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Copper prices pressured by weak demand, sentiment, rising inventories — report
with MMGYS soundtrack
MINING.com Editor | October 10, 2023 | 4:23 pm Markets China Copper
Copper price falls as China’s reopening boost loses power
Fitch Solutions is revising down its 2023 average annual copper price forecast to $8,550/tonne, from $8,800/tonne previously as US dollar strength and market fears of another US Fed rate hike places a cap on price growth.
Simultaneously, Mainland China’s service-led recovery, along with weak global demand continue to pressure prices along with investor sentiment towards industrial metals, including copper.
Although Fitch expects prices to improve slightly from current levels in 2023, the analyst does not expect a return to the highs seen in 2022 as China’s real estate sector remains in doldrums.
Prices have averaged $8,628/tonne in the year to date as of September 19 2023, lower than the average of $8,788/tonne seen in full year 2022, on the back of subdued global demand in the main, the analyst said in its latest market report.
Prices have been on a steady downward trend since mid-January 2023, after peaking at $9,356/tonne on January 23 2023 on the back of expectations of a strong rebound in Chinese demand.
Prices were hovering around $8,293/tonne as of September 19, down 11% from the year to date high of $9,356/tonne.
The forecast of $8,550/ tonne for 2023 means Fitch expects prices to remain under significant pressure in Q4 as weak demand and rising inventory levels hammer prices.
Production
Globally, Fitch forecasts refined copper production to remain in growth territory over the coming decade despite some short-term supply disruptions from outside Mainland China, as a number of smelters undergo maintenance that will ultimately reduce total annual output volumes.
The analyst also expects supply issues in Latin America to hamper copper concentrate supply growth, leaving the market tight and putting pressure on refined copper supply in the coming months.
Fitch forecasts global refined copper output to climb from 27.3mnt in 2023 to 35.2mnt by 2032, averaging 3.1% annual growth.
Consumption
The analyst predicts global copper consumption growth to rise in 2023 by 2.9% to 27mnt, amid an uneven economic recovery in China and a drag from other markets.
Fitch notes that the green energy transition will partially offset this downside pressure. Over the rest of the decade, the firm anticipates strong demand growth driven by the renewables and autos construction industries. The analyst expects global copper demand to increase from 27mnt in 2023 to 36mnt in 2032, averaging 3.3% annual growth.
Read the full report here.
https://www.mining.com/copper-prices-pressured-by-weak-demand-sentiment-rising-inventories-report/
Metal trader misery undercuts supercycle hype as losses pile up
with MMGYS soundtrack
Bloomberg News | October 8, 2023 | 11:35 am Intelligence Markets Top Companies Australia China Latin America USA Aluminum Cobalt Copper Nickel
The world’s metal traders are enduring one of their toughest periods in years, even as an international race for minerals thrusts the industry into the geopolitical spotlight like never before.
From top copper trader Trafigura Group to the largest metals-specialist hedge fund, a who’s-who of powerful and high-profile names have lost money, cut staff or suffered other setbacks in the past year.
It’s a disconnect that’s likely to dominate conversations as thousands of traders, financiers and investors descend on London for the annual LME Week gathering that kicks off Sunday: on the one hand, governments around the world are growing increasingly concerned about future availability of metals like copper, nickel and cobalt that will be critical to the energy transition. Yet for the past year, weak industrial demand has kept prices under pressure, leaving traders struggling to eke out profits from sluggish metals markets.
“It’s dawning on people they’ve talked themselves into a supercycle that isn’t happening,” said Concord Resources chief executive officer Mark Hansen, whose company reported its first-ever loss last year. “The environment is the most complicated and tricky for metals trading that I’ve ever seen.”
The Orion Commodities Fund – the largest metals-focused hedge fund – was down 4% in the year through August, according to an industry report. Its assets under management have dropped by more than a third in the past year to $1 billion.
Operating profits at Trafigura’s metals unit were down 68% year-on-year in the 12 months to March as it recorded a loss of nearly $600 million as the victim of a massive alleged nickel fraud. Its metals division is expected to take further hits when it reports results for the half year that ended in September, people familiar with the matter said. A person close to the company said that the underlying performance of its metals and minerals trading remains good.
The challenges aren’t just a function of a lackluster economy. While demand has disappointed expectations, including in top consumer China, it hasn’t yet fallen off a cliff. The result is a lukewarm market that is neither strong nor weak enough to create lucrative trading opportunities. And rising interest rates are dramatically lifting costs and hurting traders who signed long-term deals before the hiking cycle began. What’s more, a series of alleged frauds and deals gone wrong has shaken some of the best-known names in metals trading.
The mounting pressure also has significance beyond the traders themselves — the industry forms a vital link in the web of miners, processors and end-users like manufacturers and builders, which all rely on the companies to buy, sell and transport metals around the world.
Trickier year
Some of the industry’s big players have continued to notch up solid gains, but they too have acknowledged a downturn in profitability.
“It has been a trickier year and you’ve seen lower margins in metals trading,” Gary Nagle, chief executive of Glencore Plc, which vies with Trafigura for the title of the world’s largest metals trader, told journalists in August. Earnings before interest and tax at Glencore’s metals and minerals trading unit were down 36% year-on-year to $1.5 billion in the 12 months through June, the weakest 12-month period since 2019.
IXM, the third-largest metals trader, reported net profit of about $19 million last year, the weakest in more than a decade, although it has recovered somewhat — reporting profits of just over $40 million in the first half of this year.
Smaller firms have been harder hit. Bloomberg reported last month that several senior traders were leaving historic trading house Gerald Group, while earlier this year the company discovered it had been the victim of a suspected fraud in tin, people familiar with the matter said.
Transamine Trading SA, a specialist in trading metal ores known as concentrates, had a problem in Brazil earlier this year, according to people familiar with the company. Transamine is reorganizing its copper team, one of the people said.
“The trade is not easy — Australian copper concentrates cannot go to China, some companies are taking very aggressive positions and some big mining companies are now also trading. But it is not a bad year, we have had good business,” said Transamine director Jean-Pierre Adamian.
Concord, a mid-sized merchant specializing in aluminum which also owns an alumina plant in Louisiana, reported its first-ever loss in its 2022 results filed at Companies House in what it described as a “very challenging year,” while Ocean Partners, another concentrates trader, said net profits dropped 65%.
Still, many remain optimistic about the future, and some trading companies are seeking to expand in metals even now. Energy trader Gunvor Group Ltd. is re-entering the market and has hired veteran trader Ivan Petev to run its base-metals business, Bloomberg reported last month.
“Is that something that’s here to stay?” asked Glencore’s Nagle, about the subdued metal trading conditions. “No, I don’t think so. I think it’s an indication of market conditions today,” he said. “I don’t think that’s an indication of the future necessarily.”
(By Archie Hunter, Jack Farchy and Yvonne Yue Li, with assistance from Nishant Kumar, Mark Burton and Liz Yee Xing Ng)
https://www.mining.com/web/metal-trader-misery-undercuts-supercycle-hype-as-losses-pile-up/
Metal trader misery undercuts supercycle hype as losses pile up
with MMGYS soundtrack
Bloomberg News | October 8, 2023 | 11:35 am Intelligence Markets Top Companies Australia China Latin America USA Aluminum Cobalt Copper Nickel
The world’s metal traders are enduring one of their toughest periods in years, even as an international race for minerals thrusts the industry into the geopolitical spotlight like never before.
From top copper trader Trafigura Group to the largest metals-specialist hedge fund, a who’s-who of powerful and high-profile names have lost money, cut staff or suffered other setbacks in the past year.
It’s a disconnect that’s likely to dominate conversations as thousands of traders, financiers and investors descend on London for the annual LME Week gathering that kicks off Sunday: on the one hand, governments around the world are growing increasingly concerned about future availability of metals like copper, nickel and cobalt that will be critical to the energy transition. Yet for the past year, weak industrial demand has kept prices under pressure, leaving traders struggling to eke out profits from sluggish metals markets.
