Canada Silver Cobalt Works aka CCW announced they have increased the size of its Eby-Otto Au prospect, located near AEM's high grade producing Au mine in Ontario. They have purchased the 190-ha Allsop property, filling in gaps and increasing Eby-Otto to 1000 hectares. They think their holdings are extremely prospective. We'll find out if they're right when they find some money and start exploring, which they say will happen soon.
Karora Resources aka KRR announced guidance for 2022 from its mines in Australia of 110k-135k oz Au with an AISC around $1000/ oz. This is a nice increase from 2021, bolstered further by the announcement that nickel production will resume this year. Ni production will not be huge in 2022 at 450-550t, but will help offset the various cost pressures facing all miners these days. This production is from remnant Ni ore in an already mostly mined area. Expect nickel to make more of a contribution in coming years as they move mining into the new deposits found last year. Speaking of exploration, they also have plans for extensive exploration on all their tenements.
Chesapeake Gold aka CKG released a new set of drilling results from their large but low grade Metates Au/Ag/Zn project in Durango, Mexico. To illustrate, the headline boasts about getting grades that are 10% higher, but even then none of them approach 2 g/t, and many are below 1 g/t. Yes, some of the intercepts are long, close to 400m in length, but I still see no sign that Metates will ever be built. Although they have been working to reduce the capex, and these intercepts will help a bit once they are converted to reserves, but it still seems to me that the PoG would have to be much higher, which will merely increase the advantage of other higher grade deposits over Metates even more compelling.
Riverside Resources aka RRI announced they have closed a small PP, amounting to $720k, that will allow them to do some exploration include drilling on their Oakes prospect in the Geraldton gold belt in Ontario. They think they see similarities to the Hard Rock deposit being developed into a mine 25km away. They have good geologists, so I hope they are correct.
But the big new of the day comes from Capitan Resources aka CAPT, currently up 70% on huge volume on the basis of the latest drill results from their Peñoles Au/Ag/Pb/Zn property in Durango, Mexico. Up till now Peñoles has been portrayed as primarily a gold play, but the first holes at the Jesús María Ag deposit, also on the property, have found extensive areas of high grade silver minerlaization which remains open down-plunger As well, a hole looking for high grade shoots under the gold deposit found more higher grade silver.
The Jesus Maria deposit,has a long history of mining, so at least they are proving there is plenty of ore left to mine. That said, I still don't see why the big fuss over this PR, but if people are willing to pay more for the stock, that makes me happy.
Orestone Mining aka ORS released a brief PR, announcing they have completed a 774M hole at their Captain prospect in BC, and that they expect it will take 6-8 weeks for the assays to be received and released. This hole was aimed at a resistivity low which the geologists think is the large gold/copper porphyry underlying previously discovered minerlaization.
Kootenay Silver aka KTN released results from the first drill hole on on the California target on the Cervantes Au prospect in Sonora, Mexico. The current drilling at California is aimed at extending the known Au mineralization found in a previous drill programme, particularly the near surface oxide cap, and the first hole makes that look like an achievable goal, with the headline intersection being 2.8 g/t Au over 24.4M within 1.1 g/t Au over 88.4M.
I might try to gain some credit for repeatedly predicting that Sandstorm Gold aka SSL would divest its equity position in the Hot Maden copper project in Turkey, but, really, it was the obvious outcome. What did surprise me a bit -- okay, not really -- is that Hot Maden is only part of a larger deal that turns SSL back into the pure PM royalty/streaming play it started out as.
SSL is bundling together its 30% interest in Hot Maden, its holding of 25% of the shares of Entree Resources, which has a stake in part of the huge Oyu Tolgoi deposit in Mongolia, and $10M cash, which will go to an existing company called Royalty North Partners aka RNP.V through a reverse takeover. In return SSL will get a $200M Au stream on Hot Maden, a 34% stake in RNO (which I expect they will monetize), and a $95M debenture on which RNP will pay interest plus begin repaying the principal once Hot Maden is into production.
To be frank, properly evaluating this deal is probably beyond my pay grade; the deal is very complex and would require an accountant to fully analyze, plus they are many unknowns. SSL did trade up nicely after the announcement before dropping back today along on a general market-wide down day. And FWIW, TD sees the trans.cation as 'potentially positive', but kept them at Buy with a target of $11.50.
Less than an hour after announcing the RNP transaction, SSL released their Q4 and annual results. The NR is larded with 'record this' and 'record that', but TD brings us back to earth by noting that Q4 EPS, although positive, came in slightly below consensus.
SSL also announced 2022 guidance of 65-70k AuEq deliveries, rising to 100k/yr if 2025, assuming the Hot Maden deal completes, which is expected to happen before year end 2022.
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