Minera Alamos aka MAI has provided an update on the ramp-up of their newly producing Santana gold project in Sinaloa, Mexico. Even though MAI has an experienced management team that has developed similar mines in the area successfully, start-up is always a fraught period, often given to surprises, usually negative. Indeed, MAI has had to overcome a number of problems already due to Covid and heavy rains, but now the surprises are turning to the positive. The 7300oz Au stacked on the leach pad so far has already exceeded year end targets, recoveries are steadily improving, and reagent consumption remains low.
They expect to reach steady state production at Santana next quarter, so it shouldn't be long before we hear which of Cerro de Oro and La Fortuna, likely the former, will be developed next. Meanwhile, the persistent seller Osisko Royalties continues to suppress the share price. I might have to buy even more.
Message 33608292
Goliath Resources aka GOT have released an update on their Luckystrike property in northern B.C. Sampling had already defined a large surface area with anomalous mineralization characteristic of the large porphyries in the area, and now they have found a surface outcropping of the Au/Ag/Cu porphyry itself, which they are calling Bullseye. The commentary in the PR strongly suggests this discovery will be followed up by drilling, but no details are given. Meanwhile, we wait for more drill results from this year's exploration at Golddigger, and I continue to be unable to figure out why GOT trades the way it does.
Message 33608312
Meanwhile, gold continues to chop around within its current trading range.
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