TUO. NRN x 2, GOT x 2, RIO
Teuton Resources aka TUO and its JV partners released the results of another five holes drilled to the northeast of the Goldstorm deposit on their Treaty Creek project in BC's Golden Triangle, and once again they have uncovered significant mineralization beyond the current resource, with the headline assays being 516.0m @ 1.19 g/t AuEq (0.89 g/t Au, 2.86 g/t Ag, 0.23 % Cu), with an enriched section measuring 90.0m @ 2.07 g/t AuEq (1.93 g/t Au, 3.55 g/t Ag, 0.09 % Cu). There are eight more completed holes with assays pending, while crews are busy constructing drill pads for next year's drilling programme.
The JV partners have a problem, but it's a good one to have. They can't begin a PEA on Goldstorm until they define the limits of mineralization, but they keep on finding more and more mineralization each time they step out, with Goldstorm remaining open in multiple directions. Once all holes from 2023 are received and released, I expect we will get a revised Resource Report.
Message 34393253
Northern Shield Resources aka NRN has a long history of finding promising signs that amount to nothing, on a variety of properties. Judging by the trading since their later PRs, maybe they are finally on to something.
In their last PR, they told us they were going to dig some trenches in the Conquest Zone on their Root & Cellar Au/Ag/Te/Cu prospect in Newfoundland to look for the source of some large gold-bearing boulders found on the property. Well, the trenches did not find the source of those boulders, but they did manage to come up with grab samples with lots of visible gold. Although their share price doubled in response, I remain skeptical, based on NRN's poor track record, that these were grab samples, and that visible gold means little without assays.
Message 34393508
Less than a week later, NRN released a short PR announcing more trenching in the Conquest Zone, plus a small drill programme that will drill 8 holes totalling approximately 500m in the same area will be carried out in the next month.
Message 34393664
Goliath Resources aka GOT has made little impact with this year's drilling campaign on its Golddigger property in BC's Golden Triangle, largely, I would argue, because of their approach -- releasing PR after PR filled with breathless prose but no assays instead of releasing fewer PRs and using that money to expedite assays.
The latest PR from drilling at the Golden Gate Feeder Zone at Golddiger is a perfect example. With drill results like 23.00m of 21.08 g/t AuEq (18.95 g/t Au and 95.31 g/t Ag) including 14.00m of 33.75 g/t AuEq (30.39 g/t Au and 150.42 g/t Ag) and 9m of 50.27 g/t AuEq or 1.62 oz/t AuEq (45.27 g/t Au and 225.42 g/t Ag), this should have impacted the share price, but, alas, there was little response by Ms. Market.
I continue to hold in the hope that the quality of the deposits they are finding will eventually make up for their poor IR practises.
Message 34393645
I doubt the drill programme just begun at GOT's nearby Luvky Strike prospect will have much effect either, given that it is only 2000m and primarily designed to collection info for a more extensive drill campaign next year.
But I do remain hopeful about Lucky Strike, particularly the Bullseye porphyry Au/Ag/Cu target and the Goldsource breccia target, where grab sampling has found high grade gold. It's still early, but I like the looks of these two targets.
Message 34393544
The IKN newsletter pointed out that the cabinet shuffle in Chile may cause a delay in RIO2 aka RIO's appeal against the denial of permits, but that the new regime is much more pro-mining so this is actually a positive development. IKN also reminded us that at times like this -- sentiment washout plus no volume across junior mining, disdain for fundamentals -- it's buying time.
Saville has been impressed by the PoG's resilience in the fact of the continuing rise in the 10-year TIPS yield, but doesn't think this will last. He continues to anticipate a washout low in the PoG in the next month or so, perhaps as low as $1725, but also has increased the probability that the bottom is already in to 50%.
So wait to make those buys? Your call, but scaling into positions is always prudent. |
