Torex Gold Resources
Posted: August 22, 2013 Filed under: Exploration Companies, Mexico, Speculative | Tags: Borehole, Gold, Media Luna, Mexico, Morelos, National Instrument 43-101, Toronto Stock Exchange, West Zone cricket team Leave a commentTXG : TSX : $1.64), Net Change: 0.00, % Change: 0.00%, Volume: 2,574,229
Media Luna’s maiden resource expected soon.
Torex Gold reported the last batch of results from its resource drilling program at its Media Luna target in Mexico.
Management highlighted that the program has continued to intersect high grade Au-Ag-Cu mineralization over significant widths, and remains open to the north, west and south of the Media Luna magnetic anomaly. Highlight intercepts include, in the West Zone, 11.56 g/t AuEq over 19.9 m in borehole WZML-47; 10.55 g/t AuEq over 17.3 m in borehole WZML-52; 5.34 g/t AuEq over 24.0 m in borehole WZML-08; and, 7.98 g/t AuEq over 8.6 m in borehole WZML-48.
The company anticipates the release of the maiden resource at the Media Luna project by mid-September. Within
the 127ha area at Media Luna, ~92,440 m have been drilled within 150 holes. Gold-silver-copper mineralization is associated
with skarn alteration similar to the Morelos deposit however Media Luna is deeper implying an underground target and
polymetallic whereas Morelos is gold dominant. Morelos The current NI 43-101 mineral resource estimate stands at 4.8 million ounces of gold in the measured and indicated category plus an additional 600,000 ounces of gold in the inferred category.
Related articles
- Torex Reports Second Quarter Results (sys-con.com)
Argonaut Gold Inc.
Posted: May 24, 2013 Filed under: Juniors | Tags: Investment, La Colorada, Mexico, National Instrument 43-101, Net asset value, San Antonio, Sonora, Toronto Stock Exchange Leave a comment
English: Coat of arms of Sonora (Photo credit: Wikipedia)
AR : TSX : C$6.68
BUY
Target: C$11.00
COMPANY DESCRIPTION:
Argonaut Gold is a Mexico-focused junior gold producer that operates the 100%-owned El Castillo mine. The company is also seeking to advance the San Antonio and La Colorada projects. In addition, the company holds 11 exploration properties in the state of Sonora, Mexico
CASH COSTS LOWER THAN EXPECTED
Investment recommendation
We reiterate our BUY rating on Argonaut Gold following the release of Q1/13 financials which highlighted cash costs well below our forecasts. Argonaut Gold remains a pick based on attractive valuation in the context of one of the best fully funded growth profiles in the sector. A relatively high exposure to development stage assets (~54% of NAV) may be a cause for concern in the current environment where new projects have faced significant challenges, including cost escalation and skinny economic returns.
However, we continue to believe that Argonaut’s project pipeline should fare relatively better than most others considering the low capital requirements associated with San Antonio and the potential to engineer a smaller scale but lower capital and higher-return project at Magino. We expect the potential receipt of permits at San Antonio (2013E) and completion of a revised NI 43-101 economic study at Magino (mid-2013E, with possibly better than expected economics) to serve as positive catalysts for the stock. In addition, we continue to view 2013 guidance as conservative and as such, potentially better than expected operating and financial results could also drive share price outperformance in the next 12 months.
Investment highlights
Q1/13 EPS of $0.08 was in line with consensus and modestly below our estimate of $0.09. Gross margins were materially better than we had forecast due to lower cash costs, but that was offset by higher depreciation and corporate G&A.
Q1/13 production of 28,907 oz (sales of 25,441 oz) had been pre-released. Total cash costs of $594/oz were below our estimate of $664/oz explained primarily by very low costs at La Colorada ($240/oz vs. our $349/oz estimate) and better than expected costs at El Castillo ($702/oz vs. our $750/oz estimate).
