand.
Drilling continues. and all the results being fed into a first Resource Estimate expected before year end.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34781649
Metalla Royalty & Streaming aka MTA released its Q2 results. We already knew that their deliverables were weighted toward H2, but Q2 came in even below those lower expectations, delivering GEOs of only 0.4k thanks to several assets underperforming. That said, MTA seem confident of a very strong performance for the rest of the year, as they reiterated 2024 guidance of 2.5-2.5k GEOs.
It is also notable that a number of their currently non-performing assets are scheduled to come on line next year, so this might actually be the perfect time to acquire shares in MTA as long as you have a loner term horizon.
I also would not be surprised to see MTA bought out next year if they meet expectations.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34783122
FWIW, BMO issued a new analyst report on MTA. Citing the expected stronger H2 and 2025, the kept MTA at Market Perform with a target of $7.
The final piece of the merger between KRR and WGX is now settled with the listing of the spinout company Culico Metals aka CLCO on the TSX-v. CLCO is essentially a shell company with some cash and a lithium royalty, so they only got listed under the 'Sandbox' rules for companies that wouldn't ordinarily qualify for a listing. This means CLCO will have to do something material with that cash in the next few years or they will get delisted.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34783628
Thanks Lone Clone for your info and comments about TUO
IAU x 3, TUD, ODV, RIO
Nevada gold miner i-80 Gold aka IAU delivered no fewer than 3 NRs in two days, The first was good news, the second was mixed, and the third not good at all.
In the wake of crashing to an all-time low last week. the stock of IAU really needed some help. Yesterday, the stock was up big thanks to help from the PoG plus new drill results from the McCoy Cove development project.
The Cove set of deposits continues to deliver remarkably high drill results. This time we hear that extension drilling in the Helen zones has yielded new intercepts like 8.3 g/t Au over 3.0m and 15.8 g/t Au over 15.8m, further extending mineralizion in what is expected to become one of IAU's primary production areas.
Okay, it was probably the rebound in the PoG plus IAU being so oversold that caused today's bounce in the share price, but last week could have set the bottom. Time will tell.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34778546
Next up, we hear about IAU's Q2 results. As a development company with minimal residual production, they continue to lose bucketloads of money. Even the residual production was down this quarter, with sales amounting to only 1636 oz Au, with no costs given. They did also sell 0361t of mineralized material for total revenues of $5.9 million. This amount almost completely fulfills a pre-paid sales contract signed last year, so these sales will become a source of revenue shortly.
Among the positive developments during Q2 were more good drilling results at Cove, Granite Creek, and Ruby Hill, and underground development at Granite Creek reaching the ore source at the South Pacific Zone in June.
Alas, the only update on the potential JV at Ruby Creek is that negotiations are still underway.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34780303
IAU management really blew their credibility this year by destroying the own company's stock price with ill-considered PPs, so it is with trepidation that I viewed the third NR, in which the company announced they have established what is known as an at-the-market equity program. This allows them to sell up to %50M worth of shares at market prices whenever they want without going through the PP process.
Cue ominous music....
https://ca.finance.yahoo.com/news/80-gold-establishes-market-equity-222200611.html
The most recent development in the Treaty Creek property in BC's Golden Triangle, a JV owned by Teuton Resources aka TUO along with TUD and AMK, has been the discovery of a high grade gold system within the Goldsotrm deposit. Now, with the release of assays from the first four holes from this year's drilling, we learn that drilling has revealed the presence of not just one but three stacked high grade gold areas within Goldstorm, which are being called Sipercells. (FWIW, there are similar lenses within both the nearby Valley of the Kings and Brucejack deposits.)
Three of the holes hit all three Supercells and the other just one, generating assays like 9.02 g/t AuEq over 2.00m (8.97 g/t Au, 3.73 g/t Ag, 0.01% Cu) in SC-1A, 11.05 g/t AuEq over 3.00m (8.28 g/t Au, 126.50 g/t Ag, 1.21% Cu) in SC-1B, and 5.31 g/t AuEq over 6.00 m (5.02 g/t Au, 3.32 g/t Ag, 0.21% Cu) in SC-1C.
The JV partners have announced a target of finding 2-3M of these high grade Au ounces, which would be a significant contribution to the overall economics, essentially offsetting the initial capex. To that end, the focus of this year's drilling has become following these Supercells, which may extend outisde the Goldstorm deposit, and reanalyzing older drill holes to find evidence of others where high grade gold values were found.
The more of these Supercells they can find, the more marketable Treaty Creek becomes.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34780028
Osisko Development aka ODV released tis Q2 results. As a company developing two mines with only minimal residual production, they continue to lose money, but still have $33.7M in their cash stash in spite of producing only 805 oz Au.
For the next while the focus will be on the Cariboo gold project in BC, for which ODV expects to receive the final set of permits shortly. They are in the process of extracting a 10kt bulk sample by the end of the year, even as they begin other construction activities.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34780353
Northern Shield Resources aka NRN released a short NR regarding its Root & Cellar Au/Ag/Te prospect in Newfoundland that goes on and on about some visible gold found in the Conquest Zone. As experienced junior mining investors, you all know that visible gold is not a reliable indicator, so the only important sentence in this NR contains 3 words.
'Assays are pending.'
https://www.siliconinvestor.com/readmsg.aspx?msgid=34780457
The IKN newsletter brings us an update after it talked with the CEO of Rio2 aka RIO, who are developing the Fenix gold project in northern Chile. According to IKN, RIO will get the final build permits by early September -- note these are pretty well automatic compared to the EIA that caused so much trouble -- and that shortly after RIO will announce the financing package, mostly debt. He expects construction to begin almost immediately after that, as RIO has already assembled almost the entire workforce.
For more details, subscribe to IKN.
I am not a great trader, so tend to hold through the slumps that come along with investing in cyclical commodity stocks. I do some times add during the dips as I am little better at picking bottoms.
Barring economic collapse, copper should be back in short supply within two years.
LC
I agree with Saville
>> FWIW, even though last week support for copper around $3.90 has held for now, Saville opines that due to the inventory situation and the COTs a sustainable low in the copper price has probably not yet been set
Thanks for passing on the Saville opinion. The upward copper price the last few days seems to me to be more of a technical bounce than a reversal of trend. I also do not see any macro changes that would support a new price bottom. I guess now we must wait for Buffet's "blood in the streets" copper market conditions to buy more. I just hope it's not my blood that's running down the street.
JWB
FWIW, even though last week support for copper around $3.90 has held for now, Saville opines that due to the inventory situation and the COTs a sustainable low in the copper price has probably not yet been set, and that it could go much lower.
LC
ASCUF gets some love today
The Arizona Sonoran Copper Company (ASCUF) stock was up 31% today. I got the idea for this stock from the Investorvillage CleanTech board, and have accumulated a small position. Given the drubbing that copper has taken lately, I'm barely break even on this stock, even after today's run up.
