Novo Resources and Sumitomo extend/expand MOU
Sumitomo, Kirkland, and Newmont all swirling around Novo. Who’s next?
Barrick might buyout Pretium in the next few months. Some online chatter about it including this article:
"Globe says Barrick boss sees “synergies” in Pretium
2019-01-08 08:18 ET - In the News
See In the News (C-ABX) Barrick Gold Corp
The Globe and Mail reports in its Tuesday edition that Barrick Gold’s new chief executive officer says the company is sizing up a number of acquisition opportunities in Canada as it looks to boost investment in its home country. The Globe’s Niall McGee quotes Mark Bristow saying, “If you look at the corporate structure, the biggest gap is the fact that it’s underinvested in Canada.” Barrick last week completed its $6-billion (U.S.) acquisition of Randgold Resources, and Mr. Bristow, Randgold’s founder, formally took over as Barrick’s CEO last month. In particular, Barrick is looking at acquiring what are known as single-asset companies, smaller firms with only one mine, that may be struggling for various reasons, Mr. Bristow said. “We’re looking at some due diligence opportunities, which are assets that might not be working as well as they should be,” he added. “You can deliver synergies in some of these big single-asset projects that are inefficiently run.” When asked whether the company could buy Pretium Resources, whose sole B.C. mine is known for its tricky geology, Mr. Bristow replied, “maybe.” With a market cap of $2.1-billion, Pretium operates the Brucejack mine in northwestern B.C"
Newmont to buy Goldcorp. Consolidation continues:
McEwen Mining Reports 2018 Full Year and Q4 Production Results
January 15, 2019
TORONTO, Jan. 15, 2019 (GLOBE NEWSWIRE) – McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reports annual consolidated production in 2018 was 135,124 gold ounces and 3,032,727 silver ounces, or 175,561 gold equivalent ounces(1)(“GEOs”).
… Financial Results
Operating costs for the quarter ended December 31, 2018 will be released with our 10-K Annual Financial Statements in late February 2019.
I’m assuming there’s still a few following RNX ? Up 30% so far today on volume in the Canadian market. Must be some leakage about a NR coming out
They did just put out a couple announcements about closing on some financing. It was critical that they got that financing as they owed a lot of money on their mine that had to be paid. Recall they were going to sell the mine due to the low price of nickel and all the debt that was on books till they starting finding the bonanza grade gold. I suppose it is possible that they are holding some good news till that financing news was out of the way? My play on this is to sell on the news of another big bonanza grade discovery which I think is likely near term based on the geology of the deposit.
Agreed Mike, I did well on the first run, didn’t take advantage of the mid .40’s hoping we have a few more good days and have the same plan to be out pretty quick.
RNC Minerals Provides Update on Resource Extension and Infill Drilling at Beta Hunt, Reports High Grade Gold Intersections including First Coarse Gold at Western Flanks
T.RNX | 2 hours ago
TORONTO, Jan. 22, 2019
First drilling at Western Flanks to test sediment layer further illustrates potential of sediment to generate high grade coarse gold – intersected 1,017 g/t over 2.00 metres (true width) including 7,621 g/t over 0.27 metres (true width) in hole WFN-029
A Zone drilling targeting sediment layer and shear near Father’s Day Vein intersected 119.37 g/t over 6.4 metres (true width) including 1,406 g/t over 0.50 metres (true width) in hole AZ15-013 located just 7 metres below Father’s Day Vein
Resource extension and infill drilling at A Zone and Western Flanks has yielded encouraging results.
TORONTO, Jan. 22, 2019 /CNW/ - RNC Minerals (TSX: RNX) (RNC) is pleased to announce drilling results received to-date from its 100% owned Beta Hunt Mine. The new underground drill results comprise 46 holes totaling 5,766 metres of drilling that was initiated during the fourth quarter of 2018. Drilling was carried out in both the A Zone and Western Flanks areas of the mine, with initial holes focused on more clearly defining the sediment layer in close proximity to the Father’s Day Vein discovery and, for the first time, testing the sediment layer in Western Flanks. A further 37 holes totaling 4,198 metres have been drilled for which results are pending.
Mark Selby, President and CEO of RNC, commented “After the historic Father’s Day Vein discovery, we have taken steps to test the theory that the newly identified property-wide sedimentary layer carries the potential for further high grade discoveries in the four main shear zones at Beta Hunt. This potential has been highlighted by one of our first set of holes at Western Flanks targeting the sediment layer in one small section of the shear that yielded a 7,621 g/t intersection of coarse gold - which to our knowledge is the highest grade drill intersection by any reporting company since 2017 and is located within 45 metres of our existing development. The second high-grade intersection located in the A Zone shear just 7 metres below the Father’s Day Vein highlights the potential for further high grade coarse gold from this shear. RNC is in an enviable position with the recently completed financing, and a 40,000 metre drill program underway to unlock the significant exploration potential at Beta Hunt. A more comprehensive drilling update will be provided in February.”
