The South Arturo Mine is a joint venture between Premier and The South Arturo Mine is a joint venture between Premier and Nevada Gold Mines LLC, a joint venture between Newmont-Goldcorp and Barrick Gold Exploration Inc. ("Barrick") operated by Barrick -
Mine at Gold Producer's JV Project in Nevada Commercially Producing Streetwise Reports
Observations from a recent site visit there are provided in a BMO Capital Markets report.
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In an Oct. 22 research note, BMO Capital Markets analyst Andrew Mikitchook reported the main takeaways from a site visit to Premier Gold Mines Ltd.'s (PG:TSX) South Arturo joint venture project with Nevada Gold Mines.
The primary highlight, Mikitchook indicated, is that the El Niño mine at South Arturo in Nevada is now in commercial production, which began in September.
Further, mine output could reach 30,000 ounces in 2019, which would surpass the previous expectation of 21,000 ounces.
Of note as well, the analyst wrote, is that "El Niño has extra capacity to mine existing reserves faster or to extend the mine plan to depth toward additional resources and new exploration intercepts."
In addition, the potential exists via exploration to expand the mineralization not only at El Niño but also at Phase 3 and East Dee.
As for work in progress at the South Arturo property, noted Mikitchook, testing by five autonomous trucks at Phase 1's prestrip is scheduled to be completed by year-end 2019.
Also, the joint venture is constructing and evaluating an oxide heap leach at Phase 1 as a standalone development at South Arturo or for processing at the North Area.
Further, geological and metallurgical studies are being conducted on Phase 3 to inform the decision on whether or not to add the Phase 3 pit to the reserves and mine plan.
BMO has an Outperform rating and a CA$4.75 per share target price on Premier Gold. The stock is currently trading at around CA$1.95 per share.
Disclosure: 1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None. 2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. 3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. 4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
Disclosures from BMO Capital Markets, Premier Gold, October 22, 2019
IMPORTANT DISCLOSURES
Analyst's Certification I, Andrew Mikitchook, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of BMO Capital Markets and their affiliates, which includes the overall profitability of investment banking services. Compensation for research is based on effectiveness in generating new ideas and in communication of ideas to clients, performance of recommendations, accuracy of earnings estimates, and service to clients.
Disclosure 16: A research analyst has extensively viewed the material operations of Premier Gold. Disclosure 17: Premier Gold has paid or reimbursed some or all of the research analyst's travel expenses.
For Important Disclosures on the stocks discussed in this report, please click here.
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$i-80 GOLD CORP. (TSX:IAU) Own 40% & Barrick Gold own 30% & Newmount 30% (“i-80”, or the “Company”) is pleased to provide an update for its 40%-owned South Arturo Property located in the Carlin Trend of Nevada. Reno, Nevada, April 21, 2021 –
$South Arturo is a joint venture with Nevada Gold Mines (“NGM”) and includes the high-grade El Nino underground mine, which is in production.
Work completed in 2020 included a successful expansion drill program at El Nino as well as work targeting the advancement of two additional development opportunities on the property; the Phase 1 open pit and the Phase 3 project.
El Nino
The 3,800 metre drill campaign completed in 2020 from underground drilling stations demonstrated the ability to extend mine life at depth with numerous high grade intercepts (previously released) including 26.76 g/t Au across 18.3 m, 17.11 g/t Au across 39.6 m and 5.73 g/t Au across 100.6 m.
Additional highlight results from new results received from the 2020 program are provided below. Following up on the success of this drill program, more than 8,000 meters of exploration drilling are planned in 2021 focused on extending mineralization further down dip at the Lower El Nino and Cloud Nine targets.
Highlight assay results for previously unreleased intercepts from the 2020 drill program include:
19.8 m of 12.20 g/t Au (SEC20012) 29.0 m of 6.20 g/t Au (SEC20014) 25.9 m of 14.05 g/t Au (SEC20015) Development of a ramp to access the deeper mineralization is under way and is expected to be completed in Q1 2023. Production of orebodies accessed from the ramp is expected to begin in Q2 2022.
Phase 1
More than 3,500 metres of drilling was completed on the near surface portion of the planned Phase 1 open pit to increase confidence in the ore reserves and upgrade mineral resources. This drilling returned higher than expected grade-thicknesses and Barrick has moved heap leach material from Phase 1 into their year-end 2020 mineral reserves. In 2021, the joint venture plans to complete further metallurgical work in advance of mine construction.
Phase 3
2020 drilling completed in the Phase 3 project area also returned favorable results and the joint venture partners have commenced trade-off studies to optimize the economics of the project as an underground versus open pit project, or a combination scenario. Initial work on the underground option has been encouraging and 3,500 metres of exploration drilling is planned to test the Hendrix target located between the El Nino and Phase 3 deposits.
“El Nino continues to deliver excellent results as demonstrated by the latest intercepts of our 2020 drill campaign. Multiple holes intersected zones of impressive grade over a mineable width”, stated Matt Gili, President and COO of i-80 Gold. “We expect to see these results incorporated into an updated mineral resource model expected later in 2021. The deposit remains open at depth and along strike”.
Figure 1 – El Nino isometric view – Drilling from underground platforms
i-80 Gold Corp. is a Nevada-focused mining company with a goal of achieving mid-tier gold producer status. In addition to its producing mine, El Nino at South Arturo, i-80 is beginning to plan for future production growth through the potential addition of the Phases 1 & 3 projects at South Arturo and advancing the development of the Company’s Getchell and McCoy-Cove Projects.
Qualified Person
Tim George, PE, Manager of Engineering Services, is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101.
The primary assay laboratories for the South Arturo Mine are ALS Minerals and American Assay Labs in Reno, Nevada. For a complete description of sample preparation, analytical methods and QA/QC procedures, refer to the technical report dated January 25, 2021 (effective date December 1, 2020), titled “Preliminary Feasibility Study for the South Arturo Mine, Elko County, NV” located on i-80’s website https://i80gold.com
and at www.sedar.com.
Abbreviations used in this press release are available by following this link (click here).
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