This company is not yet a producer. They are trying to revive a previous Asarco mine project (renamed the "cactus project") in Arizona. I didn't see any news to support today's run up in stock price. The trading volume was several times the normal daily volume, but it was not a spectacular number. ASCUF management did promise an updated Minerals Resource Estimate by the end of August. Perhaps the numbers leaked today? Rio Tinto has an option on participation in the mine. Perhaps there has been progress on firming up their participation?
There is still a lot that can go wrong between now and the start of production. The project has a solid mine life. The IRR at $3.90 copper is fine, but not spectacular. But if copper prices rise and sustain over $5/pound, and if Rio Tinto decides to get involved, then this stock might be a useful investment.
I'm not buying now after today's run up. But I'm hoping that the news behind today's run up will become public soon.
JWB
Thanks for taking the time to reply.
I'm not worried about holding my current copper stocks (ARREF, ASCUF, ERO, FCX, FQVLF, HHLKF, SCCO, TGB). They've been beaten up enough that it is not worth selling them. I'm trying to figure out some principles to guide my buying of copper stocks when the worm turns.
OGC, WGX, RRI, ODV, NTH
OceanaGold aka OGC made a big move today, trading up almost 10% on the basis of the latest drill results from Wharekirauponga , part of their Waihi gold project in New Zealand. The results are just as high grade as previous drilling at Wharekirauponga , featuring assays like 9.9 g/t Au over 20.3m, 19.4 g/t Au over 7.1m, and 34.5 g/t Au over 3.8.
But what really made these results stand out is that previous drilling was infill, while these were from what OGC calls 'extentional drilling', or what I call step-outs, which extended the strike length of the EG for 200m down dip Extensional and infill drilling will continue, all feeding into a new Resource Report at year end.
Wharekirauponga okay, WPK, already has an Indicated Resource of 2.0Mt @ 15.9 g/t for 1.01M Au plus an Inferred Resource of 1.2Mt @ 9.0 g/t for 350k oz, which I expect to grow substantially. The overall Waihi project is now in the process of waiting for fast-tracked permits.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34774256
It's done and dusted. Now that the takeover of fellow Australian gold miner Karora Resources is complete, Westgold Resources aka WGX has listed on the TSX. And this morning a bunch of cash as well as shares of WGX.TO and of the spinco Culico Metals, which has applied to list on the TSXV, appeared in my account.
I would agree with Saville that WGX is probably fully valued at current prices, so unless gold takes off, which is a possibility if the financial panics continue, this is probably not the best time to start a new position in WGX or add to an existing one.
Much thanks to kidl, who dug up this video which gives good overview of the combined company.
https://events.6ix.com/preview/westgold-karora-merger-final-insights-and-future-prospects
Prospect generator Riverside Resources aka RRI has released an update of its Cecilia Au/Ag prospect in Sonora, Mexico, which is JVed out to FVI. FVI can earn up to 100% of the property over five years by paying RRI a large amount of cash (well over $5m) and an NSR as well as carrying out an extensive exploration programme.
Cecelia is a district-scale prospect with multiple targets in its 60 sq km. The first fruits of the JV have come with an FVI-funded property- geophysics programme which revealed yet another excellent prospect. FVI-funded drilling will commence shortly, with results expected Q4.
The more I learn about Cecilia the more it looks like potential mine, exactly the kind thing a prospect generator like RRI thrives on, generating income for at least the next five years and hopefully long beyond that via the NSR, providing RRI with finding that will allow them to expand their roster of prospects
https://www.siliconinvestor.com/readmsg.aspx?msgid=34772487
Osisko Development aka ODV has three different initiatives underway at their Tintic property in Utah, and today they released an update that covers all three.
First, they are exploring and doing what they are calling test mining at the Trixie Au/Ag, mine from which they report more high grader chip sample assays.
Second, they are looking for other CRD and porphyry deposits, and detail some of the best prospects. One drill hole looking for a porphyry under Trixie failed to find anything significant, but the rest remain undrilled.
And then there is the big prize, the underlying porphyry that is the source of all the mineralization in this district. Two deep holes failed to find what they were looking for, but they learned enough to refine their model and select a new target on the other side of a fault.
I kinda wish ODV had enough money to really go at all these targets full speed ahead. Maybe what they have found so far will be enough to attract a partner with deep pockets.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34772540
Nord Precious Metals aka NTH released more details about its plans for making money from its Castle Mine property in Ontario. First, they tell us that they are in 'continued correspondence' with provincial regulators regarding getting permits, and then tell us some details of what the permits are for. They plan to produce silver and cobalt/nickel at their local facilities from waste dumps and ore left inside the mine, and then use the resulting tailing as underground backfill to improve mine stability.
Will they ever make money doing this? We'll see.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34772332
Copper is a hard call right now, with many different forces in play, some up, some down. I too was hoping $4 will hold, and now that that support has broken tha=ere are a number of support levels in the #3-$4 range, down to as low as $3 itself.
I don't know what your time frame is, but even if there seems to be ample supplies for now, barring economic catastrophe it will be back in shortage next year, when I expect it to firmly back over $4 next year
Next time Saville says something about copper, I'll post a summary here.
LC
Where is the bottom in copper?
Is anyone willing to opine about where copper prices may bottom? I've held on to too many of my copper mining shares during the steady decline from $5.10/pound. Since I didn't expect copper to break the $4/pound level, I clearly don't understand copper. A quick eyeball of the charts suggests $3.7/pound will provide some support. But if that breaks, the next support levels are far below.
Thanks in advance for any opinions that you are willing to share.
JWB
KRR, EDV, WM, OGC
The merger between Karora Resources aka KRR and Westgold Resources aka WGX is now complete, with KRR being delisted tomorrow and WGX listing on the TSX on Aug. 6.
The announcement also resolves the final details I had been worrying about. Current KRR shareholders will receive shares of WGX.TO, 60.8 cents per KRR share, and shares in a spinout company called Culico Metals. I was worried that the shares of Culico Metals, which owns $10M cash as well as a royalty and other considerations, would be worthless to Canadian shareholders of KRR, but it turns out WGX is going to apply to list Culico Metals on the TSXV. This is not a done deal, given the unusual nature of their holdings, but apparently there is a special rule which might apply.
So now we holders of KRR shares wait for the money and shares in the two companies to appear in our accounts.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34763099
West African gold miner Endeavour Mining aka EDV released its Q2 results. Production is weighted towards H2, but EDV still managed a decent 251k oz Au. With several major builds now ramping up to full production, expect costs to decrease in H2, as EDV maintained their annual production guidance. As well, the grid power problems experienced at their Côte d’Ivoire are not expected to continue into H2.
Due to construction spend, EDV's cash stash did decline in Q2 but was still a healthy $387M at quarter end, and is expected to grow in H2 in spite of continuing expenditures on dividends and share buybacks.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34761412
FWIW, in response BMO issued a new analyst report on EDV that highlighted the Q2 earnings miss due to higher costs and taxes, but noting the bias to H2 and improved shareholder return policy, they maintained EDV at Outperform with a target of $36.
