Wallberidge Mining aka WM delivered another strong set of drill results from various deposits on their Fenelon gold project in Quebec. They recently changed their view of how to extract the gold from predominantly open pit to predominantly underground, given that most of the minerlaization in the latest Resource Report is below 200m in depth, but still wanted to follow up on the possibility of more near-surface mineralization in the Area 51 and Tabasco zones, and they were successful, with headline results 13.51 g/t Au over 5.40m and 2.01 g/t Au over 21.40m at Tabasco as well as 4.35 g/t Au over 18.50m and 14.67 g/t Au over 5.00m at Area 51. If they can find more mineralization like this, it could be extracted cheaply with small open pits.
WM recently discovered the Ripley zone 900m south of the current resource envelope, and in this PR we get the first release of higher grade intercepts at Ripley, including 5.33 g/t Au over 6.40m and 3.48 g/t Au over 4.20m. Ripley definitely has the potential to become a satellite deposit, but that will require more drilling.
All these drill results will be incorporated into an updated Resource Report due in Q1, and a PEA for Fenelon is promised by mid-2023.
Hemlo Explorers aka HMLO announced they have received a drill permit for Project Idaho, which rather surprised me as I have followed the company for years and had never heard of it. Nor does that name appear on HMLO's website, as far as I can see, but a little sleuthing revealed that it seems to be the part of their Pic property in the Hemlo gold camp in Ontario that is closest ro GENM's Marathon Pd/Cu deposit, currently being developed. It is not clear whether they are looking for similar mineralization or the usual gold found in the Hemlo camp.
The management of Sandstorm Gold Royalties aka SSL are not exactly investor-friendly, and they proved it again by announcing a surprise $85M financing at about 8% below the then-current share price, which immediately moved down to match the offering share price. We get a vague 'We might use it for this or that" statement; my hope is that they have another transaction in the works, but maybe they just screwed up and ran out of cash
FWIW, after a site visit, RBC released a new analyst report on i-80 Gold aka IAU They first highlighted the refurbishment of Lone Tree, which when complete will result in IAU having one of only three facilities for processing refractory ore in Nevada. A PFS on the project is due by year end, with the refurbishment expected to be completed in 2024 and production is supposed to ramp up to 250k+ oz Au in 2025 based on ore coming from mines at Ruby Hill, Granite Creek, and Cove. The also highlight that IAU has further longer term development opportunities, and that there will be continuous newsflow as exploration and development derisks the multiple projects underway.
RBC maintained IAU at Buy with a target of $5.
Saville detailed how gold continues to perform very well in every major currency except the $US, setting up conditions for a big move when interest rates stop rising and hence the $US drops. Another signal for a gold rally would be a multi-month rally in US T=Bond prices (i.e. a drop in T-Bond yields).
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