IPT, CCW, IAU
Yesterday I guessed that Impact Silver aka IPT had put out a PR that left out the grade of the mill on their silver properties in Mexico was because it was lousy. Well, I was wrong. It was actually up from last quarter and the same as Q1 last year. So why was it left out? Your guess is as good as mine...
Perhaps Canada Silver Cobalt Works should have the symbol OCD instead of CCW. Not content with exploring for silver and cobalt in Ontario, running a nearby lab, and exploring a few dozen battery metals properties in Quebec, they have decided they need to add some gold exploration to their portfolio. Thus they have added Eby-Otto, a gold prospect in Kirkland Lake area, and today they announced that exploration is underway, first geophysics and mapping and sampling followed by drilling. One assumes they have assembled this property with the idea of proving up some mineralization and then selling it, but you never know with OCD, er, I mean CCW.
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I remember opining at the beginning of 2022 that we could expect a copious newsflow from i-80 Gold aka IAU this year, but their actual output has exceeded even my expectations. And these aren't the breathless and content-free "We have completed another half a hole" PRs you get from the promotionally oriented companies; IAU's always contain meaningful information.
Today we get two updates.
First, they have acquired a key property adjoining their McCoy-Cove property in Nevada, where they will be bringing Cove, one of the highest grade gold resources in North America, into production over the next few years. The new property includes not only some known gold minerlaization, but also a past-producing barite mine and mill, a rail spur that connects Mcoy-Cove to a main rail line, and perhaps most crucial, more than enough water rights to develop Cove.
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IAU also released their Q1 results. The financial figures are what you expect at this stage of a company developing multiple mines, i.e. they lost money, but it is important to note that they still have much more than enough money to bring the four mines into production. And they even made some money this quarter by producing 1489 from the existing heap leaches at Ruby Hill and Lone Tree at a cash cost of $1019/oz, a nice little bonus.
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