WGX, MAI, KDK, KTN, IPT
West Australian gold miner Westgold Resources aka WGX released yet another resource upgrade, this time for the Bluebird-South Junction mining complex on their Meekatharra property.
WGX has been working hard to increase the amount of ore at Bluebird-South Junction for almost two years, and it has paid off, with the total Resource Estimate increasing to 15Mt at 2.9 g/t for 1.4M oz Au, including an M&I Resource increasing to 8.7Mt at 2.9 g/t for 814k oz Au.
WGX is continuing these efforts on two fronts. Four rigs are drilling to infill and extend the mineralization, even as a new Mine Plan and Resource Estimate are being developed, to be released in Q2. They are also studying building another portal to allow the rapid drilling of the Polar Star lobe, including possibly converting it to a production portal after drilling is complete.
The PR also included a brief update on the assets they acquired when they merged with KRR, including adding a 7th underground drill rig at Beta Hunt, plus the start of resource development drilling at Lake Cowan designed to generate ore for the Hugginsville mill.
Usually I don't like companies putting out this many Prs, but WGX really does have that much going on.
Message 34913831
Minera Alamos aka MAI released an update covering its gold mining operations in both Mexico and Arizona.
At the recently acquired past-producing Copperstone mine in Arizona, MAI are updating process models and flowsheets for the new processing facility, even as they prepare equipment currently stored in Mexico for shipment to Copperstone. As a bonus, Sable, which is being acquired by MAI, managed to extinguish the 1.5% NSR on Copperstone by trading it for another NSR.
At their operating Santana gold mine in Sinaloa, MAI announced that during Q3 they added to the existing heap leach 3800oz Au from the new Nicho Main Zone pit, with the amount of ore and grade in line with expectations. They are also preparing for a 40% expansion in size to the existing heap leach even as they await permits for a larger expansion.
They are also working away at the Cerro de Oro gold project in Zacatecas even at they wait for construction permits.
They and we anxiously await a loosening of the permit process under the new Mexican President.
Message 34913925
Kodiak Copper aka KDK released the remaining 10 holes from its 2024 drilling programme at its MPD property in south central BC, where they are looking for large Ci/Au porphyries similar to those being mined nearby.
The big news was the discovery of more high grade shallow copper mineralization in a 200m stepout from the Adit Zone. Although the best hole was lost soon after hitting the mineralization, you can be sure it will be followed up next year, with shallow Adit-style mineralization now having been defined over a 500m N-S strike length.
As well, other holes extended mineralization at both the South and Mid zones, and it is becoming clear that the Adit, South, Mid, and 1516 zones are all expressions of one underlying porphyry. Let us hope they can find much more shallow mineralization next year.
Message 34915366
Kootenay Silver aka KTN released assays from another 4 holes on its Columba prospect in Chihuahua, Mexico.
Recent drilling has concentrated on the D Vein. As well, this release includes one hole trying for a deep extension to the D Vein, but although it hit an unexpected shallow zone of mineralization, when it reached the target it found only a cavity created by natural processes. However, the edges of the cavity contained traces of carbonate mineralization so this will be followed up later.
The extension of an old hole in the I Vein encountered over 25m of Ag mineralization minus 2m of old workings, and included assays like 513 g/t Ag, 0.6% Pb, and 1.7% Zn over 1.0m.
Two holes into the B Veins generated some excellent results, with the highlight intercept being 3,090 g/t Ag, 0.9% Pb, and 0.2% Zn over 1.1m. They also think they have discovered another parallel vein to B2.
These results and those from ongoing drilling will feed into an initial Resource Report for Columba next year.
Message 34915422
The IKN letter explains that the recent strength in Mexican silver miner Impact Silver aka IPT is due to index rebalancing and thus is unlikely to last. Still, IKN and I are both going to hold onto our small positions due to its leverage to the price of silver, which should hit new ATHs next year.
Saville expects the correction in the PoG to last 3-5 months due to both bearish fundamentals and sentiment, but also already sees buying opportunities to come in gold stocks. He is also looking at $26.50 as the correction low for silver. |