Wallbridge Mining aka WM released the results of a recently completed drill programme at Martiniere, which WM hopes to develop in conjunction with their nearby Fenelon project, both part of the Detour gold trend in Quebec. This drilling was aimed both at finding high grade vein clusters and confirming continuity of known mineralized areas, and was successful at both. The high grade intersections included 44.63 g/t Au over 1.1m, 8.52 g/t Au over 1.5m, and 27.48 g/t Au over 1.0m in just one of the holes, while the wider intersections included 24.3m averaging 1.62 g/t Au and 21.1m averaging 2.15 g/t.
WM is also carrying out metallurgical testing on ore from Martiniere, and have already begun another drill programme aimed at finding new sources of ore based on a new reinterpretation of the geology of the deposits at Martiniere.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34761231
OceanaGold aka OGC released its Q2 results, which came in a little lower than expectations with production of 98200 oz Au with costs a little higher than expected. That said, OGC's production for 2024 was always weighted toward H2, so they have still maintained their full year guidance. And thanks to the partial Didipio IPO and the sale of Blackwater, for the first time in a while OGC has more cash than debt, something that is expected to continue to improve as production picks up and costs drop in H2.
Clearly the market was focused on the production miss, but I think that just makes this a good time to establish or add to a position in OGC.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34761185
FWIW, in response BMO issued a new analyst report on OGC. Though noting the production miss, they shrugged it off, maintaining OGC at Outperform with a $4.25 target.
FWIW, Scotia also issued a new analyst report on OGC. Calling the impact Mixed, they kept OGC at Sector Outperform with a target of $4.25.
Saville is now opining that gold probably set its high for the year a little earlier than usual, two weeks ago. He expects a correction to around $2150 to be completed later this year or early next year. However, he also feels that PM stocks have not yet set their highs for the year.
WEX, KRR, CEE
Western Exploration aka WEX has finally announced the start of drilling at their Aura Au/Ag project in Nevada. Last year's drilling identified a new high-grade -- often above 20 g/t Au -- deposit with a dip length of 200M next to the existing Gravel Creek resource.
This year's drilling will include both infill and stepout drilling in an attempt to increase the size of this discovery before the next Resource Report. This is only a small underwater holding for me otherwise I'd be more pissed off at how slowly WEX is moving.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34751201
It's all over but the final paperwork. As of Aug. 1, Australian gold/nickel miner Karora Resources aka KRR will merge with SXG.AX, whereupon SXG will also list on the TSX. I wonder how long it will take the Canadian brokerages to get everything sorted out....
Hence SXG will shortly replace KRR in these reports.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34752808
African miner Centamin aka CEE released its Q2 results, which can best be described as in line, with another sequential increase in production and decrease in costs. The Sukari gold mine in Egypt produced 225k oz Au at a cash cost of $977/oz, and FCF increased to $47.2m in Q2, so they ended the quarter with a cash stash of $200 and a undrawn credit line of $150M in spite of increasing the interim dividend to 2.25 cents a share. CEE remains debt-free, though I expect them to take some debt on to build a new mine at Doropo in Cote d'Ivoire, for which they recently released a positive DFS.
As a massive programme of waste stripping at Sukari was recently completed, they expect costs to decrease and FCF to increase going forward.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34752823
In response, BMO issued a new analyst report on CEE, calling the impact Slightly Positive. They kept CEE at Outperform, but increased their target substantially to $3.20.
Thanks for that tidbit about Treaty Creek, Tudor Gold and Teuton Resources
ARK, OGC, SNAG, ODV, TUO
Kazakhstan explorer Arras Minerals aka ARK announced the initiation of an airborne geophysical survey across its Maisor and Aktasty properties, which cover 1397 sq km and are part of the Exploration Alliance with Teck. They surround the large operating Bozshakol mine, which is exploiting the same type of Cu/Au porphyry deposits that ARK is looking for.
This survey will be followed up by ground geophysics and trenching, and assuming good candidates are found, drilling.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34747795
We have received further evidence of how well things have been going at OceanaGold aka OGC of late. In the wake of the return to full production at the Didipio Cu/Au mine in the Philippines, the IPO of part of Didpio on the Manila Stock Exchange, the sale of the Blackwater property in New Zealand, and high metal pieces helping its mines in New Zealand and the US, OGC has become a cash flow machine.
This has led to the announcement of a Normal Course Issuer Bid which is aimed at repurchasing and cancelling up to 5% of OGC's outstanding shares over the next year.
Add in the reinstatement of a dividend and how well the shares have been performing, and OGC has been an asset to any investment portfolio of late.
https://ca.finance.yahoo.com/news/oceanagold-announces-share-buyback-program-110000473.html
I've been waiting for this. In the wake of a new name and a refocus on its Yukon silver properties, Silver North Gold aka SNAG has announced the inevitable share consolidation, in this case 1 for 10. I will wait until the dust settles after the consolidation before I make any decisions on what to do with my small holding, about to get effectively smaller.
https://thenewswire.com/press-releases/1k98FGoZD-nord-precious-metals-announces-proposed-consolidation-and-non-brokered-private-placement.html
As BC enters another bad wildfire season, one of the first areas hit is in the Cariboo gold mining area. Apparently a number of small mines have already suffered damage. Oisisko Development aka ODV's Cariboo gold mine has not yet been damaged, but ODV have evacuated all non-essential personnel and is hosting a firefighting crew in its camp facilities.
I sure hope the restored historical mining town of Barkerville survives. If you haven't been there yet, it is definitely worth a visit.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34749442
When I noticed that the shares of Teuton Resources aka TUO were down significantly on big volume today, I started hunting for an explanation, and soon found a PR from one of its JV partners on the Treaty Creek project in BC's Golden Triangle. Tudor Gold announced they have fired the latest volley in a fight with neighbouring Seabridge over whether Seabridge will be allowed to build twin tunnels through part of TUD's claims at Treaty Creek, right through where TUD (un)fortunately discovered the Goldstorm deposit.
TUD keeps on saying they want to collaborate with SEA on finding a mutually agreeable solution, but SEA keeps on responding by pushing for a License of Occupation that will allow them to do what they want without regard to TUD's mining license.
The fight is now back in the hands of regulators. What will happen? Who knows...
It is noticeable that while TUD has been trending downward all week, third JV partner AMK's share price has barely budged, so I am guessing that a large shareholder of TUO got spooked and decided to sell regardless of the price. If I am right, this is a great buying opportunity if you think SEA and TUD will eventually come to an agreement.
The obvious solution is either for SEA to buy Treaty Creek or for someone else to buy both SEA and Treaty Creek.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34749552
MAI, KRR, CEE x 2
Mexican gold miner Minera Alamos aka MAI released an update from its operating Santana project in Sinaloa. Until now all production has been from the Nicho Norte deposit, but now mining has begun at the Nicho Main deposit, with production expected to reach planned levels in a few months. As with any new mine, optimization is ongoing but management appears to be very satisfied with how things are going so far, with over 900 oz Au placed on the leach pad since the beginning of June.
