OGC, GOT, KRR, WM, IAU
Oceanagold aka OGC released the results from the first 45 holes of the current drilling programme at their Didipio Au/u mine in the Philippines. Some of the drilling is aimed at conversion of Inferred resources into Indicated, and has been successful at confirming historical results. The rest is what they are calling Extensional drilling, aimed at extending mineralization below the current resource, and has also been successful, with the headline assays being 72.0m @ 3.40 g/t AuEq (2.44 g/t Au and 0.69% Cu) at Didipio Deeps and 18.6m @ 4.24 g/t AuEq (2.56 g/t Au and 1.20% Cu) at Eastern Breccia.Note that these results substantially exceed the mineralization levels in the current resource.
The stated goal of this drilling is to allow them to increase production at Didipio by 20%. The resource conversion alone could support that, but the new discoveries, which remain open and will be followed up by further drilling, create opportunities for further production increases. This drill programme is less than half done, and I look forward to more good results.
Message 34394824
Judging by the number of PRs they release, I am beginning to suspect Goliath Resources aka GOT's IR person knows some secrets about the rest of management. ("Spend that money on more PRs or else!!".) In yesterday's roundup I covered their latest 2 PRs, issued three days apart, but it turns out I missed yet another, released the day before the earlier of the two I covered.
To be sure, this one has some good news, with the discovery of four new mineralized zones in the vicinity of the Surebet deposit on GOT's Golddiger prospect in BC's Golden Triangle. Along with the Lower Surebet zone, also discovered recently, the Kahuna zone, which is 2km NE of Surebet, the Outpost zone, 5 km E of Surebet, and the Humdinger zone will be drill tested this year. The other discovery, Full House, 5 km NW of Surebet, will be drilled next year.
Some of these discoveries are even at surface, and GOT is also in the process of identifying numerous other prospects on their extensive landholdings in the area. Now if they can only change their promotional approach so it produces more benefit for shareholders from these exploration successes.
Message 34394859
We already knew that Karora Resources aka KRR had set a new record for gold production from its Australian mines in Q2; now we get to see their Q2 financial results. The first bit of good news is that Q2 cash costs were down substantially at $1068/oz Au. Not surprisingly, revenue and cash flow also increased substantially and they were able to generate net earnings of $6.6M. As a result, they were able to increase their cash stash to $70.8M while remaining debt free in spite of carrying out a large amount of development work across their mines and mills.
KRR maintained it 2024 guidance of substantially increasing both gold and nickel production while reducing costs.
Message 34394888
Wallbridge Mining aka WM's focus this year is on exploring their large landholdings in the Detour-Fenelon gold trend in Quebec. To that end, they just announced an upcoming drill programme on the Grasset Gold property they acquired when they took over Balmoral Resources. In particular they are focusing on a feature called the Grasset East Flexure Target, which covers the central portion of a fold-structure identified from airborne magnetic surveys and a strong flexure in the Sunday Lake Deformation Zone, the primary structure controlling gold deposition along the Detour-Fenelon Gold Trend. Let's hope the planned 5000m of drilling finds something.
Message 34394987
i-80 Gold aka IAU released more drill results from its Ruby Hill polymetallic property in Nevada. While waiting for permits to drill more prospects (since received), these holes were drilled into the Blackjack and East Hilltop zones.
At Blackjack, IAU is using directional directional drilling to target minerlaization under the Archimedes pit, coming up with intersections like 19.4 % Zn, 29.2 g/t Ag and 0.4 g/t Au over 30.4m and 17.8 % Zn, 59.8 g/t Ag and 0.9 g/t Au over 16.4m as well as new zones of CRD minerlaization for whic h assays have not yet been received.At East Hilltop, they found both skarn mineralization with intercepts like 11.6 % Zn & 5.8 g/t Ag over 6.1m and 14.7 % Zn & 3.7 g/t Ag over 4.6m and CRD mineralization like 6.8 % Zn, 3.6 % Pb, 0.9 g/t Au & 136.3 g/t Ag over 9.1m.
In addition, they found a very high grade intersection in the nearby Tycho zone -- 45.4 g/t Au and 50.2 g/t Ag over 17.5m. This will be followed up by more drilling. In addition, after receiving necessary permission they are now drilling in the FAD zone, which extends onto the adjoining property they acquired when they bought out Paycore, so expect more skookum drill results to come.
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