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SolGold to acquire Cornerstone
SolGold (LSE:SOLG) entered into a friendly agreement to acquire Cornerstone Capital Resources (CVE:CGP), which owns …
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Biden creates Nicaragua uncertainty
An executive order by US president Joe Biden and a US treasury announcement targeting certain officials in Nicaragua and its Au sector has created an atmosphere of uncertainty for Canadian-listed Au explorers …
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Collective looking to drill 20,000m in 2023
Collective Mining (TSXV:CNL) is planning to undertake a similar size drilling programme next year at its Guayabales project in Caldas …
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Exploration News
Baroyeca Gold & Silver (TSXV:BGS)
Announced the remaining assays from phase 2 drilling in the western extension of the La Ye mineralised corridor at its Atocha Ag & Au project in Tolima, Colombia. It drilled 1,400m in 12 holes. Drilling continued delineating the boundaries of the mineralised shoot intersecting multiple sets of stacked veins, with up to four of them in the northernmost holes. Highlights included 50cm @ 210.33g/t AgEq in hole Hole 22 followed by 40cm @ 986.58g/t AgEq. An undercut hole intersected the same vein zones, including 1m @ 316.7g/t AgEq in hole 23. "We have successfully completed our initial objective of delineating and characterising the first of the several vein corridors found on the property. The drill programme has demonstrated continuity for a strike length in excess of 1km and two high-grade Ag-Au zones have been delineated for deeper follow-up drilling. The vein corridors are regional-scale structures reactivated by several mineralising pulses where they form higher grade Ag & Au zones or shoots at certain frequencies,” said president Raul Sanabria.
BGS also said the Colombia’s ANM National Mining Agency approved the transfer of 214 hectares to its Colombian subsidiary at its Santa Barbara Au project in Bolivar. “We continue on track advancing Santa Barbara. One big milestone was to secure title and this resolution approving the title transfer which secures our investment in on the ground infrastructure development,” said Sanabria. BGS is preparing for a 1,500m drill programme at Santa Barbara to test the down dip and along strike extensions of known vein systems.
Batero Gold (TSXV:BAT)
Announced a resource update and PEA on its La Cumbre Au project in Risaralda, Colombia. The resource now includes the Primary zone, which increases the resources to 113Mt @ 0.462 g/t Au for 1.7Moz. The project has two phases. The first corresponds to mining of ore contained in the oxide and transition zones, which will be agglomerated and processed in leach pads at 15,000tpd. The second involves the mining of the primary sulphide zone that will be processed in a flotation and gravimetry plant at 30,000tpd. Stage I will have an average annual production of 75koz Au & 96koz Ag. The second stage extends the mine life to 14 years with average annual production of 132koz Au & 230koz Ag. In the first stage, 452koz Au & 578koz Ag will be produced. In the second, 1.18Moz Au and 2.15Moz Ag. The estimated capital expenditure for phase one is US$169.5M while phase two expansion totals $248.3M. The project would yield an after-tax NPV of $481M at a 5% discount, and an IRR of 32.1% with a 2.5-year payback. BAT is carrying out the processes to activate the “proportionality test” with the Emberá Karambá indigenous community with the objective that, together with the protocolisation stage carried out with the Emberá Chami group, the prior consultation process can be fulfilled in order to file an EIS. BAT has been acquiring surface property within the area of influence of the pit and mining infrastructure, which fully cover the area of influence of the pit and the area of influence of the deposit of organic and waste material located north of the pit and, partially, the areas corresponding to the stockpile and plant.
BAT said three intrusive centres have been identified on its concessions: Dos Quebradas, Mandeval-Centro and La Cumbre, which are Cu-poor Au porphyry-type systems in which the intermediate argillic conclusion locally overprints an early potassic assemblage and stockwork of quartz veins, where Au is found in altered dioritic intrusions and contact zones.