Speaking of leach pads, the PR did not mention the delayed permit for leach pad expansion, which has been held up in the bureaucracy. The new mining plan being implemented was developed in reaction to this delay, so if it does eventually come through, expect production to increase even more quickly.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34742376
I have been hoping there would emerge a competing bid for Westgold's takeover of Australian nickel/gold miner Karora Resources aka KRR, primarily because it includes a SpinCo which as far as I have been able to tell will be essentially worthless for most Canadian shareholders. But now it looks like that time has passed, with KRR announcing that more than 93% of KRR shareholders had voted in favour of the transaction.
My opposition is somewhat ameliorated by the way both WGX and KRR have been running. Now we are essentially waiting for the transaction to complete.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34744150
African gold miner Centamin aka CEE released two PRs today.
The first one delivered positive news concerning their flagship asset, the Sukari gold mine in Egypt. When new management took over a few years ago, one of the first things they did was to contract out the majority of their waste stripping, with the contractors recently reaching their 120Mt goal months ahead of schedule. This will allow the use of the fleet for other purposes over the remainder of the contract. Their assignment will include more waste stripping not scheduled till next year, and will free up part of CEE's own fleet to construct a dump leach which is expected to add at least 5k oz Au a year above current production.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34742423
The second PR from CEE concerns the release of a Definitive Feasibility Study for its Doropo gold project in Côte d'Ivoire.
The numbers look good to me, with Doropo hosting a Probable Reserve of 1.88M oz Au, enough to support a 10 year mine, with likely upside from further exploration paid for by cash flow from production. The projected AISC over the LoM is $1047 per oz Au, lower during the first five years when production will be higher. Using a $1900.oz gold price, the IRR is a robust 34% with a 2.1 year payback. Construction capex is estimated at $373M, and given that CEE currently also has almost double that in their cash stash, they should be able to finance the construction themselves.
CEE already has most of permits they need. Next up will be applying for a mining permit, and with that in hand, making a construction decision.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34742461
FWIW, inresponse to these PRs BMO issued a new analyst report. Calling the Doropo numbers 'as expected', and pleased by the Sukari news promising increased FCF, they maintained CEE with an Outperform and a target of $2.84. They expect construction to begin Q3 2027.
fwiw, Roy Sebag at Goldmoney (XAU.TO) has been buying for the past 6 weeks consistently ...
https://stockhouse.com/companies/insiders?symbol=t.xau
ARK, mta, NRN, KDK, IAU
Tay is an 118 sq km property in NE Kazakhstan now owned by Arras Minerals aka ARK. Back in the Soviet era, when Kazakhstan was part of the USSR, the state geology service found a 6.5km by 2.1 km buried chargeability anomaly akin to the geophysical trace of Kaz Mineral's Bozshakol mine located 28 km away, which produces over 100kt of Cu annually.
Until now Tay has never been explored using modern methods, but ARK has just begun a 100-hole 5km reconnaissance drilling programme to see exactly what is actually producing the anomaly. If it is a buried porphyry as expected, a deeper drill programme will begin later this year.
Tay is not subject to the exploration alliance with Teck.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34736550
Metalla Royalty & Streaming aka MTA has published what they are calling an Asset Handbook which is very useful for investors, actual and potential, because it give thorough details on each of the 102 royalties and streams that MTA owns. IMO it's worth spending some time reviewing even if you are an existing shareholder.
https://www.metallaroyalty.com/_resources/presentations/Metalla_Handbook_July_Final-compressed.pdf?v=071506
Northern Shield Resources aka NRN announced they have earned 100% ownership of the Root & Cellar property in Newfoundland. Although they have found indications of Au/Ag/Te mineralization and perhaps an underlying copper porphyry, it remains to be seen whether they now own 100% of anything economic, which would make Root & Cellr unlike the long string of properties they have acquired and explored to no avail over the last 15 years. 13th time lucky?
https://www.siliconinvestor.com/readmsg.aspx?msgid=34738486
FWIW, IKN this weekend pointed out that it looks like Kodiak Copper aka KDK has bottomed and is ready to run if they can pull some better drill results from its MPD property in southern BC where they are looking for large porphyries. This could be a good time to start a position in KDK or add to an existing one as long as you are willing to take your chances with the drill bit.
Speaking of bottoming patterns, Nevada gold miner i-80 Gold aka IAU has been the victim of a selling spree of its shares by EQX the last few months, exacerbated by some ill-timed PPs. Well it appears EQX has either run out of shares or decided to stop selling. IAU is now up about 25% from the 52-week low.
Oddly, the IAU warrants held their value even as the common stock lost significant value, so I have high hopes of the warrants doing very well if the common continues to recover.
Saville is reiterating that je expects gold stocks sill likely set their highs for the year in August or September, with HUI reaching 340-370 and GDX making it to $40-43.
NTH, MTA
I have only a small very underwater position in Nord Precious Metals aka NTH, but this tiny company continues to provide much entertainment. Proving once again that their stock symbol should be ADHD, now they have added two properties in Sweden, for each of which they will earn an initial 80% interest and then 100% by fulfilling requirements. There is no mention of who the seller is.
Finnsbo and Norrby are located in a traditional mining area of Sweden. Finnsbo has yielded a grab sample containing 27.1 g/t Au, 1.44% Cu, and 5.3% TREOY, of which more valuable Nd-Pr-Dy account for 25%. 17 grab samples from Norrby averaged 3.55 g/t Au along with unreported copper-cobalt assays.
Will these properties ever amount to anything? I doubt it, but hope I am wrong.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34727508
Metalla Royalty & Streaming aka MTA put out a PR announcing that GMIN had begun production at the Tocantinzinho gold mine in Brazil, and you can see why. MTA holds a 0.75% Gross Value Royalty on Tocantinzinho, which is very favourable because, unlike most royalty agreements, payment is calculated before expenses are applied. Once in full production, Tocantinzinho will become Brazil's third largest goldmine with an estimated mine life of more than 10 years, and will become one of MTA's largest revenue streams.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34728907
Saville was much more sanguine about gold this week. For him, the charts confirm that the correction in the PoG is complete. He also notes that gold in both the euro and $A is near to completing a very bullish declining wedge. And all this is happening as we approach the August-September period when gold stocks have set either an important low or important high for some years now.
SNAG, EDV, KRR
Although it also has some interesting 100%-owned prospects in the area, the main reason to own shares in Silver North Gold aka SNAG right now is its JV with Coeur on the Tim Ag/Pb/Zn prospect in Yukon Territory. It is located on the road to Coeur's producing Silvertip mine and clearly Coeur thinks there is a decent chance of finding similar CRD mineralization at Tim. Hence this summer they are funding a 2000m drill programme focused that will encompass six drill pads over a 2km potential CRD strike length.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34721263
After a brief interregnum, west African gold miner Endeavour Resources aka EDV continues on a roll. The latest good news is that its shares have been added to the FTSE 100 Index, the premier blue chip index on the LSE. This will not only cause a re-rating of the stock, it will result in new buying from funds that track the index. The article I linked includes a chart showing how closely EDV has tracked the POG since they share price bottomed out in February following the firing of their CEO. I expect EDV to outperform the PoG going forward.
https://ca.finance.yahoo.com/news/endeavour-mining-replace-smurfit-kappa-181716298.html
FWIW, Canaccord released a new analyst report on WGX, which is merging with fellow Australian miner Karora Resources aka KRR. They kept them at Buy with a target of $A3.35). (WGX is currently trading at $A2.51.) Now we wait to see if a competing bid comes before the deal closes.