Related articles
- Argonaut Gold Announces Q1 Gold Production of 28,907 Ounces (sys-con.com)
- The Gold Contrarian Plays (ampgoldportfolio.com)
Kaminak Gold Phase One
Posted: February 28, 2013 Filed under: Exploration Companies | Tags: Business, Drill, Kaminak, Latte, Mining and Drilling, National Instrument 43-101, Stock, TSX Venture Exchange Leave a comment
A horizontal drilling machine (Photo credit: Wikipedia)
KAM
TSX-V : $1.22
Shares of Kaminak Gold were catching bids after the company announced the commencement of a fully funded $11-million Phase One 2013 exploration program at its Coffee Gold Project, for which it recently (December 2012) released a NI 43-101 Inferred Mineral Resource estimate of 3.2 million ounces grading 1.56 g/t Au.
Management noted that field crews have now been mobilized to Coffee and drilling is expected to begin in the coming days. Director and incoming
President and CEO, Eira Thomas highlighted, “Our work program in 2013 is designed to expand upon and define preliminary economic parameters for core resource areas at Supremo, Latte and Double Double, while at the same time continuing with an aggressive drilling campaign to identify additional resources over the broader, 100%-owned Coffee district, where less than 20% of the prospective geology has been systematically tested to date.”
Thomas also noted, “In addition to the ambitious drilling and resource campaigns that are planned for 2013, Kaminak intends to initiate early stage engineering studies and conduct detailed metallurgical testwork in support of a preliminary economic assessment (PEA).”
Also on Tuesday, the company announced the closing of a non-brokered, private placement offering of 746,250 common shares at a price of $1.34 per common share, for total gross proceeds of $999,975, highlighting that all of the common shares sold in association with this financing were purchased by insiders of the company. Kaminak now has $16,000,000 in cash.
Related articles
- Michael Ballanger: Gold Mania Phase Approaching For Junior Miners (GDX, GDXJ, KGC, CSL, BTT) (etfdailynews.com)
Gold Standard Ventures
Posted: January 24, 2013 Filed under: Exploration Companies | Tags: Area, Copper, December 2012, Gold Standard, National Instrument 43-101, Nevada, Precious metal, TSX Venture Exchange Leave a comment
Campaign poster showing William McKinley holding U.S. flag and standing on gold coin “sound money”, held up by group of men, in front of ships “commerce” and factories “civilization”. (Photo credit: Wikipedia)
(GSV : TSX-V : $1.08)
Shares of Nevada-focused Gold Standard Ventures were moving higher after announcing assay results from a new, previously unknown zone of copper and silver mineralization in the historic Central Bullion target area.
Management highlighted that hole RRB12-03 intersected 65 feet of 3.06 oz silver per short ton (Ag/st) with 0.80% copper (Cu) and 0.08% molybdenum from 45 to 110 feet within a 250 foot thick zone of 1.3 oz Ag/st and 0.25% Cu, and a second higher-grade zone of 44 feet of 6.42 oz Ag/st with 2.48% Cu from 913 to 957 feet within a 187 foot thick zone of 1.7 oz Ag/st and 0.78% Cu.
Up to now, the Central Bullion target area has received only limited exploration due to drill permitting limitations. With the Plan of Operations finalized in December 2012, GSV can now proceed with a more aggressive drilling program. Commenting on the new results, GSV’s VP of Exploration, Dave Mathewson, stated “The Central Bullion target area has been of compelling interest from the onset of our Railroad exploration program because of the exceptional high grades of metals historically mined in the area combined with the presence of a large area of strong surface rock and soil geochemistry, and the limited amount drilling, especially with core, conducted in this target area.”
He further highlighted, “RRB12-03 is by far the best hole we have drilled in the area, and it appears to be indicative of an important new zone of mineralization.”
Huldra Silver – Near Term
Posted: November 6, 2012 Filed under: Uncategorized | Tags: Bay Street, Company, Huldra, Mining, National Instrument 43-101, Silver, TSX Venture Exchange, Vancouver Leave a comment
Athena bowl from the Hildesheim Silver Treasure; 1st century BC Collection: Antikensammlung Berlin; 20.12 A (Photo credit: Wikipedia)
Huldra Silver
Huldra Silver (HDA : TSX-V : $1.46 )
Huldra Silver touched an eight-month high as investor’s take notice of this near term silver producer.
At a time when cash is king and financing opportunities in the junior space have been difficult to come by,
real production has become particularly attractive. Huldra is focused on developing its 100%-owned Treasure Mountain Mine
and its Merritt mill and tailings facility, located approximately three hours east of Vancouver, B.C. The Treasure Mountain Mine is a high-grade silver/lead/zinc (24.2 opt silver) resource that currently has about two years of resources outlined (based on 200 tpd million operation). The deposit currently has over 4,000 m of underground development on four levels, over a vertical strike of 295 m.
