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

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To: onepath who wrote (77759)1/14/2022 1:31:35 AM
From: Clark Kent
3 Recommendations   of 78088
This new report on TUO and the area's history is exciting.

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To: Clark Kent who wrote (77760)1/14/2022 3:42:06 PM
From: LoneClone
   of 78088
Thanks for that. It reminded of two aspects I had not necessarily forgotten, but certainly did not have at the front of mind -- TUO's low float and the potentially very lucrative NSRs. Now, how many years will it take for all this to shake out? I am undecided whether that will happen before or after some economic studies are complete.


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From: LoneClone1/18/2022 4:10:25 PM
   of 78088
Alexco aka AXU released an update on their Keno Hill Ag/Au/Pb/Zn mines and mill in the Yukon. We got a Resource Update on the Bermingham deposits, increasing both Indicated and Inferred resources by around 50% while maintaining or increasing grades. This set of deposits remains open in various direction and exploration continues even as production ramps up.

Speaking of production, Q4's overall numbers were down a bit from Q3 as mining changed over to long hole sroping. They did achieve above expected recoveries and were able to run the mill for extended periods above design capacity, so production is expected to recover, indeed increase, in Q1. As well, exploration drilling continues at various prospects across the property.

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Canada Silver Cobalt Works aka CCW brought us an update from their Temiskaming testing lab in Ontario, where they have begun pilot testing of a mill designed to extract metals, primarily silver, from the tailing at the nearby Castle and Beaver mines. The testing will use their proprietary 'reintegrated Re-2Ox process'. If it works, this could be a good source of funding to allow the start of mining at the high grade silver veins they are drilling up.

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Calibre Mining aka CXB just completed a buyout of Fiore Gold for its Nevada gold assets. Today we get drilling results from the development project at Gold Rock, located less than 20 km from their producing Pan mine. These results, left over from a previous drilling campaign, further expand mineralization outside the resource envelope used for the 2020 PEA. There are currently five drills operating at Pan and Gold Rock, and we can expect to see more based on this comment in the PR. "Calibre sees the opportunity to materially expand and accelerate the exploration and resource expansion programs in Nevada."

CXB's work in Nicaragua shows they are good at drilling up gold resources and moving them into production; what remains to be seen is whether they can master the notoriously hard to operate Pan mine.

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From: LoneClone1/19/2022 3:06:04 PM
   of 78088
Goldquest aka GQC continues to trade as though something is about to happen with getting permits for their Romero project in the Dominican Republic, but so far there is only smoke, no fire.

The day after Alexco aka AXU announced a Resource Report on the Bermingham deposit at their Keno Hill Ag/Au/Pb/Zn property in the Yukon, they announced a bought deal worth $8M. The offering price is, as one expects for flow-through style offerings, above the current share price. It's a good sign that AXU is still up after the announcement, albeit helped by a good day for PM prices. I expect to also see the 15% over-allotment taken up. According to the PR, part of the proceeds will be used for exploration and some for the development of the mines and mill.

Centamin aka CEE, whose primary asset is the Sukari gold mine in Egypt, has become a turnaround play since previous management mishandled Sukari's operations on multiple fronts. New management has taken steps to get things back on track, and we started to see the fruits of their efforts with the release of their quarterly and year end reports. A new mine plan has been instituted and as a result, compared to Q4 2020, tonnage milled was up 10% and grade up 29%, meaning gold production was up 58% to 107549 oz, with cash costs dropping 10%. Their cash stash is $257M with no debt.

CEE expects to increase production to 430k-460k oz Au in 2022. They also announced development and exploration programmes on their other assets in Egypt and in Cote d'Ivoire and Burkina Faso, and that they are in talks to sell the Batie West project in BF.

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B2Gold aka BTO also announced their quarterlies, and had a strong quarter, allowing them to meet 2021 guidance. with production of 1047414 oz Au. They also released 2022 guidance, with production expected to be around the same in 2022, though as with all miners these days there will be cost pressures.

The biggest problem with BTO these days remains country risk, Mali , home to the Fekola mine which provides over half of BTO's production, remains on Shaky ground, and they also have exposure to Nicaragua and Uzbekistan. Fortunately talk of acquiring assets in Zimbabwe seems to have receded.

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From: LoneClone1/20/2022 2:42:51 PM
1 Recommendation   of 78088
i-80 Gold aka IAU announced another step in their methodical processing of creating a Nevada gold producer. They have retained Hatch to do an engineering study, which will include a PFBS, of the restart of the Lone Tree autoclave. The autoclave is a key part of the plan because it is able to to process refractory sulphides. Lone Tree will also include a tailing facility and heap leach so it will be able to process all types of ore from their various properties. Also in this PR, IAU announces that they have started to assemble the personnel needed to run Lone Tree by hiring a number of industry veterans.