“It’s dawning on people they’ve talked themselves into a supercycle that isn’t happening,” said Concord Resources chief executive officer Mark Hansen, whose company reported its first-ever loss last year. “The environment is the most complicated and tricky for metals trading that I’ve ever seen.”
The Orion Commodities Fund – the largest metals-focused hedge fund – was down 4% in the year through August, according to an industry report. Its assets under management have dropped by more than a third in the past year to $1 billion.
Operating profits at Trafigura’s metals unit were down 68% year-on-year in the 12 months to March as it recorded a loss of nearly $600 million as the victim of a massive alleged nickel fraud. Its metals division is expected to take further hits when it reports results for the half year that ended in September, people familiar with the matter said. A person close to the company said that the underlying performance of its metals and minerals trading remains good.
The challenges aren’t just a function of a lackluster economy. While demand has disappointed expectations, including in top consumer China, it hasn’t yet fallen off a cliff. The result is a lukewarm market that is neither strong nor weak enough to create lucrative trading opportunities. And rising interest rates are dramatically lifting costs and hurting traders who signed long-term deals before the hiking cycle began. What’s more, a series of alleged frauds and deals gone wrong has shaken some of the best-known names in metals trading.
The mounting pressure also has significance beyond the traders themselves — the industry forms a vital link in the web of miners, processors and end-users like manufacturers and builders, which all rely on the companies to buy, sell and transport metals around the world.
Trickier year
Some of the industry’s big players have continued to notch up solid gains, but they too have acknowledged a downturn in profitability.
“It has been a trickier year and you’ve seen lower margins in metals trading,” Gary Nagle, chief executive of Glencore Plc, which vies with Trafigura for the title of the world’s largest metals trader, told journalists in August. Earnings before interest and tax at Glencore’s metals and minerals trading unit were down 36% year-on-year to $1.5 billion in the 12 months through June, the weakest 12-month period since 2019.
IXM, the third-largest metals trader, reported net profit of about $19 million last year, the weakest in more than a decade, although it has recovered somewhat — reporting profits of just over $40 million in the first half of this year.
Smaller firms have been harder hit. Bloomberg reported last month that several senior traders were leaving historic trading house Gerald Group, while earlier this year the company discovered it had been the victim of a suspected fraud in tin, people familiar with the matter said.
Transamine Trading SA, a specialist in trading metal ores known as concentrates, had a problem in Brazil earlier this year, according to people familiar with the company. Transamine is reorganizing its copper team, one of the people said.
“The trade is not easy — Australian copper concentrates cannot go to China, some companies are taking very aggressive positions and some big mining companies are now also trading. But it is not a bad year, we have had good business,” said Transamine director Jean-Pierre Adamian.
Concord, a mid-sized merchant specializing in aluminum which also owns an alumina plant in Louisiana, reported its first-ever loss in its 2022 results filed at Companies House in what it described as a “very challenging year,” while Ocean Partners, another concentrates trader, said net profits dropped 65%.
Still, many remain optimistic about the future, and some trading companies are seeking to expand in metals even now. Energy trader Gunvor Group Ltd. is re-entering the market and has hired veteran trader Ivan Petev to run its base-metals business, Bloomberg reported last month.
“Is that something that’s here to stay?” asked Glencore’s Nagle, about the subdued metal trading conditions. “No, I don’t think so. I think it’s an indication of market conditions today,” he said. “I don’t think that’s an indication of the future necessarily.”
(By Archie Hunter, Jack Farchy and Yvonne Yue Li, with assistance from Nishant Kumar, Mark Burton and Liz Yee Xing Ng)
https://www.mining.com/web/metal-trader-misery-undercuts-supercycle-hype-as-losses-pile-up/
Gold Down $100? This Really Shouldn't Be A Surprise
Big dose of reality here
Gold Down $100? This Really Shouldn't Be A Surprise
Big dose of reality here
The Old Switcheroo - Empire of Lawlessness
with MMGYS Soundtrack
“I've always resented the smug statements of politicians, media commentators, corporate executives who talked of how, in America, if you worked hard you would become rich. The meaning of that was if you were poor it was because you hadn't worked hard enough. I knew this was a lie, about my father and millions of others, men and women who worked harder than anyone, harder than financiers and politicians, harder than anybody if you accept that when you work at an unpleasant job that makes it very hard work indeed.”
Howard Zinn
"There is not a more perilous or immoral habit of mind than the sanctifying of success."
Lord Acton
“People with advantages are loathe to believe that they just happen to be people with advantages. They come readily to define themselves as inherently worthy of what they possess; they come to believe themselves 'naturally' elite; and, in fact, to imagine their possessions and their privileges as natural extensions of their own elite selves.”
C. Wright Mills, The Power Elite
"A lot of white-collar criminals are psychopaths. But they flourish because the characteristics that define the disorder are actually valued. When they get caught, what happens? A slap on the wrist, a six-month ban from trading, and don't give us the $100 million back. I've always looked at white-collar crime as being as bad or worse than some of the physically violent crimes that are committed."
Robert Hare
"The wealth of another region excites their greed; and if it is weak, their lust for power as well. Nothing from the rising to the setting of the sun is enough for them. Among all others only they are compelled to attack the poor as well as the rich. Plunder, rape, and slaughter they falsely call empire; and where they make a desert, they call it peace."
Tacitus
The ongoing current of statements from the spokesmodels and talking heads over the past week, as well as a number of market indicators I have learned to watch over the past thirty years or so had me thinking that we would see a terrible jobs number this morning, and a fantastic reversal and rally in equities and the metals. And I structured my trading positions accordingly, with a hedge for uncertainty.
And this morning when I heard the monster overshoot in the Jobs number I thought, 'oh no, I was wrong.' Thank God for the hedge, but I wish it was larger.
But little did I know. I'm glad I did nothing as the little set piece we call the 'free markets' played out. Am I getting more patiently wily or just lazy? Oh me of little faith.
But what else might we expect from empire building jokers who make a blasphemous religion of greed out of victimizing the innocent.
It is probably a mistake to ever underestimate the shamelessness and greed of the power elite.
And so the Dollar this morning rocketed higher, and then dropped precipitously and ended slightly lower into the close.
Stocks did the opposite, with a monster rally crushing the shorts and hedges.
The VIX fell sharply after spiking higher.
Wash-rinse-repeat.
My eyesight continues to return, if all too slowly but surely. Whenever I might feel like getting too comfortably complacent He always seems to knock me down hard off my perch. Thank God for His loving kindness and tender mercies.
Have a pleasant weekend.
https://jessescrossroadscafe.blogspot.com/
13,476 Shares in McEwen Mining Inc (NYSE:MUX) Bought by U S Global Investors Inc.
Posted by MarketBeat News on Oct 4th, 2023
McEwen Mining logoU S Global Investors Inc. purchased a new stake in McEwen Mining Inc (NYSE:MUX – Free Report) (TSE:MUX) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 13,476 shares of the basic materials company’s stock, valued at approximately $97,000.