The company has been underground mining since May 2012 under a 60,000 tonne per year small mines permit and has already mined the equivalent of approximately a years worth of mill feed.
Additionally, the company began commissioning the fully permitted mine facility in August 2012. Once testing of the new 200 tonne per day grinding, crushing and floatation mill is complete, the company intends to transition into processing the 10,000 tonne bulk sample and to commence commercial production in the first quarter of 2013.
A Bay Street analyst notes that assuming Huldra can feed its mill with a head-grade similar to its current resource grade, it could produce at least 1.5 Moz Ag in 2013. The analyst also sees the potential for the company to target 2 Moz production this year (not including lead and zinc credits) by either increasing its mill though-put (Huldra has installed a 500 tpd ball mill) or milling higher than average grade material. As the company progresses towards full-scale commercial production, we could see a material re-rating of this stock.
Additional catalysts include:
1) Assay results from its underground and exploration drilling.
2) An updated NI-43-101 resource estimate is expected in Q2/13.
The Gold Investor’s Handbook – click here for investment profits and much more detail on the ins and outs of investing in gold
Related articles
- Penny Miners Attract Big Financing Dollars (ampgoldportfolio.com)
Penny Miners Attract Big Financing Dollars
Posted: October 24, 2012 Filed under: Financing, Gold, Penny Stocks, Speculative | Tags: Business, Colombia, Mineral Exploration and Extraction, Mining, Mining and Drilling, National Instrument 43-101, Technology, TSX Venture Exchange Leave a comment
English: Santa Rosa Flag (Photo credit: Wikipedia)
Slater Mining (SLM : TSX-V : $0.28)
Red Eagle Mining (RD : TSX-V : $0.57)
Big votes of confidence- move these plays from ” wannabes”.
Red Eagle Mining has added some big boys with big wallets (and expertise) to its team. The Colombian-focused junior gold explorer announced Tuesday that it has completed its previously announced $20,000,000 financing, which included Liberty Metals & Mining Holdings (LMM), a subsidiary of Liberty Mutual Insurance, purchasing 11,424,188 shares and mining-focused private equity firm Appian Natural Resources Fund LP purchasing 5,454,545 shares.
These investments represent 19.9% and 9.5% respectively of the outstanding shares of RD. Existing shareholders purchased the remainder of the offering. In addition to the private placement, RD has sold a 2% net smelter royalty on the company’s Santa Rosa gold project to LMM for $8,333,333. RD highlighted that proceeds will be used for the exploration and development of the company’s Santa Rosa gold project, preparation of an initial NI 43-101 compliant resource estimate, preparation of a Preliminary Economic Assessment, completion of final property payments and general working capital as the project continues its development.
Also on Tuesday, another Ian Slater & Co. company, Slater Mining, saw its shares soar after announcing that it has filed a N.I. 43-101 compliant technical report for the West Khazret Gold Project in Northern Kazakhstan, July 2012. On April 17, 2012, Slater Mining announced that it had entered into an agreement pursuant to which it had acquired a three year option to purchase 100% of the West Khazret Gold Project.
Related articles
- Riverstone Resources and Blue Gold Mining – Pennies combine to top $1.00 (ampgoldportfolio.com)
Gold Canyon – Updated Resource Estimate
Posted: October 18, 2012 Filed under: Exploration Companies, Gold, Penny Stocks | Tags: Estimation, National Instrument 43-101, Ontario, Ounce, Precious metal, Silver, Tonne, TSX Venture Exchange Leave a comment
Silver :: Locality: Cobalt area, Cobalt-Gowganda region, Timiskaming District, Ontario, Canada (Locality at mindat.org) :: Size: 7.4 x 4.5 x 3.2 cm. :: A block of solid, very aesthetic, herringboned-patterned, spinel-twinned silver crystals from the rich silver mines at Cobalt, Ontario. All sides of this super-rich fragment of a vein of silver ore are covered with intricate patterns of spinel-twins. Very hefty at 232 grams or 8.1 ounces. Ex.George Elling Collection. (Photo credit: Wikipedia)
Gold Canyon (GCU : TSX-V : $1.33
Gold Canyon Resources has released an updated N.I. 43-101 compliant resource estimate for its 100%- controlled Springpole Gold Project, located 110 km northeast of the Red Lake Mining Camp, in northwest Ontario.
