Top-News of the Week:
Aguia Resources delivers top-class drill-results from Tres Estradas
A couple of days ago, Aguia Resources updated its shareholders on the infill drilling program at its flagship Três Estradas Phosphate Project in southern Brazil.
Highlights were:
- Drilling continues to demonstrate homogeneous nature and continuity of mineralization both laterally and at depth
- Infill drill campaign extended to 14,000 meters – final 1,300 meters to be completed by the end of April
- At depth, many intercepts are thicker than anticipated in the previous resource mode
- TED-16-091 intercepted 90.10 meters grading 3.49% P2O5 from 150.00 meters
- TED-16-094 intercepted 61.84 meters grading 4.30% P2O5 from 218.00 meters
- TED-16-098 intercepted 26.73 meters grading 3.95% P2O5 from 86.00 meters
- TED-16-104 intercepted 64.40 meters grading 4.27% P2O5 from 237.00 meters
- High-grade, near surface oxidized mineralization continues to be discovered:
- TER-17-202 intercepted 30.00 meters grading 13.67% P2O5 from surface, including 8.00 meters grading 18.85% P2O5
- TER-17-203 intercepted 24.00 meters grading 16.02% P2O5 from surface, including 10.00 meters grading 20.03% P2O5
- First results from pilot plant work with Eriez expected shortly
- Trade Off study for the Bankable Feasibility nearing completion
- BFS progressing well, trade-off study and expanded drilling expected to drive value proposition further
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German commodity night still to come!
The next big event, the German commodity night (Deutsche Rohstoffnacht), organized by ourselves, will happen on April, the 7th 2017 around the Invest in Stuttgart. Guest speakers will be Dr. Torsten Dennin, Head portfolio management Tiberius Asset Management, Zug, Hannes Huster, chief-editor and owner of the stock newsletter DER GOLDREPORT and Ronald Stöferle, fund manager Incrementum AG, Liechtenstein & gold analyst – author of „In Gold we trust“. In addition to this, two leading silver-/gold-producer, namely Endeavour Silver and Sierra Metals will present themselves. Please secure your ticket ASAP, as places are strictly limited. http://www.deutsche-rohstoffnacht.de/
Company News:
Altona Mining expands resource estimate for Cloncurry!
A short time ago, Altona Mining was able to expand the resource estimate for its Cloncurry project. The company announced a new Mineral Resource estimate for the Bedford deposit at the Company’s 100% owned Cloncurry Copper Project near Mt Isa in Queensland. Bedford is located 6 kilometers southeast of the planned Little Eva open pit mine and processing plant and lies within granted mining leases. The new resource estimate is: 4.8 million tons at 0.80% copper and 0.21g/t gold for 38,000 tons of contained copper and 32,000 ounces contained gold. The global Mineral Resource for the Cloncurry Project is now: 290 million tons at 0.58% copper, 0.05g/t gold for 1.67 million tons of contained copper and 0.4 million ounces contained gold.
News: Cloncurry Project: Bedford Resource Upgrade Furthermore, Altona Mining was able to announce that most of the permits required from china for the Cloncurry joint venture with the Sichuan Railway Investment Group Co., Ltd have been received.
Altona has agreed, subject to conditions, with Sichuan Railway Investment Group Co., Ltd (“SRIG”) for SRIG to fund the Cloncurry Project through its Hong Kong subsidiary, China Sichuan International Investment Limited (“CSII”).
To affect the closing of the transaction, CSII have three primary conditions precedent to satisfy:
- Approval of the State-owned Assets Supervision and Administration Commission of the State Council of the Sichuan Province of the People’s Republic of China (“SASAC”)
- Approval of the Sichuan Provincial Government
- Approval of the Australian Foreign Investment Review Board (“FIRB”)
The Chairman of CSII has informed Altona that it is now not required to obtain the approval of the provincial government of the Sichuan Province of the People's Republic of China to proceed with the transaction. The approval of SASAC has already been received.
CSII's remaining condition precedent is FIRB approval. CSII has met with Australian Treasury officials and plans to lodge the application for FIRB approval shortly. Unless there are requests for additional information, the statutory period for a decision from FIRB is 30 days and 10 days for notification.
Therewith, Alton is making a large step forward for the final permission of the Cloncurry joint venture!
News: Cloncurry Project Transaction all Chinese Approvals Received Endeavour recently announced that exploration drilling on the Terronera property in Jalisco State, Mexico continues to expand the recently discovered high-grade, silver-gold mineralized zones to greater depths within the Terronera vein and at shallow depths within the La Luz vein.
