IAU, HMLO, NTH
Nevada gold miner i-80 Gold aka IAU continues to pull remarkable assays from its McCoy-Cove development project. How do results like 22.6 g/t Au over 19.1m, 32.9 g/t Au over 14. m and 23.5 g/t Au over 12.8m grab you?
(Apologies if I occasionally misname the property as McCovey-Cove. Willie McCovey was one of my favourite baseball players, and the new version of Candlestick Park has named the bay outside the wall in which the big bombers try to land their homer McCovey Cove.)
These results come from the latest three holes drilled into the Helen zone, which is expected to be the first source of ore from the mine. Mineralization remains open in multiple directions, and drilling will continue at Helen and other targets on the property. These and the drilling results to come will feed into a revised Resource Report and PFBS expected before the end of the year.
The combined impact of this NR but probably more the increase in the price of gold appears to have broken IAU out of the trading range around the $1.80 price of the recent PP.. With the constant flow of news to come, I expect the share price recovery will continue, as long as the PoG cooperates. My personal target for IAU is between $4 and $5, assuming they don't get bought out first..
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In response to this NR, Scotia released a new analyst report which called the impact Positive but maintained IAU at Sector Outperform with a target of $4.
Hemlo Explorers aka HMLO released the initial drill results from its Plc gold prospect in Ontario. The exploration programme is being conducted by ABX, which can earn up to an 80% interest in the project by meeting a number of terms, including delivering a PFBS within six years. Notably, Barrick was required to spend $1M on exploration within a year of signing the JV agreement, but have already spent $4.6M 16 months in.
The drilling itself targeted 4 different areas on the property and encountered at least decent gold grades in each of them, plus other favourable geological indications. All these results were from holes drilled last fall, so it will be interesting to see if ABX can find enough during this year's exploration to maintain their interest.
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Nord Precious Metals aka NTH (recently renamed from Canada Silver Cobalt Works aka CCW) has been poking around their Castle East property for silver and cobalt, sometimes successfully, but last year surface exploration revealed what they are now calling the Gowganda Gold Camp on top of the Castle East silver deposit. Now we hear the single hole completed into Gowganda so far has revealed a 9m wide gold zone, including a 0.58m interval grading over 3 g/t Au. The NTH geologists now think the Archean gold comes from a separate minerlaizating event than Castle East, and may extend to district sale.
We'll see if the pending assays back that up.
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