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   Thursday, July 09, 2020
PERU
Republic of Peru is a country in western South America. It is bordered in the north by Ecuador and Colombia, in the east by Brazil, in the southeast by Bolivia, in the south by Chile, and in the west by the Pacific Ocean. Peru's main exports are copper, gold, zinc. (Wikipedia)

NEWS HEADLINES - MINING AND METALS
   (If blank no updates available this week)

PureGold reports positive drill results at Red Lake
Wed, 08 Jul 2020 16:12:57 +0000
Underground drilling has returned high-grade intercepts from both step-out and infill holes.

Underground drilling at Pure Gold Mining’s Red Lake mine in Ontario has returned high-grade intercepts from both step-out and infill holes.

The company released 10 initial assays from a 30,000-metre drill program, which started in June. These drill holes extend the mineralization around planned stopes, suggest new gold zones and confirm the ore in the short-term mine plan.

Drill highlights include 7 metres of 46.7 g/t gold, which extends a planned stope, 1 metre of 57 g/t gold in a 30-metre step-out from a planned mining shape, and 5 metres of 7.2 g/t gold, widening a stope shape after hitting a five-metre zone of gold mineralization.

Drill highlights include 7 metres of 46.7 g/t gold, which extends a planned stope, 1 metre of 57 g/t gold in a 30-metre step-out from a planned mining shape, and 5 metres of 7.2 g/t gold

“Our 30,000-metre exploration program is designed to firmly establish growth and scalability beyond our initial phase 1 mine plan,” Darin Labrenz, the company’s president and CEO, said in a release.

“New drill results demonstrate that extensions of existing stopes and possible expansions of the mine plan occur very close to existing or planned development and as such, have the potential to impact near-term mine cash flow.”

In the release, PureGold noted that it plans to follow up on the new zones of mineralization with additional drilling and underground development.

Underground drilling is ongoing at the Red Lake mine. In addition, two surface drills are now working at the Wedge zone, 3 km from the PureGold mill. The 30,000-metre program will continue through to early 2021.

The goal of this year’s drilling is to grow the resource base and expand new discoveries.

According to the company, the PureGold Red Lake mine is on track to pour first gold by the end of this year. The 47-sq.-km site includes a 7-km long gold system, host to the existing orebody.

A feasibility study for the mine released last year outlined an operation producing up to 125,000 oz. of payable gold annually.

Probable reserves for the project stand at 3.5 million tonnes grading 9 g/t gold for a total of 1 million oz. Mineral reserves are reported using cut-off grades between 4 g/t gold and 4.75 g/t gold.

At Tuesday’s close, PureGold’s stock was up 12% on the TSXV. The company has a C$744 million market capitalization.

(This article first appeared in the Canadian Mining Journal)


GoviEx to appeal cancelled uranium license in Zambia
Wed, 08 Jul 2020 14:06:00 +0000
Revoked license include the Njame and Gwabe deposits, part of the miner's Mutanga uranium project

Canada’s GoviEx Uranium Inc. (TSX-V: GXU) said on Wednesday it would appeal Zambia’s decision to terminate its Chirundu mining license.

The company acquired the permit in late 2017 from African Energy Resources, and it included the Njame and Gwabe deposits. Both assets,  GoviEx said, were subsequently included in the preliminary economic assessment (PEA) for the company’s Mutanga uranium project.

Due to the smaller scale and higher cost nature of the two deposits, they were scheduled to be mined in the later stages of the PEA and were not included in the mine plan, GoviEx said.

The Vancouver-based uranium said Njame and Gwabe’s exclusion is expected to have low to no impact on the project economics.

Unfair decision

Since acquiring the Chirundu mining permit, GoviEx said it had “ensured all statutory reports and payments” were made. It also noted it had expanded its community and social responsibility programs to cover the villages within the Chirundu licenses, including the reconstruction of a school and the commencement of an adult education program.

“We are disappointed by the decision made by the Mining Cadastre with regards the Chirundu license and do not believe this decision is fair or in the interests of our Zambian stakeholders,” chief executive Daniel Major said in the statement.

Under the Zambian Mines and Minerals Development Act of 2015, GoviEx has thirty days to appeal the government’s decision.

