WRLG x 2, RRI, ODV
Perhaps the biggest issue that drove the previous operator of the Madsen Mine into bankruptcy was that the ore they proceesed often was lower grade than predicted, so the new owner West Red Lake Gold aka WRLG, who will be bringing it back into production later this year, has devoted much effort into ensuring this won't happen to them.
WRLG released some good news on this front with the results of a 16kt bilk sample extracted from three areas planned for production. The overall grade of the sample was actually above the predicted value, and gold recovery came in at 95% as predicted, meaning they were able to produce 2964 oz Au, slightly under what was predicted only because the bulk sample extracted was slightly smaller than predicted.
The other nice aspect of this news was that at the current PoG that gold is worth over $US8M, a tidy sum to add to the coffers.
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Then, for some reason, WRLG issued a separate very short PR informing us that they had sold 2350 oz Au of what was extracted from that bulk sample, generating $US7.7M, with the rest to be sold later.
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Riverside Resources aka RRI reported some positive news regarding the coming spinout of Blue Jay Gold, created by RRI to hold their Ontario gold prospects and scheduled to be listed later in 2025.
Blue Jay completed a PP at 40 cents a share which raised almost a million dollars to give the company a financial footing as it begins operation. I like that price which means the float won't be too big when it is listed.
After the PP, RRI still owns 74.8% of Blue Jay's shares.
finance.yahoo.com
Osisko Development aka ODV released its Q1 results. I have recently commented extensively on their Cariboo Gold project in BC, so I will just say that based on the numbers in the recently released feasibility study, I still can't imagine anyone providing the immense amount of money necessary to complete the build, but maybe they will be able to pull a rabbit out of the hat. They did finish Q1 with over $77M cash, but given they have a loan for almost half that much due in a few months, that won't even make a dent in the capex requirements for Cariboo.
The quarterlies do reveal a little about their Tintina project in Utah. The reason we haven't heard about the two drill holes designed to test deep porphyry targets is that even though drilling began in December, they will finally be finished 'in the coming months'. Odd. Also, they are running a small test heap leach on stockpiled material.
At their San Antonio project in Mexico, they plan to resubmit permits now that the new government is restarting their emission.
Still looking for a chance to get a reasonable return for the small number of warrants I hold on ODV, after which I will not likely be back.
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