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   Gold/Mining/EnergyGold and Silver Juniors, Mid-tiers and Producers

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From: LoneClone12/4/2021 12:55:28 PM
   of 77873
Very bad news for explorecos in Ecuador

Make sure you read the comments too.


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From: LoneClone12/7/2021 11:39:48 AM
1 Recommendation   of 77873
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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From: LoneClone12/8/2021 3:07:07 PM
1 Recommendation   of 77873
Centamin aka CEE used to have management that was focused on the short term, and as you might expect, this led to short-sighted decisions which eventually put their Sukari gold mine in Egypt into difficulties. Since new management took over we have seen a number of steps to improve production while cutting costs, and today we got their big picture going forward with the release of a new Resource Report.

A substantial 1.1M ounces was added to reserves, and as a result of this and other initiatives they are laying out a plan to increase Sukari production to 500k oz Au per year while reducing costs even further. They have also increased mine life by several years, and think this can be extended further. We'll see how the market reacts once the details are digested. I think it will be a while before the mistakes made by previous management no longer hang over the share price.

Message 33610058

i-80 Gold aka IAE announced the remainder of the results from a drilling programme at its Granite Creek gold mine in Nevada. Though this drilling was primarily for geotechnical and metallurgical purposes preparatory to bringing the mine back into production, they also posted some impressive assays, especially 36.74 g/t Au over 9.1 M. These assays were impressive enough that followup drilling is anticipated. In any case they now consider the open pit ready for production with on site processing. Test mining is already underway underground, as is drilling aimed at bringing the underground mine back into full production once permits are received in the middle of next year.

Message 33610100

Nomad Rpyalties aka NSR announced that they have acquired a $75M gold stream on Ivanhoe Mines 64%-owned Platreef PGM mine under construction in South Africa. The bad news is that production is not scheduled to start until 2024, but the good news is that based on IVN's track record, when they say 2024 they mean 2024. This deal is part of a larger stream financing for Platreef that includes Orion Mine Finance. And given the green tinge to Platreef, i.e. all underground machinery will be electric and charged by above-ground solar installations, this deal will enghnce NSR's ESG credentials.You'll need to read the PR to get the details of this complicated deal, but rest assured it should be a good money-spinner over the long life of the proposed mine, with plenty of potentially lucrative exploration upside.

Message 33610175

And here are some more details on why Ecuador's recent Constitutional Court ruling is so bad for mining in that country.

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From: LoneClone12/9/2021 10:04:35 AM
   of 77873
Wallbridge Mining aka WM released another set of drill result from its Fenelon gold project in Quebec. These results are from holes designed to support the recently released Resource Report but the assays didn't arrive from the labs in time for them to be included. The current drill programmes will continue through the end of the year, after which we can expect to hear details of new drilling. I also expect we will hear about an upcoming PEA or maybe they will go straight to a PFBS.

Message 33611757

Meanwhile, just like the gold price itself, gold stock prices continue to chop around within a trading range.

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From: LoneClone12/9/2021 12:12:15 PM
   of 77873
Some late updates....

My Queen's Rpad Capial aka QRC dividends in an RSP account were treated as DRIP, i.e. I got shares and a bit of leftover cash, while the ones in a non-registered account were not, i.e. I received only cash. I will be contacting TDW to find out why.

FWIW, BMO put out a new analyst report on Centmin aka CEE in response to yesterday's updated Resource Report and mine plan for their Sukari gold mine in Egyot. In general BMO sees it as positive, though they do warn about increasing costs. They continue to see CEE as not getting credit yet for the turnaround under new management, and are maintaining them at Outperform with a target of $2.35.

BMO also put out a new analyst report on Nomad Royalties aka NSR in the wake of yesterday's announcement that NSR had acquired a gold stream on IVN's Platreef PGM mine under development in South Africa, with first production slated for 2024. BMO sees the deal as fundamentally accretive to NSR's NAV, and also cite how it underlines the partnership between NSR and Orion, who also announced streaming deal for Platreef yesterday. In response, BMO is keeping NSR at Outperform but raising their target by a dollar to $17.

