OGC x 2, SIG, WRLG, TECT, IPT
OceanaGold aka OGC released two pieces of good news concerning one of its major growth projects, the Wharekirauponga (WKP) deposit on its Waiji properties in New Zealand.
The first is that WKP has been accepted into a fast track permit programme under which a final decision will be made by the end of 2025. Among other things, approval is expected to immediately double the number of allowed drill sites at WKP.
And speaking of drilling, OGC also announced that ongoing drilling continues to extend high grade mineralization south along the EG vein. The feature intercept is an amazing 13.9m @ 25.8 g/t -- that is some seriously valuable rock! -- with other intersections including 5.6m @6.9 g/t Au, 7.4m @ 5.3 g/t Au, and 1.8m @ 108.1 g/t Au. In total, the holes covered in this release extended the ED vein 135m to the south. The defined strike length is now 1.5 km and remains open to the north and south. in addition, drilling continues to find high grade mineralization in the both the Hanging Wall and Footwall veins.
WKP is currently slated to begin production in 2003. I wonder if they can move that date forward.
Message 35340857
There was more good news for OGC when, in a process delayed by the Canadian postal strike, the shareholders of Carolina Rush approved a JV with OGC on RUSH's Brewer Au/Cu project in South Carolina. OGC can earn 80% ownership by spending $US20M over the next five year as well as exercising the underlying option on Brewer.
And they are not messing around. Drilling under the JV starts Jan. 5.
Message 35342919
FWIW, in response Scotia issued a new analyst report on OGC. Although they called the impact Positive, they kept OGC at Outperform with a target of $44.
Sitka Gold aka SIG released another set of skookum drill results from its RC Gold project in Yukon Territory. I have commented in the past that I think SIG needs to double its Resources to over 4m oz Au, and these assays from the Blackjack and Saddle deposits will certainly help with that.
At Blackjack, a hole drilled at the limit of the Current MRE found 310.0 m of 0.61 g/t Au at the edge of the current MRE, while another outside the MRE found 191.8 metres of 0.65 g/t Au, each hole with higher grade sub-intersections.
At Saddle, a hole intersected 44.4 metres of 1.33 g/t Au starting at 4.7m from surface, extending that shallow mineralization further west. Note that this intercept was also outside the MRE but within the current pit limit.
And at Blackjack South, an intercept of 44.5 m of 0.70 g/t Au has established a target 200m south of the current MRE.
Assays are pending for 42 more holes already completed at various targets on the property.
Message 35340879
Besides better grade control, one of the bases on which West Red Lake Gold aka WRLG said they would avoid the fate of the previous operator of the Madsen gold mine in Ontario -- bankruptcy -- would be a hub and spoke model which would utilize ore from satellite deposits. Work is underway at Rowan, and now a reevaluation has added the Fork deposit, located only 250m from the Madsen mine.
WRLG's geologists have reconceived part of Fork as a high grade ore source which be mined economically due to the low cost of building such a short drive to access it from Madsen underground. Next up will be a 3 km drill programme aiming at a shallow zone measuring 400m by 250m with potential for expansion down plunge.
WRLG also notes that creating underground access to Fork would open up opportunities to explore other potential near mine sources of ore.
Message 35341866
TECT
Tectonic Resources aka TECT released assays from another 10 holes drilled into the Chicken Mountain deposit on its Flat property in Alaska.
The headline intercept was 1.46 g/t Au over 26m within 0.69 g/t Au over 125, with the rest of the intercepts being were somewhat shorter with grades around 1 g/t. The bulk of the PR is filled by promotional style verbiage which I don;t like, but with so many holes still pending it is too soon to come to any conclusions.
Assays from another 114 holes into various target at Flat remain pending.
Message 35341905
I am glad I have only a few shares of Nord Precious Metals aka NTH. This little company, which always has too many irons in the fire, has now come up with a whackadoodle scheme whereby holder of a proposed new class of preferred shares would gain access to future silver production, or something.
I will leave you to read the details if you are interested, while I will continue looking for the right time to exit my few shares.
ca.finance.yahoo.com
Impact Silver aka IPT released its Q3 results, with the headline proclaimingthat revenue was up 24% over Q3 last year. Funny, they didn't mention that even in this high metal price environment they still managed to lose $600k.
Operations plugged along at their Zacualpan Ag district and Plomosas zinc mine At Zacualpan, the ball mill was down for 84 days and there were power issues, plus grades were down, but they did still manage to increase Ag production over last year. And they did manage to increase production at Plomosas in spite of teething problems with the new mill.
IPT is on probation with me due to the ridiculously low-priced and unnecessary PP in September that cratered the share price. Their cash stash has grown to a healthy $25.3M, (and no debt) so maybe they can escape from my doghouse by deploying it in a manner that serves shareholders rather than themselves.
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