TUO, GOT, RRI, CEE
Tudor Gold aka TUD is one of Teuton Resources aka TUO's JV partners on the Treaty Creek project in BC's Golden Triangle. I recently came across a cursory and mysterious PR from TUD which may or may not concern Treaty Creek. It doesn't say muc; here are the juicy bits.
Tudor Gold 'has made an application concerning Seabridge Gold Inc. to the Chief Gold Commissioner of British Columbia. Tudor Gold refrains from commenting upon the merits of these issues, as they are before the Chief Gold Commissioner for decision.'
The odd thing is that several of the recent PRs on Treaty Creek have thanked Seabridge for allowing the Treaty Creek JV partners to use SEA's private road to mobilize for this year's exploration campaign.
Then there is the existence of the office of the Chief Gold Commissioner of British Columbia. Sounds like a fun job. Where do I apply?
Can anyone shed any light on what this PR concerns?
Message 34363010
Goliath Resources aka GOT put out yet another PR, their sixth in a weeks, proclaiming that there was visible gold in a core drilled on their Golddigger Au/Ag prospect in BC's Golden Triangle, but containing no assays. Seriously, at this point who cares? Certainly not Ms. Market...
I am assuming you are all savvy PM investors who know that visible gold without supporting assays is a meaningless indicator. Sometimes you get subeconomic assays even when there is visible gold, and sometimes you get economic assays when there is no visible gold.
Message 34360126
As part of last week's mid-year update, prospect generator Riverside Resources aka RRI asserted that they plan to continue the rotation into Canada from their traditional home in Mexico, and now we get more evidence of that with the news that they have acquired a property adjoining their Pichette prospect in Ontario that includes part of a past-producing mine. And again showing that they are savvy operators, RRI acquired the property for nothing by noting some existing claims had lapsed so they staked them for themselves.
In this part of Ontario, the key for finding gold is locating Banded Iron Formations or BIFs, and the new property indeed contains BIF that extends from the existing Pichette property over to the nearby Leitch mine, which in its day produced over 1M oz Au. The newly acquired property has been subject to quite a bit of past exploration, including drilling which generated intercepts like 16.65 g/t Au over 3.81m and 34.28 g/t Au over 1.1m at less than 80m depth.
I expect RRI is now, as per their usual practice, conducting meeting with prospective JV partners to pay for further exploration on the expanded property.
Message 34360137
African gold miner Centamin aka CEE released its Q2 results, and they were good. New management started reorganizing operations at its Sukari mine in Egypt about two years ago, and so far have been able to stabilize and even start increasing production, but it took until this quarter for these initiatives to start to really bring down costs.
Sukari Q2 production came in above expectations at 115k oz Au, allowing the company to maintain their full year guidance. But more importantly, cash costs came in well below expectations at $849/oz Au produced. The next test will be to maintain these lower costs in the next few quarters as the continuing optimization will require higher capex, but a reduction in inflationary pressures will help. In spite of the capex spend and paying a dividend, they were able to increase their cash stash to $161M at quarter's end, and this is is expected to continue to increase as costs decrease further.
I am also looking forward to receiving drill results from their new concessions in Egypt now that the regulatory framework for these blocks has been signed with the Egyptian government.
Message 34362514
In response, BMO issued a new analyst report on CEE. Citing these improvements in cost and production, BMO maintained CEE at Market Perform with a target of $2.05. |
