WM, MIRL, NRN, RRI, ORS
After a two-month break, Wallbridge Mining aka WM has resumed drilling on their Fenelon gold project in Quebec. But this time the focus is not on the main Fenelon deposit, but on the satellite Ripley zone, located to the south along a different fault that is also part of the Sunday Lake Deformation Zone (SLDZ). With the latest drilling, Ripley has been extended to a length of over 750m and and 500M in depth, and remains open in both directions and at depth. They have also come up with indications of other gold-bearing pathways along the SLDZ which will be followed up along with more drilling at Ripley. If they can prove up more gold resources near the main Fenelon deposit and nearby Martiniere, it will obviously enhance the value of WM's entire property package in the Detour-Fenelon Gold Trend. Meanwhile, we also await a PEA for Fenelon due in Q2.
Message 34206170
Minera IRL aka MIRL announced that with the revising mining plan at their Corihuarmi gold mine in Peru, in January they were able to ship 1787 oz Au, a 10% increase over December in spite of mining almost 20% less material. However, once again there was no word on the major issues the company is facing: the looming debt crisis that will strip them of their main asset, the Ollachea project; and replacing larcenous management focused on enrich themselves and their friends and family.
Message 34207322
Goliath Resources aka GOT released the results of metallurgical testing on materials from the Surebet Au/Ag/Pb/Zn zone on their Golldigger prospect in B.C.'s Golden Triangle. Some of the recoveries seemed a little low to me, but management seems pretty happy with what they were able to achieve on a coarse grind using a cheaper combination of graviry and flotation. As well, arsenic levels in the resulting concentrate were low enough to avoid smelter penalties. Next up is more testing to see if magnetic separation can be used to remove barren material.
As well, GOT extended the terms of almost $4M in warrants that were due to expire out of the money in a few weeks. The strike price is 86 cents, so there is hope that they might come into the money and be exercised before they expire in September.
Message 34207357
Northern Shield Resources aka NRN released partial results from their ongoing IP survey on the Root & Cellar Au/Ag/Cu prospect on the Burin Peninsula in Newfoundland.As ever, they are encouraged by what they are finding, in this case that the anomalies they are finding coincide with prospects identified in previous geophysics. Once the current survey is finished and drilling gets underway, we'll find out if these positive indications amount to anything.
Message 34207382
Prospect generator Riverside Resources aka RRI took a big step forward with respect to its La Union prospect in Sonora, Mexico, filling the hole in the donut by buying a property in the middle of their previous holdings that includes two past-producing Au/Ag/Zn mines that extracted CRD-style mantos and chimneys of the style found in this part of the world. RRI'sy geologists believe there is strong potential for finding more deposits on the type on the property.
To that end, RRI will shortly carry out geophysics to further define targets before a drilling campaign later this year. RRI has declared that the consolidated La Union property is one of their lead assets, so expect exploration to proceed apace.
Message 34207440
Orestone Mining aka ORS released an update on their Captain prospect in north central BC, where they are exploring for giant gold/copper porphyries similar to the ones that have generated multiple producing mines in the area. The latest geophysics defined three targets along a 5-km trend, each where a cross-cutting faults intersect. These are deep targets so ORS is planning two 1000m holes later in the summer. Previous holes have intersected the outer fringes of what appears to be a porphyry with a huge alteration halo. As I said, these are large targets, in this case covering a cubic kilometre and open in multiple directions.
Message 34208762
Saville continues that PMs still need to test the recent lows, and that the ultimate low before a big rise will likely occur in April. He sees what is going on with PMs right now as very similar what happened in Q4 2018, just before their prices took off. |
