BTO, MIRL, GNG, CEE, OGC, NRN
B2Gold aka BTO traded up strongly today on the release of a PR chock full of goodies.
First up, they are now into higher grade ore at their flagship Fekola mine in Mali, meaning they set new production monthly records in both October and November of 79967 oz Au and 95460 oz Au respectively. As a result, they were able to reaffirm their 2022 annual guidance in spite of some difficulties earlier in the year.
In addition, they reported strong drilling results from exploration of up to three plunging sulphide ore bodies at the Anaconda property, slated to become a future source of ore for the nearby Fekola mill. Results like 9.48 g/t Au over 14.60 m and 5.01 g/t Au over 15.10 m indicate these high grade shoots could become real money-spinners for BTO, and they remain open at depth. Drilling also found extensive areas of what look like economic ore of near surface saprolite (oxide) ore at Anaconda. Drilling continues....
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In response to this PR, TD issued a new analyst report that called the impact Positive but kept BTO at Action List Buy with a target of $8.50.
What might be good news coming from another company is unfortunately bad news for those who own shares in Minera IRL aka MIRL. Yes, their Collahuami gold mine in Peru had a very good November, shipping 2123 oz Au, but in this case it just means more money for the corrupt and overpaid CEO to divert to his friends and family
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Usually I castigate companies that put out too many PRs in a short period for wasting money, but given the circumstances I am willing to cut Golden Goliath Resources aka GNG some slack, given the circumstances. A week ago they announced they had completed a small reconnaissance 4-hole drill programme at their Wish Ore gold prospect in Ontario, then the next day they announced that their core shack had burned down with one of the holes inside it. Today we hear that all four holes, including the reassembled one that was in the fire, to a lab for assay. (Fortunately they had already photographed and catalogued the burnt one.)
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One of the key achievements of the new management at Centamin aka CEE has been to develop a new and more accurate geological model of the deposits at its producing Sukari gold property in Egypt. We see some of the fruits of that labour with today's release of a new Resource Report for Sukari. Since the last Resource Report a year ago, they have increased Sukari M&I from 9.8M oz Au to 11.1M oz at a slightly higher grade and the P&P reserves from 5.8M to 6.1M oz Au, both net of depletion. Especially notable is the increase in underground resources and reserves, lending further support to their planned underground expansion project.
We'll learn more about that when we get the economic reports next year. Meanwhile, CEE continues to explore for more near-mine and outlying sources of ore across the property.
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Oceanagold aka OGC released exploration updates from resource conversion programmes at three of their gold mines/
At Wharekirauponga, part of the underground resources at Waihi North in New Zealand they are planning on bringing into production, they found even more high grade mineralization, e.g. 73.4 g/t Au and 133.0 g/t Ag over 12.9 m , and 52.8 g/t Au and 136.2 g/t Ag over 11.8 m from 445.7 m. Mineralization remains open in multiple directions. Drilling continues, and these and coming results will be fed into a revised Resource Report and a PFBS expected at the end of next year.
At the Palomino deposit on their producing Halle property in the US, slated for future production, they pulled some major intercepts like 6.83 g/t Au over 100.6 m and 4.46 g/t Au over 83.1 m. The results and others will feed into a revised Resource Report due at the end of Q1.
Finally, we hear about exploration results from the Didipio producing Au/Cu mine in the Philippines. OGC had identified five targets within within 200m of existing workings. Drilling of the first of these targets has identified two zones of mineralization. The best results from the holes at the Eastern Breccia included 1.90 g/t AuEq (0.87 g/t Au and 0.74% Cu) over 54.3 m, almost at surface, and from the Feldspar Porphyry 2.33 g/t AuEq (1.44 g/t Au and 0.64% Cu) over 23 m from 166.0 m, good enough that OGC will be following up with more drilling almost immediately.
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The share price of Northern Shield Resources aka NRN more than doubled (from a very low level) as the result of a PR containing pretty pictures of visible gold from their Root & Cellar Au/Ag/Cu prospect in Newfoundland. The pictures are of a boulder found near bedrock they say contains similar mineralization. They say this find validates their geological model. We shall see when they get permits for trenching in the area.
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