Several other institutional investors have also added to or reduced their stakes in MUX. Meitav Investment House Ltd. purchased a new position in shares of McEwen Mining in the 2nd quarter valued at approximately $950,000. UBS Group AG lifted its stake in shares of McEwen Mining by 58.7% during the first quarter. UBS Group AG now owns 4,827 shares of the basic materials company’s stock worth $41,000 after buying an additional 1,785 shares during the period. Bank of America Corp DE grew its holdings in shares of McEwen Mining by 221.4% during the first quarter. Bank of America Corp DE now owns 7,544 shares of the basic materials company’s stock valued at $64,000 after buying an additional 5,197 shares during the last quarter. Quintet Private Bank Europe S.A. acquired a new position in shares of McEwen Mining in the 1st quarter valued at $126,000. Finally, Beirne Wealth Consulting Services LLC purchased a new position in McEwen Mining in the 1st quarter worth $169,000. Institutional investors and hedge funds own 19.63% of the company’s stock.
https://www.etfdailynews.com/2023/10/04/13476-shares-in-mcewen-mining-inc-nysemux-bought-by-u-s-global-investors-inc/
McEwen Mining: Stock Exploration Update
https://finance.yahoo.com/news/mcewen-mining-stock-exploration-192900168.html
McEwen Mining: Stock Exploration Update
https://finance.yahoo.com/news/mcewen-mining-stock-exploration-192900168.html
ROB McEWEN & CRESCAT CAPITAL COMPLETE STRATEGIC INVESTMENTS IN
GOLIATH RESOURCES LIMITED
with MMGYS soundtrack
Toronto, Ontario – October 2, 2023 – Goliath Resources Limited (TSX-V: GOT) OTCQB: $GOTRF (FSE: B4IF)
(the “Company” or “Goliath”) is pleased to report Mr. Rob McEwen and Crescat Capital LLC have completed
their strategic investments in Goliath. They both participated in tranche one of the announced non-brokered
private placement that was upsized to $8,600,000 from $5,000,000. Gross proceeds from tranche one totaled
$4,115,616 and the second and the final tranche of up to ~$4,484,384 gross proceeds is scheduled to close
on or around October 11, 2023.
Mr. McEwen subscribed for $1,000,440 NFT units priced at $0.63 for a total of 1,588,000 units through his
personal holding company. Once the second tranche closes, he will own ~2.4% (P/D) of Goliath. Mr. McEwen
is the founder and former Chairman of Goldcorp where he discovered, built, and operated the Red Lake Mine
in Ontario which was acquired by Newmont Mining in 2019 for US$10 billion. Mr. McEwen is currently the
Chairman and Chief Owner of McEwen Mining Inc., a gold and silver producer with operations in Nevada,
Canada, and Mexico.
Goliath’s largest shareholder, Crescat Capital, subscribed for $500,220 for a total of 794,000 NFT units. Once
the second tranche closes, they will own ~18.4% (P/D) of Goliath. Crescat Capital participated in the Offering
pursuant to a pre-emptive right granted to them by the Company (see about Crescat Capital below).
continues here https://goliathresourcesltd.com/wp-content/uploads/2023/10/October-2-2023-Rob-McEwen-Crescat-Capital-Complete-Strategic-Investments-In-Goliath-Resources-Limited.pdf
Web site https://goliathresourcesltd.com/
ROB McEWEN & CRESCAT CAPITAL COMPLETE STRATEGIC INVESTMENTS IN
GOLIATH RESOURCES LIMITED
with MMGYS soundtrack
Toronto, Ontario – October 2, 2023 – Goliath Resources Limited (TSX-V: GOT) OTCQB: $GOTRF (FSE: B4IF)
(the “Company” or “Goliath”) is pleased to report Mr. Rob McEwen and Crescat Capital LLC have completed
their strategic investments in Goliath. They both participated in tranche one of the announced non-brokered
private placement that was upsized to $8,600,000 from $5,000,000. Gross proceeds from tranche one totaled
$4,115,616 and the second and the final tranche of up to ~$4,484,384 gross proceeds is scheduled to close
on or around October 11, 2023.
Mr. McEwen subscribed for $1,000,440 NFT units priced at $0.63 for a total of 1,588,000 units through his
personal holding company. Once the second tranche closes, he will own ~2.4% (P/D) of Goliath. Mr. McEwen
is the founder and former Chairman of Goldcorp where he discovered, built, and operated the Red Lake Mine
in Ontario which was acquired by Newmont Mining in 2019 for US$10 billion. Mr. McEwen is currently the
Chairman and Chief Owner of McEwen Mining Inc., a gold and silver producer with operations in Nevada,
Canada, and Mexico.
Goliath’s largest shareholder, Crescat Capital, subscribed for $500,220 for a total of 794,000 NFT units. Once
the second tranche closes, they will own ~18.4% (P/D) of Goliath. Crescat Capital participated in the Offering
pursuant to a pre-emptive right granted to them by the Company (see about Crescat Capital below).
continues here https://goliathresourcesltd.com/wp-content/uploads/2023/10/October-2-2023-Rob-McEwen-Crescat-Capital-Complete-Strategic-Investments-In-Goliath-Resources-Limited.pdf
Web site https://goliathresourcesltd.com/
JV Article: Discovery Silver’s Cordero project is in the big league
with MMGYS soundtrack
MINING.COM and Discovery Silver | October 2, 2023 | 5:27 pm
Discovery Silver’s Cordero office in Mexico. Credit: Discovery Silver
Discovery Silver (TSX: DSV; US-OTC: DSVSF) owns the largest undeveloped primary silver deposit globally by reserves and has attracted a tier one management team led by Tony Makuch, the former CEO of Kirkland Lake Gold.
With reserves of 265 million oz. silver, Discovery’s 100%-owned Cordero deposit in Mexico’s Chihuahua state surpasses Bear Creek Mining’s (TSXV: BCM; US-OTC: BCEKF) Corani deposit in southern Peru (225 million oz. silver) and Polymetal International’s Prognoz silver deposit in Russia (142 million oz. silver).
“There are very few of these large undeveloped silver assets and we’re at the top of the list,” says president and CEO Makuch. “To put its scale in context, Cordero is the equivalent of a gold mine that produces more than 400,000 ounce gold per annum with all-in sustaining costs of approximately US$1,000 per ounce over a mine life of close to 20 years.”?
A prefeasibility study released in January outlined an open-pit mine life of 18 years producing an average of 33 million silver-equivalent oz. a year at all-in sustaining costs of US$12.80 per silver-equivalent oz. in years one through 12 and US$13.62 per silver-equivalent oz. over the life of mine.
Initial development capex of US$455 million could be paid back in just over four years, and the study put Cordero’s after-tax net present value (5% discount rate) at US$1.2 billion and its internal rate of return at 28%.?
The company submitted its Environmental Impact Assessment for Cordero at the end of August and plans to update the resource and complete a feasibility study in the first quarter of next year.
In the meantime, Makuch, who during his tenure at Kirkland Lake steered that company’s market cap from $1 billion to $10 billion and its share price up by over 500%; and chief operating officer Tony Esplin, who has run some of the largest mines at Newmont (TSX: NGT; NYSE: NEM), have been recruiting a team known for building and operating mines.?
In August the company made appointments to its board and permitting and technical teams. Barry Olsen, who has developed and managed multi-billion-dollar mining projects including Penasquito, Mexico’s largest mine, joined the board as an independent director; and Jonathan Gill, an engineer with more than 50 years of global mining experience, joined as an advisor.
Gill held senior management roles for Inco in Canada and for PT Inco in Indonesia. Michael Neumann also joined as an advisor. Neumann has more than 40 years of experience and has worked on projects in Mexico for Fresnillo PLC (LSE: FRES), Industrias Penoles, First Majestic Silver (TSX: FR; NYSE: AG) Torex Gold (TSX: TXG), Goldcorp and Barrick Gold (TSX: ABX; NYSE: GOLD)
On the management side, Gord Leavoy was appointed vice-president, mineral operations. Leavoy has over 40 years of experience in mineral processing and has built and operated process plants for companies including Kirkland Lake, Falconbridge, Kinross Gold (TSX: K; NYSE: KCG), Placer Dome, Goldcorp, Lake Shore Gold and Agnico Eagle Mines (TSX: AEM; NYSE: AEM). Jose Jabalera, who has had senior positions within both the Mexican federal government and the Chihuahua state government, joined as director of corporate affairs for Mexico.
Makuch, who was on the Discovery board before joining the management team as an interim CEO in April 2022 and then full-time in January, saw Cordero’s enormous potential.
“I’m very excited by the opportunity in front of us to transform Discovery into the next major silver producer,” Makuch says. “Cordero is a Tier 1 silver asset and we are now putting in place an industry leading team that has the skillset and track record to successfully build and operate Cordero.”?
