There have been many interesting news releases from mining companies last week, It seems like everyone is excited to see the huge run by palladium miners lately and getting ready to experience the same fun as those companies. I was not able to cover all 22 companies in this post so I decided to post the ones that I have already reviewed.
- MacDonald Mines Exploration Ltd
- QMX Gold Corporation
- Unigold Inc
- Palladium One Mining Inc
- Tanzanian Gold Corp
- Warrior Gold Inc
- Crystal Lake Mining Corp
MacDonald Mines Reported 9.4 g/t Gold Over 4.9m Including 35.7 g/t Gold Over 0.5m
MacDonald Mines Exploration Ltd. (TSXV: BMK) on Jan. 23, 2020 announced the complete results from hole SM-19-012 drilled last fall at its SJP property, 40 kilometers east of Sudbury, Ontario. Hole SM-19-012 intersected four zones of gold mineralization north of the Scadding Mine and the top of the Bristol breccia at depth. The latest results include 9.4 g/t gold over 4.9 meters, including 35.7 g/t gold over 0.5 meters and 24.1 g/t gold 0.4 meters with the complete intersection of SM-19-012 grading 1.63 g/t gold over 65.6 meters. Hole SM-19-012 indicates a much larger corridor of gold mineralization north of the Scadding Mine than what was suggested by historic drilling results.
Last close: 8 cents, Shares outstanding: 154.68 M, Market cap: $12.37 M
QMX Intersected 41.82 g/t Gold Over 3.4 Metres and 171.3 g/t Gold Over 1.0 Metres at Bonnefond
QMX Gold Corporation (TSXV: QMX) is advancing exploration on the Abitibi Greenstone Belt which is the 3rd largest gold district in the world and has planned an aggressive 20,000m drilling program for 2020. It has supportive corporate shareholders: Eldorado Gold – 19.9%; Osisko Gold Royalties – 7%; Probe Metals – 4%. Based on the current market cap and the resources of 0.4 million ounces the enterprise value per Au ounce is about $75.
The company, on Jan 20, 2020, released the latest results on its Bonnefond deposit which is located on the Val d’Or East Zone of QMX’s extensive land package in Val d’Or, Quebec. The results are part of the fall 2019 infill drilling program on the Bonnefond tonalitic intrusive and exploration program in the shear zones located to the south of the tonalite. This batch contains the results of seven (7) drill holes and one (1) drill hole extension for a total of 3,306m. Highlights include:
- DDH 17315-19-069 returned 41.82 g/t Au over 3.4m in a shear zone.
- DDH 17315-19-093 returned 171.30 g/t Au over 1.0m in a shear zone.
- DDH 17315-19-092 returned 1.08 g/t Au over 72.8m in the tonalite.
- DDH 17315-19-090 returned 1.74 g/t Au over 59.7m in the tonalite
Last close: 11.5 cents, Shares outstanding: 340.86 M, Market cap: $39.2 M
Unigold Intersected 15.3 meters averaging 5.75 g/t Au
Unigold Inc. (TSXV: UGD), is a junior early-stage explorer mainly focused on exploration and development of mineral properties in Location and Dominican Republic. The company has about 2.9 million ounces of gold reserves & resources and the enterprise value per gold ounce is about $4. The company’s major shareholders include Eric Sprott (12.8%), Osisko Gold Royalties Ltd (10.6%), Monarch Gold (10.3%) and, Rob McEwen (8.1%).
Unigold Inc on Jan 24, 2020, announced results from its ongoing drill program at the Candelones Extension deposit, part of the Company’s 100% owned Neita Concession in the Dominican Republic. In conjunction with historical drillholes, trenches and, the 2018 test pit program, this drill program has confirmed that oxide mineralization extends over an area measuring approximately 800 meters in length and 150 meters in width to depths between 20 to 30 meters.
Hole LP19-137, testing massive sulphide mineralization at Target A; intersected massive to semi-massive mineralization over 15.3 meters that graded 5.75 g/t Au and 0.52% Cu within a larger 43.1 meter interval that averaged 2.79 g/t Au and 0.25% Cu.
All the holes completed to date, with the exception of LP19-136 which was lost during drilling, have returned intercepts of approximately 100 meters in drilled length at average grades in excess of 1.0 g/t Au. More importantly, these holes have also returned drilled intervals of several tens of meters averaging 4.0 to 6.0 g/t Au.