The news come only a day after the miner highlighted significant gold anomalies identified near its Falea uranium-copper-silver project, in Mali

The find, the company said, shows the potential extensions of the Sirabaya West and the Siribaya-Bambadinka gold trends through, and possibly intersecting within, the Falea project


Artificial Intelligence to guide Maple Gold’s drilling campaign in Quebec
Wed, 08 Jul 2020 13:20:00 +0000
The Vancouver-based miner engaged Computational Geosciences to run an AI study for targeting high-grade gold at the Douay project.

Maple Gold Mines (TSXV: MGM) announced that, with the support of Computational Geosciences, it is planning to run a new and expanded artificial intelligence study for targeting high-grade gold at the Douay project in Quebec.

According to Maple Gold, the study will use all available digital datasets within a 128-square kilometre terrain centred on the resource area in order to generate gold prospectivity maps and provide additional target areas. This information will be used on a drilling campaign scheduled for later this year. 

Computational Geosciences will employ its VNet segmentation deep learning algorithm to target high-grade gold

In a press release, the Vancouver-based miner explained that AI studies involve the application of automated mathematical models or intelligent algorithms to data-rich environments in order to allow recognition of subtle features or patterns in the data that are not always evident to the human eye.

“CGI will be employing their proprietary VNet segmentation deep learning algorithm to help the company’s targeting efforts,” the media brief states. “The company believes that the quality of its databases, together with CGI’s rigorous methodology and built-in interaction with the company’s geologists at all stages of the process, will result in a high-quality product that will allow for the definition of additional new drill targets.”

The Douay gold project is located 2.5 hours north of Val d’Or and 1.25 hours north of Amos. It covers an area of more than 390 square kilometres along the Casa Berardi Deformation Zone within the prolific Abitibi Greenstone Belt.


Canadian, Australian miners to join forces at gold project in Mauritania
Wed, 08 Jul 2020 13:15:00 +0000
Chilean Metals and Aura Energy have agreed on a joint venture to explore the Tasiast South tenements in the West African country.

Canada’s Chilean Metals (TSXV: CMX) signed a C$4.5 million funding term sheet for the creation of a joint venture vehicle with Australia’s Aura Energy (ASX: AEE, AIM: AURA) for its gold, base and battery metal tenements in Mauritania.

In a press release, the companies explained that the transaction will see Aura progressively sell its licences in the West African country into a joint venture vehicle (PubCo) with Chilean contributing four scheduled payments before October 2021.

The transaction will see Aura progressively sell its licences in the West African country into a joint venture vehicle

At that time, Aura will own 50% of the vehicle and Chilean will own 50%. Aura will also receive 1 million shares in Chilean Metals as part of the transaction, subject to TSX Venture Exchange approval.

According to the miners, Aura’s Tasiast South tenements over 435 square kilometres are in a highly prospective area lying on two lightly explored mineralized greenstone belts in Mauritania. The areas lie along strike from Kinross’ giant +20 Moz Tasiast gold mine, where Kinross has recently announced that it will expand gold production to 530,000 ounces per year.

Aura maintains that these tenements, also with strong base and battery metal results, represent some of the best under-explored greenstone belt targets in the world.

“This substantial funding package from a group of seasoned resource investors/developers will help reveal their [the tenements] true potential,” Aura Energy executive chairman, Peter Reeve, said in the media brief. “With the Tasiast gold mine (+400,000 ozs pa) on the same belt just north of our project, the potential for discoveries is, in the eyes of our technical people, very conceivable.”


Barrick, Japan Gold push ahead with exploration program
Wed, 08 Jul 2020 10:54:00 +0000
The companies, through a venture known as Barrick Alliance, have completed a first phase of exploration in Hokusatsu, Japans' largest gold producing region.

Barrick (TSX: ABX) (NYSE: GOLD) and Japan Gold (TSX-V: JG) have kicked off geophysical-gravity surveys in the Asian country’s Hokusatsu Region, as part of joint efforts to uncover the nation’s gold mining potential.

Under a venture formed in February, known as Barrick Alliance, the companies have completed bulk leach extractable gold (BLEG) and rock chip sampling over eight of the 14 targets located in Southern Kyushu Epithermal Gold Province.

Partnership, known as Barrick Alliance, seeks to uncover Japan’s gold mining potential.

The projects, covering a 32,768-hectare area (328 square km), is Japans’ largest gold producing region with recorded output of over 11 million ounces.