Drilling in Western Flanks Targeting Sediment Layer, Resource Extension and Infill Drilling
32 holes totaling 3,748 metres have been completed to assist in defining the resource and mapping the sediment layer within the Western Flanks shear zone, which hosts the potential for high grade coarse gold. Assay results have been received for 19 holes totaling 2,350 metres. WFN-029 yielded a drill intersection containing high grade coarse gold which assayed 7,621 g/t over 0.27 metres (true width) located within 45 metres of existing development. This result, which is the first high grade coarse gold found at the intersection of the sediment layer within the Western Flanks shear, is consistent with RNC’s interpretation that the newly discovered sedimentary layer carries the potential for multiple new high grade discoveries.
Key intersections include (all estimated true widths):
- WFN-017 – 3.98 g/t over 14.24 metres,
- WFN-023 – 4.36 g/t over 10.57 metres, including 7.53 g/t over 5.00 metres and 4.69 g/t over 7.36 metres
- WFN-029 – 1,017.3 g/t over 2.00 metres including 7,621 g/t over 0.27 metres and 6.09 g/t over 8.65 metres
- WFN-036 – 6.86 g/t over 7.28 metres and 4.34 g/t over 9.86 metres
The 7,621 g/t drill intersection in WFN-029 is, to the Company’s knowledge, the highest grade drill intersection by any reporting company since 2017 - only Kirkland Lake’s Fosterville mine and Pretium Resources Brucejack mine have yielded higher grade intersections over the past 4 years (see Table 1).
Table 1 List of Reported High Grade Drill Intersections (2015 to date)
Fosterville and Beta Hunt intervals are true width
|Property||Current Owner||Interval (m)||Grade Au (g/t)||Date|
|Brucejack||Pretium Resources Incorporated||0.50||37,117||12-May-16|
|Fosterville||Kirkland Lake Gold Ltd.||0.24||21,490||17-Jan-17|
|Brucejack||Pretium Resources Incorporated||0.50||20,287||12-Jan-16|
|Brucejack||Pretium Resources Incorporated||0.50||11,650||5-Apr-16|
|Brucejack||Pretium Resources Incorporated||0.50||10,700||12-Jan-16|
|Brucejack||Pretium Resources Incorporated||0.50||9,200||31-May-16|
|Fosterville||Kirkland Lake Gold Ltd.||0.90||9,115||7-Nov-17|
|Brucejack||Pretium Resources Incorporated||0.50||8,600||8-Oct-15|
|Beta Hunt||RNC Minerals||0.27||7,621||22-Jan-19|
|Brucejack||Pretium Resources Incorporated||0.50||6,980||8-Mar-16|
|1.||Source: S&P Global Market Intelligence. This information is provided for comparative purposes and is not indicative of the mineralization on RNC’s properties.|
Drilling in A Zone Targeting Sediment Layer in Close Proximity to Father’s Day Vein, Resource Extension and Infill Drilling
51 holes totaling 6,216 metres were completed along the A Zone shear in multiple directions from the Father’s Day Vein and at the northern limit of the A Zone resource (see Figure 3). Results have been received for 27 holes totaling 3,416 metres. The holes allow the intersection of the sediment and A Zone shear to be more clearly mapped, and infill and extend the A Zone resource. Hole AZ15-013 returned 1,406 g/t over 0.50 metres true width located just 7 metres below the Father’s Day Vein (see Figure 4).
Key intersections include (all true widths):
- AZ13-145 – 4.53 g/t over 4.66 metres
- AZ15-006 – 3.73 g/t over 11.77 metres, including 5.59 g/t over 4.79 metres,
- AZ15-007 – 3.90 g/t over 9.50 metres, including 12.52 g/t over 0.99 metres and 16.33 g/t over 0.86 metres,
- AZ15-013 - 119.37 g/t over 6.4 metres including 1,406 g/t over 0.50 metres
- AZ15-019 – 3.74 g/t over 3.44 metres,
- AZ15-020 – 4.02 g/t over 5.58 metres,
- AZ15-022 – 3.61 g/t over 11.52 metres, including 4.63 g/t over 6.74 metres and 3.77 g/t over 2.36 metres,
- AZ15-025 – 3.60 g/t over 7.49 metres
A more comprehensive drilling release will be provided in February. Future drilling in the 40,000 metre program will increasingly focus on infilling and extending resources in A Zone and Western Flanks.
Table 2 Selected drill results.
Please refer to the following link for the full summary table of selected drill results from A Zone and Western Flanks: Beta Hunt Table 2.
Table 3 Location and status of holes drilled in current campaign beginning October 10, 2018.
Please refer to the following link for the full summary table of the hole location and status from A Zone and Western Flanks: Beta Hunt Table 3.
Those are some super-impressive results for RNC. I’m holding onto this one.
Novo Provides Update on Near-Term Exploration Progress
VANCOUVER, British Columbia, Jan. 22, 2019 (GLOBE NEWSWIRE) – Novo Resources Corp. (“ Novo ” or the “ Company ”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to provide an update on near-term exploration progress.