EDV, ARK, QRC
West African gold miner Endeavour Mining aka EDV continues to prove they are top notch mine builders with the announcement of the first gold pour at their Lafigué mine in Côte d’Ivoire, completed on budget and ahead of schedule. EDV has now built five mines in the last ten years, each built in two years of less, all on budget and on or ahead of schedule. That's about as good as it gets.
Lafigué is expected to be a very low cost producer, scheduled to produce over 200k oz Au per year for at least 13 years at an AISC of around $900/oz, generating large amounts of FCF for the company.
With this latest round of builds now producing, I expect a rerating of the company's shares as the implications sink in. The brouhaha involving the former CEO is now in the rear view mirror.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34719895
Arras Minerals aka ARK announced the start of an IP survey on their Elemes property in Kazakhstan. This is designed to further refine drill targets on a number of potential Cu/Au porphyries on the property, defined by historical drilling by other companies and further exploration by ARK.
Once the IP results have been collated, drilling will resume.Note that this is not one of the properties falling under the ARK-Teck exploration alliance.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34719914
Queen's Road Capital aka QRC, which operates by placing convertible debentures with mining companies and pays the resulting income out as dividends, announced a big move into copper. Their latest debenture placement, worth $50M, is with a private company running a copper mine in Zambia, and will be used by that company to help fund a major expansion in their production. On QRC's side, this will increase their copper exposure from under 5% to ~20%, and will increase their convertible debenture portfolio to US$209 million, generating an average 9.6% coupon with an annual interest income of US$20.0 million which will support future dividend payments to shareholders.
QRC is essentially a vehicle for a group of Australian billionaires to generate income, and we retail shareholders can go along for the ride. I expect the billionaires will be happy with this move.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34719929
KTN, IAU
Kootenay Silver aka KTN has been very successful drilling up the D Vein on their Columba Ag prospect in Chihuahua, Mexico, establishing long intercepts of high grade mineralization. Current drilling is focused on extending the D Vein, but now KTN has announced they are bringing in another drill.
Initially the second drill will focus on the B Vein, which has already yielded intercepts like 4.6m @ 1,186 g/t Ag and 2.0m @ 1,050 g/t Ag from 212 meters downhole. (True widths for both intercepts are estimated at 60-75% of core length.) This drill will work towards where the D and B Veins intersect, an area expected to deliver strong mineralization.
This drill will then move on to explore other veins on the property, and along with another 20km of drilling planned for H2, will feed into a Resource Estimate for Columba expected before the end of the year.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34714603
Nevada gold miner i-80 Gold aka IAU has been quiet of late, perhaps shocked by the decline in their share price to its lowest ever since the company was listed. Today, we hear some positive news about metallurgical testing of the various CRD deposits on their Ruby Hill and Golden Hill projects, some more dominated by lead and zinc, other higher in gold, some sulphide, some oxide, some mixed.
In spite of this variety, the testing was able to achieve high recoveries using a variety of flotation and cyanidation techniques, though more testing will be required to achieve a proper flowsheet for each deposit.
At the end of the PR, IAu drops a tidbit that it has been carrying out similar metallurgical testing with similar results as part of the due diligence aimed at establishing a proposed JV for the Ruby Hill property. They remain coy about who they are talking to, but tell us that negotiations are ongoing.
Meanwhile, the share price slide continues. It started with some over generous PPs, but the main factor appears to be EQX selling a large holding of IAU shares regardless of what it does to the share price. Equinox Gold has been very focused on raising funds of late, but eventually they will run out of IAU shares to sell and one assumes, the share price will start to recover. I do hopes it happens well before tax loss selling season can bring more downward pressure on IAU's share price.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34714623
Savvy Pick 10 Contest #1 Deadline a Little more than 5 Hour Away
Remember to get your picks in before Today's Market Close. Below is the link to the board.
https://investorshub.advfn.com/Savvy-Pick-10-Contest-1-43057
KRR, OGC, NTH, NRN
Australian gold/nickel miner Karora Resources aka KRR announced it has filed the Management Information Circular for the proposed merger with fellow Aussie miner Westgold, with the vote on the merger to be held next month.
I didn't see any surprises in the filing compared to what we had already heard -- for each KRR shares, holders will receive 60.8 cents in cash and 2.524 shares of Westgold, which has agreed as part of the deal to pursie a listing on the TSX. There is also a Spinco holding certain minor KRR assets involved, but it remains unclear to me whether those will have any value.
I used to vote on these but given my relatively meagre shareholders I am just along for the ride, so I don't bother any more. If I was to vote, it would likely be in favour at this point, as no competing bid has emerged, though some folks I know think one will come along.
BTW, I have seen a lot of debate on the tax implications of the deal for holders of KRR.TO, particularly given the new capital gains taxation rules in Canada. My shares are in a tax sheltered account, though, so I didn't really pay attention.
https://ca.finance.yahoo.com/news/karora-resources-files-management-information-212200164.html
In the wake of the recent IPO on the Manila exchange of part of the subsidiary that owns the Didipio mine in the Philippines, Oceanagold aka OGC continues to clean up its balance sheet sheet by closing the sale of the Blackwater project in new Zealand, deemed surplus to needs, for proceeds of $30M cash. Given that if things proceed according to plan, OGC will be generating a lot offree cash flow going forward, I expect a re-rating of the stock as the implications of their recent financial moves sink in. This will only be enhanced if, as I expect, the PoG breaks out to new highs in the next year.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34710953
Nord Precious Metlas aka NTH released a 12-month exploration plan for their Castle East property in Ontario, which already has a small but high grade Inferred Resource of 274kt @ 8582 g/t Ag containing 7.56M oz Ag. Up till now NTH has found some interesting mineralization while poking around in various spots on the property, surface and underground, but now it looks they are going to be more serious and systematic in advancing Castle East.
The new exploration will be based on an extensive recompilation of historic and recent work on the property which in turn has generated a new geological understanding. A planned 30km of drilling will try to connect known zones of mineralization, particularly those close to the historic Capitol mine which can be used for access.
If this new modelling generates the results they hope, the Castle Mine property will be worth substantially more than it is now.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34712220
After a long break, Northern Shield aka NRN has released a new PR concerning their Root & Cellar Au/Ag/Cu/Te prospect in Newfoundland. Thanks to a thesis from a student at the University of Newfoundland, they are now able to distinguish three separate mineralizing events, which should help with finding the deeper lying porphyry they are looking for Channel sampling and trenching in the Conquest will resume shorrtly to follow up these insights.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34712279
Savvy Pick 10 Contest #1 Deadline Before Friday Market Close (6/28)
Remember to get your picks in before Friday's Market Close (6/28). Below is the link to the board.
https://investorshub.advfn.com/Savvy-Pick-10-Contest-1-43057
Note: Remember when you make your picks let me know what is your top pick.
