RIO, KDK, RRI
Obviously, the most important near term goal for Eio2 aka RIO's Fenix gold mine in norther Chile is the start of production, with the first gold pour scheduled for January. But the most important longer term goal is the quadrupling of production, which according to the timeline included in this PR is scheduled for late 2030.
Given the arid nature of the land, a key factor for this quadrupling is increasing the water supply. We now learn that two companies will be competing for the right to supply Fenix with desalinated water. This is a big breakthrough for mining in Chile, as this is the first time desalinated water will be used for mining in the high Andes. There is one interesting tidbit, that RIO has the right to bring other miners on board during the negotiations.
The normal pattern of trading in a company building a mine is for the share price to drop after construction is completed and production has begun, usually due to teething problems. I am hoping RIO will avoid this due to the simple straightforward nature of the mining at Fenix, management's track record of success, and the prospect of greatly increased production in the next five years.
Message 35271952
Kodiak Copper aka KDK released the final set of results from its summer drill programme on its MPD property in south central BC, where they are looking to define large Cu/Au porphyries similar to those being mined nearby. This drill programme consisted of infill holes looking to define shallow mineralization in known deposits. This time we hear about 10 holes into the West Zone and 3 into the South Zone.
In the West Zone, almost all holes ended in mineralization, and interestingly, several holes returned strong gold values, e.g. 2.11 g/t Au, 0.21% Cu and 1.20 g/t Ag over 7m. The West Zone remains open in several directions. In the South Zone, near surface mineralization has now been defined over 350m and remains open to the east.
Next up for KDK is an updated Resource Estimate incorporating this drilling, expected to be released before the end of 2025.
Message 35269438
Prospect developer Riverside Resources aka RRI released an update on its La Union prospect in Sonora, Mexico, where they are running an exploration programme. QQQ can earn up to 100% ownership of La Union over a number of years by paying RRI cash and shares.
So far this summer there have been programmes of mapping and sampling and geophysics that generated five targets, three of which have now been drilled, with the geologists seeing positive indications in the drill core that we will have to wait for assays to conform.
Once all five targets have been drilled, more mapping and sampling and geophysics, if necessary, will be used to further refine targets before a more thorough drill campaign is carried out.
Message 35271909 |
