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Top-News of the week:
Fission Uranium intercepts 4.5m @ 23.08% U3O8!
In the meantime we feel almost a littlebit sorry to “have to” permanently put Fission Uranium into the Top-News, but the company almost weekly provides sensational news from its Patterson Lake South Uranium Project. Review: The first exploration hole of the current exploration campaign at the company’s Patterson Lake South Uranium Project intersected a 42.0m wide mineralized zone, including a continuous 2.0m interval measuring >10,000 cps radioactivity, with a maximum peak up to 32,200 cps. Due to this sensational drill success the company decided to expand its campaign by 1,200m or 4 holes to find the boundary of the zone. Instead of finding the boundary, Fission Uranium now announced a not suspected expansion of this mineralization. One of these four drill holes, a 60m step out to the west of the recently-discovered high-grade R840W zone, has hit 38.8m mineralization and 1.44m of >10,000 cps. In addition, hole PLS16-462, also drilled on the new R840W zone, has intercepted 71.5m total composite mineralization, including 3.44m of >10,000 cps. A third drill hole (R1620E zone) has intercepted 53.0m total composite mineralization, including 11.31m of >10,000 cps. This is the strongest hole drilled to date on the expanding R1620E zone. With the intersection of anomalous radioactivity in PLS16-474 (line 1395E) the gap between the Triple R deposit and the R1620E zone had nearly been closed (only 195m left). The mineralized trend at Patterson Lake South, including the Triple R deposit, firstly reached a total of 2.53km in length. Then, a 45m step out to the west of the fast-growing, shallow and high-grade R840W zone, has hit 41.0m total composite mineralization, including 4.79m of total composite >10,000 cps, whereby the mineralized trend has been extended to a length of 2.58km. But this seems to be nothing in comparison to the news Fission brought out in last week: The company intercepted high-grade mineralization in every three zones (R840W, R600W und R780E) including hole PLS16-455 (line 510E) with 4.5m @ 23.03% U3O8 and 2m @ 17.63% U3O8 in 44m @ 4.08% U3O8. That’s the same grade-level than the Triple-R-Resource! At the same time this means that this trend shows one of the longest lateral profiles and one of the highest grades in the whole Athabasca Basin Region. With more than 80 million CAN$ received by CGN Mining Company, Fission Uranium owns enough cash to quickly develop the project and make it more interesting for some major companies.
News: Fission drill news
Video: Ross McElroy PDAC 2016 - Resource update coming
Top-News of the week part 2:
Cyprium Mining engages MAG Silver co-founder as advisor
Cyprium Mining recently announced that the company has engaged International Mineral Development and Exploration Inc./Compañia Minera Cascabel S.A. de C.V.("IMDEX/Cascabel") as technical advisors for the development and exploration program at the Company's Potosi silver mine. This sounds like a relatively unspectacular news, but seem to be a pure sensation in cause of IMDEX/Cascabel is been led by Dr. Peter Megaw who is a co-founder of the most recent billion-marketcap company MAG Silver! Megaw is known as the “silver pope” of Mexico and wrote his doctoral work about the district around the Potosi Mine. Furthermore he has had a relationship with the Valenzuela family, the owners of the Potosi mine for nearly 40 years. The support of Dr. Megaw could not only be a lucky chance, but furthermore THE breakthrough for Cyprium Mining.
News: Cyprium engages Dr. Peter Megaw as advisor
Market Watch:
Crass attacks on gold and silver price! – Silver ETFs show massive inflows!
Last Friday the gold and silver price had to face off massive attacks. The gold price has been beaten around 15 US$ downwards within only a few minutes, the silver price around 40 US Cents! We don’t want to take a step into the conspiracy theory field and also hope that our readers will get more of these opportunities to use them for some buying, but there should be no doubt that theses price jumps are very eye-catching. Especially in cause that we saw another one right one week before. It seems that there is been much acting against the gold price once more. Funnily enough a break of the 1.200 US$ mark shall not be possible at the moment. The resistance of the gold bulls may be too strong. The same thing with silver. The 15 US$ mark seems to be cemented. The silver price gained more than 10% in the first quarter. Bloomberg covered silver ETFs showed an inflow of nearly 1,000 tons within the last month, which was the highest monthly inflow since December 2010! On the other hand the CFTC data doesn’t indicate higher silver prices. That’s why a fall below 15 US$ threatens. A perfect scenario for silver investors!
Company News:
Treasury Metals secures more than 4 million US$
Treasury Metals recently announced that the company has entered into a binding term sheet with Loinette Company Leasing Ltd. ("Loinette") and Extract Capital Master Funds Ltd. ("Extract") (together, the "Lenders"), with Extract acting as agent to the Lenders, to arrange a buy-out and increase of the existing loan facility with RMB Australia Holdings Limited ("RMB") due on June 20th, 2016 in respect of which 5.0 million CA$ (approx. 3.78 million US$) is currently outstanding and to further advance the project feasibility study and permitting for the Goliath Gold Project. The total financing to be provided by the Lenders (the "Loan"), including the amount to buy-out RMB, is 4,400,000 US$(approx. 5.7 million CA$). Besides an interest rate of 7.75% plus US 12-month LIBOR, shares and warrants, the lenders also get a production fee which is based on 10 US$ per ounce of gold and 0.125 US$ per ounce of silver produced from the life of the Goliath Gold Project. This deal Treasury Metals both helps to buy-out and increase the existing loan facility and to quickly develop the Goliath project.
News: Treasury Metals 4.4Mio$ loan transaction
Video: CEO Martin Walter Treasury Metals interview
25 million US$ for Klondex Mines
A few days ago Klondex Mines closed a 25 million US$ secured revolving credit facility with Investec Bank PLC which may be used for working capital requirements and general corporate purposes. This seems to be not a big risk for Klondex in cause of a relatively low interest rate of 2.75 to 4.00% plus LIBOR and the fact that the company's financial and operational performance continues to improve year over year, which can be seen by the financial results for the year 2015. Klondex generated 47.4 million US$ of net operating cash flows and had all-in sustaining costs of 786 US$ per gold ounce sold. According to this, the cash balance increased by 13.6 million US$, or 29.9%, to 59.1 million US$. We are full of expectation how the company will use the relatively high amount of free cash.
News: Klondex Top results FY 2015
Pershing Gold: Price target increase of 50%!
A few days ago the investment house Euro Pacific Capital Inc. published a new study on Pershing Gold. According to this, the buy rate has been maintained, but now the company’s course aim for the Pershing share lies nearly 50% higher than before. Euro Pacific Capital Inc. increased it from 4.10 US$ to 6.00 US$. We believe that this has something to do with a proposed feasibility study and a production decision for Relief Canyon up to come this year.
Research: PGLC new price target 6 USD
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