The regional exploration program, initiated in May, will help the alliance evaluate the overall project portfolio. From there, both companies will determine which areas have anomalous gold showings and potentially fertile large structures.

Barrick has committed to solely fund a two-year initial evaluation phase of 28 out of 30 projects Japan Gold already has in the country.

The Canadian gold giant will also finance a third year of explorations on assets that meet its criteria.

Once the Toronto-based miner completes a pre-feasibility study (PFS) it will earn a 51% interest and may choose to fund a designated project to a bankable feasibility study (BFS). The completion of a BFS will fully carry Japan Gold and earn Barrick a 75% per cent interest in the project after which Japan Gold will retain a 25% interest.

Gold-rich area

Japan Gold has recently expanded its portfolio to reach a total of 30 projects. These cover more than 40 historic gold mines over an area of approximately 1,900 square km, spread across the country’s three largest islands: Hokkaido, Honshu and Kyushu.

Barrick, Japan Gold push ahead with exploration program

The company’s southernmost projects are found on Kyushu Island, where it has 16 gold projects in the area of the Hishikari mine. Significantly, Hishikari has been producing since 1985, generating a spectacular 7.9 million oz so far at average grades of 30-40 g/t making it one of the highest-grade deposits under active mining globally.

Japan Gold has attracted interest from other majors, including Newmont (NYSE: NEM) (TSX: NGT), which has a 13% stake in the Vancouver-based junior.

The world’s No. 1 gold producer became involved with Japan Gold in 2018, when Goldcorp (now part of Newmont) provided financing. As part of the deal, Goldcorp was granted a joint venture right of first refusal on two projects, the Ohra-Takamine and the Ikutahara project.

Those assets are excluded from the Barrick Gold strategic alliance.


GT Gold tables maiden resource for Saddle North
Tue, 07 Jul 2020 23:42:04 +0000
Total indicated resources stand at 298 million tonnes grading 0.28% copper, 0.36 g/t gold and 0.8 g/t silver.

GT Gold has released a maiden resource estimate for the Saddle North gold-rich copper porphyry within its wholly owned 468-sq.-km Tatogga property in northern B.C.

Total indicated resources stand at 298 million tonnes grading 0.28% copper, 0.36 g/t gold and 0.8 g/t silver, containing 1.8 million lb. of copper, 3.5 million oz. of gold and 7.6 million oz. of silver. Inferred resources total 543 million tonnes at 0.25% copper, 0.31 g/t gold and 0.7 g/t silver, for a further 3 million lb. of copper, 5.5 million gold oz. and 11.6 million oz. of silver.

The deposit includes both open-pittable and underground components; the majority of the current resource is in the open pit classification.

At Tuesday’s close on the TSXV GT Gold’s stock was down 26%

“We are proud of the value generated for our shareholders, especially considering this is one of the most recently discovered gold-copper porphyries world-wide, with the first borehole drilled as recently as late 2017,” Paul Harbidge, the company’s president and CEO, said in a release.

In the open-pit category, indicated resources include 217.1 indicated tonnes grading 0.25% copper, 0.29 g/t gold and 0.65 g/t silver with a further 253.5 million inferred tonnes at 0.22% copper, 0.24 g/t gold and 0.53 g/t silver. These were estimated using a net smelter return (NSR) cut-off of $9 per tonne.

Underground indicated resources are at 80.9 million tonnes at 0.35% copper, 0.56 g/t gold and 1.16 g/t silver and inferred resources include 289.3 million tonnes grading 0.27% copper, 0.38 g/t gold and 0.78 g/t silver. This component is based on a mining shape derived using a $16 per tonne NSR cut-off.

At the end of April, the company provided a summary of the geological model for the Saddle North porphyry. The current mineralized system covers a surface area of 1.2 km by 850 metres and extends over a vertical span of 1.6 km; the deposit is open along strike and at depth.

Harbidge added that this year’s exploration work will be focused on testing targets in the Quash Pass area at Tatogga, 7 km from the Saddle area, where GT has identified a 5 km to 6 km geochemical and geophysical anomaly – drilling is expected to start in late July.

GT Gold is also working on a preliminary economic assessment for Saddle North, expected by the end of this year, which will be based on the latest resource estimate.

At Tuesday’s close on the TSXV GT Gold’s stock was down 26%. The company has a C$199 million market capitalization.