To cover the period before Lone Tree resumes operations, IAU has signed a processing agreement with Nevada Gold Mines to process their ore using its nearby facilities. Ore deliveries from Granite Creek will commence in H2.

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FWIW, in response to yesterday's PR from B2Gold aka BTO, BMO released a new analyst report. They saw the impact as mixed, like the production best but not the cost crop, keeping BTO at Outperform but lowering their target to $7.

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From: LoneClone1/21/2022 1:36:33 PM
   of 78088
FWIW, in the wake of Nomad Royalties aka NSR closing their $40M bought deal yesterday, BMO issued a new analyst report that kept them at Outperform but dropped their target to $14. They cited that the money relieved any capital pressures and will improve trading liquidity, but also noted they still have no source of funds for any further deals.

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From: LoneClone1/24/2022 3:26:28 PM
1 Recommendation   of 78088
Not a good day to release a PR, with a sea of red across al markets, but here we go anyway...

Endeavour Mining aka EDV, which has a number of gold mines and development projects in western Africa, released its latest quarterly and annual reports. It was generally good news, as they beat the top end of guidance and declared another $70M dividend payout. Production reached a new quarterly record at 398k o Au, while AISC dropped slightly to $900/oz. As of year end their cash stash was up to $906M, while their debt had been reduced to $830, the first time the former has exceeded the latter since the 2020 buying spree. 2022 guidance forecasts slightly higher production with slightly higher costs.

2022 was the 9th straight year in which guidance was exceeded -- maybe they should be a tad less conservative in their forecasts? -- even as they integrated the two big acquisitions. They have also begun major share buybracks in addition to the recently instituted dividend programme, and recently announced a multi-year path to increased production through exploration and developmemt of currently non-producing assets.

So now it's all up to continuing that positive performance s well as the performance of the price of gold, albeit currently with a frisson of country risk due to the political upheaval in Burkina Faso.

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Oceanagold aka OGC also released it annual and quarterly results. After a challenging year in which they resolved issues around the permits for their Didipio mine in the Philippines and hiccups at the Halle mine in North Carolina, they managed to achieve 2021 guidance thanks to strong Q4 at Halle. Their cash stash was up to $133M at year end. Production continues to ramp up at Didipio, and things are going well in their New Zealand operations, so if they have turned the corner at Halle they should be able to generate plenty of free cash flow. If they do, I expect good appreciation in the share price this year, the price of gold permitting.

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Orestone aka ORS announced the start of drilling at their Captain property near the Mt. Milligan mine in central BC. In the wake of earlier drilling and geophysics, this a small drill programme, 2 or 3 holes, lis iiooking to intersect a large interpreted gold/copper porphyry similar to others found in the area. ORS is not one of those promotion-oriented explorers who release multiple PRs larded with breathless prose for each hole drilled, so unless the results are outstanding I don't expect we'll hear from them until all assays are in. If they are positive, I expect them to be able to raise money to fund more exploration at higher share prices.

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Karora Resources aka KRR released the results of more drilling at their Beta Hunt Au/Ni mine in Australia. The Fletcher zone has been extended to 500M length and the Gamma Block to 200M, with both remaining open on strike and at depth, with followup drilling planned for later this year. KRR says Fletcher, the third shear zone found at Beta Hunt, has the potential to extend over 3 km, providing years of ore supply, while Gamma Block, though not as large, is high grade and location proximal to the 50C nickel trough, making the mining of each less's hoping exploration at Beta Hunt continues to bear such succulent fruit.

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Capitan Mining aka CAPT has been drilling away on its Peñoles property in Durango, Mexico. So far we have heard mostly about drilling aimed at exploring and extending the Capitan Au/Ag deposit, but today's PR mostly concerns two other targets. Jesus Maria already has an Ag/Au/Pb/Zn resource that runs parallel to Capitan, but CAPT thinks the report was released before sufficient exploration was done, and will be remedying that deficit with more drilling this year. Drilling is ongoing and assays are pending.

CAPT has also defined a new style of Au/Ag mineralization along a cross fault that intersects both Capitan and Jesus Maria. None of these deposits look to be capable of supporting a mine by themselves, but they are all open so if enough mineralization can be found they collectively might be sufficient.

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Canada Silver Cobalt Works aka CCW released the results of three more holes from the Big Silver Ag/Co zone of its Castle East property in Ontario. The intercepts are narrow but high grade, e.g. 6188 g/t Ag over 0.5M. We will get a sense of whether this exploration is amounting to anything when they release a Resource Report later in Q1. CCW is also advancing permitting to construct a ramp to Big Silver, not only to further exploration but also to generate revenue by extracting a bulk sample to be processed at their nearby facilities.

