MAI, MIRL, SVB, TUO, WM
The IKN newsletter last weekend dissected the recent PR from Mexican gold miner Minera Alamos aka MAI concerning its Q1 results and finacning for the construction of Cerro de Oro. I can't say much, just that results are as expected, and that the numbers show that MAI will be able to pay off the loan within a year and quickly reduce the NSR to 0.75% from cash flow.
IKN also brings us new details of the shenanigans at Peruvian gold miner Minera IRL aka MIRL. It turns out the delays in filing the latest financials were due to over $29k in fraudulent receipts submitted by a member of management in the wake of last Year's European roadshow. The money has been repaid, but the executives are not having their salaries delayed as the company runs out of money on the way to losing their flagship asset Ollachea before the end of the year. What a mess!
Silver Bull Resources aka SVB released an update on its NAFTA claim against the Mexican government for allowing an illegal blockade to cut off access to their Sierra Mojada property in Coahuila, Mexico. SVB met with government representatives but were unable to resolve the matter amicably, so they have filed an official notice of arbitration seeking an award of 'not less than $178M'. One wonders what they will do with the money if they win.
Message 34312412
Teuton Resources aka TUO released an update on the drill programme it and its JV partners are conducting on its Treaty Creek Au/Ag/Cu project in BC's Golden Triangle. They have already completed over 20% of the planned 25km of drilling. No assays are yet available, but based on the core they have seen so far, they have already had great success at both infill drilling at Goldstorm and, excitingly, on stepout drilling to the northeast. The core from the first hole, a 150M stepout, looked so good they have already begun another hole 150M further NE, and are constructing two more drill pads a further 150M and 300M out. Goldstorm is already huge and keeps on growing.
And in a few week more rigs will arrive to drill up Perfectstorm, a recently discovered system located midway between Goldstorm and SEA's Iron Cap deposit. I am also really looking forward to seeing what they find.
BTW, the PR makes a special point of thanking Newcrest for allowing them to use their access road to the nearby Brucejack mine to get their equipment onsite at Treaty Creek. It is a positive to see them having good relations with one of the companies that is a candidate to buy and develop Treaty Creek.
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Yesterday we heard from Wallridge Mining aka WM that they have had to to shut down exploration at their Fenelon gold project in Quebec due to wildfires, joining a long list of mining companies that have been affected. But today we get some results from the more than 30km of drilling completed so far this year at Fenelon.
One set of holes extends the mineralization at the Area 51 deposit another 90m down plunge, while the other set are from around the Ripley zone south of the main Fenelon deposit, where the Jeramie Diorite and Sunday Lake Deformation Zone intersect with favourable host rocks. They have already found enough gold to call Ripley a satellite deposit, and they clearly expect to discover significant mineralizationa s they untangle the complex geology.
As well, WM confirmed that a PEA for Fenelon will be completed this month.
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