WEX, IAU, EDV
Western Exploration aka WEX brought us news regarding Dolby George, one of three undeveloped gold deposits on their Aura property in Nevada. Metallurgical testing has confirmed historical results, that heap leaching will be cheap with good extraction and low reagent consumption. This will be confirmed by further testing and will feed into a PFBS to be completed in 2024.
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We already knew that the Cove deposit on Nevada gold miner i-80 Gold aka IAU's McCoy-Cove property was one of the highest grade gold deposits in North America. The numbers are only going to get better thanks to IAU releasing their best drill intercepts to date, with the feature intercepts including 18.9 g/t Au 29.3m, 14.9 g/t Au over 32.7m,, and 15.7 g/t Au over 22.5m. With the decline construction to allow easier access almost complete, the focus will be on completing the drill programme and then delivering a PFBS, as well as advancing permitting.
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FWIW, in the wake of west African gold miner Endeavour Mining aka EDV's recent announcement of the sale of two of its mines in Burkina Faso, BMO put out a new analyst report. They cite the consequent reduction of country risk and that several mines currently under construction will soon replace the lost production, and maintained EDV at Outperform with a target of $38.
In his weekend newsletter Saville made a comment to the effect that, due to all the permitting issues we have been seeing, perhaps Canada and Australia are the only remaining mining-friendly jurisdictions.
And in the IKN newsletter we learned that thanks to a recent court win by a private company running a copper mine in Mexico, the recent mining reform laws passed by the AMLO government is in effect toothless until the various appeals are complete, which is guaranteed to take years. |
