A preliminary economic assessment (PEA) conducted by TSX-V-listed Pure Gold Mining for its Fork, Russet South and Wedge deposits has demonstrated the potential to add about $51-million to the Madsen gold project’s after-tax net present value. As a result of high gold grades, near surface resources and use of existing infrastructure, mining of these zones will yield a 39% after-tax internal rate of return.
TSX-listed Argonaut Gold has achieved record fourth-quarter production and has met its yearly production guidance, despite reporting a net loss of $17.5-million for the fourth quarter, and a net loss of $7.6-million for the year. This translates to a loss of $0.10 a share for the reporting quarter and a $0.04 apiece loss for the year.
Aim-listed Phoenix Global Mining on Wednesday announced a threefold increase in its US-based Empire mine landholding, to the north and west of the Horseshoe claim block at Windy Devil and Navarre Creek. The company’s landholding increased by 3 880 acres, from 1 837 acres, or 7.43 km, and now has a total land package of 5 717 acres, or 23.14 km, by staking and filling 194 new unpatended claims in two blocks, which cover extensions to known mineralisations.
TSX- and NYSE-listed Turquoise Hill Resources has flagged potential further delays in the development schedule of the Oyu Tolgoi underground mine project, saying that the completion of ‘technically complex’ installations at Shaft 2 could take longer than previously thought. The Rio Tinto-owned company, which holds the giant mine in a 66:34 partnership with the Mongolia government, last year said that sustainable production of $5.3-billion underground mining project would only be achieved in the third quarter of 2021 rather than the previously guided start of 2021.
TSX- and NYSE-listed Hudbay has discovered a depsoti with 35.6 m of high-grade mineralisation that has both zinc-rich massive sulphides and gold, between the old Chisel North mine and the producing Lalor mine, in Canada, both of which Hudbay owns. At a downhole depth between 540 m and 576 m, the company intersected 35.6 m grading 5.21% zinc, 0.33% copper, 1.37 g/t gold and 15.7 g/t silver, including 4.6 m of 20.76% zinc and 6.2 m of 6.34 g/t gold.
Aim-listed Cora Gold has provided initial results from its aircore (AC) and reverse circulation (RC) drill programme at the Sanankoro gold discovery in the Yanfolila Gold Belt, in Mali, where the focus has been on outlining higher grades. Highlights from the results include 8 m at 3.17 g/t gold from 69 m; 26 m at 2.60 g/t gold from 71 m; and 24 m at 2.83 g/t gold from 56 m.
Khoemacau Copper Mining has made progress towards starting the construction of its Khoemacau copper/silver project, in Botswana, and expects first copper concentrate to be produced in the first half of 2021. The company has signed, together with its parent company Cupric Canyon Capital, a $565-million project funding package to start development of the project, which was expected to close early in the second quarter.
NYSE- and TSX-listed Lithium Americas says construction of its Cauchari-Olaroz lithium project, in Argentina, remains on track to reach production in 2020, despite unusually heavy rainfall during recent weeks. Cauchari is wholly-owned by Minera Exar, which is a joint venture company that is in turn owned 62.5% by Lithium Americas and 37.5% owned by Jiangxi Ganfeng.
NYSE- and TSX-listed Endeavour Silver on Monday reported that its revenue for 2018 was flat at $150-million and that mine operating cash flow decreased 3%, as a result of lower metal prices, offset by higher production. The Mexico-focused company reported a net loss of $12.4-million, or $0.10 apiece, compared to net earnings of $9.7-million, or $0.08 apiece, in 2017.
TSX-listed Nautilus Minerals has obtained an order of the Supreme Court of British Columbia that provides the company protection from its creditors, enabling it to restructure its business and financial affairs. Prior to the company applying for protection under the Companies Creditors Arrangement Act, Nautlius received a $750 000 loan from Deep Sea Mining Finance, with a credit facility of up to $34-million.