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From: LoneClone12/14/2021 5:21:32 PM
2 Recommendations   of 77873
Kootenay Resources aka KTN and their JV partner Aztec Minerals announced an upcoming drill programme on the Cervantes Au/Cu/Mo prospect in Sonora, Mexico. This programme is designed to test a number of types of mineralization, including oxide caps, underlying porphyries, and breccia targets. Aztec has been poking away at the property for some years, and if they fulfill certain requirements will earn 100% of the property. The results of these 22 holes will go a long way towards determining what will happen.

Message 33619595

i-80 Gold aka IAU announced the final details for their recently announced financing package which could total up to $235M if the accordion option is exercised. It's a complicated set of deals, involving convertible loans, a gold stream, a silver stream, and an offtake agreement, most of which is with Orion plus a contribution from Sprott Asset Management. Now that this money is in place, it is up to IAU to use it properly as they bring a number of gold and silver mines in Nevada into production over the next few years.

Impact Silver aka IPT announced the discovery of a new zone at their San Ramon Ag/Pb/Zn mine in Zacatecas, Mexico. This is vein-hosted mineralization typical of this area of Mexico, with headline intersections of 1.93m of 1443 g/t Ag and 3.65m of 568 g/t Ag. The San Ramon mine has been a good money spinner for IPT since it began production in 2008, and given that the new zone remains open in several directions and is located only 5 km from their Guadelupe processing plat, this should continue. Drilling to extend the mineralization is ongoing.l

Message 33619636

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From: LoneClone12/15/2021 1:25:03 PM
2 Recommendations   of 77873
Teuton Resources aka TUO along with its JV prtners TUD and AMK released another set of results from drilling at their Treaty Creek gold/silver/copper project in BC's Golden Triangle, and like all their drilling this year, it was a complete failure in that it failed to meet the stated goal of finding the limits of minerlaization. No matter how much they drill, the Goldstorm deposit continues to remain open in most every direction, with several holes ending in very deep minerlaization.

Mind you, this was infill drilling, so with a deposit of this magnitude it is not a surprise they continue to find mineralization, with the best news from this set of results is that much of it starts at or near surface. Although exploration is shut down till spring, there are still results to report from this drill programme and other exploration to tide us over until it resumes.

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Nomad Rpyalty aka NSR released an update today. They have closed their deal with Orion for a gols stream on the Greenstone gold mine in Ontario, currently being constructed by Orion and its partner Equinox Gold. This deal should pay off handsomely in the long run, but not until after the first gold pour, currently scheduled for 2024.

NSR also released updates on a number of their other streams and royalties. The most important to current income is the Blyvoor gold mine in South Africa, and here we get both good and bad news. The good news is that the mine has become cash flow positive for its operators, meaning the restart has been a success and production will continue to deliver ounces to NSR, but unfortunately there have been delays so guidance for Q4 deliveries to NSR have been reduced to 4k-5k oz Ag. (The PR uses the word 'updated' rather than 'reduced'.)

This is mining, so there also announced delays before some of their other streams and royalties bearing fruit, including Woodlawn, where they now expect no deliveries in 2022. But there is also some good news; things seem to be going well at EQX's Mercedes Au/Ag mine in Mexico and at ABX and partners' South Arturo gold mine in Nevada.

Several other projects on which NSR has streams or royalties are starting construction next year, so they should start providing metal in 2024 or 2025.

Message 33620646

Northern Shield Resources aka NRN released a brief update on its Root & Cellar Au/Ag/Cu prospect on the Burin Peninsula in Newfoundland. The main news is that they have completed a 14-hole drill programme but the samples are sitting in the lab with no timeline given for when assays might be released. They do think they are seeing hydrothermal breccia in the drill core, and they have found some more high grade grab samples, but it is the drill assays that will tell the tale.

Message 33620692

FWIW, Scotia issued an analyst update on i-80 Gold aka IAU in the wake of yesterday's PR regarding the details of the financing for their various PM projects in Nevada. They see the PR as positive after seeing the details and kept IAU at Sector Outperform with a target of $4.75.

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From: LoneClone12/16/2021 5:11:57 PM
1 Recommendation   of 77873
Sanstorm Gold Royalties aka SSL made an announcement I for one have been waiting for for a while. They are finally declaring their first dividend. It's not much, just 2 cents a share, and they take great pains to assure us that there is no guarantee they will ever declare another, but they and we know that is just legal cover. Expect the dividend to continue and increase unless the PoG craters.