Omai Gold Mines (TSXV:OMG)
More than doubled the estimated Au resource on its Omai property in Guyana which hosts the Wenot and Gilt Creek deposits. The new estimate features an indicated resource of 1.9Moz, an 171% increase over the January estimate of 703koz at a US$1,700/oz Au price. Inferred resources jumped 89% to 1.8Moz from January’s 940koz. This updated estimate includes an expansion to Wenot and incorporates Gilt Creek for the first time, a deposit below a former pit that produced 2.4Moz. Gilt Creek is hosted within a 500m by 300m quartz diorite intrusive stock and is 500m from Wenot. It has an indicated resource of 1.2Moz @ 3.22g/t and an inferred resource of 665koz @ 3.35g/t. Wenot now hosts an indicated resource of 757koz @ 1.34gpt and inferred resource of 1.1Moz @ 1.72g/t. “In addition to more than doubling our NI 43-101 mineral resource estimate in nine months, we were able to accelerate and exceed our goal of bringing the Gilt Creek gold deposit and a Wenot deposit expansion into the company’s [resource estimate] before year end 2022,” president & CEO Elaine Ellingham said.
Lundin Gold (TSX:LUG)
Said the south ventilation raise at its Fruta del Norte Au mine in Ecuador is complete and operational. It has been under construction over the past three years and will increase ventilation in the mine from 180m3/s to 350m3/s resulting in improved efficiencies and enabling mining activities on all levels. “With the SVR now complete and commissioned, the entirety of the Fruta del Norte deposit can be accessed and mined, and haul truck cycle times can be improved,” said president & CEO Ron Hochstein.
Collective Mining (TSXV:CNL)
Said it materially expanded the dimensions of its Main Breccia discovery at the Apollo target of its Guayabales Au-Cu project in Caldas, Colombia. Visual observations from two step-out diamond drill holes expanded the width and vertical depth of the Main Breccia area almost double the dimensions to 385m of strike by 350m width and 825m depth from the previous 385m by 190m by 500m. Hole 17 cut more than 600m of favourable mineralisation before terminating at 913m still in mineralisation, the most mineralisation encountered in a drill hole to date at Apollo. Further step-out holes are being designed as part of the company’s minimum 20,000m drilling programme. “These two new diamond drill holes are incredibly exciting as we have significantly expanded the size of the Main Breccia discovery at Apollo and while doing so, we have cut the longest intercepts of both total and continuous mineralisation completed to date,” said executive chair Ari Sussman.
CNL reported its best drill hit to date at Apollo with an intercept of 237.7m @ 2.88g/t AuEq with multiple, overprinting carbonate base metal veins observed within the breccia matrix. Drilling also extended the southern dimension of the Main Breccia discovery and extended the width of the system to the north by 90%, with a highlight of 194.3m @ 2g/t. With 11 holes now reported, the dimensions of the Main Breccia now measure 385m along strike by 190m width by 500m depth. “Hole 14 is a very important hole as it not only confirmed that the Main Breccia comes directly to surface in the southern portion of the system but also extended the size (width) of the system to the S and to the N. Subsequent step out drill holes either recently completed or currently underway appear to have intersected significant extensions to the size of the system in the north," said Sussman.
Calibre Mining (TSX:CXB)
Said discussions with its advisors relating to the sanctions imposed on the Nicaraguan General Directorate of Mines by the US Treasury Department and an internal review of its operations, confirmed the sanctions do not have a material impact on its Nicaraguan operations. The Libertad and Limon complexes are operating to plan and CXB is on track to meet its 2022 production guidance of 220-235koz Au.
CXB also produced 49,081oz Au in 3Q22, a 10% increase compared with the prior year period. Production in Nicaragua was 38,928oz and in Nevada, USA was 10,153oz. “Au poured during the quarter was negatively impacted by the carbon plant outage at Libertad however with increased in progress inventory and higher grades we anticipate a strong Q4 and remain on track to meet our 2022 production guidance of 220–235koz, said president & CEO Darren Hall.
