RRI, WRLG, nTH
Prospect generator Riverside Resources aka RRI has added a new property to its portfolio of REE prospects in BC. Taft is a large 30 sq km property in the Revelstoke Carbonate Belt not far from their Revel REE prospect. The terms are reasonable, totalling less than $500k in cash payments and exploration expenditures over the next five years. And there is a nice bonus -- RRI had noted previous exploration for gold and during initial reconnaissance found indicators of gold mineralization, so this will also be followed up.
Over the winter RRI will be carrying out geochemical studies and mapping and sampling to identify the best areas for further exploration, similar to what is currently being carried out at Revel. I expect if the exploration is successful, and RRI's savvy team rarely makes bad choices, the two properties together with any other nearby properties picked up in the future will be bundled together and spun out into a separate company.
Message 34941763
West Red Lake Gold aka WRLG has announced an update on the Fork gold deposit, located 250m from existing workings in the Madsen mine in Ontario they are planning to bring back into production next year.
In spite of having an existing Indicated Resource of 20900 oz at 5.3 g/t Au and an Inferred Resource of 49500 oz at 5.2 g/t Au, Fork was previously not given much importance. Now a reinterpretation by WRLG's geologists has re-defined Fork as a ' shallow, high-grade, low-plunging zone of gold mineralization' over a zone of 250m by 400m that remains open along strike.
Because Fork is so shallow, it is now envisioned as an important future source of ore for the Madsen mill and has been designated a priority drill target for 2025.
Message 34943023
Nord Precious Metals aka NTH issued another update on their efforts to rehabilitate their Castle Mine in Ontario. The idea is to use old tailings on surface to backfill certain underground sections, but the first step is to extract and sell silver from the tailings. To that end, NTH is undertaking metallurgical testing to maximize the silver content of the resulting concentrate while minimize costs and water use. After testing is complete they will start trying to market the concentrate.
As usual, no timelines are given. This is a small company with limited resources so plans can easily be disrupted by unexpected developments.
Message 34943052
FWIW, RBC is keeping their long term gold price at $2200/oz, but is raising their 2025 spot price estimate to $2823/oz, within a range of $2500-3100. They also lowered their 2025 silver price forecast to $33.50/oz |
