AUX, WGX, EDM, NRN, IPT
Even as they carry out their initial drilling on several prospects within their Ready Creek gold prospect in Victoria, Australia, Golden Cross Resources aka AUX has staked new prospectivs, increasing their landholdings in the Victoria Goldfields to over 750 sq km.
Gold in the area is usually found along anticlines, and the new landholdings contain 46 km of strike length across four anticlines known to host gold mineralization. There are also a number of past-producing mines on the new property.
This is definitely a positive step, but right now what I want to hear about are assays from current drilling.
Message 35248158
West Australian gold miner Westgold Resources aka WGX released its latest figures for Resource Estimates and Ore Reserves. As you would expect after the merger with Karora and much exploration, the numbers are up substantially even after mining depletion.
As of June 30th, total Measured and Indicated Resources amounted to 137 Mt at 2.09 g/t Au for 9.2 Moz Au, Inferred Resources were 94 Mt at 2.33 g/t Au for 7.1 Moz Au, and Ore Reserves (equivalent to 43-101's P&P) were 56 Mt at 1.93 g/t Au for 3.5 Moz Au.
At current levels of production, those Ore Reserves would last about 10 years. Note that WGX is planning to increase production from current levels, but also to engage in extensive exploration to increase those Resources and Reserves, so I expect the numbers continue to grow regardless.
The PR contains lots of details about the Resources and Reserves changes in each of their deposits, which I will leave you to peruse at your leisure.
Message 35246905
Well, that was a surprise.
I own a small position in EDM Resources aka EDM, which is reopening the Scotia Zn/Pb mine in Nova Scotia. First they added the production of gypsum to their economic studies, which greatly improved the economics of potential production. Now they have assayed samples of the Zn and Pb concentrates left behind when the mine ceased operation in 2009, and have found high levels of Ag and especially Au, up to 142 g/t. It will a lot more work to discover if adding PM production to the mix is economically viable, but if so that would definitely help with the overall economics of the mine. EDM doesn't mention how much of these concentrates are left on site, but if there are enough it might be worthwhile processing them for PMs.
Message 35246834
Northern Shield Resources aka NRN released an update on their Root & Cellar prospect in Newfoundland, where they have found instances of various types of mineralization containing Au. Ag, Cu, and Te. Now several aggregate quarries operating on the property have revealed diatremes which may or may not be associated with the known areas of minerlaization. Samples have been taken and assays are expected later this month
The NRN geologists have been on a years-long losing streak, moving from property to property. Maybe this discovery will finally end that losing streak. Maybe...
Message 35246878
Mexican silver/zinc miner Impact Silver aka IPT is really starting to piss me off. They used to be really good at keeping their share count low, but the last few years they have starting doing PPs. The latest one, completely unnecessary IMO, involves over 36M units, each of which contains a share and a full warrant.
I have just about had it with these guys.
Edit: No surprise given the sweetheart deal it gives participants, IPT quickly announced the PP had been upsized from $8M to $13m. Bah, humbug!
ca.finance.yahoo.com
Saville opines that although the gold miners still have upside potential, it is probably time to take some profits in anticipation of rebuying when the correction in the price of gold ends and the overall uptrend resumes.
I am contemplating deploying some new funds into the market from my savings, but I think I will wait for a bit. |
