Top-News of the week:
Sensational deal: Advantage Lithium to acquire 75% of Orocobre’s Cauchari project!
A few days ago, Advantage Lithium announced a sensational Letter of Intent with Orocobre Ltd., whereby Advantage Lithium can acquire up to 75% of Orocobre’s lithium project Cauchari and 100% interest in five other lithium brine projects. This portfolio of projects, comprising a total of 85,543 hectares, is located in the northern provinces of Jujuy, Salta and Catamarca in Argentina's Lithium Triangle.
The Cauchari project, which hosts an inferred resource of 470,000 tonnes of lithium carbonate equivalent (LCE) and 1.62 million tons of potash (KCl) from the combined northern and southern resource (from 230 million cubic meters of brine at approximately 380 milligrams per liter lithium and 3,700 milligrams per liter potassium), and a large exploration target of 250,000 tons to 5.6 million tons of LCE and 900,000 tons to 19 million tons of KCl is located just 10 kilometers to 20 kilometers south of Orocobre's flagship Olaroz lithium facility.
Advantage Lithium will acquire an immediate initial 50-per-cent interest in the Cauchari project, with the option to increase to a 75-per-cent interest, upon incurring exploration expenditure of US$5 million over three years or completion of a National Instrument 43-101 feasibility study in that period.
Following completion of the acquisition, Orocobre will own 40,622,200 common shares of the company, with a minimum ownership of 31.12 per cent of the outstanding common shares of Advantage Lithium and will retain a 1-per-cent royalty on the Cauchari properties.
A sensational deal for Advantage Lithium, which will catapult the company into a complete new dimension! It will now try to do another financing of US$15 and US$25 million.
Video: Advantage Lithium: New Explorer in Nevada with 5 Projects
Market Watch:
Russia massively buys gold! – Will there come another gold import ban in India?
While the gold price is still fighting for the mark of US$1,200 – last Thursday (Thanksgiving Day in the US) it has been pressured below this number under noticeable amounts – Russia doesn’t itself be distracted by the dropping price – quite the opposite is happening! So, in October the Russian central bank bought 1.4 million ounces (or around 48 tons) of gold, which is the most it has bought since 1998. Therewith and for the first time in history, the Russian hoard of gold climbed above the mark of 50 million ounces to an amount of 50.9 million ounces! The reason for this buy could have been to hedge in the case of a Hillary Clinton administration and thus this would be a one-off buy. If this buy was to find an asset to replace bond holdings, then you should expect more buying in November.
Besides Russia, India is also a large importer for gold. But things could change, as a new rumor says. A couple of days ago, the Indian Bullion and Jewellers Association has warned members of a potential gold import ban. The association told Indian media the move could come by March 31 as part of the government’s ‘black money’ crackdown. Prime minister Narendra Modi shocked the country by banning 500 and 1000 rupee notes and the mooted import restriction could be a reaction to dealers swapping the notes for gold. India imported 30 tons of gold in September, down 43% compared to last September. The high denomination note ban saw people flock to gold dealers, who then jacked up prices to over 140,000 rupees an ounce from the weekend’s market price of around 85,000 rupees/oz. This possible import ban for gold could bring a high pressure on the price for the yellow metal by next year.
Company News:
Sierra Metals announces the discovery of a new high grade sulfide zone at its Yauricocha mine
A couple of days ago, Sierra Metals announced the discovery of a new high grade sulfide zone referred to as the “Cuye - Mascota” zone, located 200 meters north of the central mine area along strike and adjacent to current mining activities. The discovery comes as part of ongoing diamond drill brownfield exploration programs testing priority targets at its Yauricocha Mine.
Drill hole highlights included:
- Hole MAS-09: 4.90% Cu, 0.89% Zn, 0.37% Pb, 0.23 gpt Au, 226.45 gpt Ag over 18.2m
- Hole MAS-17: 0.46% Cu, 17.71% Zn, 4.13% Pb, 0.94 gpt Au, 125.16 gpt Ag over 30.10m
- Hole MAS-23: 0.73% Cu, 28.85% Zn, 1.45% Pb, 0.35 gpt Au, 149.00 gpt Ag over 7.55m
- Hole MAS-23: 2.72% Cu, 0.43% Zn, 0.09% Pb, 2.12 gpt Au, 102.95 gpt Ag over 20.00m
- Hole MAS-27: 0.39% Cu, 12.59% Zn, 3.46% Pb, 0.68 gpt Au, 91.91 gpt Ag over 9.60m
- Hole MAS-27: 1.32% Cu, 0.53% Zn, 0.05% Pb, 0.87 gpt Au, 45.67 gpt Ag over 8.80m
As a result of this drilling program, continued mineralization has been identified in the Cuye - Mascota zone, as well as other important structures such as the extension of the existing Mascota zone. This has provided the Company with important information that had been previously unknown. This new information will be reported in the next resource review conducted by the Company.
News: SIERRA METALS ANNOUNCES NEW DISCOVERY AT ITS YAURICOCHA MINE IN PERU
Pershing Gold announces completion of Phase 1 of 2016 Drilling Program
Last week, Pershing Gold announced the completion of Phase 1 of its 2016 Drilling Program.
Notable intercepts included:
- RC16-487 including: 5 ft (1.52 m), 25.1 gpt, 0.733 oz/ton Au
- RC16-489 including: 10 ft (3.048 m), 8.887 gpt, 0.260 oz/ton Au
Klondex Mines announces more top-results!
A couple of days ago, Klondex Mines provided an update on underground drilling at its True North Gold Mine in Manitoba, Canada.
True North Gold Mine Drilling Highlights were:
- 620-16-013: 0.95 opt Au over 6.0 ft, or 32.7 g/t over 1.8 m (711)
- 588-16-024: 1.24 opt Au over 5.0 ft, or 42.4 g/t over 1.5 m (711)
- 588-16-028: 0.56 opt Au over 9.0 ft, or 19.2 g/t over 2.7 m (711)
- And 0.84 opt Au over 5.0 ft, or 28.8 g/t over 1.5 m (711 HW)
- 588-16-018: 0.36 opt Au over 9.3 ft, or 12.2 g/t over 2.8 m (711)
- And 0.64 opt Au over 8.0 ft, or 22.1 g/t over 2.4 m (711)
- 967-16-004: 0.19 opt Au over 12.3 ft, or 6.4 g/t over 3.7 m (Cohiba)
- Including 1.76 opt Au over 1.0 ft, or 60.4 g/t over 0.3 m (Cohiba)
- 967-16-005: 1.10 opt Au over 11.5 ft, or 37.7 g/t over 3.5 m (Cohiba)
- Including 4.89 opt Au over 2.4 ft, or 167.7 g/t over 0.7 m (Cohiba)
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