KTN, WRLG, WM, RIO
Kootenay Silver aka KTN continues to release excellent drill results from its Coumba silver prospect in Chihuahua, Mexico. With the release of two step-out and three infill holes along the D Vein, its strike length has now been increased to 1275m, all the way to the intersection with the B Vein. Headline assays include 33.8m (estimated true width 18.18m) @ 96 g/t Ag, 0.1% Pb, and 0.3% Zn, and 28.6mh (estimated true width 21.85m) @ 176 g/t silver, 0.1% Pb, and 0.4% Zn
KTN is less than halfway through this year's 20km drill campaign at Columba, after which an initial Resource Estimate encompassing the B, D, and F Veins will be calculated..
Message 34835843
West Red Lake Gold aka WRLG released new assay results from drilling in the South Austin zone on its Madsen Mine property in Ontario. South Austin already has an Indicated Resource of 476k oz Au @ 8.7 g/t and an Inferred Resource of 32k oz Au @ 8.7 g/t, but with new intersections like 4.48m @ 49.39 g/t Au. 1.2m @ 18.46 g/t Au,, and 4m @ 20.63 g/t Au, this drill programme will not only increase the overall Resources but also convert Inferred to Indicated. The South Austin zone, along with the Austin and McVeigh zones, is expected to form the basis for restarting mining.
There has never been any question as to whether there is high grade ore at Madsen, the issue is whether it can be produced profitably. According to WRLG, this ongoing drilling will ensure enough high-confidence mineral inventory to make the Madsen Mine work.
WRLG acquired the Madsen mine and adjoining properties after Pure Gold went bankrupt. They plan to release a PFBS on restarting production by the end of 2024, with the aim of restarting production next year.
Message 34837265
In addition to its 100%-owned projects in the Detour-Sunday Lake gold belt in Quebec, Wallbridge Mining aka WM has several JVed properties. Today we hear a drilling campaign that has begin on the Casault prospect, JVed out to Midland Exploration and adjacent to WM's Matiniere project.
Over the summer, a progamme of mapping and sampling identifies a number of prospects on the eastern half of the property, which borders Martiniere.The drilling, scheduled for five holes, will also follow up on a till-in-soil gold anomaly that was found during sonic drilling last year.
Message 34837512
The IKN newsletter highlighted the market action last week in the stock of Rio2, aka RIO, who are developing a gold mine in northern Chile. On Wednesday afternoon a single buyer picked up about a million shares at 60 cents or more, kicking off a strong move. With final permits and financing on the way, IKN and I are hoping that marks the end of trading under 60 cents. My eventual personal target for RIO remains $2 a share.
Saville reminds us that even as gold makes new ATHs, gold stocks are being valued much lower than they normally are at this point in the cycle, creating the possibility of out-sized returns over the next year. |