CXB also said it was granted the key environmental permits for the development and production of the open pit and underground mines within the Eastern Borosi Project from the corresponding Nicaraguan authorities. The company also signed a two-year contract with CEPAM for certified clean energy for its Nicaraguan operations, which eliminates its Scope 2 carbon emissions in Nicaragua, representing about 30% of its total emissions within the country. Eastern Borosi is expected to be in production during 2023. CXB also received environmental approval to begin drilling the La Fortuna concession 50km SW of the Libertad mill.
Rugby Mining (TSXV:RUG)
Announced the discovery of Cu mineralisation over significant intervals in the first drill hole of the Cobrasco porphyry in Western Colombia. Highlights included 82m @ 1% CuEq in hole 1 within a broader interval of 808m @ 0.46% CuEq. Hole 2 is currently at 781m. “RUG is excited to announce the discovery of a Cu porphyry in only the first test of the Cobrasco mineral system. Such significant copper intercepts indicate the system is robust and worthy of significant ongoing exploration, said chair Yale Simpson.
Atico Mining (TSXV:ATY)
Produced 3.75Mlb Cu & 2,724oz Au in concentrates in 3Q22, a decrease of 15% for Cu and an increase of 8% for Au over the prior year period. “Production for the period was slightly below budget due to extended maintenance of the SAG mill system. This was mostly driven by unusually long shipping delays of spare parts that were required to perform the maintenance,” said CEO Fernando Ganoza.
Outcrop Silver & Gold (TSXV:OCG)
Announced the results of nine holes designed to test the continuity at depth of the Las Maras shoot on its Santa Ana high-grade Ag project in Tolima in Colombia. Twenty-three holes have been drilled in Las Maras to date of which 13 returned high-grade assays, with two holes pending assays. Drilling has extended high-grade mineralisation to 370m in depth. Other ore shoots are only drilled to an average depth of 170m, indicating they could be more than doubled if they also extend deeper. Highlights included 2.14m @ 2,032g/t AgEq in hole 294. "The deeper Las Maras delineation programme shows encouraging visual results of abundant silver sulphide in core pending assays, which suggests high-grade mineralisation will continue at depth,” said VP exploration Guillermo Hernandez.
Cordoba Minerals (TSXV:CDB)
Reported additional assays from an ongoing 25,000m initial in-fill drilling programme at its San Matias Cu-Au-Ag project in Cordoba, Colombia. Highlights included 175.4m grading 0.74% Cu, 0.28g/t Au & 6.4g/t Ag in hole 126 for a 0.89% CuEq. "Alacran continues to deliver great results, particularly around the core of the resource area where shallow high-grade zones were identified and multiple carbonate base metal veins were intersected in high-grade structures," said president & CEO Sarah Armstrong-Montoya.
Luminex Resources (TSXV:LR)
Announced confirmation of a new Au-Ag epithermal structure at its Condor North project in Ecuador called the Ruiz structure. Hole 5 drilled through the expected mineralised structure at Cuyes West was extended to test this new structure. The Cuyes West structure dips steeply to ESE; Ruiz dips steeply to SW; the reported intercept occured close to the intersection of the two. The intercept that cut the Ruiz structure was 5m @ 29.43g/t Au & 86.5g/t Ag. The Ruiz structure has an estimated strike length of 450m. “These are the highest grades that have ever been encountered at Condor North and should add to the mineral resource in the centre of the 2021 PEA area. LR plans to continue drilling high priority underground targets with a view to scoping a less capital-intensive project,” said SVP exploration Leo Hathaway.
Mako Mining (TSXV:MKO)
Produced 8,598oz Au in 3Q22 from its San Albino mine in Nicaragua. The company mined 52,084t @ a blended grade of 6.28g/t containing 10,531oz, 21,655t @ 11.44g/t from diluted vein material containing 7,962oz and 30,429t @ 2.63g/t from an historical dump containing 2,569oz. MKO ended the quarter with 144,624t @ 2.64g/t in stockpile containing 12,293oz. “3Q22 was a tale of two halves. Beginning in March, the company experienced metallurgical challenges with the transition from oxide to fresh material causing a diminution of recoveries in Q2 and the first six weeks of Q3. Optimisation of the plant along with new highly detailed grade and lithological controls in our mining procedures led us to correct these issues midway through the quarter, such that recoveries are now at or above the 86% recoveries announced in connection with our 2019 metallurgical testing. … The mill averaged 512tpd for the quarter at 94% availability, 4% below nameplate capacity, as the company observed that increases in tank residence time had a beneficial effect on recoveries. Post quarter end, with further optimisations, the plant is now running above nameplate capacity. The company expects the plant will recover substantially more Au in Q4,” said CEO Akiba Leisman.
