Prospect generator Riverside Resources aka RRI released an update on its Pichette prospect located in the Geraldton-Beardmore gold belt in Ontario.
Pichette is located near the past-producing Leitch and Sand River mines, and 60 km west of the Greenstone Gold project which will begin production later this year. What those three mines share is that the gold is situated in Banded Iron Formations (BIFs), particularly where there are folds which allow mineralization to collect like it does at a bend in the river on an alluvial gold claim.
RRI has been able to located numerous BIF outcrops on Pichette, sampling of which has produced assays as high as 21 g/t Au. They continue to map and sample the outcrops, and hope to come across some of the historic drill pads and collars in the area as they do. And of course, they are hoping to attract a partner to fund a drill campaign, though as they currently have more than $6M in their cash stash, I wouldn't be surprised to see some drilling even without a partner coming on board.
African gold miner Centamin aka CEE released its Q1 results, and as we have come to expect from this management team, things are proceeding according to plan. Production was down somewhat to 104821 oz Au as planned, due to processing of lower grade stockpiled ore and improvements being made on the underground mine, but in spite of the decreased production, they still managed to lower cash costs to $1088/oz Au. We can expect production to increase and costs to decline the rest of the year, as CEE has reiterated its guidance for 2024.
CEE remains in good financial shape, having grown their cash stash to $167M while remaining debt-free. As well, their inventory of unsold gold is appreciably higher than normal due to the timing of sales, which will catch up through the year.
There could be a buying opportunity right now if the uninformed don't realize that the lower production for Q1 was planned..
FWIW, in response BMO issued a new analyst report on CEE that saw the impact as Neutral. While noting the production and revenue miss for Q1, they also expect CEE to catch up due to all the completed upgrades. They kept CEE at Outperform and kept their target the same, though thanks to changes in exchange rates that target in increased in Canadian dollars to $2.73.
Last year Impact Silver aka IPT bought the shuttered Plomosas Zn/Pb/Ag mine in Chihuahua, Mexico. Since then they have upgraded the mine and mill and brought it back into production, with plans to ramp up to full production by the end of the year.
Meanwhile, they are drilling up a zone called Tres Amigos that is near existing mine workings. The latest drill results include assays like 10.22% Zn, 0.50% Pb, and 8 g/t Ag over 8.6ms including 14.67% Zn, 0.66% Pb, and 11 g/t Ag over 5.5m and including 30.10% Zn, 0.86% Pb, and 14 g/t Ag over 1.1m. Tres Amigos is turning out to be into an easily-accessed zone of what should be lucrative ore. Once this drilling is complete, they will move on to other exploration targets on the property.
Saville continues to maintain that the PoG and gold stocks likely set a multi-month top last week. He figures that gold will likely correct to the $2150-22200 range before resuming its climb.
FWIW, TD issued a new analyst report raising their price deck for gold by an average of 19%, including raising their long term gold price from $1750 to $2000. Like Saville they do expect a short term correction but remain bullish on gold and silver. This resulted in an increase in their targets for PM miners by an average of 20%, including raising BTO from $7 to $750
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