GQC, SIG, EDV, RSG, ELEC, WRLG
Goldquest Mining aka GQC released an update on the ongoing drill programme on its Romeo Au/Cu project in the Dominican Republic.
GQC has completed drilling 5 metallurgical holes, the core from which is currently being used for metallurgical testing. As well, 5 geotech and 12 hydrogeological holes are underway to support the upcoming feasibility study. Another rig will shortly begin drilling Cachimbo discovery near Romero, and as the Geotech and hydrogeological holes are done, those rigst will transition to Romero Resource expansion drilling as well as exploration drilling on several nearby targets.
After the long wait for permits, it is great to see activity resuming on Romero. The numbers looked good for Romero before the hiatus; with the subsequent increase in metal prices the economics should be that much better now.
Message 35348330
Sitka Gold aka SIG released another set of assays from holes drilled into its RC Gold project in Yukon Territory. This time the holes are from the Eiger deposit, located along trend from the Blackjack and Saddle prospects.
Eiger had had only minimal drilling, so coming up with intercepts like 121.0m of 0.75 g/t gold and 26.0m of 1.28 g/t gold within 249.9m of 0.58 g/t gold from 325.0m outside of the current MRE is significant. Also significant are indications that Eiger, like Blackjack, has a higher grade core which increases in grade at depth.
There are still 38 holes pending on various targets from the recently completed drill campaign. In the meantime, I will be trying to come to an understanding as to why SIG is trading so poorly.
Message 35347046
Over the years I have owned shares in West African gold miner Endeavour Mining aka EDV, I have learned to believe them when they lay out an exploration target, a target they normally exceed. This time they are targeting the discovery of 12-15M oz Au over the next five years, and I see no reason to doubt that they will achieve or, more likely, exceed that target. Given that EDV currently produces about a million ounces a year, finding 12-15M oz would also increase their Resources and Reserves by 5-7M oz. Mind you, I also expect them to increase production over these five years.
They are targeting finding 6-9M oz from brownfield targets near their existing mines, and another 6M through greenfield exploration. They have laid out in great detail how and where they expect to find the gold, including in a presentation attached to the PR.
I remain secure in having EDV as my 'large' gold producer.
Message 35347019
I've been wondering why Rocky Shore Gold aka RSG's share price had been rising of late and figured that it was probably leakage about the results of the current drill programme on their Gold Anchor Au prospect in Newfoundland. Now we get a positive reaction to a different piece of news, that they are buying two properties, both located adjacent to RSG's existing landholdings along the Appleton fault south of NFG's Queensway deposits.
The cost is substantial, the combined price totalling $825k plus 16M RSG shares, but both properties contain historical Resources, some Indicated, which remain open along strike and at depth. And now RSG controls the second largest landholding in this emerging gold district after NFG. Other companies have been acquiring other land in the area, but RSG as the second mover after NFG managed to scoop what looks like the best prospects.
That said, the deposits are small and much lower grade than those at Queensway, so RSG had better hope those expectations of finding more and higher grade mineralization are correct.
Also, it turns out that RSG is still planning their drill programme, which will have to be updated to include the new deposits. Still, I get the impression the drill swill start turning shortly.
Message 35346951
Electric Royalties aka ELEC released updates on developments affecting certain of their copper royalties. These were generally good news, albeit mostly on royalties that are not producing yet. The exception good news from BMR's producing Punitaqui copper mine in Chile, on which ELEC holds a recently increased 0.75% Gross Revenue Royalty. ELEC's income will be increasing as BMR increases copper production, and BMR recently unveiled plans for further increases next year.
ELEC has been a bit of a disappointment for me, hurt because of their lithium royalties, but I am hoping the increasing current and future royalties will pay off in a higher share price.
Message 35347007
I sold my West Red LAke Gold aka WRLG warrants on the double. I may rebuy if there is an appreciable dip, or even some common shares if they look worth it. That said, I am staying mindful of the risks that come with a mine that has driven previous owners into bankruptcy. And of course mining start-ups usually come with teething problems...
And one more thing selling these warrants achieved. It eliminated my exposure to a company controlled by Frank Giustra, always risky for retail shareholders. |
