OGC, WGX, RRI, ODV, NTH
OceanaGold aka OGC made a big move today, trading up almost 10% on the basis of the latest drill results from Wharekirauponga , part of their Waihi gold project in New Zealand. The results are just as high grade as previous drilling at Wharekirauponga , featuring assays like 9.9 g/t Au over 20.3m, 19.4 g/t Au over 7.1m, and 34.5 g/t Au over 3.8.
But what really made these results stand out is that previous drilling was infill, while these were from what OGC calls 'extentional drilling', or what I call step-outs, which extended the strike length of the EG for 200m down dip Extensional and infill drilling will continue, all feeding into a new Resource Report at year end.
Wharekirauponga okay, WPK, already has an Indicated Resource of 2.0Mt @ 15.9 g/t for 1.01M Au plus an Inferred Resource of 1.2Mt @ 9.0 g/t for 350k oz, which I expect to grow substantially. The overall Waihi project is now in the process of waiting for fast-tracked permits.
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It's done and dusted. Now that the takeover of fellow Australian gold miner Karora Resources is complete, Westgold Resources aka WGX has listed on the TSX. And this morning a bunch of cash as well as shares of WGX.TO and of the spinco Culico Metals, which has applied to list on the TSXV, appeared in my account.
I would agree with Saville that WGX is probably fully valued at current prices, so unless gold takes off, which is a possibility if the financial panics continue, this is probably not the best time to start a new position in WGX or add to an existing one.
Much thanks to kidl, who dug up this video which gives good overview of the combined company.
events.6ix.com
Prospect generator Riverside Resources aka RRI has released an update of its Cecilia Au/Ag prospect in Sonora, Mexico, which is JVed out to FVI. FVI can earn up to 100% of the property over five years by paying RRI a large amount of cash (well over $5m) and an NSR as well as carrying out an extensive exploration programme.
Cecelia is a district-scale prospect with multiple targets in its 60 sq km. The first fruits of the JV have come with an FVI-funded property- geophysics programme which revealed yet another excellent prospect. FVI-funded drilling will commence shortly, with results expected Q4.
The more I learn about Cecilia the more it looks like potential mine, exactly the kind thing a prospect generator like RRI thrives on, generating income for at least the next five years and hopefully long beyond that via the NSR, providing RRI with finding that will allow them to expand their roster of prospects
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Osisko Development aka ODV has three different initiatives underway at their Tintic property in Utah, and today they released an update that covers all three.
First, they are exploring and doing what they are calling test mining at the Trixie Au/Ag, mine from which they report more high grader chip sample assays.
Second, they are looking for other CRD and porphyry deposits, and detail some of the best prospects. One drill hole looking for a porphyry under Trixie failed to find anything significant, but the rest remain undrilled.
And then there is the big prize, the underlying porphyry that is the source of all the mineralization in this district. Two deep holes failed to find what they were looking for, but they learned enough to refine their model and select a new target on the other side of a fault.
I kinda wish ODV had enough money to really go at all these targets full speed ahead. Maybe what they have found so far will be enough to attract a partner with deep pockets.
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Nord Precious Metals aka NTH released more details about its plans for making money from its Castle Mine property in Ontario. First, they tell us that they are in 'continued correspondence' with provincial regulators regarding getting permits, and then tell us some details of what the permits are for. They plan to produce silver and cobalt/nickel at their local facilities from waste dumps and ore left inside the mine, and then use the resulting tailing as underground backfill to improve mine stability.
Will they ever make money doing this? We'll see.
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