The new resource estimate included an additional 36,000 m of drilling completed at Springpole since the original estimate released on February 27, 2012. Management noted that the 2012 diamond drill program included infill and step-out drilling designed to increase resource ounces, upgrade resource classification and locate mineralized boundaries.
The updated resource estimate was: Indicated mineral resource of 128.2 million metric tonnes at an average grade of 1.07 g/t gold and 5.7 g/t silver for 4.41 million ounces of gold and 23.8 million ounces of silver; and an Inferred mineral resource of 25.7 million metric tonnes at an average grade of 0.83 g/t gold and 3.2 g/t silver per tonne for 0.69 million ounces of gold and 2.7 million ounces of silver.
The company said this new resource estimate will be the foundation for a Preliminary Economic Assessment to be completed in early 2013
Galway Resources Estimate Update
Posted: September 17, 2012 Filed under: Exploration Companies | Tags: California, Colombia, Galway, Galway Airport, Mineralization (geology), National Instrument 43-101, TSX Venture Exchange, Vetas Leave a comment
Galway Resources (GWY : TSX-V : $1.33)
Momentum
One day after releasing the maiden resource estimate for its California project, Colombian-focused gold explorer Galway Resources announced assay results from five underground diamond drill holes and four surface drill holes at its other flagship project, the Vetas gold-silver project, host of the El Volcan mine located in the Vetas-California-Surata gold region of northeast Colombia. Management highlighted that recent results included several zones of high-grade gold mineralization at Vetas, including 157.4 g/t over 4.15 m, and the discovery of another new vein containing 19.5 g/t over 1.29 m, 100 m west of the mine.
The focus of Galway’s exploration efforts at Vetas is to test for a continuation of mineralization below the El Volcan mine, strike and lateral extensions to the mine as well as to test the six surface anomalies that have been identified. The company has already more than doubled the depth at which gold mineralization has been identified below the lowest level of the mine to nearly 700 m, or 860 m below surface.
Also last week, Galway’s initial resource estimate for its California gold-silver project contained indicated gold resources of 424,385 ounces in 2.39 M tonnes grading 5.53 g/t and inferred gold resources of 666,470 ounces in 3.85 M tonnes grading 5.38 g/t.
Related articles
- Continental Gold – Approval for Impact Assessment (ampgoldportfolio.com)
Galway Resources – Estimates For Sept. Release / Financing Update
Posted: August 31, 2012 Filed under: Exploration Companies, Financing, Gold, Penny Stocks, Speculative | Tags: California, Colombia, Estimation, Galway, Galway Airport, National Instrument 43-101, TSX Venture Exchange, United States dollar Leave a comment
Norte de Santander Colombia (Photo credit: Wikipedia)
Galway Resources (GWY : TSX-V : $1.22)
On Thursday, management at Colombian-focused gold explorer Galway Resources stated that the initial gold resource estimate on Galway’s California concessions is anticipated to be released in early September.
Galway also announced that it has successfully negotiated to obtain title to nine mining concessions located in the municipality of California in Santander, Colombia, where the vast majority of drilling has taken place to date. Mining titles for 100% of six concessions have been successfully transferred and registered to Galway, including the “fractions” that appear to be directly within AUX’s La Mascota mineralized structure.
Galway management expects the three remaining mining titles to be transferred in the next several weeks. Pursuant to the terms of the various agreements, Galway has made payments of approximately US$6.6 million in cash, which includes an advance payment on estimated gold resources, and $7.8 million in share payments will be made upon approval by the TSX Venture Exchange. Pro rata payments will be made on additional NI 43-101 compliant measured and indicated gold resources established until June 15, 2013, payable in both cash and shares.
On Wednesday, Galway announced that it has entered into a loan agreement for a senior non-revolving term facility in an aggregate principal amount of up to $10,000,000 to be used to continue its current drilling program in Colombia, and for general corporate purposes .
AMP Gold and Precious Metals Portfolio 