|Stock of the week: Firesteel Resources
Firesteel Resources completes acquisition of Laiva gold mine
Important milestones achieved – begin of operations in May 2018
Fundamental Research sees fair stock price at CA$0.25
In addition, the company recently published a Report on 2017 Milestones and 2018 Strategic Goals. Most important already achieved milestones are the 100% acquisition of the Laiva gold mine and the publishment of an updated NI- 43-101 resource estimate of 151,000 ounces of measured and indicated gold and 445,000 ounces of inferred gold. The most important milestone for 2018 will be the mine start. Operations in the pits are expected to begin in May of 2018. Initially selective mining will be employed to not only ensure grade but also to provide sufficient ore to feed the 250 ton per hour mill on start up. The company currently expects the mill to start in July of 2018. In addition, Firesteel is currently working on a pre-feasibility study, which is expected by the end of April 2018.
News: Firesteel Resources Inc.: Milestones and Strategic Goals
THE chance for gold bugs: Goldman Sachs joins onto the bull side!
Such things don’t happen every day: Goldman Sachs, known as very bearish on gold surprisingly changed its price aims last week and screwed them upwards. Only a short time ago, Goldman Sachs analysts saw gold at US$1,225, US$1,200 and US$1,225 in 3m, 6m and 12m respectively – and US$1,375 for the end of 2020. Now, they set their price aims to U$1,350, U$1,375, U$1,450 in 3m, 6m and 12m respectively and to US$ 1,550 for the end of 2020. To be honest, Goldman Sachs is well known for steering the market into the direction they want, but, just let this message sink in, wait and see.
Fission Uranium starts drilling at most important zone on land
TerraX Minerals begins trend-setting winter drill campaign
A few days ago, Fission Uranium announced, that the 2018 winter field program has now commenced at the top-class uranium project Patterson Lake South (PLS), with drill rigs in full operation.
Eight holes (2,720m) will focus on further expansion of the recently-discovered, high-grade, shallow and land-based R1515W zone. Former drill results on the R1515W zone have been very encouraging to date and include results such as hole PLS17-564 (line 1545W), located 1.4km west of the Triple R Deposit, which intersected 128.0m of total composite mineralization, including intervals such as 7.0m @ 6.90% U3O8 in 14.50m @ 3.39% U3O8 and 7.0m @ 6.36% U3O8 in 10.50m @ 4.35% U3O8.
Investors may await incredible times, as this zone may be the new future starting point of a uranium production at PLS, which could positively improve the numbers of the currently developed pre-feasibility study.
News: Fission Drills Now Turning at PLS; Focus on Growing R1515W Zone and Pre-Feasibility Work
Endeavour Silver strengthens reserve base
TerraX Minerals recently announced, that it has commenced its 2018 winter drill program at its Yellowknife City Gold project, immediately adjacent to the City of Yellowknife in the Northwest Territories. The initial program will total approximately 6,000 meters and incorporate up to three dill rigs to test dip and strike extensions of the Sam Otto and Crestaurum deposits.
These 2018 winter drill programs will focus on expansion of two of the company’s most advanced high priority gold targets with a goal of significantly expanding the size of these zones of gold mineralization.
News: TerraX begins 2018 winter drill program at Yellowknife City Gold
A couple of days ago, endeavor Silver reported updated NI 43-101 Mineral Reserve and Resource Estimates for its three operating mines and two development projects and an initial Mineral Resource Estimate for its new Parral Properties, all in Mexico.
Sibanye-Stillwater: DRDGOLD takeover approved!
- Silver Proven and Probable Mineral Reserves increased 217% to 33.5 million ounces (oz)
- Gold Proven and Probable Mineral Reserves increased 246% to 315,300 oz
- Silver equivalent Proven and Probable Mineral Reserves increased 228% to 57.1 million oz (75:1 silver:gold ratio)
- Silver Measured and Indicated Mineral Resources decreased 46% to 36.7 million oz
- Gold Measured and Indicated Mineral Resources decreased 35% to 362,900 oz
- Silver equivalent Measured and Indicated Mineral Resources decreased 42% to 63.9 million oz
- Silver Inferred Mineral Resources increased 44% to 53.1 million oz
- Gold Inferred Mineral Resources decreased 12% to 300,800 oz
- Silver equivalent Inferred Mineral Resources increased 22% to 75.7 million oz
Altona Mining delivers multiple new discoveries!
Sibanye-Stillwater recently announced that it has received approval for the Transaction (including the call option) from the South African competition authorities in accordance with the Competition Act.
In terms of the Transaction Announcement, shareholders were advised of, inter alia, the Transaction in terms of which Sibanye-Stillwater is to exchange Selected Assets for c.265 million newly issued DRDGOLD shares and be granted a call option to subscribe for the Option Shares during the Option Period so as to attain a 50.1% shareholding in DRDGOLD.