Contest Announcement Post
This link announces the contest and give brief detail of some of the rules of the contest. for more info. on the rules the I-box of the Savvy Pick 10 Contest #1 Board for more details. Hope this helps.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174610885
CDPR.cn/GPPRF US$.08 Cerro de Pasco finally got their permit to drill the tailings at the 400 year old Cerro de Pasco base metal mine. Company estimates 200 million tonnes of tailings in the tailings pond. They waited 4 years for this permit! They will drill 40 shallow holes to better define location of tailings from different eras of the mine. Initial ore from the mine were heavy in copper, gold and silver. Later production came from zinc, lead, silver. Due to the extreme age of the mine, the tailings contain considerable amounts of metals based on poor recoveries in the distant past. In addition, the mine was nationalized and production was emphasized over recoveries. So company should have huge stockpile of ore waiting for processing. No trucking required. There are two under utilized mills within a short distance of the tailings. They have to negotiate an agreement for toll mining but envision pumping the ore thru pipes to the mills. 40% of normal mining costs are from digging up the ore and transporting to the mill. Those costs should be eliminated for Cerro de Pasco. But they have to finish the drill program and arrange for a milling agreement. Stock spiked to US$.15 on day of announcement of the permit and has sold off to .08 now. I sold some on the spike to .15 but have bought back those shares at .08. Market should perk up again when drill program is announced and drill results are published. Results should be a huge resource of silver equivalent ounces, in the hundreds of millions of ounces. Company estimates production in 2026 but they were projecting the permit would be issued 4 year ago so take that with a grain of salt. This should result in a very low cost polymetallic producer in a couple of years but we'll see if the government of Peru is going to delay them further. Nearby town is totally behind GPPRF because this will solve the acid rain problem they have now AND provide jobs for the community. Government should be issuing permits asap to solve their environmental problem, since they owned the mine for a long period of time and are responsible for much of the current environmental problem but governments are not always rational.
Market cap is around US$28million. IF drill program is successful and a mill agreement is reached with the two mills nearby, this should be a multibagger once production is confirmed. Resource is definitely there for decades of mill production.
https://finance.yahoo.com/news/cerro-pasco-resources-granted-long-120000140.html
RRI, TUO, SVB
Given that the newly-elected Mexican president has signalled strong support for copper mining, I expect we will see more initiatives across the country similar to what is announced in the latest NR from project generator Riverside Resources aka RRI, that they have expanded their Ariel copper prospect in Sonora, Mexico with the purchase of the adjoining Maria Luisa property. This means the entire Ariel project now covers more than 16 sq km and contains several very prospective targets for Cu/Mo minerlaization similar to that being exploited at Mexico's second largest copper mine, La Caridad, located within sight 18 km away.
RRI acquired the original Ariel property in 2015 and has since carried out a great deal of exploration across both Ariel and more recently, Maria Luisa. They have also completed permitting a drill programme expected to commence H2. The only question is whether RRI will follow their usual process of finding a JV partner to share the cost. I am sure they are talking to Grupo Mexico, who own and operate La Caridad.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34703314
Teuton Resources aka TUO and its JV partners released an update on its Treaty Creek Cu/Au project in BC's Golden Triangle. Or maybe that should be Au/Cu...
The reason I say that is that the latest drill programme, already two holes in, is focused on expanding what they are calling a supercell, SC01, which is a gold-dominant portion of the Goldstorm deposit, with previous drilling already yielding intercepts like 5.50m @ 9.96 g/t AuEQ (9.66 g/t Au, 1.23 g/t Ag, 0.24% Cu) including 4.50m @ 20.86 g/t AuEQ (20.61 g/t Au, 1.50 g/t Ag, 0.20% Cu) .
In a large lower grade deposit like Goldstorm, it is often early mining of higher grade sections like SC-1 that make the overall economics of the deposit work. We will learn more about that over the next year, as a PEA for Treaty Creek will commence shortly and is expected to be completed by Q2 2025.
The JV partners are also carrying out more permitting plus metallurgical studies to support the PEA. I will be interested to see how it is affected by TUD's permitting error that lost what was formerly portrayed as vital properties for Treaty Creek to become a mine to a neighbour.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34704504
Silver Bull aka SVB issued an update on its international arbitration claim against Mexico. They are seeking $408M in compensation because Mexico has done nothing to remove an illegal blockade that has cut off access to their Sierra Mojada project in Coahuila. We're getting into deep legalese here, with talk of engaging 'quantum expert' and SVB filing a 'Memorial submission'. I have no idea what each of those may be, so just take it that SVB's case is fully funded and considerations by the arbitration panel are underway, with no date given for receiving its conclusions.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34705741
KTRI, KDK, OGC
Recently listed Kootenay Resources aka KTRI announced the the definitive signing of a JV agreement with Rokmaster Resources on three properties located in the Chilcotin in BC. Initially, RKR can earn 60% over 4 years by meeting exploration requirements and issuing shares to KTRI. After that, RKR will have the opportunity to gain 100% ownership by issuing more shares and granting KTRI NSRs on the properties.
That's the prospect developer model in action.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34699783
Kodiak Exploration aka KDK announced the start of exploration on their MPD Cu/Au prospect in southern BC. They are planning a 10km drill programme on 6 targets developed by their geologists using AI. There will also be more geophysics and soil geochemistry as well as surface exploration involving mapping and sampling.
As evidenced by the share price, KDK has not really been able to gain traction in the market following the initial discovery hole that put MPD on the map. Maybe this will finally be the year...
https://www.siliconinvestor.com/readmsg.aspx?msgid=34698275
Fwiw, in the wake of attending Oceanagold aka OGC's Investor Day, Scotia issued a new research report. Highlighting a strong internal growth pipeline and the approaching Free Cash Flow inflection point -- OGC should produce more FCF in H2 2024 than they did in 2022 and 2023 combined -- plus the recently completed Philippine IPO further strengthening the balance sheet, they proclaim OGC to be one of their top mid-tier PM picks. Scotia maintained OGC at Sector Outperform but increased their target to $4.25.
HMLO, KRR, Claudia Sheinbaum
As you would expect from its name, so far Hemlo Explorers aka HMLO, which recently moved from the TSXV to CSNX, has been focused on Ontario, specifically Au and PGM prospects in the Hemlo area.
Now they are expanding their focus by staking 38 sq km of claims bordering the south end of NFG's Queensway property in Newfoundland. NFG's discoveries have ignited a bit of a gold rush in that part of Newfoundland, and apparently HMLO's geologists think the land they have staked holds similar geological structures to those that host the mineralization on Queensway.
At this point HMLO says their priority with this acquisition is to selectively acquire more properties in the area and then begin to plan and raise money for an exploration programme.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34695772
The Fletcher zone in Australian gold/nickel miner Karora Resources aka KRR's Beta Hunt mine continues to be the gift that keeps on giving. With the release of Stage 2 drilling results, the strike length of Fletcher has been extended to over 800m, with the highlight drill result being 17.3 g/t over 14.5m including 35.3 g/t over 6.0m, 5.3 g/t over 10.0m, and 3.5 g/t over 12.0m. Along with the other strong drill results from Stage 2, these intersections will make a substantial contribution when Fletcher's initial Resource Report is generated after more drilling.
