Hemlo Exploeres aka HMLO released the results of this year's mapping and sampling programme at Project Idaho, a polymetallic prospect in Ontario, located a few kilometres east of the Marathon Pd/Cu deposit being developed into a mine by GENM.
This programme was carried out on the eastern side of the property -- we are awaiting assays from the recent drilling on the west side -- and what they found, both in terms of uU/Ni/PGM/Au mineralization and in terms of finding mafic intrusive outcrops, support their theory that what they are finding is evidence of a similar mineralization event to the one that created the Marathon deposit.
I expect we will hear about plans for further exploration once the drill results are released.
We get news that Goliath Resources aka GOT completed its gift of large amounts of money to Rob McEwen and Crestval in the form of a PP priced WAY too low This despicable treatment of existing shareholders was the last straw for me and I have my shares on sale, waiting for the my price to be met.
Mexican gold miner Minera Alamos aka MAI brings us two pieces of news.
First, the announcement of the final funding package for the development of MAI's second mine, Cerro de Oro, is about to be signed once the lawyers finish checking the details. Meanwhile, they wait for the necessary permits, expected in Q1.
But the main import of today's PR was the announcement o an initial Resource Report for its producing Santana gold mine in Sinaloa, Mexico. The initial Resource is not large -- 9.61 Mt @ 0.65 g/t =) 198k oz Au M&I with a further 103k oz Au Inferred at a similar grade -- but that was always the plan. They have now defined 5-6 years of production, the proceeds from which will be used to define and develop further mineralization at the many exploration targets on the property.
Meanwhile, MAi continues to trade well below its value. Fortunately, I am patient.
As they have for the past decade and half, Chespeake Gold aka CKG continues to try to find a way to make their large but low grade Metates gold deposit in Durango, Mexico economic to mine -- a futile effort IMO -- they also have been carrying out exploration on some of their other Mexican properties.
Today we hear about the results of the initial drilling on a property calledLlucy located in Sinaloa, Mexico. CKG originally staked Lucy in 2017, and exploration over mapping and sampling over the intervening years first established a zinc skarn and then a gold-bearing skarn. The drill results have extended the zinc skarn,to a strike length of 1.5km, but the focus is firmly on the gold deposit just to the south. Assays like 6.1 g/t Au over 24m have established a strike length of over 500m with surface outcrops, and will be followed up by further exploration to better understand the geology.
Mexican silver/zinc producer Impact Silver aka IPT has announced that it has begun trading on the OTCQB using the symbol ISVLF. It will be interesting to see whether this produces an improvement in liquidity.
Saville admits that last week's action in the PoG means his prediction that the recent low had marked the start of an upward trend to a new ATH proved incorrect, but does note that the extension of the correction means that the five month old correction has retraced 50% of the gains since the start of the bull, making it a possible, maybe probable start for the next leg up, with the main risk being that the US economy has remained strong enough to reduce the chance of the Fed ending monetary tightening. Keep your eye on the 10-year TIPS yield.
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