MKO also reported additional drill results from an area 50m SW of the San Albino open pit. It has drilled 13,284m in 99 holes at the SW pit this year, most intersecting mineralisation within, or immediately outside, the permitted pit. Recent drilling confirmed Au mineralisation over about 530m x 600m compared with 50m x 50m previously identified in the 2020 resource estimate. Highlights included 3.1m @ 36.65g/t Au & 29.5g/t Ag. "The intercepts in this press release are showing higher than average grade-thicknesses, at open pittable depths, at the edge of our permitted pit and directly underneath our mining contractor's temporary workshop,” said Leisman.
MKO also reported additional results from recent definition and expansion drilling at Las Conchitas. Highlights of the recent drilling at Las Conchitas, immediately south of the operating San Albino Mine included 2.1m @ 42.59g/t Au & 31.3g/t Ag at Las Conchitas North. Seven diamond drill rigs are currently drilling with five at Las Conchitas to test the strike and dip extension of the gold mineralization amenable to both open pit and underground mining methods, and for a mineral resource estimate. This year, the Company has completed 208 drill holes for 30,558m. "Every single zone we are targeting with our five rigs at Las Conchitas is hitting high-grade mineralisation over minable widths and shallow depths. These results, along with the high-grade results we announced earlier this month, are clearly demonstrating the potential for a significantly larger resource,” said Leisman.
Orosur Mining (TSXV:OMI)
Reported assays from four additional diamond drill holes at the Anza Au project in Antioquia, Colombia from the Pepas and Pupino prospects in the northern region of the property. Highlights included 80.55m @ 3.05g/t Au from surface in hole 7. Two holes are underway from new pads to attempt to better define the geometry of this mineralised body. OMI said the first phase of drilling at Pepas and Pupino included holes across a wide area, focussing on a number of geochemical, geological and/or geophysical targets. "PEP001 was clearly a spectacular result, but being only the first hole, caution was warranted. It is encouraging therefore that further holes have confirmed this first result and we eagerly await results from better positioned holes that are currently underway to get a better sense of the scale of what appears a most exciting prospect,” said CEO Brad George.
Adventus Mining (TSXV:ADZN)
And partner Salazar Resources (TSXV:SRL) announced the first infill drilling results for the underground portion of the mineral resource at the El Domo VMS deposit at the Curipamba project in Ecuador. 15 of 48 definition drill holes have been completed for 3,388m from a planned 12,000m. Two geotechnical and two hydrogeological drills continue to support the detailed engineering for the El Domo open pit. Highlights included 6.91m @ 3% Cu, 1.55g/t Au, 7.64% Zn, 34g/t Ag and 0.11% Pb for 6.17% CuEq in hole 394. The results will be used to update the underground portion of the El Domo resource estimate in 2023, which will be part of a future FS which will integrate the development a potential underground operation in addition to the planned open pit.
Solaris Resources (TSX:SLS)
Reported assay results from the first follow-up holes on the Warintza West discovery within its Warintza Cu-Au project in Ecuador. Highlights included 686m @ 0.46% CuEq within a broader interval of 912m @ 0.41% CuEq in hole 7. Warintza West is 1km from the Warintza Central resource. It is a porphyry deposit of at least 900m x 600m. “Ongoing drilling is targeting growth of the high-grade starter pit at Warintza Central and expanding our Warintza East discovery with results expected in the coming weeks, while further drilling is planned for Warintza West,” said VP exploration Jorge Fierro.