Karratha Gold Project:
In its news release dated December 20, 2018, Novo discussed encouraging preliminary results from test work using a TOMRA mechanical rock sorter on gold-bearing conglomerate material from its Karratha gold project. High-grade assays from sorted rock concentrates provided a first indication that the technique is effective at upgrading gold into small volume concentrates. Novo anticipates receiving complete assays from all fractions of test material by the end of January at which time it will present a complete assessment of the efficacy of mechanically sorting Karratha gold-bearing conglomerates.
Novo is currently generating a mineralization report covering exploration results on the Comet Well and Purdy’s Reward exploration licenses. This report forms the basis for conversion of an exploration license to mining leases. Submission of this report to the Western Australian Department of Mines, Industry Regulation and Safety is targeted for the first quarter of this year.
Egina 2019 Exploration Program:
Novo announced encouraging results from processing of its first bulk sample at its new Egina gold project in a news release dated December 20, 2018. A total of 107.88 grams of raw gold were recovered from 95 cubic meters of gravel. Gold was found to be dominantly coarse suggesting simple processing techniques can likely be employed during potential future large-scale gold recovery at Egina. Novo thinks lag gravels mantling the vast erosional terrace at Egina could host a significant gold deposit, the shallow nature of which makes it a particularly attractive target.
Work at Egina is on hold during the rainy season lasting until late March. Plans are currently being made to resume aggressive bulk sampling and processing on the Egina mining lease to evaluate the geologic potential of the terrace gravels as well the best means of processing. Current permitting allows for up to 50,000 tonnes of gravel to be excavated and processed at Egina, subject to appropriate heritage clearances.
Beatons Creek Bulk Samples and Resource Estimation
A suite of 58 +2 tonne bulk samples was collected from gold-bearing conglomerates at Beatons Creek in 2018. Processing of these samples is expected to be complete in early February at which time Novo will present results. Although Novo recently announced an upgraded resource at Beatons Creek ( please refer to the Company’s November 21, 2018 news release ), its intention is to generate a further expanded resource utilizing bulk sample data coupled with recently collected diamond drill and down-hole imaging data. The next resource estimate is expected to be completed during the first quarter of this year.
“Novo’s team is working diligently across many fronts to progress our advanced projects,” commented Mr. Rob Humphryson, CEO and a Director of the Company. “In 2019, we aim to make great strides in demonstrating the potential large size and viability of these unique deposits. We are becoming increasingly excited as we unlock their geologic intricacies and develop the technology to advance them.”
Dr. Quinton Hennigh, P. Geo., the Company’s, President, Chairman, and a Director, and a qualified person as defined by National Instrument 43-101, has approved the geological content of this news release.
Very nice release. I’m holding on till they find/display some more gold boulders!
Mike, i admire and respect yours and most everyone’s opinions that post on this perticular board (Other Mining Stocks) have you or anyone else been paying attention to Northern Dynasty as of late and what are the chances of this EIS Draft coming out next month being any good. Seems to me it could be moved forward and would like yours and anyone else’s opinions.
Unlikely. Don’t know for sure but I assume those that have to review it are all out of work for the last 30 days? In general, environmental review always takes longer than expected in the best of times.
Overall, I have rather soured on the deposit itself. True, it appears to be moving forward under the current administration but could very well be halted during the next one? I stopped following closely when their big partner walked away and some analysis that suggested that much of the deposit may not be economical…ie the open pit portion. If a new big partner appears, that probably would be a big endorsement that this project is actually going somewhere.
FWIW - I gave up my position on this one and sold at 0.96 quite some time ago at the beginning of last year.
Unlikely that EPA will ever approve the Pebble Mine open pit project for very sound and apparently unresolvable environmental concerns. Might be a decent day trade for someone with day-trading skills and time to spare.
Pebble Mine: Northern Dynasty’s Funding Woes Deepen
November 02, 2018 [Joel Reynolds]
The people of Alaska have overwhelmingly opposed the Pebble Mine precisely because it not only threatens the economic engine that has sustained its people for generations—the world class Bristol Bay fishery—but it threatens the environmental integrity of every aspect of the area that would be gouged from the region’s headwaters. According to the U.S. EPA’s comprehensive scientific risk assessment, the Pebble Mine threatens “irreparable” and potentially “catastrophic” harm to the region, its species, and its people. The notion that digging a massive open pit—a mile deep and a mile and a half wide—and generating billions of tons of contaminated waste, destroying over 3,000 acres of wetlands, disrupting countless salmon spawning streams, and exposing copper particles that poison the salmon at exposures of just 2-3 parts per billion over background levels—the notion that such a project could in any sense “enhance the fisheries” is manifestly absurd and, notably, did not generate a standing ovation or indeed any applause at all.
Thanks for both of you guys input, again i respect your opinions.
I took a fairly large position at .51 after the partner left and tho i’m no day trader i am a gambler (after all i am a MDMN bag holder) and am willing to wait for the Army Core Of Engineers give it a fair evaluation. Thanks again!
Not much of a day trader here, either.
I do trade occasionally around a core though. Regrettably, that’s a lesson I should have learned with MDMN. Take some profits off the table when the opportunity presents itself. I don’t expect a homerun each time at bat.