CCW, EDV, OGC
Canada Silver Cobalt Works aka CCW, the little company with its fingers in (too?) many pies, has released 2 NRs in 3 days concerning their Eby-Otto gold prospect in Ontario, located on the Cadillac-Larder Break 5km from AEM's producing Macassa Gold mine. It's a great location, to be sure, and there are gold showings outcropping at surface, but we'll still don't have any assays from the samples taken at these outcrops. Nevertheless, CCW is pushing ahead with several phases of geophysics, but don't mention any drilling plans.
Message 34052249
The second NR, two days later, announces the start of drilling and give a little more info about the drill targets. Why they didn't save some money by combining the two NRs into one escapes me.
Message 34053362
FWIW, Edison has come out with a new detailed analyst report on Endeavour Mining aka EDV. I am not sure if accessing this link requires a free membership.
edisongroup.com
Oceanagold aka OGC released its Q3 results, and they could best be described as mixed. Didipio in the Philippines performed as expected now that it is back in full operation and Haile in the US continued to perform well, but heavy rains impacted Macraes in New Zealand, meaning both gold production was down around 10% to 104k oz, while copper production from Didipio was down just slightly.
Even though costs were up sharply, the company did manage to make a profit. In spite of generating free cash flow from their operations, their cash stash dropped $20M to $130M, but that was primarily because they paid down some of their debt. They also maintained their full year guidance in spite of the Q3 difficulties, thanks also to a good quarter at Waihi in New Zealand, which will do even better in Q4 as they access higher grade ore.
All eyes are now on the permitting underway for the Haile underground mine, which is expected to start production Q4 2023. They have started construction activities while they wait for final permits, expected this quarter.
Message 34054742 |