Joe Hamilton, Chairman and CEO of Unigold
Last close: 17 cents, Shares outstanding: 78.02 M, Market cap: $13.26 M
Palladium One Reported up to 2.51g/t PGE, 0.74% Ni and 4.09% Cu
Palladium One Mining Inc. (TSXV: PDM) (FSE: 7N11) (OTC: NKORF), is a Platinum Group Element (PGE) Nickel-Copper exploration and development Company. Its assets consist of the Läntinen Koillismaa PGE-Nickel-Copper Project, located in north-central Finland and the Tyko Nickel-Copper, PGE Property near Marathon, Ontario, Canada. The company has a total of 1.9 million ounces of gold equivalent resources.
Palladium One on January 21, 2020, reported prospecting samples with assay results of up to 0.74% Ni, 4.09% Cu and 2.51g/t PGE on the Tyko Nickel-Copper-PGE Property, located near Marathon, Ontario, Canada.
Last close: 19.5 cents, Shares outstanding: 111.17 M, Market cap: $21.68 M
Tanzanian Gold Announced 50m @ 1.8 g/t Au Including 5m @ 4.6 g/t Au
Tanzanian Gold Corp (TSE: TNX) (NYSE American: TRX) is a junior near-term producer mainly focused on the exploration and development of mineral properties in Tanzania. It has about 3 million ounces of gold reserves & resources.
Tanzanian Gold, on Jan 23, 2020, announced the end of Phase II of its ongoing drill program at the Buckreef Project and the start of Phase III drilling that will test the extension to ultra-deep levels of mineralization found below the pit bottom in Phase II. The company reported 50m @ 1.8 g/t Au Including 5m @ 4.6 g/t Au, 7m @3.9 g/t Au and 1.0m @ 7.0 g/t Au which confirms Northeast Extension is still open.
Last close: 74 cents, Shares outstanding: 157.97 M, Market cap: $116.9 M
Warrior Expanded Mineralization and Discovered New High-Grade Gold at “A” Zone
Warrior Gold Inc. (TSXV – WAR), on Jan. 20, 2020, reported results of the fall 2019 “A” Zone diamond drilling program (10 drill holes – 2,106 m) on its 100%-owned Goodfish-Kirana Project located in the Kirkland Lake Camp in Ontario.
Gold was intersected in nine of ten drill holes, expanding the extent of known gold mineralization. In addition, new high-grade intervals south of the “A” Zone have been discovered. Newly discovered anomalous gold mineralization has been intersected in the area of the footwall. There appears to be a subparallel zone to the main zone located approximately 50 m to 75 m to the south. Intersections in this mineralized trend include 1.37 g/t Au over 1.3 m in GK19-023 and 11.25 g/t Au over 1.5 m, 1.21 g/t Au over 1.5 m, 0.36 g/t Au over 12.3 m and 2.36 g/t Au over 1.5 m in GK19-025. Another high-grade intersection occurs in drill hole GK19-018 with 11.52 g/t Au over 3.0 m associated with quartz iron carbonate veining at a vertical depth of 18 m below surface and 100 m to the south of the main zone. Warrior Gold is reviewing the geological and structural data in the footwall area to better understand the controls and continuity of this new mineralization.
Last close: 7 cents, Shares outstanding: 68.14 M, Market cap: $4.77 M
Crystal Lake Cut 22 meters of 2.00% Copper, 2.27 g/t Gold, 34.36 g/t Silver, and 4.69% Zinc on Surface
Crystal Lake Mining Corporation (TSXV: CLM OTC: SIOCF FSE: SOG-FF) on Jan. 17, 2020 announced the results from Channel Sample BRCH19-01, the first-ever continuous channel/trench sample at Burgundy Ridge on the Newmont Lake Project in the Golden Triangle of British Columbia. This channel sample targeted a new discovery area made late in the 2019 season called the “Green Rock Zone” as a result of rapidly receding snow/ice in the region.
Channel/trench Sample BRCH19-01 cut a hydrothermal breccia exposed on surface assaying 22.00 meters of 2.00% Cu, 2.27 g/t Au, 34.26 g/t Ag, and 4.69% Zn. This hydrothermal breccia contained a high-grade center assaying 10.00 meters of 3.29% Cu, 8.59% Zn, 3.75 g/t Au, and 63.40 g/t Ag on the surface.
Last close: 13.5 cents, Shares outstanding: 149.8 M, Market cap: $20.22 M