NRN, RIO, ORS
Ever hopeful Northern Shield Resources aka NRN announced the highest grade yet discovered on their Root & Cellar Au/Ag/Cu prospect in Newfound, a grab sample assaying 111 g/t Au. The market reaction is nil, an outcome due to none of their hopes having in the end panned out over the last number of years. This was one of a number of samples collected near their latest target, dubbed Conquest, but as these are only grab samples from a team of geologists without a meaningful discovery on their resumes, don't get too excited.
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NRN also announced they are doing a 1 for 5 share consolidation, which will leave them with under 60M shares. I am not one to dwell on regrets, but I do regret trying to squeeze an extra penny out of my not inconsiderable NRN holding, thus missing the chance to sell them all at 18 cents, almost 10 times the current share price.
Rio2 aka RIO released its first major update following the the rejection of a permit to develop its Fenix gold/silver project in northern Chile. As expected, they are appealing the rejection on technical grounds, saying they had indeed fulfilled all requirements, and they appear to have good grounds to win the appeal. They have plenty of cash on hand, but since the appeal process is expected to take up to two years to complete, they do warn that they may need to raise some money in that time. (FWIW, the IKN newsletter thinks they will have no problem raising any necessary funding.)
The background is that the new government in Chile has apparently given orders to reject all permit applications, even those that are very popular with the locals like Fenix is. However, that government just took a major blow with voters emphatically rejecting their proposed consituttional review process in a referendum, and IKN thinks this will mean the purging of hard left anti-mining elements behind the rejections. So who knows, this may resolve itself somehow even before the appeal is concluded.
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We've been waiting to hear some drill results from Orestone Mining aka ORS's summer drill campaign at its Captain Au/Cu porphyry prospect in north central BC, but the company must have liked the look of the core because today they announced that they have increased the size of the property by 80% to 9692 ha. this is elephant country, located 30 km from the Mt. Milligan mine, so maybe they think the elephant is a even bigger than they thought.
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