Bluestone Resources (TSXV:BSR)
Said the Constitutional Court of Guatemala issued a ruling that nullifies a referendum and its results held on September 18th in Asuncion Mita. The Court ruled that the self-established commission which carried out the vote does not have the authority to hold a referendum outside of the legal framework of the municipality: the referendum was misrepresented by the commission as being valid and binding and that only the relevant national governmental agencies have the legal jurisdiction over mining licenses in Guatemala. The Government reiterated its support for BSRs Cerro Blanco Au project. BSR said that independently gathered social baseline indicated a positive attitude toward Cerro Blanco. "We will remain committed to transparent communication and constructive dialogue. Social acceptance is one the most important aspects of developing natural resources responsibly and is integral to the company's approach. Without a social license to operate, the project will not advance to its next phase, and we are here to work in a collaborative way with the local government of Asuncion Mita and the members of its community,” said president & CEO Jack Lundin.
Max Resource (TSXV:MAX)
Began the first drill programme at the Uru-C and Uru-CE targets in the 20km-long Uru district within its Cesar Cu-Ag project in Cesar, Colombia. The inaugural programme consists of at least 2,000m of drilling on four pads with eight drill holes testing to a depth of 350m. A second phase programme will immediately follow and continue through to year-end. Initial drilling aims to test down dip continuity, while identifying broader large-scale potential. Multiple geophysical targets will also be drill tested. “This inaugural drill programme at Uru will provide the first peek at the geology, the continuity and broad extent of the Cu-Ag mineralisation at depth. Follow-up drilling will target mineralisation along strike and newly defined geophysical targets. MAXs C$20M treasury allows the company to continue its aggressive exploration and geophysical programmes well into 2023," said CEO, Brett Matich.
Unigold (TSXV:UGD)
Said its application for the Nieta Sur exploitation concession in Dominican Republic has moved to the next stage of review. The General Mining Directorate (DGM with the Energy and Mines Ministry completed its technical review and forwarded the application to the ministry with a positive recommendation. The Ministry will complete legal reviews and will draft resolutions that will be forwarded to the executive branch of government for final approval. “The technical and legal teams at the DGM have fast-tracked this application in a little over seven months. This is a remarkable achievement and credit should be given to both UGD and government teams in their ability to work towards a common goal. We are confident that the application will now move swiftly through the ministry and executive branches of government,” said chair & CEO Joe Hamilton.
Aurania Resources (TSXV:ARU)
Announced positive findings of careful relogging of drill core together with the integration of geophysics and geochemistry from its Tiria-Shimpia target in its Lost Cities-Cutucu project in Ecuador revealed the presence of a chain of three structural grabens occupying the middle of the concession block. The bounding faults of grabens are often through-going conduits for hydrothermal fluids, and they have high potential to be mineralised. It said this work is integral to advancing ongoing JV discussions while it begins preparations for a drill programme at its Tatasham and Awacha porphyry targets. The north graben is 10km long and 3.5km wide; the central graben 26km long and 3km wide; and the south graben 18km long and 5km wide.
Orea Mining (TSX:OREA)
Signed a binding agreement with Founders Metals (TSXV:FDR) to assign OREAs option to earn up to 75% of the Antino Au project in Suriname. FMI paid US$250k in cash upon signing and will pay $250k on the earlier of completion of the assignment or December 31, plus 1M shares.
Soma Gold (TSXV:SOMA)
Said a strike at its La Ye, Mangos and Cordero mines and at the El Bagre in Antioquia, Colombia ended after two weeks and doré production recommenced. SOMA said it is on track to pay off the NG Gold loan in full by the end of the year.
Corporate News
Solaris raises C$18.7M
Solaris Resources (TSX:SLS) raised C$18.7m from the exercise of warrants. Executive chair Richard Warke, exercised 2.3M @ C$6.75, a 37% premium to close of trading on October 28 for $15.5M and 600k warrants @ $1.20 for $700k. A further 3.1M warrants @ C$1.20 and 200k warrants @ C$6.75 remain outstanding and expire by the end of the year. By May 2023, a further 25M warrants expire @ $1.20.
