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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers
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From: LoneClone11/6/2024 2:11:24 PM
1 Recommendation

Recommended By
onepath

   of 78403
 
WGX, RIO

I am still getting used to the number of PRs coming out of West Australian gold miner Westgold Resources aka WGX (not to mention the enormous amount of legalese required by JORC rules that no one reads at the end of each PR). To be fair, there has been a lot going on, so maybe in due course things will settle down.

The latest PR concerns infill and exploration drilling under the Bluebird and South Junction pits, which WGX sees as crucial to expanding production at Meekatharra. The most significant results come from drilling to extend the deep zones, with the headline assay being 3.71m @ 18.02g/t Au from the deep extension of the Polar Star Lode.A number of other assays also extended the downward plunge of several lodes, which will feed into a new Resource Report for Bluebird-South Junction to be released later this month.

WGX also announced that definition drilling at Bluebird-South Junction has been extended through Q2 with two surface and two underground drill rigs operating.

Message 34893013

The IKN newsletter brings us news that Rio2 aka RIO has begun construction of its Fenix mine in Chile, but won't PR it for a few weeks. IKN also voices something I had been mulling, that since they raised more money than they need in the recent financings, they might acquire another asset. Pure speculation...

And here's a PR with a tangential link to RIO. The original RIO was built around creating a mine in Peru called La Arena, which they ran very successfully and then sold it to a company that ran it into the ground. Eventually it ended up in the hands of PAAS, and now it is being sold on to the Chinese company Zijin mining.

Message 34896583

Saville continues to see $2300 as a reasonable target for the coming correction in gold. There is some support there and it marks the midpoint of the recent rally.
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