News: Competition authorities approve transaction with DRDGOLD Limited
Altona Mining recently announced the results of a 30-hole RC drilling program undertaken at the Cloncurry Copper Project in late 2017. The program was designed to test new copper-gold in soil anomalies at the Companion, Veiled and Quamby prospects.
Drill highlights included:
Uranium Energy acquires uranium project for an absolute bargain price!
- Companion: 32 meters at 1.48% copper, 0.98g/t gold from surface
- Veiled: 74 meters at 0.53% copper, 0.23g/t gold from surface
- Quamby: 13 meters at 0.61% copper, 4.6g/t gold from 29 meters including 2 meters at 23.6g/t gold from 30 meters
Osisko Mining invests CA$100 million in exploration in 2018
A short time ago, Uranium Energy announced, that the Company has closed a definitive Property Purchase Agreement, with Nuinsco Resources Limited to acquire 100% of the Diabase project located on the south rim of the Athabasca Basin uranium district in Saskatchewan, Canada. The Project delivers a significant land package of 21,949 hectares, which overlies a highly prospective regional corridor within 75 km of Cameco’s Key Lake mill in a stable and leading jurisdiction for uranium exploration and mining. For the acquisition Uranium energy has to pay only approximately US$500,000 comprised of US$240,000 in cash and 164,767 shares (at a deemed issuance price of US$1.60 per common share).
An absolute bargain price, as the property has seen in excess of US$ 20 million in historical exploration work, including over 21,000 meters of diamond drilling, geophysical surveying and surficial sampling data.
News: Uranium Energy Corp Acquires the Diabase Project in the Athabasca Basin and Appoints Darcy Hirsekorn as District Geologist
First Cobalt once again announces top-class results
Osisko Mining recently provided an update on the progress of exploration at its 100% owned Windfall Lake, Urban Barry and Quévillon gold projects located in the Abitibi greenstone belt, Eeyou Istchee James Bay, Québec.
Osisko has been conducting new exploration and definition drilling at Windfall for 26 months, since late October 2015. As of the end of January 2018, Osisko has completed 518,000 meters of the planned 800,000 meters to complement the pre-existing 180,000 meters drilled at Windfall by previous operators.
Osisko’s 2018 exploration budget for the Windfall/Lynx deposits, Urban Barry and Quévillon project areas totals approximately CA$100 million. This budget includes resource estimation work, resource-oriented drilling, exploration ramp and underground bulk sampling of known mineralized zones, metallurgical work, permitting, PEA and feasibility studies, exploration drilling proximal to Windfall and Lynx, and exploration drilling on the greater Urban Barry and Quévillon properties.
Osisko’s initial resource for Windfall is scheduled to be released in early May, a delay of six weeks from the previous Q1 2018 estimated completion, due to the slower than anticipated turnaround of assay data. Osisko plans to have a Preliminary Economic Assessment completed in June 2018 for the Windfall deposit subsequent to the release of the initial resource estimate.
News: Osisko Mining Provides Quebec Exploration Update
Maple Gold Mines expands resource base
A few days ago, First Cobalt once again announced high grade cobalt assays up to 2.01% cobalt from surface sampling near the past producing Hamilton mine in Cobalt North. Grab samples at the former Hamilton mine confirm high grade cobalt veins including 2.01%, 1.92% and 1.55% Co, as well as silver grades up to 195 oz/t Ag (5,527 g/t Ag). The results confirmed the presence of high cobalt in an area where historic mining focused on silver.
In addition to this, the company announced positive drill results from the historic Bellellen mine in the Cobalt Camp, Ontario. Thereby, First Cobalt intersected 2.0 meters of 0.78% Co and 0.83% Ni, including 1.1 meters of 1.35% Co and 1.47% Ni along the Bellellen Vein system that extends for approximately 300 meters of strike length. These early results confirm the presence of high grade cobalt and nickel along the known Bellellen vein system south of the historic mine workings.
News: First Cobalt Reports High Grade Cobalt Assays from Cobalt North Sampling
News: First Cobalt Intersects High Grade Cobalt at Bellellen
Video: Lithium Report 2018 And Cobalt Is On The Rise
GoldMining wants to speed up in 2018
Maple Gold Mines recently announced an updated Mineral Resource Estimate for the Company’s Douay Gold Project, as prepared by Micon International Limited. The updated estimate successfully converts a significant proportion of Inferred Resources to the Indicated Resource category, which were absent from the 2017 Micon estimate. Mineral Resources at Douay are now estimated as 9,383,000 tons grading 1.59 g/t Au (0.48 million ounces) in the Indicated category, plus 84,152,000 tons grading 1.02 g/t Au (2.76 million ounces) in the Inferred category. For Comparison purposes: Micon 2017 estimate was all Inferred Resources of 83,327,000 tons grading 1.05 g/t Au for 2,813,000 contained ounces.
GMP Securities took this opportunity to publish a first positive prospect for Maple Gold Mines.
News: Maple Gold updates Douay Resource Estimate
News: Positive prospect for Maple Goldmines
Video: Maple Gold Mines - District Scale Gold Potential at Douay
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