Collective to raise C$10M
Collective Mining (TSXV:CNL) entered into an agreement with Clarus Securities to raise C$10M via a for a bought deal of 4.4M units @ $2.25. Each unit will consist of a share and half a warrant exercisable @ $3.25 for 18 months. Management and insiders will take up to 15% of the offering. The proceeds will fund ongoing work to advance the Guayabales Au-Cu project in Caldas, Colombia.
FenixOro raises C$2.1M
FenixOro Gold (CSE:FENX) closed a second tranche of a non-brokered private placement and issued 11.6M units @ 18c per for gross C$2.1M. Each unit consists of oneshare and a warrant exercisable @ 23c for two years. This tranche brings the total proceeds raised to $2.4M. The proceeds will be used to continue phase 2 drilling at the Abriaqui Au project in Antioquia, Colombia.
Rugby raises C$2M
Rugby Resources (TSXV:RUG) closed a private placement to raise C$2M and issued 20M units @ 10c. Each unit consists of one common and half a warrant exercisable @ 18 for a year. Proceeds will be used for exploration.
Salazar to raise C$3M
Salazar Resources (TSXV:SRL) arranged a non-brokered private placement of up to 30M shares @ 10c to raise C$3M. Insiders led by president & CEO Fredy Salazar committed over $2M.
Baroyeca to raise C$2M
Baroyeca Gold & Silver (TSXV:BGS) is to raise C$2M through a non-brokered private placement of up to 20M units @ 10c. Each unit will consist of one share and a warrant exercisable @ 20c for two years. Proceeds will be used for exploration and operating expenses for its Colombian properties.
Aurania to raise C$2M
Aurania Resources (TSXV:ARU) intends to complete a non-brokered private placement financing of up to 4.4M units @ 45c to raise C$2M. Each unit will comprise one share and one warrant exercisable @ 75c for two years. Proceeds will be used for drilling and exploration of the Lost Cities-Cutucu project in Ecuador.
Ecuador has new mining minister
Fernando Santos is the new minister of energy and mining in Ecuador following the resignation of Xavier Vera following various corruption allegations. Santos has held various oil-related positions throughout his career including with OPEC and through previous appointments in the ministery.
SolGold (LSE:SOLG)
Appointed Scott Caldwell and Dan Vujcic to its board, nominated by Cornerstone Capital Resources under merger transaction announced in October 2022. Caldwell is a mining engineer with over 40 years’ experience having held a number of senior executive roles including CEO at both Guyana Goldfields and Allied Nevada Gold, as well as COO at Kinross Gold. Vujcic is chief development officer of Metals Acquisition, a NYSE-listed Special Purpose Acquisition Vehicle which is finalising the acquisition of the CSA Cu mine from Glencore. Prior to this he was an investment banker with almost two decades of experience.
Aris appoints de Greiff to board
Aris Mining (TSX:ARIS) appointed Monica de Greiff to its board, and as chair of the sustainability committee. de Greiff was a member of the GCM Mining board from 2018 to 2020, when she left to accept the position of Colombian Ambassador to Kenya. She has held positions in both the public and private sectors, including as Minister of Justice for Colombia and vice minister of mines and energy. de Greiff is also a former member of the board of the United Nations Global Compact, the world's largest corporate sustainability initiative.
Adventus appoints Rogers
Adventus Mining (TSXV:ADZN) appointed Karina Rogers to its board. Rogers has 25 years of experience in the global mining industry and is currently VP engineering for MineSense.
Soma appoints Buchanan
Soma Gold (TSXV:SOMA) appointed Christopher Buchanan as VP exploration. Chris is a structural geologist with over 24 years in the mineral exploration industry, including extensive experience with structurally controlled Au-quartz vein systems. Buchanan holds a BSc (Geology) from the University of Waterloo and a MSc (Geology) from Memorial University. He is a registered PGeo and is a QP as defined by NI 43-101. He will direct the planned US$10M, four-year exploration programme on SOMAs properties in Antioquia which anticipates further mapping, soil and sediment sampling, geophysics and 20,000m/y of diamond drilling.