The potential strike length of Fletcher, fault to fault, is over 2.2 KM, so next up is Stage 3 drilling, which will attempt to connect the results from Stage 2 drilling across the 300m, so far undrilled, to the original Fletcher discovery hole. And it's not just the length of Fletcher; KRR has also started to discover parallel zones of mineralization that widen the ore body, and expect to find more as exploration proceeds. Hence, KRR is now mentioning that Fletcher has the potential to become Beta Hunt's largest gold system.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34695785
For those worried about the new Mexican president Claudia Sheinbaum's impact on the Mexican mining industry, the knowledgeable IKN newsletter devoted a number of pages to laying waste to the coverage of her election by the uninformed mainstream English language media to the north. I can't share the details, but IKN starts by pointing out that Mexico is like Chile or Peru, with a long established mining culture that is important to the national economy and vital to a number of states, and therefore no Mexican government can actually be anti-mining. IKN then refers to Claudia Sheinbaum's manifesto on mining -- which the English language media clearly did not, even bother to read -- which does say that there will be no NEW concessions for open pit mining and which calls for prior consultancy with locals, but also says that open pit permits will resume being issued as long as the locals are onside. I will add that she has repeatedly stressed the importance of copper mining to help with the energy transition.
So ignore the ill-informed English language media and read the manifesto yourself. Claudia Sheinbaum is a successful and pragmatic politician received by far won the largest number of votes ever for any Mexican presidential candidate ever, and IMO she won't let ideology get in the way of her decision-making.
Saville opines that gold has likely not completed its correction, but he expects it to test the support set in May to complete the correction within about a week.
MAI
FWIW, the IKN newsletter included a lengthy analysis of the current state of Mexican miner Minera Alamos aka MAI. If you want the details you'll have to pay up for a subscription, but I will mention that IKN sees MAI as in good financial position in spite of having to tread water for the last year due to permitting issues, and that they should break even this quarter and then start generating profits after that as the new mine plan increases production even without the permits.
For now IKN is sticking to a price target of 75 cents while keeping MAI as their Top Pick.
IPT, EDV, MAI
Mexican miner Impact Silver aka IPT released its Q1 results, and they were not great, albeit with pretty good explanation as to why. Even as zinc production from the the Plomosas mine gradually increases, aiming at reaching full production by the end of the year, both silver and gold production from Zacualpan were down in Q1. It turns out they ceased production temporarily from their primary source of gold while trying to improve recoveries, while silver production was down primarily due to production interruptions due to upgrading the underground railway Hence IPT lost over $3M in Q1, though they claim this will be more than made up for by the recently completed improvements. We shall see.
There were a few other interesting tidbits. They are designed what they say will be a low cost solar and battery power source for Plomosas, and have signed a new labour agreement with the workers at Zacualpan.
In spite of lesser production, IPT did manage to reduce their direct production costs per tonne significantly in Q1, and also recently completed an upsized PP, so they are in good financial shape. Let us hope the improvements and the continuing high price of all the metals they produce will generate some decent profits.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34682355
West African gold miner Endeavour Mining aka EDV continued its recent string of positive news with the announcement that wet commissioning is now underway at its Lafigué project in Côte d’Ivoire. The build has gone well, on budget and months ahead of schedule, with the first gold pour expected next month. Mining to date has built a stockpile of 1.6Mt ore at 1.30g/t containing 65koz Au. The mine is expected to produce over 200k oz Au a year during its initial 13 years at an AISC of less than $900/oz.
H2 looks better and better for EDV. If the PoG cooperates as I expect, I think the share price will increase substantially from current levels.
BTW, I also checked the voting at their recent AGM to see if the turmoil over the fired CEO had had an impact, but there was no effect that I could discern.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34683611
Mexican gold miner Minera Alamos aka MAI released its Q1 results and a YTD operations update. Anyone who has been following the company knows that permit issues have got in the way of expanding production at its Santana mine in Sinaloa, so in response they had reconfigured the mine plan to a new approach to maximize production without the heap leach expansion. This process has already begun with the stockpiling of higher grade ore to be processed following metallurgical testing to maximize recoveries, as well as increasing mining rates.
Gold production did increase in Q1, to 907 oz, but this is expected to greatly increase over the next 12 months as the new plans kick in. In the meantime, MAI remains in good financial shape, with a cash stash of $11.8M and working capital of $18.2M. The shares have been trading better of late. If they get the heap leach expansion permits, which could happen at any time, expect another an upward re-rating of the stock.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34685203
FWIW, Saville is removing FVI from his recommendations and replacing it with BTO due to the way FVI has run of late. In general I do not value his stock recommendations the way I do his calls on the overall market, but this one looks like a good call.
Indeed, I would never recommend IPT as a well-run company, just as a leveraged way to play during a silver bull run.
I have been keeping an eye on Blackrock Silver too, but have finally learned to control my impulse to buy shares in more and more companies, so it remains in the bullpen for now.
Silver has always been a bit of an odd duck, part quasi-currency like gold, part industrial metal. Solar energy is pretty well guaranteed to continue to increase in the coming years, so that may tip the balance more towards the industrial side, but in a good way. Unless of course, someone figures out a way to use a cheaper substitute...
LC
Thanks for the tip on Impact. I just can't get excited about them. Owner runs it like a hobby. Maybe it's changed but never really ramps up production. I do understand that's it's producing mostly silver, which is rare these days. Most bigger silver producers get lured into gold mines because of the higher returns. First Majestic used to brag about it's silver predominance but then got greedy and went after Eric Sprott's gold mine in Nevada. Spent millions trying to prove that mine was failing due to under investment. Finally put it on care and maintenance after losing so many millions.
I do have an explorer in Blackrock Silver. They have 100 million high grade oz plus in Nevada. Stock hasn't done well lately. They diluted a lot because they drilled so much but the silver is there. CEO is a promoter rather than an operator so they will never build that mine.
I think the silver bull run is finally going to happen. Been waiting a looong time. Chen thinks China has adopted a new solar technique, layering solar cells on the top and bottom of the panels. Boosts capacity and China makes almost all solar panels. This change is rolling thru the industry and should take full effect this year and boost usage of silver. Unfortunately they got over zealous about overbuilt capacity. Some factories are going out of business but solar should survive and use more silver. Chen is predicting a bigger silver deficit this year and higher silver prices. We'll see if he's right.
Romania Government Align Mining Legislation to EU 's Critical Raw Materials Act
https://crweworld.com/article/news-provided-by-globenewswire/3364861/romania-government-announces-strategy-to-align-mining-legislation-to-the-eu-s-critical-raw-materials-act
https://www.eurosunmining.com/
BULLISH
NTH, KTN, WM
Nord Precious Metals aka NTH owns a property called Castle in Cobalt, Ontario which hosts a number of past producing mines. They have now began investigating one called Capitol which produced large amounts (over 52M oz) Ag plus Co even though most of the potential ore was never mined due to logistical considerations.