The company has completed two detailed rounds of metallurgical tests so far and is nearing completion of a third, reporting recoveries of 85-95% for silver, lead and zinc.?
“Metallurgically Cordero performs extremely well,” Makuch says. “Processing consists of conventional flotation at a very coarse grain size, which means lower operating costs.” The process design consists of crushing, grinding and flotation that will produce lead and zinc concentrates.
Makuch also points to the advantages of Cordero’s location, just 35 km north of the mining town of Parral, which was built around a silver discovery in the 1600s and is home to a mining university and abundant skilled labour. Chihuahua is the second-largest silver producing state in the country and the project is just off a main highway, with a power line running along one side of the project. “It’s the equivalent of being 40 km down the road from a town like Sudbury in Ontario,” Makuch says.
Proven and probable reserves at Cordero are 302 million tonnes grading 27 grams silver per tonne. Measured and indicated resources (inclusive of reserves) total 716 million tonnes grading 20 grams silver per tonne, 0.06 gram gold, 0.29% lead, and 0.54% zinc (49 grams silver-equivalent per tonne) for 467 million oz. silver, 1.3 million oz. gold, 4.5 billion lb. lead and 8.5 billion lb. zinc (1.1 billion oz. silver-equivalent).?
Inferred resources add 145 million tonnes grading 14 grams silver, 0.02 gram gold, 0.23% lead and 0.38% zinc (35 grams silver-equivalent) for 67 million oz. silver, 122,000 oz. gold, 726 million lb. lead and 1.2 billion lb. zinc (167 million oz. silver-equivalent).
“Demand for silver from the solar and auto sectors has tripled to about 150 million oz. over the last decade,” Makuch says. “There’s a shortage of large silver development assets in the pipeline so future mine supply is expected to be constrained at a time when demand is growing significantly. This should create a favourable backdrop for silver prices that coincides with our advancement of Cordero toward development and operations.”
The preceding Joint Venture Article is PROMOTED CONTENT sponsored by Discovery Silver and produced in co-operation with Mining.com. Visit: www.discoverysilver.com for more information.
https://www.mining.com/joint-venture/jv-article-discovery-silvers-cordero-project-is-in-the-big-league/
JV Article: Discovery Silver’s Cordero project is in the big league
MINING.COM and Discovery Silver | October 2, 2023 | 5:27 pm
Discovery Silver’s Cordero office in Mexico. Credit: Discovery Silver
Discovery Silver (TSX: DSV; US-OTC: DSVSF) owns the largest undeveloped primary silver deposit globally by reserves and has attracted a tier one management team led by Tony Makuch, the former CEO of Kirkland Lake Gold.
With reserves of 265 million oz. silver, Discovery’s 100%-owned Cordero deposit in Mexico’s Chihuahua state surpasses Bear Creek Mining’s (TSXV: BCM; US-OTC: BCEKF) Corani deposit in southern Peru (225 million oz. silver) and Polymetal International’s Prognoz silver deposit in Russia (142 million oz. silver).
“There are very few of these large undeveloped silver assets and we’re at the top of the list,” says president and CEO Makuch. “To put its scale in context, Cordero is the equivalent of a gold mine that produces more than 400,000 ounce gold per annum with all-in sustaining costs of approximately US$1,000 per ounce over a mine life of close to 20 years.”?
continues here>>>>> https://www.mining.com/joint-venture/jv-article-discovery-silvers-cordero-project-is-in-the-big-league/
SITUATION CRITICAL! The ENEMY FROM WITHIN Is DESTROYING America AND THE WORLD!
SITUATION CRITICAL! The ENEMY FROM WITHIN Is DESTROYING America AND THE WORLD!
Gold prices fall to session lows after ISM Manufacturing PMI improves to 49% in September
Monday October 02, 2023 10:17
Ernest Hoffman
(Kitco News) - Gold prices are setting new session lows after the latest data on the U.S. manufacturing sector showed it improved beyond expectations, but still contracted for the eleventh consecutive month.
The Institute for Supply Management (ISM) manufacturing index came in at 49% for September, after posting a 47.6% print in August. Market consensus calls were expecting a reading of 47.9%.
Readings above 50% in such diffusion indexes signify economic growth and vice-versa. The farther an indicator is above or below 50%, the greater or smaller the rate of change.
Following the release, gold prices declined to fresh lows on the session. Spot gold last traded at $1,830.25, down exactly 1.00% on the session.
The employment index rose into expansionary territory at 51.2% in September after a 48.5% reading in August. The index for new orders remained in contractionary territory, but improved to 49.2% from August’s 46.8% print.
The prices index also surprised, falling 4.6 percentage points in September to 43.8 from August’s figure of 48.4%.
“The U.S. manufacturing sector continued its contraction trend but at a slower rate, recording its best performance since November 2022, when the PMI also registered 49 percent,” said Timothy Fiore, Chair of the ISM Manufacturing Business Survey Committee. “Companies are still managing outputs appropriately as order softness continues, but the month-over-month PMI improvement in September is a clear positive.”
Fiore noted that two of the six biggest manufacturing industries, Food, Beverage & Tobacco Products; and Petroleum & Coal Products, registered growth in September.
“Demand remains soft, but production execution improved compared to August as panelists’ companies prepared for the fourth quarter and the close of the fiscal year,” he said. “Suppliers continue to have capacity. Seventy-one percent of manufacturing gross domestic product (GDP) contracted in September, up from 62 percent in August. More importantly, the share of sector GDP registering a composite PMI® calculation at or below 45 percent — a good barometer of overall manufacturing weakness — was 6 percent in September, compared to 15 percent in August and 25 percent in July, a clear positive.”
https://www.kitco.com/news/2023-10-02/Gold-prices-fall-to-session-lows-after-ISM-Manufacturing-PMI-improves-to-49-in-September.html
Gold prices fall to session lows after ISM Manufacturing PMI improves to 49% in September
Ernest Hoffman
Monday October 02, 2023 10:17
(Kitco News) - Gold prices are setting new session lows after the latest data on the U.S. manufacturing sector showed it improved beyond expectations, but still contracted for the eleventh consecutive month.
The Institute for Supply Management (ISM) manufacturing index came in at 49% for September, after posting a 47.6% print in August. Market consensus calls were expecting a reading of 47.9%.
Readings above 50% in such diffusion indexes signify economic growth and vice-versa. The farther an indicator is above or below 50%, the greater or smaller the rate of change.
Following the release, gold prices declined to fresh lows on the session. Spot gold last traded at $1,830.25, down exactly 1.00% on the session.
The employment index rose into expansionary territory at 51.2% in September after a 48.5% reading in August. The index for new orders remained in contractionary territory, but improved to 49.2% from August’s 46.8% print.
The prices index also surprised, falling 4.6 percentage points in September to 43.8 from August’s figure of 48.4%.
“The U.S. manufacturing sector continued its contraction trend but at a slower rate, recording its best performance since November 2022, when the PMI also registered 49 percent,” said Timothy Fiore, Chair of the ISM Manufacturing Business Survey Committee. “Companies are still managing outputs appropriately as order softness continues, but the month-over-month PMI improvement in September is a clear positive.”
Fiore noted that two of the six biggest manufacturing industries, Food, Beverage & Tobacco Products; and Petroleum & Coal Products, registered growth in September.
“Demand remains soft, but production execution improved compared to August as panelists’ companies prepared for the fourth quarter and the close of the fiscal year,” he said. “Suppliers continue to have capacity. Seventy-one percent of manufacturing gross domestic product (GDP) contracted in September, up from 62 percent in August. More importantly, the share of sector GDP registering a composite PMI® calculation at or below 45 percent — a good barometer of overall manufacturing weakness — was 6 percent in September, compared to 15 percent in August and 25 percent in July, a clear positive.”
https://www.kitco.com/news/2023-10-02/Gold-prices-fall-to-session-lows-after-ISM-Manufacturing-PMI-improves-to-49-in-September.html
LIVE: Tesla's unveils a masterpiece: The Tesla that will change the car industry forever - Tesla CEO
Musk recently says their will never be the copper shortfall some are predicting. That auto makers have enough with the copper production levels we have now.
