CEE, CCW, CAPT, KRR
Centamin aka CEE got some expected good news. They were originally granted a concession for their Sukari gold mine in Egypt in 1994, but in 2011 a 'private Egyptian individual' instituted legal proceedings seeking to void the award. This has been winding its way through the very slow Egyptian court process ever since, but finally has been dismissed once and for all by the highest court.
ca.finance.yahoo.com
Up till now Canada Silver Cobalt Works aka CCW was pushing their past-producing Castle Mine property in Ontario as primarily silver with a cobalt kicker, but now they have done something clever to add gold to the mix. They started by going through the historical records of past production and found that gold accounted for 3-5% of the silver dore bars that were produced, which at current prices would mean that the gold would be worth more than the silver.
Then they went back and reviewed past and recent drilling and channel samples, some of which contain significant gold intercepts like 4.35 g/t Au over 2.34m and 15.20 g/t Au over 1.00m. They also highlight a near surface intercept of 22.70 g/t Au over 0.30m from 3.30-3.60m, and plan to follow up the possibility of more near surface gold, which could considerably improve the overall economics of the project.
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Capitan Mining aka CAPT released assays from five more holes from last year's drill campaign at its Cruz de Plata prospect in Durango, Mexico.
First, we get results from four holes targeting the Jesus María vein. These were step-out holes that successfully extended mineralization along strike with intersections like 4.6m of 236.98 g/t AgEq, including 1.5m of 624.8 g/t AgEq. And we get assays from an area I am particularly interested in, the intersection of the vein with the Gully fault, with a spectacular result of 4.6m of 236.98 g/t AgEq, including 1.5m of 624.8 g/t AgEq.
There are still six holes pending from the 2022 drill campaign, but Capt has lined up a busy 2023. A new geophysical survey will shortly begin, followed by more drilling around Jesus María, especially around the Gully fault, as well as other prospects on the property. These includes the new adjoining property they recently acquired, for which they have applied for drill permits.
This will be a big year for CAPT. If they can define enough mineralization at Cruz de Plata, they will be well on their way to defining a potential mine.
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FWIW, TD posts a Canadian Small Cap Model Portfolio which they update every week or so. For the latest update, they first go through the positive setup for gold and gold equities, and then zero in on Karora Resources aka KRR, adding a 2.5% position to their portfolio, citing its cash flow momentum and consensus forward cash flow.
BTW, Oceanagolld aka OGC already has a 2.1% position in the portfolio, along with AGI at 3.5% and LUG at 4.4%.
Saville notes that gold is currently testing resistance around $1920, and that the 10-year TIPS yield has been dropping, opening the door for gold to make a new all time high possibly as early as this quarter. He also opines that the gold mining sector is still in the initial leg of a multi-year bull market, with a routine correction likely in the near future.
Meanwhile, the IKN newsletter included an analysis showing that Wall Street money has so far taken no notice of the move in gold. IMO it will get much more interesting when they do. |
