B2Gold aka BTO released 2 PRs today.
The first was about new drill results at thir JV with Aurion Resources at the Helmi gold prospect in northern Finland. This was the first drill programme at this blind discovery from last year, and it does look like they are on to something, with intercepts like 1.11 g/t Au over 45.80M from 139.00M from one hole and 1.78 g/t Au over 10.85 m from 30.60M and 18.00 g/t Au over 1.40 m from 209.10M from another. The strike length is now over 1300M and another drill programme has begun.
I need to take a closer look at Aurion; this discovery has opened up the possibility of more deposits being found on their nearby 100%-owned properties.
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Of more interest to the market was the release of BTO's Q4 and annual results. Earnings came in above expectations thanks to lower than expected costs, and as a result their cash stash is up to $673M and their credit facility remains undrawn. A few years ago this would have meant that the company, which back then was always ready to take on debt to achieve growth, would be ready to make a purchase or two, but these days they seem to have become more conservative, relying more on organic growth on their existing properties for now.
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FWIW, TD saw the results as slightly positive but kept them at Buy with a target of $9, while , while RBC, already more pessimistic on BTO, also saw the results as slightly positive and kept them at Sector Perform with a target of &US4.75.
I-80 Gold aka IAU announced a milestone today withe the commencement of mining has begun at the first of four Nevada gold deposits they will be bringing into production over the next three years. They recently announced a new high grade discovery proximal to existing underground workings at Granite Creek, and that ore is what they will be stockpiling for delivery to Nevada Gold Mines' nearby facility for processing. (It will take a few years for IAU to get their own processing facilities at Lone Tree back into working shape.)
It will be close to the end of the year before they actually start producing gold, but this announcement of commencement of mining ahead of schedule is welcome news.
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Of interest to investors in Endeavour Mining aka EDV, Geodrill announced they have signed a contract to perform 350 km of drilling on a number of EDV's properties in western Africa over the next two years. EDV said that with the recent acquisition spree concluded, they are going to be focusing on exploration for the next while, and here is tangible proof.
ca.finance.yahoo.com
Kootenay Silver aka KTN released more drilling results from the California target on the Cervantes property in Sonora, Mexico, JVed with Aztec Minerals. This set of drill holes has expanded the mineralization at California to an envelope 250-500M wide, 900M long, and 245+M vertically, with the headline result being an impressive 167.2M grading 1.002 g/t Au including 24.4M grading 4.247 g/t Au. This drill programme is complete with more assays pending, and the JV has moved on to mapping and sampling in preparation for another upcoming drill campaign.
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