SNAG, EDV
Even as Coeur pays for and runs a drill programmer on Silver North Resources aka SNAG's JVed Tim property near Couer's Silvertip mine in south Yukon, SNAG is preparing to restart exploration on their 100%-owned Haldane property further north in the Keno Silver District.
The drilling will follow up on two recent discoveries. In West Fault, they will be looking for more CRD-style Ag/Pg/Zn mineralization, while at Bigfoot they will be following up stacked Ag veins discovered in 2019. Drilling will begin mid-September just as the Tim drilling wraps up.
Message 34799334
West African gold miner Endeavour Mining aka EDV released an update on the sale of two mines in Burkina Faso to Lilium Gold in 2023 for $210M plus a 4% royalty on the first 400k oz Au sold from one of the mines. After making initial payments, Lilium stopped paying, resulting in court proceedings.
A settlement has now been reached which will result in Lilium selling the mines to the Butkina Faso government, with EDV receiving only $60M cash in addition to the $37M already already received, with the royalty dropped to 3%.
On the one hand, it is good that the expensive legal proceedings have ended, but this agreement results in EDV receiving only about 40% of the originally agreed sale price. I am chiffed that with the deal concluded, EDV has reduced their country risk by reducing their exposure to Burkina Faso.
Message 34799360
In response, Scotia issued a new analyst report on EDV, calling the impact Mixed, but maintaining EDV at Sector Outperform with a target of $40.
Saville opines that a daily close below $2500 would mean that an interim top, and likely the price peak for the year, has been set for the gold price. And he continues to think that in the next while HUI will set its own intermediate term top around 340. |