(This article first appeared in the Canadian Mining Journal)


First Mining defines Goldlund ahead of Treasury acquisition
Tue, 07 Jul 2020 23:39:39 +0000
The holes, drilled in the the northeast portion of the main zone, have confirmed continuity of higher-grade mineralization over 400 metres of strike.

Thirteen new drill holes completed in the main zone at First Mining Gold‘s Goldlund project, 60 km northeast of Dryden, Ontario, continue to define mineralization and support the potential to expand resources.

Highlights include:

  • 10 metres of 5.42 g/t gold, including 2 metres of 22.03 g/t gold, starting at 126 metres in Zone 2;
  • 31.2 metres of 1.82 g/t gold, including 16 metres of 3.08 g/t gold, starting at 23 metres depth in Zone 2 and 3; and
  • 22 metres of 2.51 g/t gold, including 15 metres of 3.58 g/t gold, starting at 16 metres depth in Zone 2.

The holes, drilled in the the northeast portion of the main zone, have confirmed continuity of higher-grade mineralization over 400 metres of strike, with mineralization open in both directions.

Drilled at a 50-metre spacing, First Mining says the holes both defined mineralization in Zone 2 of the deposit, and identified narrow (up to 7 metres) parallel mineralized zones between Zones 2 and 3 that could add new areas of mineralization to the resource.

In all, 46 holes totalling 8,588 metres have been completed at the main zone at Goldlund as part of the 2019-20 drill program.

The Archean lode gold project hosts an indicated resource of 12.9 million tonnes grading 1.96 g/t gold for 809,200 oz. Inferred resources add 18.4 million tonnes grading 1.49 g/t gold for 876,954 oz.

In a deal announced last month, Treasury Metals is acquiring the 285.7-sq.-km project in return for 130 million shares plus 35 million warrants, a 1.5% net smelter return royalty, and a milestone C$5-million payment in order to combine it with its Goliath property, 2 km southwest.

First Majestic will have the right to purchase 50% of the silver produced at the project

The acquisition is expected to close in August, after which First Mining will have the right to appoint three directors to Treasury’s board.

“Drilling at Goldlund continues to return strong results, supporting the potential for resource growth at the Main zone,” said Greg Ferron, CEO of Treasury Metals, in a release.

“We are excited to close the Goldlund gold acquisition in mid-August as we positively integrate the two projects and create a district-scale opportunity within Treasury Metals. These results demonstrate the growth potential from the regional consolidation within this multi-million ounce gold district in Ontario.”

Goliath holds measured and indicated resources totalling 16.2 million tonnes grading 2.29 g/t gold for 1.1 million oz., plus inferred resources of 2 million tonnes grading 3.43 g/t gold for 330,100 oz.

In other news, First Mining recently announced a $22.5-million streaming deal with First Majestic Silver to advance its Springpole project in Ontario.

First Majestic will have the right to purchase 50% of the silver produced at the project, for which a prefeasibility study is expected to be released in early 2021.

(This article first appeared in the Canadian Mining Journal)


Sandvik to reintroduce Toro-brand loaders and trucks
Tue, 07 Jul 2020 23:37:18 +0000
Sandvik will first relaunch the Toro LH517i and Toro LH621i large intelligent loaders.

Sandvik has announced that it will be reintroducing its Toro range of underground hard rock loaders and trucks, model by model, starting later this year. The first Toro unit was originally introduced to the market in the early 1970s.

Although it has not been used for fifteen years, the Toro name has traditionally symbolized the strength of Sandvik’s underground hardrock loaders and trucks.

Sandvik will first relaunch the Toro LH517i and Toro LH621i large intelligent loaders.

The fifth model to acquire the Toro name is the world’s largest payload capacity underground loader, the Toro LH625iE

“Being strong and powerful is at the very heart of the old Toro. To be robust, reliable and productive in the most demanding of conditions is part of our heritage, and we will keep that with us going forward,” Wayne Scrivens, VP of product line, load and haul with Sandvik, said in a release.

“Being smart involves seamless integration with Sandvik’s AutoMine and OptiMine offering, but it is also about innovation and smart design… Developing intelligence on all frontiers is, and will be, one of the key elements of the Toro going forward.”