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One time favourite on this board, Chesapeake Gold aka CKG, released an update today on its large but low grade Metates Au/Ag/Zn project in Mexico. CKG just hasn't got much traction so far in this gold bull, in spite of releasing a new mine plan that reduces development capital requirements by over 90%. They continue to beaver away at metallurgy and other technical issues plus some regional exploration. As usual for this company they have plenty of cash, $32M, but they still need to find a way to gain some traction in the market.

Message 33622282

Kootenay Silver aka KTN released assay results from the final three holes of their 2021 drilling campaign on the Columba Ag/Pb/Zn property in Chinuahua, Mexico. These holes were all drilled in the prospective B vein, with the headline result being 1,050 g/t Ag over 2.0M within 667 g/t Ag over 7.05M. As pointed out by the geologist, that mineralization in this vein only becomes high grade 100M deep means less chance that valuable mineralization has been eroded away.

More drilling in planned in 2022. One assumes that based on these results, KTN will be attempting to find a JV partner to help pay for it.

Message 33622297

Edison has a new report out on Endeavour Mining aka EDV. You may need a membership to access it via this link

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From: LoneClone12/17/2021 11:53:40 AM
   of 77873
Alexco aka AXU released the rest of the drill results from the Bermingham Northeast Deeps zone, part of its Keno Hill Ag/Pb/Zn mines and mill in the Yukon. The drill programme has defined what looks like a new mining area, with the veins being defined along a 500M zone at least 100M in depth just 150M below the existing Bermingham Deeps reserve. We'll get a better idea when they release a new Reserve Report for Bermingham before the end of 2021.

AXU also reminded us there are other enticing exploration prospects around Bermingham. As well, we got an operations update, assuring us that production is expected to reach the target of 400 tpd in Q1.

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Some bad news regarding Minera IRL aka MIRL; at the AGM the crooks in charge were voted back in, albeit with votes against ranging between 29% and 36%. Unfortunately that will likely not be enough to get them to mend their larcenous ways.

For years, Bear Creek Mining aka BCM has been trying and failing to build the Corani silver mine in Peru. They are finally changing tack by announcing they are purchasing the Mercedes Au/Ag mine in Mexico from EQX, with the stated goal of using the cash flow to build that silver mine. However, the Mercedes mine is hard to run profitably and for that reason has been a hot potato. A few years ago, Yamana Gold, who had been losing money on it, sold it to Premier Gold, who continued to have problems before vending it to EQX as part of the set of transactions that created I-80 Gold. We'll see if BCM can turn it into a money spinner, but even if they do, the locals in Peru remain firmly opposed to the construction of Corani.

At this point BCM is high reward, but IMO even higher risk. No thanks

Message 33623851

Much of the cash needed by BCM to purchase Mercedes will be provided by a gold stream purchased by Sandstrom Gold Royalties aka SSL. Now we know why SSL announced yesterday they are paying their first dividend, as this acquisition will be immediately cash-flowing. SSL is paying $60M in return for the stream, and as a result of the purchase increased 2022 guidance to 65-70k oz AuEq They will be financing the purchase with a combination of cash on hand and their revolving credit facility.

SSL also announced that this year they had purchased on the open market over 44M shares of Entrée Resources aka ETG, who operate in Mongolia. Together with previously held shares and warrants, they now control about one quarter of ETG's shares, which they say are being held for investment purposes.

Message 33623838

Will gold stocks make a double bottom or continue downward? We shall see...

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From: LoneClone12/20/2021 6:07:00 PM
   of 77873
FWIW, I have seen three new analyst reports since Sandstorm Gold Royalties aka SSL announced the gold stream/debenture deal with Bear Creek Mining, which is buyin gthe Mercedes mine in Mexico from Equinox Gold. All three saw the deal as slightly positive and noticed it will help with near term cash flow, but none of them changed their target or rating.

TD Kept them at Buy with a target of $C11.
RBC kept them at Underperform with a target of $US7.
BMO kept them at Market Perofrm with a target of $C9.

SSL is certainly divisive; one rarely sees such a spread among forecasts for mining juniors.

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