As with the already established Robinson and Big Silver zones, their first few drill holes have found the type of narrow high grade mineralization usual for the area. What has been dubbed the All-Stars zone yielded intercepts including 5441.4 g/t Ag over 0.37 and 3730 g/tAg over 0.75m. Next up is drilling to try to connect Robinson with All-Stars.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34674118
Kootenay Silver aka KTN released six more holes from the ongoing drill campaign on the D Vein on its Columba silver prospect in Chihuahua, Mexico.Four of the holes were shallow ones aimed at establishing the vein orientation for later follow-up, but the other two were more significant Both came up with rich mineralization -- please refer to the PR for assays as they are difficult to represent in the forum -- that have extended the strike length of the vein from 450m to 650m.
KTN was impressed enough by the assays to bring in another drill to test exploration targets, though it is unclear from the wording whether these targets are along the D Vrin or others on the property, while the other will continue steeping out along the D Vein. Once they have established the full strike length, the emphasis will switch to infill drilling in preparation of a Resource Report expected before the end of the year.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34674190
Quebec gold developer Wllbridge Mining aka WM released the results of a short drill programme recently completed in and around its Fenelon project. Most of the results were near surface, some infill and some just outside the MRE, with the headline intersections being 29.48 g/t Au over 1.4m and 37.95 g/t Au over 1.9m in a hole just outside the MRE.They also pulled some good intercepts in both deep and shallow infill drilling in various zones. The shallow hits should help produce better numbers in the PEA for Fenellon currently underway.
WM also tells us they will shortly be releasing the results of another drill campaign completed recently at the nearby Matiniere property, which will be part of the PEA, and that an exploration drill programme will begin in June.
https://www.siliconinvestor.com/readmsg.aspx?msgid=34675410
Saville opines that based on the sentiment readings, a breakout by gold to a new ATH is likely within the next few months. (There may also be a short lived spike in the interim.) He also thinks silver is likely to make it to $35 in the next few months, but has no opinion on whether that will lead to a further breakout. He likes gold stocks here, with the gold/oil ratio, a proxy for miner's profitability, making new highs.
This board is for discussing junior miners in both base and precious metals. The commodities boom appears to be a longer term issue so these stocks should become more important as investors try to find small companies that are discovering new deposits.
The typical scenario is that the big companies have such high overhead that they can only look for huge deposits. However as commodities rise in price and all producers max out production, the larger players struggle to replace reserves. The junior miners typically fill that role by finding deposits and then selling out to the cash rich bigger players.
My normal investing strategy is to look for profitable stocks with low p/e's. That strategy is difficult with mining stocks because most are not in production or are losing money.
My alternative strategy is to look for miners with near term potential to begin production. Those are the stocks that I will attempt to focus on along with any stocks that are actually profitable.
Bobwins
FAVORITE JUNIOR NICKEL MINERS:
FAVORITE JUNIOR ZINC MINERS:
Zinc prices have underperformed relative to other base metal prices during the commodity boom of 2010-11. There is supposed to be a surplus in supply in the near term but significant shortages could develop over the next few years. Several large zinc mines are slated to run out of reserves during this time period and demand is expected to continue to increase.
FAVORITE JUNIOR COPPER MINERS:
China remains the most important barometer of base metal fortunes. If their economy continues to grow, copper usage and prices will continue to be supported at the current high levels.
Capstone Mining Corp CS.to/CSFFF.pk
F.D. 82.1M, The company is buying back 10% its shares from mid 07-mid 08. Holding ~20m shares of SST.v plus warrants.
Cash cost about 40c copper net byproduct credit, going lower as smelter charges drop in 08 and lead price jumps.
Recently increased its mill output by 120% under budget. Guiding 26 M lb of copper, 11.3M lb of zinc and 4.1M lb of Lead in 08.
New resource update by sep 07.
http://www.capstonemining.com/
QUADRA MINING QUA.to/QADMF.pk
S.O. 38.1M + 3.9M (InterMoly) + 12M (PP, fully allocated)=54M
F.D. 42.6M + 3.9M (InterMoly) + 24M (PP, fully allocated)=70.8M
2007 guidance: 125 M lb copper and 60 K oz gold
Q1 2007 production: 36.6 M lb copper and 31 K oz gold. Cost: ~$1.5/lb
http://www.quadramining.com
Taseko Mines Ltd. (TGB)
S.O. 113.6 M
F.D. 126.4 M
2007 guidance: 60-70M lb copper and 1 M lb of moly. Cost: ~$1.5/lb
Production set to increase to 120 M lb copper and 1.4 M lb of moly in late 2008 and cost will go down to close to US$1.1/lb area.
http://www.tasekomines.com
FAVORITE JUNIOR GOLD MINERS:
FAVORITE JUNIOR SILVER MINERS:
AURCANA AUN.v AUNFF.pk
S.O. 90.4M
F.D. 105.5M
http://www.aurcana.com/
FORTUNA FVI.to FVITF.pk
Profitable mine in Peru has financed much of the development of their new mine in Mexico. Producing over 2million oz of silver now, targeting 5million+ oz in 2013 when new San Jose mine should be at full production capacity.
http://www.fortunasilver.com
SCORPIO MINING SPM.to SMNPF.PK
http://www.scorpiomining.com/
SILVER WHEATON SLW
http://www.silverwheaton.com
Silver Wheaton is the biggest silver streamer. They finance many junior miners by buying future production of silver at fixed prices. The typical price they pay is 3.90/oz. The miner gets needed financing to bring mines into production and SLW gets all or a percentage of their future silver production. Silver Wheaton has financing power that many juniors lack. Now that they have been in business for several years, their initial investment projects are coming into production and raising SLW's production levels. Lower risk way to play silver because of diversification and lack of mining risk. SLW is relatively low overhead. They have a small office staff of finance experts who continue to add deals to the portfolio and production without significantly adding to overhead now and in the future.
FAVORITE JUNIOR URANIUM MINERS:
Worldwide, there are hundreds of nuclear powerplants on the drawing board. The current mining supply is well below current usage. The deficit is being supplied by Russia from deactivated nuclear warheads. That program is going to end in 2013 and Russia has indicated they will retain whatever is remaining of their inventory for their own nuclear powerplant use. As that deadline approaches, there is more and more likelihood that uranium will increase in price.
Strathmore Minerals STM.v STHJF.pk
http://www.strathmoreminerals.com
Near term producer, with two projects being advanced towards production. Strathmore has a JV with Sumitomo to develop Roca Honda in New Mexico and is pursuing licensing for the Gas Hills Project in Wyoming. Strathmore has a large acreage position in the US of prospects that it intends to JV or sell to concentrate on it's core products. These properties were acquired many years ago at very low prices.
Uranerz Energy URZ
http://www.uranerz.com
FAVORITE JUNIOR MOLYBDENUM MINERS:
FAVORITE JUNIOR TUNGSTEN MINERS:
DYNACOR MINES DYN.to MSDRF.PK
http://www.dynacor.com/
FAVORITE JUNIOR LEAD MINERS:
MontyHigh's blog, quite informative: http://montyhigh.typepad.com/world_of_wallstreet/
A Good web site for juniors: http://miningpedia.com/
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