WGX, SNAG x 2, MAI
West Australian gold miner Wesrgold Resources aka WGX set another ATH today on the TSX on news that they have restarted production at the Great Fingall mine more than a century after it ceased operations. Great Fingall and the adjacent Golden Crown deposit which contains similar deep lying high grade ore, are now being considered as a single operation.
Great Fingall is a historically notable high grade producer, and now with the aid of modern technology, WGX is accessing ore below the 19th C production areas. The mine is currently projected to have a six year life, but exploration currently underway is expected to extend that. Once it reaches steady state in 2027, GF is expected to produce about 500k tpa of high grade ore, which will be processed at WGX's nearby Cue processing hub.
Message 35356378
Yesterday Silver North Resources aka SNAG released assays from two more holes drilled into the Main fault zone on its Haldane Ag/Pb/Zn prospect, which adjoins Hecla's producing Keno Hill mine in Yukon Territory. SNAG is attempting to define enough mineralization similar to that being mined next door to attract Hl's attention.
Again, they found some impressive intersections, with the headline result being 1.25m averaging 1261 g/t Ag, 0.74 g/t Au, 0.35% Pb, and 0.41% Zn, within a larger 14.4m intersection of 231 g/t Ag, 0.24 g/t Au, 0.54% Pb, and 0.39% Zn. Mineralization at the Main fault has now been defined over 100m along strike and 150m down dip.
Assays are pending for two more holes, after which, we, SNAG, and HL can ponder what has been found in this year's drill campaign. I expect that SNAG needs to find quite a bit more potential ore to entice HL into a deal, but it is certainly possible.
Message 35355177
Today SNAG released more assays, this time from its Veronica property, located along the road to Coeur's Silvertip mine. SNAG is looking for similar CRD mineralization to that being mined at Silvertip on Veronica and several proximal properties, one under JV with Coeur.
When SNAg previously reported high grade Ag and Zn assays from Veronica, they could only report the Pb assays as over limit. Now we get the lead assays, which range as high as 76.8% Pb in one sample. This is important because it indicated the presence of galena, which is a key constituent of the ore being mined at Silvertip.
This will be followed up next year.
Message 35356538
Citing its net debt being near zero and its expected performance over the next three years, Saville has added Minera Alamos aka MAI to his stock list as a long-term hold.
Saville also opines that the charts tell him that the PoG appears ready to retest its ATH. Meanwhile, He also says HUI looks poised for a breakout but must avoid a daily close below 640, which would signal a double top. |