If things do get tight all they have to do is raise the cars operating system voltage from the traditional 12 volts to 48 volts drastically reducing the amount of copper needed.
Hope you enjoy this LIVE stream
I find it fascinating
LIVE: Tesla's unveils a masterpiece: The Tesla that will change the car industry forever - Tesla CEO
Musk recently says their will never be the copper shortfall some are predicting. That auto makers have enough with the copper production levels we have now.
If things do get tight all they have to do is raise the cars operating system voltage from the traditional 12 volts to 48 volts drastically reducing the amount of copper needed.
Hope you enjoy this LIVE stream
I find it fascinating
Government Shutdown Explained
LEAVE BRITNEY ALONE ORIGINAL VIDEO
Government Shutdown Explained
LEAVE BRITNEY ALONE ORIGINAL VIDEO
Welcome to the M+M board JJ24 Feel free to keep us informed on those two.
and Thanks :)
Mexico says lithium concessions under review after Ganfeng flags cancellations
Reuters | September 28, 2023 | 10:12 am Battery Metals Top Companies China Mexico and Central America Lithium
Mexican Network of People Affected by Mining blasts mining law reform
Mexican President Andrés Manuel López Obrador. (Image by Gobierno Danilo Medina, Flickr).
Mexican President Andres Manuel Lopez Obrador on Thursday said the country’s lithium concessions are being reviewed, after China’s Ganfeng 002460.SZ last month indicated that its Mexican lithium concessions were being canceled.
Lopez Obrador formally nationalized Mexico’s lithium reserves earlier this year and in August, Ganfeng said Mexico’s mining authorities had issued a notice to its local subsidiaries indicating nine of its concessions had been terminated.
SIGN UP FOR THE BATTERY METALS DIGEST
“We are reviewing them because mining concessions were initially handed over for the exploitation of gold, silver and copper, not lithium,” he said. “We have decided that lithium belongs to the nation because it’s a strategic mineral.”
Lopez Obrador added there was a legal review related to Ganfeng’s acquisition of its lithium concessions in the northern state of Sonora from the previous holder.
The head of Mexico’s mining chamber on Wednesday said he did not believe the government could legally cancel the Ganfeng concessions.
Ganfeng said one of the canceled concessions concerned its open-pit project in Sonora, which it estimated contains some 8.82 million metric tons of lithium carbonate equivalent.
Mexico has been looking to profit from soaring demand for the white metal used in batteries and electric vehicles. However, much of its lithium reserves are trapped in clay deposits, making extraction difficult.
Mexico does not currently produce any lithium.
(By Dave Graham; Editing by Jan Harvey)
https://www.mining.com/web/mexico-says-lithium-concessions-under-review-after-ganfeng-flags-cancellations/
Skip James- Hard Time Killin' Floor Blues
“Trickle-down theory represents the less than elegant metaphor that if one feeds the horse enough oats, some will pass through to the road for the sparrows.”
John Kenneth Galbraith
"You should thank God the government saved the big banks and their investors. Now, if you talk about bailouts for everybody else, there comes a place where if you just start bailing out all the individuals instead of telling them to adapt, the culture dies. Suck it in and cope."
Charlie Munger, Christian Science Monitor, September 30, 2010
"The [gold] exchange is a fractional reserve exchange, and they think that price will solve everything."
Kyle Bass
"The most urgent problem facing the US and the Western nations is not a [debt limit] 'fiscal cliff.' It is the pernicious corruption in the financial system that has captured the politicians of both parties, and distorted the public conversation through influence in the media and directing the opinions and buying the research of 'experts' through the power of big money."
https://jessescrossroadscafe.blogspot.com/
Skip James- Hard Time Killin' Floor Blues
“Trickle-down theory represents the less than elegant metaphor that if one feeds the horse enough oats, some will pass through to the road for the sparrows.”
John Kenneth Galbraith
"You should thank God the government saved the big banks and their investors. Now, if you talk about bailouts for everybody else, there comes a place where if you just start bailing out all the individuals instead of telling them to adapt, the culture dies. Suck it in and cope."
Charlie Munger, Christian Science Monitor, September 30, 2010
"The [gold] exchange is a fractional reserve exchange, and they think that price will solve everything."
Kyle Bass
"The most urgent problem facing the US and the Western nations is not a [debt limit] 'fiscal cliff.' It is the pernicious corruption in the financial system that has captured the politicians of both parties, and distorted the public conversation through influence in the media and directing the opinions and buying the research of 'experts' through the power of big money."
https://jessescrossroadscafe.blogspot.com/
Looks like Rob and Ian Balls Canadian Gold Corps just got a little deeper and higher grades.
$STRRF-Phase 1 Exploration & Development Update at Tartan Mine
Toronto, Ontario – September 27, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) is pleased to announce additional drill results from its Phase 1 Exploration Program at the Tartan Mine, located near Flin Flon, Manitoba, which builds on the earlier drill holes that are targeting resource growth at depth (click here August 23, 2023 news release). The results to date indicate the potential for a larger discovery below the current resource estimate, which remains open for meaningful expansion. The Company is also providing an update on its regional field work at the Tartan Mine, where high-grade gold samples have been identified approximately 1.4 kilometres (km) from the mine, with the goal of discovering a third zone close to the existing infrastructure, and an update on its engineering review, specifically around the process plant design and potential mine reopening.
“Phase 1 drilling at the Tartan Mine has extended the vertical limits of the high-grade gold mineralization well beyond our expectations. Between our exploration success and engineering advancements, we are potentially seeing the restart of a profitable mining operation. We also feel it’s possible to better target the high-grade now that we have an understanding of the rock conditions at depth. We will do this by using directional drilling going forward. Our Phase 2 drill program will look to 1) materially expand the limits of the known mineralization once again in order to determine if the new intercepts represent a significant discovery at depth and 2) better define the high-grade zones, particularly in the Hanging Wall (“HWZ”). We have a drill onsite and expect to commence Phase 2 drilling very shortly,” stated Ian Ball, Interim CEO & President.
Exploration Drilling Tartan Mine
Zone Continues to Widen at Depth with High-Grade Core
Drill results 40 metres above the recent wide interval at depth (Hole TLMZ23-26 4.2 gpt gold over 53.7 metres, including 12.0 gpt gold over 8.0 metres) that materially expanded the limits of the gold mineralization by 325 metres vertically, compared to the current resource estimate (Fig. 1), confirmed that the Main Zone is widening below 800 metres, while containing a higher-grade core, returning 6.8 gpt over 4.0 metres within 2.5 gpt gold over 28.5 metres. The results also demonstrate that the Main Zone is no longer plunging steeply to the northwest as predicted, but is becoming vertical (Fig. 1). This new understanding will help the geological team better target extensions at depth during Phase 2.
Drilling 50 metres west of hole TLMZ21-01 (9.7 gpt gold over 4.2 metres completed in 2021) successfully expanded the Main Zone in that direction, returning 6.6 gpt gold over 6.0 metres. This hole is approximately 160 metres below the current limits of the resource estimate (Fig. 1) and returned grades higher than the current estimate over better widths, helping build confidence around the continuity of gold mineralization for future mine planning purposes. This hole was originally intended to expand the high-grade in hole TLMZ21-12 (23.8 gpt gold over 12.6 metres, including 47.6 gpt gold over 5.8 metres completed in 2021), but due to excess deviation while drilling, the ultimate target area had to be changed. The Company intends to correct deviation issues during Phase 2 by using directional drilling equipment that is able to better target the intended area.
