|Top-News of the Week:
Sierra Metals: resource base at Yauricocha more than doubled!
Sierra Metals reports positive effects of its operational improvements program
A couple of days ago, Sierra Metals has updated its Mineral Reserves Estimate at the Company’s Yauricocha Mine, located in Yauyos Province, Peru.
According to this, Mineral Reserves for Yauricocha are 8,917,000 tons averaging 48.3 g/t silver, 1.2% copper, 0.8% lead, 2.4% zinc and 0.5 g/t gold representing a 134% increase to the previous Reserve Estimate. This new Reserve Estimate more than doubles the previous mine life at current throughput levels when compares to the previous August 2016 Reserve Estimate. Total Proven and Probable Contained Metal has significantly increased by 86% silver, 237% copper, 58% lead, 96% zinc, and 97% gold as compared to the previous August 2016 reserve estimate.
News: Sierra Metals Significantly Increases Mineral Resource Estimate for Yauricocha Mine, Peru
Scotiabank Research and H.C. Wainwright Research continuously positive for Sierra Metals
Furthermore, the company provided an update on the operational improvement program currently taking place at its Bolivar and Cusi Mines in Mexico, focusing on modernizing operations, improving production, and reducing unit costs.
Thereby, major changes in the Corporate Team, which is now strengthened in Mexico to better support and improve operations, took place.
The metallurgical recovery levels have increased to above 80% at both mills in Mexico from the low 60% range at Cusi and low 70% range at Bolivar.
The drift development is underway on four sub-levels on the planned pilot sub level longhole stoping area in the Santa de Rosa de Lima structure at the Cusi Mine. This development is increasing the mill campaigns with higher grade ore. This trend is expected to continue until full mill capacity from Santa Rosa de Lima is reached targeted for Q2 2018.
News: Sierra Metals Provides Update Regarding Its Operational Improvements Program at the Mexican Operations
Gold price: Everybody is looking onto the Fed now! – Precious Metals Conference, Munich
All Quiet on the Western Front! – At least, if we speak about the gold price and the Fed. Fed representatives will come together to a meeting this week, but not for increasing the interest rate.
Much more interesting is the question, who will become Janet Yellen’s successor as Fed-chief. There seem to be only three candidates left: herself, well-respected economist John Taylor from Stanford university, which has the opinion, that the US interest rates should already stand above one percent and Jerome Powell, which seems to continue Yellen’s current money policy and who is also Trump’s current favorite.
From a German-speaking view, the absolute highlight of the week will be the Precious Metals and Commodities Conference in Munich, where also SRC will be participant. We would like to welcome you at booth 74!
Sibanye-Stillwater prevents shutdown of mines and anticipates higher earnings than originally estimated
Ascendant Resources announces positive production improvement in Q3
In a former company announcement, Sibanye-Stillwater indicated, that approximately 200 000oz – 300 000oz 4E PGM production per annum could be at risk, should some conventional shafts in the Rustenburg area remain unprofitable, and that the Company would make a final decision on the viability of these conventional business units post September 2017.
Now, Sibanye-Stillwater advised, that as a result of the realization of substantial synergies, post the successful integration of Rustenburg and Aquarius into the larger Sibanye-Stillwater group, the closure of these conventional business units has been averted.
The Southern African Region’s PGM operations have delivered solid operational results in H1 2017, and this prompted an upward revision to the 2017 production forecast and a downward revision to guided costs.
As disclosed in the company‘s H1 2017 results, benefits of approximately R550 million of the initially identified R800 million annual synergies, have already been achieved, with forecast annualized benefits by the end of 2017 of approximately R1 billion. This is significantly earlier than the three-year period the company had initially guided to, to realize these benefits.
News: Effective integration of Sibanye-Stillwater’s SA PGM operations prevents anticipated closures
TerraX Minerals gets welcome sum
A couple of days ago, Ascendant Resources announced milled production at the El Mochito mine increased to 176,067 tons (or 1,934 tpd) during the third quarter representing a 17% improvement over the second quarter. With additional new equipment arriving during Q4 2017, management is confident in achieving its targeted Q4 2017 average throughput rate of 2,200 tpd leading to further increased production in 2018.
With the continuous operational improvements implemented since the acquisition of the mine just nine months ago, the Company now believes El Mochito is well positioned to generate robust operating results and free cashflow in Q4 2017 and for the foreseeable future.
News: Ascendant Resources Provides Third Quarter and September Production Update
Interview: Ascendant Resources: Production Numbers Of Q3 2017
TerraX Minerals acquires Burwash Mine
A short time ago, TerraX Minerals reported the receipt of CA$1,910,759 from the exercise of 3,821,518 share purchase warrants at CA$0.50 per share. With the exercise of these warrants, the Company now has cash on hand of CA$2.83 Million.
News: TerraX receives $1,910,759 from the exercise of warrants
Furthermore, the company announced, that it has entered into an agreement to acquire the historic Burwash Mine property, immediately adjacent to its Eastbelt property, Yellowknife City Gold Project.
The Burwash Mine was the first gold producer in the Yellowknife gold district in 1935 when a pit was excavated and a shallow shaft (40 meters) was sunk on a high-grade gold vein. Burwash assays were recorded up to 10,300 g/t Au and 2,540 g/t Ag. The average production grade at Burwash was 13.6 ounces per ton (466 g/t Au) with approximately 450 ounces of gold produced.
An initial surface sampling program at Burwash consisting of 85 grab samples from outcrop was carried out by TerraX this past summer as part of its due diligence prior to completing the agreement to acquire the property.
Roth Capital Partners recommends GoldMining with a buy-rating and a course aim of CA$4.50!
- 201 g/t Au, 23.2 g/t Ag in outcrop grab sample
- 2.87 g/t Au, 16.2 g/t Ag, 5.55% Zn, 0.68% Pb in outcrop grab sample
A couple of days ago, Roth Capital Partners published its first coverage report on GoldMining Inc., with a buy-rating and a course aim of CA$4.50! The main reason for this is the relatively large resource base of 29.9 million ounces of gold equivalent.
News: Roth Capital Partners: Buy recommendation on GoldMining
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