KRR, RRI, IAU, ODV, GOT
Karora Resources aka KRR gave us a first look at their Q2 numbers, and for the second quarter in a row, their gold production set a new record, this time reaching 40823 oz. For info about tonnage milled, grade, and costs, we'll have to wait for the financial results, but they gave us a nice hint those numbers will be good by telling us they added over $5M to their cash stash, which reached $70.8M at the end of Q2 in spite of the extensive development work that in underway.
newswire.ca
Prospect generator Riverside Resources aka RRI released a mid-year update, and as usual, this crew of savvy operators has been busy. In the first half of 2023, they continued their rotation from Mexico to Canada by staking the Duc and Pichette Au prospects in Ontario, as well as bolstering their Mexican portfolio by acquiring the past-producing Union PM mine in Sonora.
And they have been active on the ground, carrying out mapping and sampling and geophysics on both new Ontario properties, discovering that there are also REE prospects on Duc.
When they turn to talking about the next six months, they surprised me by announcing two further modifications to their approach, saying they are adding to add critical metal prospects in Canada, and in particular, in B,C., new territory for them. They will also be doing more exploration on a number of their prospects as well as seeking JV partners to fund those efforts, something at which they have been adept. And they are well-funded to carry out these efforts, with no debt and a cash stash of over $7M.
Message 34354181
I am not happy with Nevada gold miner i-80 Gold aka IAU today.
Yes, they are obviously running through a lot of capital with all the projects they have underway, so the announcement of a $32M PP is not a surprise. What has disappointed me is the low price, only $2.70 a share, even though IAU hasn't been that low since last November. Perhaps we get a clue as to why the PP price is so low in a sentence that explains that the current main holders like Equinox Gold, Orion, and IAU's management will all be participating, i.e. they have given themselves a sweetheart deal.
That said, I will take advantage of the dip in share price to add to my holdings, as I still have a personal target of at least $5 in a couple of years once they are in a full production.
Something else we can glean from this NR is the rate of cash burn. At the end of 2022 they had $81M cash, and they say that after closing this $32M PP they will have about $90M, which they have burned through about $23M in the first six months of 2023. They also have an unused $100M accordion, so if we are lucky this will be the last raise before the real money starts rolling in.
ca.finance.yahoo.com
Osisko Development aka ODV announced the latest results from underground exploration aimed at extending minerlaization at its Trixie mine on its Tintic property in Utah. Given that the headline assays include 65.00 g/t Au and 344.39 g/t Ag over 4.57m from drilling and 30.17 g/t Au and 62.76 g/t Ag over 1.34m from sampling, these efforts are proving successful. Further exploration and drilling will be used to delineate the new mineralization which will be included in a revised Resource Report.
Message 34355342
As Goliath Resources aka GOT continue it bizarre flurry of PRs -- 5 in 12 days! -- at least we get an assay in the latest one. But, alas, it is only one assay from a sample, with no sign of assays from drilling or even from the trench they dug where the assayed sample was collected.
But that said, this PR does contain what could be very positive news for GOT's Golddiger Au/Ag property in BC's Golden Triangle. Their original discovery on the property was Surebet, and last year they added Goldswarm. Now they have added a zone they are calling Full House that extends for 6.5 km. Importantly, they are opining that Surebet, Goldswarm, and Full House appear to stem from the same minerlaizing event, giving more evidence of the sheer size of the potential mineralization on the large property.
BTW, the grab sample at Full House assayed 113.5 g/t Au and 249.0 g/t AG. Yes, it's just a grab sample, but still promising.
Message 3435538 |