The Company is currently planning for its Phase 2 drill program, which is scheduled to start shortly. With aid of directional drilling, the Company will initially target extensions of the known high-grade and disseminated gold mineralization below and adjacent to holes TLMZ21-12 and TLMZ23-26 discussed above (Fig. 1). This drilling will continue to test the limits of the orebody in order to establish the overall size of the Main Zone for potential mine planning purposes.
Tartan Mine Regional Exploration
High Priority Area Identified 1.4 KM From Underground Infrastructure
Field work near the Tartan Mine has identified multiple zones of mineralization on surface with new assays up to 13.0 gpt gold(Fig. 2). The focus to date has been around the mine area in order to potentially utilize the underground infrastructure (which would lower start-up costs) should a new discovery be made. The high-grade sample taken at the Tailings Pond Zone (TPZ) is located 1.4 km from the Tartan Mine. The TPZ occurs 900 metres east and along the same structure as the Southeast Zone, with surface samples up to 6.2 gpt gold. Also of importance is the newly discovered Sly Fox West Zone, occurring 3 km west of the Tartan Mine. At this location a shear zone with semi-massive sulphide was identified along the same structure that hosts the Tartan Mine. The zone has been traced over 400 metres along strike and appears to range from 4 to 10 metres in thickness. Regional fieldwork is ongoing, and exploration is planned along both structures further east where they remain open. There are currently 78 samples pending.
Development Update – Gold Recovery Test Work Review
Objective: Increase Gold Recoveries, Lower Costs and Risks
The Tartan Mine benefits from good road access, renewable electric power that comes to site, and significant underground infrastructure. During the past six months, the Company has been reviewing the original process plant design and potential alternatives in order to maximize gold recoveries, and reduce operating costs and technical risks. During the 3 years that the mine operated, gold recoveries averaged 76.4%. An average of 85% gold recovery was achieved during the final year of production with some months being greater than 90%. It is the Company’s belief that new, simplified mill design (crushing, grinding, gravity concentration followed by whole ore leaching), should be able to increase recoveries to low-mid 90%, while decreasing the cost per ounce and lowering the technical risk based on grind sizes that are considered coarse (300 and 150 um K80 primary grind). The Company intends to do further testing using this simplified design to see if the projected gold recoveries can be further increased using a finer grind size, likely feasible due the low electricity costs within Manitoba. The Company will also be evaluating the permitting requirements in order to switch process plant designs and to undertake underwater drone mapping to determine the condition of the underground infrastructure. This will help the Company estimate potential costs associated with dewatering and refurbishing for potential development.
Table 1. Drill Highlights Below 2017 Resource Estimate (525 Metre Limit)
continues here .... good stuff !
https://canadiangoldcorp.com/phase-1-exploration-development-update-at-tartan-mine/
Tina Turner performs "River Deep - Mountain High" at the 1989 Hall of Fame Induction Ceremony
$STRRF-Phase 1 Exploration & Development Update at Tartan Mine
Toronto, Ontario – September 27, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) is pleased to announce additional drill results from its Phase 1 Exploration Program at the Tartan Mine, located near Flin Flon, Manitoba, which builds on the earlier drill holes that are targeting resource growth at depth (click here August 23, 2023 news release). The results to date indicate the potential for a larger discovery below the current resource estimate, which remains open for meaningful expansion. The Company is also providing an update on its regional field work at the Tartan Mine, where high-grade gold samples have been identified approximately 1.4 kilometres (km) from the mine, with the goal of discovering a third zone close to the existing infrastructure, and an update on its engineering review, specifically around the process plant design and potential mine reopening.
“Phase 1 drilling at the Tartan Mine has extended the vertical limits of the high-grade gold mineralization well beyond our expectations. Between our exploration success and engineering advancements, we are potentially seeing the restart of a profitable mining operation. We also feel it’s possible to better target the high-grade now that we have an understanding of the rock conditions at depth. We will do this by using directional drilling going forward. Our Phase 2 drill program will look to 1) materially expand the limits of the known mineralization once again in order to determine if the new intercepts represent a significant discovery at depth and 2) better define the high-grade zones, particularly in the Hanging Wall (“HWZ”). We have a drill onsite and expect to commence Phase 2 drilling very shortly,” stated Ian Ball, Interim CEO & President.
Exploration Drilling Tartan Mine
Zone Continues to Widen at Depth with High-Grade Core
Drill results 40 metres above the recent wide interval at depth (Hole TLMZ23-26 4.2 gpt gold over 53.7 metres, including 12.0 gpt gold over 8.0 metres) that materially expanded the limits of the gold mineralization by 325 metres vertically, compared to the current resource estimate (Fig. 1), confirmed that the Main Zone is widening below 800 metres, while containing a higher-grade core, returning 6.8 gpt over 4.0 metres within 2.5 gpt gold over 28.5 metres. The results also demonstrate that the Main Zone is no longer plunging steeply to the northwest as predicted, but is becoming vertical (Fig. 1). This new understanding will help the geological team better target extensions at depth during Phase 2.
Drilling 50 metres west of hole TLMZ21-01 (9.7 gpt gold over 4.2 metres completed in 2021) successfully expanded the Main Zone in that direction, returning 6.6 gpt gold over 6.0 metres. This hole is approximately 160 metres below the current limits of the resource estimate (Fig. 1) and returned grades higher than the current estimate over better widths, helping build confidence around the continuity of gold mineralization for future mine planning purposes. This hole was originally intended to expand the high-grade in hole TLMZ21-12 (23.8 gpt gold over 12.6 metres, including 47.6 gpt gold over 5.8 metres completed in 2021), but due to excess deviation while drilling, the ultimate target area had to be changed. The Company intends to correct deviation issues during Phase 2 by using directional drilling equipment that is able to better target the intended area.
The Company is currently planning for its Phase 2 drill program, which is scheduled to start shortly. With aid of directional drilling, the Company will initially target extensions of the known high-grade and disseminated gold mineralization below and adjacent to holes TLMZ21-12 and TLMZ23-26 discussed above (Fig. 1). This drilling will continue to test the limits of the orebody in order to establish the overall size of the Main Zone for potential mine planning purposes.
Tartan Mine Regional Exploration
High Priority Area Identified 1.4 KM From Underground Infrastructure
Field work near the Tartan Mine has identified multiple zones of mineralization on surface with new assays up to 13.0 gpt gold(Fig. 2). The focus to date has been around the mine area in order to potentially utilize the underground infrastructure (which would lower start-up costs) should a new discovery be made. The high-grade sample taken at the Tailings Pond Zone (TPZ) is located 1.4 km from the Tartan Mine. The TPZ occurs 900 metres east and along the same structure as the Southeast Zone, with surface samples up to 6.2 gpt gold. Also of importance is the newly discovered Sly Fox West Zone, occurring 3 km west of the Tartan Mine. At this location a shear zone with semi-massive sulphide was identified along the same structure that hosts the Tartan Mine. The zone has been traced over 400 metres along strike and appears to range from 4 to 10 metres in thickness. Regional fieldwork is ongoing, and exploration is planned along both structures further east where they remain open. There are currently 78 samples pending.
Development Update – Gold Recovery Test Work Review
Objective: Increase Gold Recoveries, Lower Costs and Risks
The Tartan Mine benefits from good road access, renewable electric power that comes to site, and significant underground infrastructure. During the past six months, the Company has been reviewing the original process plant design and potential alternatives in order to maximize gold recoveries, and reduce operating costs and technical risks. During the 3 years that the mine operated, gold recoveries averaged 76.4%. An average of 85% gold recovery was achieved during the final year of production with some months being greater than 90%. It is the Company’s belief that new, simplified mill design (crushing, grinding, gravity concentration followed by whole ore leaching), should be able to increase recoveries to low-mid 90%, while decreasing the cost per ounce and lowering the technical risk based on grind sizes that are considered coarse (300 and 150 um K80 primary grind). The Company intends to do further testing using this simplified design to see if the projected gold recoveries can be further increased using a finer grind size, likely feasible due the low electricity costs within Manitoba. The Company will also be evaluating the permitting requirements in order to switch process plant designs and to undertake underwater drone mapping to determine the condition of the underground infrastructure. This will help the Company estimate potential costs associated with dewatering and refurbishing for potential development.
