Top-News of the week:
MAG Silver confirms high-grade intercept and reports high-grade discoveries
Last week, MAG Silver announced a couple of results out of its current drill program. Therewith, the company was able to confirm a high-grade intercept and to report two new high-grade discoveries.
The best new hole in the already known Deep Zone West cut 22.90 meters (true width) grading 119 g/t (3.47 opt) silver, 1.13 g/t gold, 4.18% lead, 11.89% zinc and 0.27% copper; including 2.87 meters (true width) grading 292 g/t (8.52 opt) silver, 4.48 g/t gold, 13.24% lead, 24.92% zinc and 0.55% copper.
Within the known East Vein, the company made a new discovery named Deep Zone East: The best intercept is in hole VM2, with 29.85 meters (true width) grading 235 grams per ton ("g/t") (6.87 ounces per ton silver, 0.50 g/t gold, 4.76% lead, 5.79% zinc, 0.99% copper; including 7.21 meters (true width) carrying 475 g/t (13.86 opt) silver; 0.66 g/t gold, 1.91% lead, 5.27% zinc and 2.38% copper. Higher grade zones within the overall intercept include very high-grade lead (>40%) and high-grade silver (1,290 g/t) associated with the highest copper values (6.79%) reported to date on the property.
The drilling also resulted in the discovery of the "Anticipada Vein", a newly recognized vein of unclear geometry lying about 100 meters into the hanging wall of the East Vein. It has been cut in five holes and swells from 0.8 meters (true width) in Hole VM2 to 6.68 meters (true width) in Hole P13 where it grades 105 g/t (3.06 opt) silver, 2.69 g/t gold, 3.59% lead, 10.79% zinc and 0.23% copper. It remains open in several directions.
In addition to the exploration drilling, underground development and associated surface and underground mining infrastructure continue to be progressed on the Juanicipio property. The ramp is approaching 3,200 meters and the plane of the Valdecañas en echelon vein system is anticipated to be reached late 2016 or early 2017.
The recent news show, that there seem to be much more exploration potential than the several hundreds of million silver-equivalent ounces that have been already proved.
News: MAG Silver: A mine below the mine?
Video: MAG Silver company presentation Commodity-TV
Market Watch:
Gold firmer after recent Fed protocol
The gold price showed some more strength last week, after the recent Fed protocol indicated that there may be even not one single increase in the US federal funds rate by year end. The protocol, which has been announced last Wednesday, indicates that the federal funds rates seem to stay at the current low level. The Fed members would like to raise the rates, but inflation doesn’t show any upwards trend, which is one of the key points for a federal funds rates raising. Good for precious metals, especially for gold. The industry metal silver wasn’t able to profit from the recent facts out of the Fed protocol and therefore showed some losses.
Video: Gold and negative interest rates
Crude prices climb on a 6-week-high
Crude prices gained a couple of per cent, after the US crude inventories have been considerable reduced. The US inventory showed one million barrels of oil less than before. That’s one side of the medal. On the other side we have the gasoline inventories, which gained 2.18 million barrels and the condensates which gained some 2.4 million barrels. So, the bottom line is, that there has been only a transfer from the crude oil inventory to the gasoline inventory. Furthermore, Iraq announced that the country will expand its oil production. It has been able to reconquer three oil fields from IS. Therefore, Iraq will now be able to use Kirkuk for further oil exports. Altogether rather worse auguries for the further development of crude prices.
Video: Tiberius - Dr. Torsten Dennin: Oil, Gas, Mining or Gold?
Video: Tiberius - Dr. Torsten Dennin: Outlook for Crude Oil
Company News:
Brazil Resources to acquire the Titiribi Gold-Copper Project
A few days ago, Brazil Resources announced that the company plans to acquire a 100% interest in the Titiribi Gold-Copper Project in central Colombia. The Project hosts several styles of mineralization including gold-copper porphyry and associated epithermal gold mineralization in nine zones identified to date. Approximately 144,779 meters of diamond drilling in 270 holes have been completed historically on the Project. Nearby gold projects in development or in production include Red Eagle’s San Ramon, B2 Gold’s Gramalote, Continental Gold’s Buritica, and Gran Colombia’s Marmato projects. Brazil Resources has to “pay” 5,000,000 common shares and 1,000,000 share purchase warrants of Brazil Resources to the current owner NovaCopper with the common shares being issued at closing representing less than 4.6 % dilution to shareholders of Brazil Resources. The company will try to announce a first NI43-101 resource as soon as possible.
News: Brazil raises resources through acquisition in Columbia
Altona Mining expands exploration footprint in Mt. Isa region
A couple of days ago, Altona Mining announced, that it will drastically expand its exploration footprint in the Mt. Isa region. The Company has applied for 10 new Exploration Permits in the region surrounding its Cloncurry Project and the 100%-owned Roseby South Project near Mt. Isa in Queensland. The new applications cover an area of 1,868 square kilometers. Therewith, Altona‘s tenement position is one of the largest in the region at 2,800 square kilometers including the proposed SRIG JV on the Cloncurry Project. The first of the applications which adjoins Roseby South (EPM 26182) was granted in July 2016. The new project areas are being targeted for copper-gold as well as gold only and lead-zinc-silver deposit types. The Cloncurry Project is the subject of a 235.5 million US$ proposed joint venture with Sichuan Railway Investment Group (“SRIG”). Roseby South immediately adjoins the southern boundary of the Company’s Cloncurry Project and MMG's major underground zinc mine development at Dugald River. Roseby South is 100% Altona-owned exploration tenure and does not form part of the arrangements with SRIG. The application provides Altona with further exposure to the Mt. Isa Inlier, one of the world’s premium base metal producing provinces.
News: Altona enlarges exploration property in Queensland
Video: Little Eva mine construction animation
EnWave receives 480,000 CA$ of previously restricted cash collateral
EnWave recently announced that it has received the remaining 480,000 CA$ of its restricted cash funds. These funds were held as a collateral in support of a project-related 273,000 Euro letter of credit issued to a customer of EnWave’s former subsidiary, Hans Binder Maschinenbau GmbH. Subsequent to the release of this restricted cash, EnWave no longer has any encumbered funds related to the letter of credit or Binder. These funds will be added to EnWave’s unrestricted cash balance.
News: ENW receives 480000$
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