The Toro LH517i and Toro LH621i intelligent loaders now come with design upgrades to boost productivity, reduce the cost of ownership and improve the operator’s experience. Both loaders can be equipped with a Stage V state-of-the-art engine, meeting the strictest emissions regulations.

As matching pairs for these large loaders, the company’s 51- and 63- tonne trucks will also hold the Toro family name. Recent design upgrades for both trucks include a new transmission, AutoMine for Trucks with on-surface navigation options and an ongoing Stage V engine trial.

“Customer feedback on the i-series trucks indicates that overall maintenance costs have decreased compared to their predecessors, the Sandvik TH551 and Sandvik TH663: we have also received the same customer feedback on LH517i and LH621i loaders,” Scrivens added.

The fifth model to acquire the Toro name is the world’s largest payload capacity underground loader, the Toro LH625iE. The unit features a 25,000 kg payload capacity and is electrically powered by a trailing cable. The Toro LH625iE also features i-series intelligence for connectivity and digital solutions.

(This article first appeared in the Canadian Mining Journal)


Newcrest eyes options for 13.6% stake in SolGold
Tue, 07 Jul 2020 19:29:56 +0000
Australia's biggest listed gold producer reportedly contested SolGold's latest fundraising initiative.

Australia’s Newcrest (ASX: NCM) has hired investment bank RBC Capital Markets to explore options for its 13.6% stake in Ecuador-focused gold and copper producer SolGold (LON, TSX: SOLG) after it contested SolGold’s latest fundraising initiative, sources told Reuters on Tuesday.

In May, SolGold secured up to $150 million from streaming company Franco Nevada (TSX, NYSE: FNV), to develop its Alpala copper-gold project at its flagship Cascabel asset. The company, which says its Ecuador project is one of the largest copper-gold porphyry systems ever discovered, expects to start production in 2025.

The move with Franco-Nevada defied Newcrest, which had urged it to raise funds via equity.

SolGold said at the time the net smelter return (NSR) agreement includes an initial $100 million. Franco-Nevada, which provides natural resource companies with upfront cash in exchange for future production, will receive a perpetual 1% NSR.

Newcrest, Australia’s biggest listed gold producer, is seeking advice on its options for the stake it holds in SolGold, but no conclusion has been reached on whether to sell or buy more, two sources close to the matter said on condition of anonymity.

Gold has seen deals worth nearly $40 billion since the start of 2019, data from Refinitiv shows.

The gold price is at its highest in around eight years.

(With files from Reuters)


Kirkland Lake reports 54% increase in Q2 output
Tue, 07 Jul 2020 18:06:02 +0000
YTD the company has produced 660,634 oz gold, 48% higher than the first half of 2019.

Kirkland Lake Gold (NYSE, TSX: KL) reported on Tuesday that its second quarter gold production reached 329,770 ounces, representing an increase of 115,177 ounces or 54% from the same period last year.

Year-to-date, the company has produced 660,634 ounces — 214,162 ounces or 48% higher than the first half of 2019.

Year-to-date, the company has produced 660,634 ounces — 214,162 ounces or 48% higher than the first half of 2019

Production from the Detour Lake mine, acquired by the company in late January, totalled 131,992 ounces for the quarter despite disruptions caused by covid-19.

At the Fosterville mine, production reached 155,106 ounces, a 10% increase over Q2 2019, mainly reflecting higher tonnes processed. This output was similar to the 159,864 ounces produced in the previous quarter.

The Macassa mine added 41,865 ounces, down from the 49,196 ounces produced in Q2 2019 due to a lower average grade. This was also lower compared to the 50,861 ounces produced in the first quarter, reflecting a greater impact on tonnes processed from covid-19 protocols.

The Holt Complex, which was temporarily suspended on April 2, produced only 807 ounces for the quarter. Production in Q2 2019 was 24,696 ounces, while production in Q1 2020 totalled 28,584 ounces.

Total gold sales for Q2 2020 amounted to 341,390 ounces at an average realized price of $1,716 per ounce, compared to 212,091 ounces (at $1,320 per ounce) in Q2 2019 and 344,586 ounces (at $1,586 per ounce) for the previous quarter.

Shares of Kirkland Lake Gold jumped 4.7% and 4.2% respectively on the TSX and NYSE as of 2 p.m. EDT. The Toronto-based gold producer has a market value of $12.1 billion.






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