|CEE, GOT, Chile|
One of the important initiatives from the new management at African gold producer Centamin aka CEE was a renewed focus on exploration once they had fixed the problems at their main asset, the Sukari mine in Egypt. Today they released a wide-ranging exploration update across their various projects.
The most immediate impact from these efforts will be at Sukari, where they have identified new underground ore with the potential to increase both mine life and grade, including the highest grade intercept ever drilled at Sukari, 54M at 15.1g/t Au, including 3.8M at 161g/t Au and 2.15M at 44.84g/t Au. They also identified numerous potential new open pits nearby which will be drilled up and contribute to the new Sukari Resource Estimate expected by yearend.
Further afield, they are gearing up for the first drilling at their new Eastern Desert blocks in Egypt, which are peppered with thousands of artisanal mining sites. They are also pushing ahead with the PFBS for the Doropo gold property in Cote d'Ivoire, expected before yearend, and the solar plant at Sukari will be commissioned shortly.
FWIW, in response BMO released a new analyst report which kept them at Outperform and moved their target to $C2.02.
Goliath Resources aka GOT released another mostly 'placeholder' PR concerning drilling on the Surebet zone of their Golddigger Ag/Au prospect in BC's Golden Triangle. The 'placeholder' part was telling us that three more more intersected wide zones of good-looking rocks, but now they aren't even telling us when we can expect the assays that will tell us whether these rocks actually contain gold and silver. I thought it was much more significant that surface exploration has uncovered new sulphide outcrops, opening up a whole new area for discovery that is emerging from under melting glaciers.
After the action of the past few days, Saville opines that after breaching support in the $1780s area, gold may have reached a sustainable low, but that it may also drop to support around $1675 before that happens.
And although Rio2 aka RIO is not a stock he covers, he does follow it and agrees that Chile is now a high risk jurisdiction for all mines that aren't already fully permitted.