A look at a few mining press releases that caught my eye. Hard to find much exciting these days as the summer doldrums are in full swing. The TSX V continues to trade at 52 week lows and volume is light.
Pretium Resources - (PVG:TSX) - Pretium has released the third set of drill assays from the uber high grade Brucejack project's Valley of the Kings. The results released today were part of an underground infill drill program.
Selected drill highlights include:
- Hole VU-459 intersected 154.13 grams of gold per tonne uncut over 14.60 meters, including 4,470 grams of gold per tonne uncut over 0.50 meters;
- Hole VU-463 intersected 29.94 grams of gold per tonne uncut over 29.50 meters, including 1,690 grams of gold per tonne uncut over 0.50 meters.
- Hole VU-445 intersected 81.08 grams of gold per tonne uncut over 6.76 meters, including 1,080 grams of gold per tonne uncut over 0.50 meters;
- Hole VU-445 also intersected 48.36 grams of gold per tonne uncut over 12.00 meters, including 1,090 grams of gold per tonne uncut over 0.50 meters;
- Hole VU-455 intersected 47.06 grams of gold per tonne uncut over 14.00 meters, including 1,300 grams of gold per tonne uncut over 0.50 meters;
Some very rich intersections here over 0.50 meters.
Geologist Rob McLeod commented on the PVG holes this morning in CEO Chat
Pretium is drilling in excess of 40,000m this year of infill drilling for the purpose of grade control. So far 60 holes (10,572m) have been reported so plenty of assay results still to come.
Pretium has is one of the brighter spots in the gold space in the last year.
The plan is to start construction in the next several weeks which would lead to commercial production in 2017.
The projected $746.9 million dollar CAPEX will need to be funded which will likely be a mixture of debt,equity, and a royalty package.
I would imagine Pretium is actively looking for a major partner for the project. There are very few major gold companies that could stomach an acquisition this big at the moment as most have stressed balance sheets and are selling assets to pay down debt.
Read: Pretium Resources Inc.: Valley of the Kings Underground Infill Drilling Continues
Related: Pretivm (PVG.TO) intends to be a dividend payer: CEO Robert Quartermain
Savary Gold - (SCA:TSXV) - Savary is out with additional drill results from the Karankasso JV project in Burkina Faso. 26 drill holes (3504m) were completed in the spring drill program by Savary (65%) and jv partner Sarama Resources (35%).
Highlight intercepts, for the Karangosso Zone are presented below:
- 0.90 g/t gold over 44 metres in hole 15-110
- 12.71 g/t gold over 2 metres at end of hole 15-110
- 0.87 g/t gold over 30 metres in hole 15-96
- 0.88 g/t gold over 19 metres in hole 15-98
- 3.33 g/t gold over 41 metres in hole 15-43*
- 2.02 g/t gold over 11 metres in hole 15-44*
- 6.61 g/t gold over 10 metres in hole 15-50*
- 2.30 g/t gold over 9 metres in hole 15-50*
- 1.97 g/t gold over 8 metres in hole 15-51*
- 1.94 g/t gold over 11 metres in hole 15-51*
- 1.79 g/t gold over 10 metres in hole 15-76*
* previously reported
Don Dudek, Savary's President and CEO commented: "We continue to receive encouraging results from the Karangosso Zone which is still open in all directions. In management's opinion, the setting, style and potential for grades greater than 2 g/t gold, continue to support the belief that the Karangosso Zone could be a centre-of-gravity deposit for the Karankasso Project. Our southern-most modelled hole intersected 0.77 g/t gold over 26.1 metres and our northern-most hole on the zone, 900 metres to the north, intersected 0.87 g/t gold over 30 metres. As well, drilling has returned intercepts of 6.61 g/t gold over 10 metres, within approximately 80 metres of surface, that we have tested below. In summary, the Karangosso Zone mineralized system appears to have a lot more room to grow."
Savary first caught my attention when Ross Beaty acquired $1.4 million worth of stock in March (5 cents per share - 28 million shares).
Since then the stock has doubled and now pulled back again to the 4 cent level.
The goal of management is to follow up on a 1 million ounce goal and then complete a PEA if warranted according to a July presentation.
Read: Savary Gold drills 44 m of 0.9 g/t Au at Karankasso
Related: Savary Gold commences 15,000 metre program at Karankasso JV, Burkina Faso
Thanks for reading.
This is not investment advice. All facts are to be checked and verified by reader. As always please do your own due diligence.