Table 1. Drill Highlights Below 2017 Resource Estimate (525 Metre Limit)
continues here
https://canadiangoldcorp.com/phase-1-exploration-development-update-at-tartan-mine/
$STRRF-Phase 1 Exploration & Development Update at Tartan Mine
Toronto, Ontario – September 27, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) is pleased to announce additional drill results from its Phase 1 Exploration Program at the Tartan Mine, located near Flin Flon, Manitoba, which builds on the earlier drill holes that are targeting resource growth at depth (click here August 23, 2023 news release). The results to date indicate the potential for a larger discovery below the current resource estimate, which remains open for meaningful expansion. The Company is also providing an update on its regional field work at the Tartan Mine, where high-grade gold samples have been identified approximately 1.4 kilometres (km) from the mine, with the goal of discovering a third zone close to the existing infrastructure, and an update on its engineering review, specifically around the process plant design and potential mine reopening.
“Phase 1 drilling at the Tartan Mine has extended the vertical limits of the high-grade gold mineralization well beyond our expectations. Between our exploration success and engineering advancements, we are potentially seeing the restart of a profitable mining operation. We also feel it’s possible to better target the high-grade now that we have an understanding of the rock conditions at depth. We will do this by using directional drilling going forward. Our Phase 2 drill program will look to 1) materially expand the limits of the known mineralization once again in order to determine if the new intercepts represent a significant discovery at depth and 2) better define the high-grade zones, particularly in the Hanging Wall (“HWZ”). We have a drill onsite and expect to commence Phase 2 drilling very shortly,” stated Ian Ball, Interim CEO & President.
Exploration Drilling Tartan Mine
Zone Continues to Widen at Depth with High-Grade Core
Drill results 40 metres above the recent wide interval at depth (Hole TLMZ23-26 4.2 gpt gold over 53.7 metres, including 12.0 gpt gold over 8.0 metres) that materially expanded the limits of the gold mineralization by 325 metres vertically, compared to the current resource estimate (Fig. 1), confirmed that the Main Zone is widening below 800 metres, while containing a higher-grade core, returning 6.8 gpt over 4.0 metres within 2.5 gpt gold over 28.5 metres. The results also demonstrate that the Main Zone is no longer plunging steeply to the northwest as predicted, but is becoming vertical (Fig. 1). This new understanding will help the geological team better target extensions at depth during Phase 2.
Drilling 50 metres west of hole TLMZ21-01 (9.7 gpt gold over 4.2 metres completed in 2021) successfully expanded the Main Zone in that direction, returning 6.6 gpt gold over 6.0 metres. This hole is approximately 160 metres below the current limits of the resource estimate (Fig. 1) and returned grades higher than the current estimate over better widths, helping build confidence around the continuity of gold mineralization for future mine planning purposes. This hole was originally intended to expand the high-grade in hole TLMZ21-12 (23.8 gpt gold over 12.6 metres, including 47.6 gpt gold over 5.8 metres completed in 2021), but due to excess deviation while drilling, the ultimate target area had to be changed. The Company intends to correct deviation issues during Phase 2 by using directional drilling equipment that is able to better target the intended area.
The Company is currently planning for its Phase 2 drill program, which is scheduled to start shortly. With aid of directional drilling, the Company will initially target extensions of the known high-grade and disseminated gold mineralization below and adjacent to holes TLMZ21-12 and TLMZ23-26 discussed above (Fig. 1). This drilling will continue to test the limits of the orebody in order to establish the overall size of the Main Zone for potential mine planning purposes.
Tartan Mine Regional Exploration
High Priority Area Identified 1.4 KM From Underground Infrastructure
Field work near the Tartan Mine has identified multiple zones of mineralization on surface with new assays up to 13.0 gpt gold(Fig. 2). The focus to date has been around the mine area in order to potentially utilize the underground infrastructure (which would lower start-up costs) should a new discovery be made. The high-grade sample taken at the Tailings Pond Zone (TPZ) is located 1.4 km from the Tartan Mine. The TPZ occurs 900 metres east and along the same structure as the Southeast Zone, with surface samples up to 6.2 gpt gold. Also of importance is the newly discovered Sly Fox West Zone, occurring 3 km west of the Tartan Mine. At this location a shear zone with semi-massive sulphide was identified along the same structure that hosts the Tartan Mine. The zone has been traced over 400 metres along strike and appears to range from 4 to 10 metres in thickness. Regional fieldwork is ongoing, and exploration is planned along both structures further east where they remain open. There are currently 78 samples pending.
Development Update – Gold Recovery Test Work Review
Objective: Increase Gold Recoveries, Lower Costs and Risks
The Tartan Mine benefits from good road access, renewable electric power that comes to site, and significant underground infrastructure. During the past six months, the Company has been reviewing the original process plant design and potential alternatives in order to maximize gold recoveries, and reduce operating costs and technical risks. During the 3 years that the mine operated, gold recoveries averaged 76.4%. An average of 85% gold recovery was achieved during the final year of production with some months being greater than 90%. It is the Company’s belief that new, simplified mill design (crushing, grinding, gravity concentration followed by whole ore leaching), should be able to increase recoveries to low-mid 90%, while decreasing the cost per ounce and lowering the technical risk based on grind sizes that are considered coarse (300 and 150 um K80 primary grind). The Company intends to do further testing using this simplified design to see if the projected gold recoveries can be further increased using a finer grind size, likely feasible due the low electricity costs within Manitoba. The Company will also be evaluating the permitting requirements in order to switch process plant designs and to undertake underwater drone mapping to determine the condition of the underground infrastructure. This will help the Company estimate potential costs associated with dewatering and refurbishing for potential development.
Table 1. Drill Highlights Below 2017 Resource Estimate (525 Metre Limit)
continues here
https://canadiangoldcorp.com/phase-1-exploration-development-update-at-tartan-mine/
$MUX Precious Metals Summit Beaver Creek 2023
McEwen Mining
Sep 19, 2023
2023 Precious Metals Summit Beaver Creek. Rob McEwen, Chairman and Chief Owner, and Michael Meding, VP & GM McEwen Copper, presentation on McEwen Mining and McEwen Copper.
Go $MUX.........
.....Go Green.............
.........Go McEwen Copper.........
$MUX Thanks Tred Precious Metals Summit Beaver Creek 2023
McEwen Mining
Sep 19, 2023
2023 Precious Metals Summit Beaver Creek. Rob McEwen, Chairman and Chief Owner, and Michael Meding, VP & GM McEwen Copper, presentation on McEwen Mining and McEwen Copper.
Go $MUX.........
.....Go Green.............
.........Go McEwen Copper.........
Jesse had some good gold info today
here in the land of lawlessness ..
The Empire of Lawlessness
with MMGYS soundtrack
"Gold has worked down from Alexander's time. When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory."
Bernard Baruch
"We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore at any price, at any cost, the central banks had to quell the gold price, manage it."
Eddie George, Governor Bank of England, conversation with CEO of Lonmin plc citred in Reg Howe v. BIS, JPM et al. September 1999
"What we see at present is a battle between the central banks and the collapse of the financial system fought on two fronts. On one front, the central banks preside over the creation of additional liquidity for the financial system in order to hold back the tide of debt defaults that would otherwise occur. On the other, they incite investment banks and other willing parties to bet against a rise in the prices of gold, oil, base metals, soft commodities, or anything else that might be deemed an indicator of inherent value."
Peter Warburton, The Debasement of World Currency, April 9, 2001 [gold at $259 per oz.]