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I will also mention that the IKN newsletter indicates that Minera IRL aka MIRL has hosted two site visits from companies that might be interested in buying the Ollachea gold project in Peru. There is no indication that this was more than tire-kicking.

Meanwhile, gold continues to chop around in a trading range

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From: LoneClone1/25/2022 2:50:38 PM
1 Recommendation   of 78088
I missed a PR from Endeavour Mining aka EDV last week about their exploration results from 2021. Exploration is one of the linchpins of EDV's success; the hard targets they set allow them to more than replace resources mined while discovering new deposits they can turn into mines. Last year was an outstanding success in that regard, as they 'discovered' -- sometimes it is just turning inferred ounces into M&I -- more than 3M M&I oz Au , smashing their target of 2.1M oz. They did also delineate 900k oz Au in the Inferred category.

Notably, in 2021 M&I resources at their main mines increased by 11-26% even after depletion. Overall, this year's results marked the successful completion of a 5-year plan to find 10-15 M&I resources. They recently announced a new 5-year plan to find 15-20M Indicated ounces; I wouldn't bet against them.

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Teuton Resources aka TUO brought us news from their JV with DEC on the Del Norte polymetallic (but mainly Au & Ag) prospect in B.C.'s Golden Triangle. These are the assays from the last 8 holes drilled in 2021 from rock islands within a glacier, and were successful in extending the Argo/LG zone -- headline intersections of 60.5 g/t Au and 660 g/t Ag over 3.60M in DDH-21-12 and 11.7 g/t Au and 3,074 g/t Ag over 2.29M in DDH-21-15 -- to over 1.2 km strike length, with more due to be uncovered as glaciers melt. As well, exploration has uncovered a number of other Au/Ag zones for further exploration. DEC, which can earn up to 75% of the property, also said they were planning to look for a deep porphyry in 2022.

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TUO also brought us news from their JV with OPT.V on the nearby Old Harry prospect. This was OPt's first season operating the JV, and the sample assays received so far indicate not only the discovery of a new gold zone, but also a porphyry similar to that which hosts a nearby gold deposit. OPT was very eager to acquire the option, so I expect them to go all out on the announced programme of more mapping and sampling and geophysics when exploration resumes in the spring.

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FWIW, in the wake of yesterday's quarterlies, Barclays rated Oceanagold aka OGC at Equal Weight with a target of $2.50. Meanwhile, BMO kept OGC at Outperform with a target of $3.25.

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From: LoneClone1/26/2022 2:51:34 PM
2 Recommendations   of 78088
Karora Resources aka KRR released its Q4 and annual results from its Au/Ni mines in Australia, and in spite of supply chain disruptions, labour shortages, Covid, and weather issues, they 'dun real good'. We'll get more details when the financial results are released, but Q4 Au production was slightly down from Q3 at 27925 oz., meaning full year production set a new record at 112814 oz. It will be interesting to see what happened with costs.

They finished the year with a cash stash of $91M.This leaves them with plenty of funds to push ahead with their expansion plans, including driving a second decline at Beta Hunt and expanding their mill at HGO.

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I-80 Gold aka IAU released a set of drilling results from what is expected to be more than 30km of drilling at their Granite Creek property in Nevada, which later this year is expected to become the first of several producing gold mines in the area. This drilling targeted resources below and beside the existing workings, and the assays indicate they will find plenty of ore that will be profitably mined. We'll get a better idea of how profitable it might be when they release a PEA in a few months. Expect a steady news flow concerning Granite Creek and their other development projects throughout the year.

Message 33679029

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From: LoneClone1/28/2022 1:29:40 PM
1 Recommendation   of 78088
Talk about a rat deserting a sinking ship! Today Minera IRL aka MIRL announced that the the truly pathetic 'independent' director Michael Iannacone has resigned from the BoD just after he was re-elected along with the rest of the board in spite of a strong push by dissident shareholders. If he thinks this will insulate him from the lawsuits stemming from him going along with the malfeasance by current management, he is in for a shock. His only hope is that the current bunch of thieves manage to put together a deal for Ollachea and save their own and the company's necks.

Kootenay Mining aka KTN brings us an update from their JV with Aztec Minerals on the Cervantes Au/Cu property in Sonora, Mexico. Drilling has begun -- as usual these days, assays are still pending -- on four of the seven prospects identified by earlier exploration. The main target is the CalifornaiaAu oxide porphyry cap, which they think has the potential to be an open pit, but they will also be drilling several possible extensions of California as well as looking for an underlying Au/Cu porphyry, plus checking out a separate breccia pipe.

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And Scotia put out a huge report on PM streamers -- seriously, you could spend a whole day poring through the many charts and tables -- in which they rated Sandstorm Gold aka SSL as Sector Perform with Target $US10 and Nomad Royalties aka NSR at Sector Outperform with target $US11.

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