TNGD, KDK, CAPT x 2, ARK, KTRI, WGX, TUO, RIO
Tiernan Gold aka TNGD, which recently completed a reverse takeover, released an update on their Volcan gold project in Chile, located not far from RIO's Fenix mine. Volcan already has an M&I Resources of 9.8M oz Au plus Inferred Resources of 1.2M oz Au, and TNGD lays out an ambitious programme to advance permitting, turning those Resources into Reserves through drilling and economic studies, and further exploration on the reat of the large property.
Before the RTO the company completed a PEA last year that envisaged the production of about 330k low cost oz Au per year for the first ten years with an IRR of 29% based on a gold price of $2400/oz. Hence it is a guarantee that further engineering using more current prices will produce a much higher IRR.
Based on this PR we can expect consistent news flow from RNGD, even as I try to establish a meaningful position in the stock.
Message 35423267
I have to admit I had pretty well forgotten that besides their flagship property in southern BC, Kodiak Copper aka KDK also owns Mojave, a property in Arizona containing a Cu/Mo/Ag porphyry. Today they reminded me by announcing they has staked new claims increasing the size of Mojave to 16.8 sq km.
The CEO states that the staking is designed to unlock the value of this non-core asset. I assume that means it is up for sale or JV.
Message 35423210
Capitan Silver aka CAPT released a brief PR announcing the arrival of a second rig at their Cruz de Plata Ag/Au prospect in Durango, Mexico. A third rig will arrive shortly.
I an not a geologist, but I have been around this game long enough to know that when you get a fault crossing a mineralized trend, that is often where the mineralization is strongest. Along those lines, this rig will be use to follow up some high grade mineralization recently discovered where the Penoles fault crosses the Jesus Maria Silver Trend.
CAPT is planning more than 60km of drilling in 2026.
Message 35422264
Today CAPT released another PR, this time reporting assays from nine more holes from last year's drilling at Cruz de Plata.
Some of the holes were in the vicinity of the Penoles Fault intersects the Jesus Maria Silver Trend, and they delivered outstanding results. A hole just west of the fault intersected 1,833.1 g/t AgEq over 1.5m within a broader zone of 340.4 g/t AgEq over 21.3m, while a hole to the west of the fault assayed 1,254.8 g/t AgEq over 1.5m, within a wider interval of 157.3 g/t AgEq over 16.8m, In addition, step out holes along Jesus Maria east of the fault continued to deliver multiple high grade intersections.
CAPT reminds us that the rig that just arrived will be able to drill deeper. I am really looking forward to what they find. In the meantime, assays are still pending for 44 holes from last year's drilling
Message 35423189
After I read the first part of the yesterday's PR from Arras Minerals aka ARK, who are exploring large Cu/Ai porphyries in Kazakhstan, I immediately checked the share price and was surprised to find it had only dropped a few per cent, but now the news is sinking in and the share price is down over 16%,
Just over two years ago ARK and TECK entered into an exploration alliance covering 1900 sq km of ARK's properties. Since then Teck has funded $55M of exploration on these properties, but now has announced they are terminating the alliance, so ARK will have to return to itself funding all further exploration on these properties.
Fortunately ARK currently is well-funded so they are still planning an extensive programme of geophysics, mapping and sampling, and drilling across many of the properties, including Au and Ni targets. TECK still owns 9.9% of ARK's shares so they will be keeping an eye on developments.
On reflection, a company the size of Teck is only looking for giant deposits, but this does not mean other companies won't be interested in what ARK has been finding on the former Alliance properties as well as their other prospects. The bloom may be off the rose, but that doesn't mean new flowers aren't sprouting. In the meantime we wait to see where ARK's share price stabilizes.
UPDATE: As of today, the share price has stabilized, down only 10% from where it was before the Teck withdrawal announcement. That is a much better reaction than I expected. (And the share price is a still a triple from where it was a little more than a year ago.)
Message 35422218
Kootenay Resources aka KTRI, which was spun out a few years ago to hold a number of Kootenay Silver's prospects in BC, has been pretty quiet of late, but today we hear that they have sold the Two Times Fred property to a company called Evolution Mining (which I think is a private company rather than the one listed on the ASX). In return they will receive $1M cash plus an NSR.
I assume the money will be used for upcoming exploration of their flagship property, a copper prospect called Moyie Anticline located in southeast BC.
Message 35423583
Thanks to kidl for bringing us this link to an hour long interview with Westgold Resources aka WGX CEO Wayne Bramwell. The first 21 minutes are more about Bramwell's history, in which you may may or may not be interested, but if you start at 21 minutes in you will gain an in depth understanding of the company's strategy, worth your time IMO.
youtube.com
Further to what is going on around Treaty Creek, I did a little more digging.
First, every single property in one of the spinouts Teuton Resources aka TUO, who have a carried 20% interest in Treaty Creek, has proposed is indeed JVed with Silver Grail Resources. It was hard to investigate SVG, because the only thing that works on their new website is the link to their old website, which revealed two things: 1) aside from a few properties scattered across southern BC, it looks like all their properties are included in those JVs with TUO; 2) the contact e-mail on their old website is dino@teuton.com
This further raises the question of why SVG and the TUO spinout would remain separate entities, thereby wasting money. I take that SVG has not bothered to fix their new website other than adding a link to their old website is another indication that they know SVG will soon disappear.
Again, this is rank speculation..
The IKN newsletter did another in depth look at RIio2 aka RIO now that the first gold has been poured at their Fenix mine in Chile and they have closed the purchase of the producing Conestable Cu/Au/Ag mine in Prui. I can't share the details, but I will say that IKN's new target for RIO is $6.84.
I'll take that... |