"Synthetic gold, sourced in pyramids of credit extended to bullion bankers by central banks with little or no claim on physical substance, have provided a more efficient, better-camouflaged form of intervention. COMEX synthetic gold and related over-the-counter derivatives are traded in macro strategies implemented by hedge funds, high-frequency trades, and commodity funds. The volumes traded are huge, and bear little resemblance to actual flows of physical metal. Above-ground 400-ounce .995-gold bars located in London, New York, and other financial capitals have steadily dwindled and disappeared into Asian financial centers, reformulated as .9999 kilo bars."
John Hathaway, Tocqueville Gold Newsletter 2Q 2015
"Time is coming when markets search frantically for physical collateral to find that paper far exceeds underlying collateral for several metals and other resources. I am warning that when markets fall in sustained negative response to bursting bubbles, widespread deleveraging will reveal insufficient hard collateral underlying traded asset-backed securities. The words rehypothecation and hyper-rehypothecation may be rediscovered or remembered again."
Harald Malmgren, 2019
Stocks dipped today, but managed to find a bottom and turn around finishing green into the close.
Gold and silver slumped, ahead of the Comex futures options expiration tomorrow.
The US may be approaching another debt limit standoff. The deadline for this latest dark comedy is this Saturday.
The political landscape is discouraging.
"It can't happen here."
Some lessons of history need to be relearned again.
"God has a way of standing before the nations with judgement, and it seems that I can hear God saying to America 'You are too arrogant! If you don't change your ways, I will rise up and break the backbone of your power! And I will place it in the hands of a nation that doesn't even know my name. Be still, and know that I am God.'"
Martin Luther King, 1967
The madness serves none but itself.
Nuts.
Have a pleasant evening.
Thank you Jesse mighty fine write
see more here
https://jessescrossroadscafe.blogspot.com/
The Empire of Lawlessness
with MMGYS soundtrack
"Gold has worked down from Alexander's time. When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory."
Bernard Baruch
"We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore at any price, at any cost, the central banks had to quell the gold price, manage it."
Eddie George, Governor Bank of England, conversation with CEO of Lonmin plc citred in Reg Howe v. BIS, JPM et al. September 1999
"What we see at present is a battle between the central banks and the collapse of the financial system fought on two fronts. On one front, the central banks preside over the creation of additional liquidity for the financial system in order to hold back the tide of debt defaults that would otherwise occur. On the other, they incite investment banks and other willing parties to bet against a rise in the prices of gold, oil, base metals, soft commodities, or anything else that might be deemed an indicator of inherent value."
Peter Warburton, The Debasement of World Currency, April 9, 2001 [gold at $259 per oz.]
"Synthetic gold, sourced in pyramids of credit extended to bullion bankers by central banks with little or no claim on physical substance, have provided a more efficient, better-camouflaged form of intervention. COMEX synthetic gold and related over-the-counter derivatives are traded in macro strategies implemented by hedge funds, high-frequency trades, and commodity funds. The volumes traded are huge, and bear little resemblance to actual flows of physical metal. Above-ground 400-ounce .995-gold bars located in London, New York, and other financial capitals have steadily dwindled and disappeared into Asian financial centers, reformulated as .9999 kilo bars."
John Hathaway, Tocqueville Gold Newsletter 2Q 2015
"Time is coming when markets search frantically for physical collateral to find that paper far exceeds underlying collateral for several metals and other resources. I am warning that when markets fall in sustained negative response to bursting bubbles, widespread deleveraging will reveal insufficient hard collateral underlying traded asset-backed securities. The words rehypothecation and hyper-rehypothecation may be rediscovered or remembered again."
Harald Malmgren, 2019
Stocks dipped today, but managed to find a bottom and turn around finishing green into the close.
Gold and silver slumped, ahead of the Comex futures options expiration tomorrow.
The US may be approaching another debt limit standoff. The deadline for this latest dark comedy is this Saturday.
The political landscape is discouraging.
"It can't happen here."
Some lessons of history need to be relearned again.
"God has a way of standing before the nations with judgement, and it seems that I can hear God saying to America 'You are too arrogant! If you don't change your ways, I will rise up and break the backbone of your power! And I will place it in the hands of a nation that doesn't even know my name. Be still, and know that I am God.'"
Martin Luther King, 1967
The madness serves none but itself.
Nuts.
Have a pleasant evening.
Thank you Jesse mighty fine write
see more here
https://jessescrossroadscafe.blogspot.com/
The Empire of Lawlessness
with MMGYS soundtrack
"Gold has worked down from Alexander's time. When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory."
Bernard Baruch
"We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore at any price, at any cost, the central banks had to quell the gold price, manage it."
Eddie George, Governor Bank of England, conversation with CEO of Lonmin plc citred in Reg Howe v. BIS, JPM et al. September 1999
"What we see at present is a battle between the central banks and the collapse of the financial system fought on two fronts. On one front, the central banks preside over the creation of additional liquidity for the financial system in order to hold back the tide of debt defaults that would otherwise occur. On the other, they incite investment banks and other willing parties to bet against a rise in the prices of gold, oil, base metals, soft commodities, or anything else that might be deemed an indicator of inherent value."
Peter Warburton, The Debasement of World Currency, April 9, 2001 [gold at $259 per oz.]
"Synthetic gold, sourced in pyramids of credit extended to bullion bankers by central banks with little or no claim on physical substance, have provided a more efficient, better-camouflaged form of intervention. COMEX synthetic gold and related over-the-counter derivatives are traded in macro strategies implemented by hedge funds, high-frequency trades, and commodity funds. The volumes traded are huge, and bear little resemblance to actual flows of physical metal. Above-ground 400-ounce .995-gold bars located in London, New York, and other financial capitals have steadily dwindled and disappeared into Asian financial centers, reformulated as .9999 kilo bars."
John Hathaway, Tocqueville Gold Newsletter 2Q 2015
"Time is coming when markets search frantically for physical collateral to find that paper far exceeds underlying collateral for several metals and other resources. I am warning that when markets fall in sustained negative response to bursting bubbles, widespread deleveraging will reveal insufficient hard collateral underlying traded asset-backed securities. The words rehypothecation and hyper-rehypothecation may be rediscovered or remembered again."
Harald Malmgren, 2019
Stocks dipped today, but managed to find a bottom and turn around finishing green into the close.
Gold and silver slumped, ahead of the Comex futures options expiration tomorrow.
The US may be approaching another debt limit standoff. The deadline for this latest dark comedy is this Saturday.
The political landscape is discouraging.
"It can't happen here."
Some lessons of history need to be relearned again.
"God has a way of standing before the nations with judgement, and it seems that I can hear God saying to America 'You are too arrogant! If you don't change your ways, I will rise up and break the backbone of your power! And I will place it in the hands of a nation that doesn't even know my name. Be still, and know that I am God.'"
Martin Luther King, 1967
The madness serves none but itself.
Nuts.
Have a pleasant evening.
Thank you Jesse mighty fine write
see more here
https://jessescrossroadscafe.blogspot.com/
"Thanks Douginil The metal always looks good to me
I married a platinum blond "
Wow can't believe these LOYs out there
$HL 3.98
$CDE 2.27
to name a few
With the DX-YNYB at 105.58
Miners are going nowhere as Jay spins the wool over everybodys eyes
I think their making up everything as they go. No real plan !
take care
"No you can't drain the spaghetti in it"
https://www.goldfieldsguide.com.au/blog/58/jokes-about-gold
"No you can't drain the spaghetti in it"
https://www.goldfieldsguide.com.au/blog/58/jokes-about-gold
"A miner can't Drill forever......
it gets Boring "
hehe Thanks :)
ROBOFORMING: The Future of Metalworking? (I Had NO IDEA This Was Possible) - Smarter Every Day 290
G7 to launch Russian diamond ban in bid to curb revenues, Belgium says
https://www.mining.com/web/g7-plans-russian-diamond-imports-ban-by-year-end-belgium-says/
Did you ever think you would see a Pandemic in your lifetime.
Did you ever think you would see a attempted U.S. Coup in your lifetime
Do you think you will ever see a nuclear bomb in your lifetime