Highlights include 230 grams per ton (gpt) silver and 1.8 gpt gold (359 gpt AgEq) over 16.3 m true width, or 10.5 opT AgEq over 53.5 ft, with an internal interval assaying 3,490 gpt silver and 8.9 gpt gold (4,110 gpt AgEq) over 0.3 m true width, or 119.8 opT AgEq over 1.0 ft, in hole TR11-3.
And: 63 gpt silver and 57.0 gpt gold (4,054 gpt AgEq) over 2.2 m true width, or 118.0 opT AgEq over 7.2 ft, with an internal interval assaying 340 gpt silver and 320.0 gpt gold (22,740 gpt AgEq) over 0.3 m true width, or 663.0 opT AgEq over 1.0 ft, in hole LL-21.
The company will publish an updated PEA soon.
Video: Endeavour Silver: "The Only Way to Rebuild Confidence is to do a Good Job"
News: Endeavour Silver Expands High-Grade Silver-Gold Mineralized Zones in Terronera A couple of days ago, Fission Uranium announced the discovery of a new high-grade zone at ist Patterson Lake South project. The zone is located along the western strike extension of the Patterson Lake Corridor, west of both the Triple R deposit and the R840W zone. The discovery of the new high-grade zone is marked by hole PLS17-539, which has intersected 32.0m of total composite mineralization, including a 31.0m wide continuously mineralized interval including a total composite of 0.77m of radioactivity >10,000 cps (with a peak of 22,300 cps).
Therewith, Fission has now extended the PLS high-grade mineralized trend from 2.63km to 3.14km, which is larger in strike length than any other mineralized trend in the region.
News: 510m Step Out Discovers New High-Grade Zone at Fission’s PLS
Video: Fission Uranium: "Uranium Prices Today are Unsustainable and Irrational" A couple of days ago, Klondex Mines announced its operational and financial results for the fourth quarter and full year 2016.
Fourth Quarter 2016 Highlights:
- Ounces sold and financial results - Sold a quarterly record 47,745 gold equivalent ounces ("GEOs"), consisting of 42,405 gold ounces and 374,902 silver ounces for revenue of $56.1 million, a quarterly high. Average quarterly selling prices per gold and silver ounce were $1,175 and $16.73, respectively. Net income was $2.2 million (or $0.02 per share - basic).
- Nevada performance - Produced a record 51,923 GEOs, as GEO grade and tons milled continued to increase from the prior quarter and first half of the year. Average key operating metrics for our Nevada Operations were: 886 ore tons milled per day, 0.50 oz/ton gold mill head grade, 5.46 oz/ton silver mill head grade, 0.58 oz/ton GEO mill head grade. Production cash costs per gold equivalent ounce sold at Nevada was $644.
- True North - Produced 8,445 GEOs, an increase from the prior quarter as stockpiled ore processing began.
Full Year 2016 Highlights:
- Financial position and liquidity - Maintained strong financial position and liquidity through completion of a CDN$129.5 million "bought deal" private placement and obtained first revolving credit facility (initially $25.0 million and increased to $35.0 million).
- Ounces sold and financial results - Sold a record 159,118 GEOs, an increase of 19.4% from the prior year, consisting of 138,516 gold ounces and 1,470,992 silver ounces. Revenue was an all-time high totaling $198.2 million from average selling prices per gold and silver ounce of $1,245 and $17.44, respectively. Net loss was $1.7 million (or $0.01 per share - basic).
- Cash flows - Ending cash balance of $47.6 million after $45.3 million of operating cash flows, $159.7 million used in investing activities, and $104.6 million provided by financing activities. Ending working capital of $33.2 million (ratio of 1.80:1).
- Operating performance - Produced a record 151,007 GEOs from Nevada Operations, exceeding the high end of management's expectations, and 10,199 GEOs from True North for full year production of 161,289 GEOs, an increase of 26.3% from the prior year. Nevada Operations production cash costs per gold equivalent ounce sold at was $637 and within our 2016 expected range of $600 to $650.
The company expects to produce between 210,000 and 225,000 gold equivalent ounces during 2017 at an expected production cash cost per GEO sold of $680 to $710 per GEO sold. This represents an increase in GEOs produced of approximately 36% from the prior year.
Treasury Metals: New CEO gives exclusive interview
A couple of days ago, Treasury Metals‘ new CEO Chris Stewart gave an exclusive interview to Swiss Resource Capital. This interview highlights Goliath Gold Project’s strong economics in the project’s updated Preliminary Economic Assessment, as well as key upcoming milestones for the Goliath Gold Project, located in northwestern Ontario.
Video: Treasury Metals: New CEO & Updated PEA With Excellent Numbers
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