In The News - Treasure Hunters Drilling For Buried Treasures
Companies featured in this report are Goliath Resources, NevGold Corp. and Mogotes Metals.
We are coming into a very good period for news coming out from exploration companies and that is what can change the fortunes for them, sometimes very quickly.
Coming up is the Precious Metals Summit in Beaver Creek, then a few days later the Gold Forum Americas conference, both in Colorado, and both are well attended by mining companies. The participating companies are motivated to get news out prior to these conferences so they have fresh results to discuss at these conferences.
News is what moves markets, which is crucial for explorers searching for buried treasures and new mine developers. Both conferences have impressive rosters of companies presenting their stories at the conferences.
Plus, we are now past the summer months so a lot of investors are back in the saddle in September following the Labor Day long weekend. The mining companies tend to put out a lot of news in September that I will be reporting on.
Earlier today, there was news out from a few companies that I follow closely which I wanted to discuss in this report.
Goliath Resources
They have an impressive gold discovery in the Golden Triangle of British Columbia. This is a prolific region and a region that Newmont has taken a liking to as their CEO has stated it is a key focus for them.
There is a small menu of important gold discoveries, Goliath Resources has one, which is why they are my highest conviction gold discovery pick.
Goliath Intercepts The Highest Concentration Of Visible Gold To Date At Surebet Where 66% Of 2024 Drill Holes Contain Visible Gold, Discovers New Deep Mineralized Zone 1.2 Km Below Surface, Remains Open, And Significantly Expands Drilling To 36,000 Meters With 8 Rigs Turning
The headline from the news release (in bold above) gives a great description of how well things are going with their current drill program. With 8 drill rigs turning to complete 36k metres of drilling, they will be announcing assay results for the remainder of 2024.
If you like seeing visible gold in the drill core, they have several great pictures in the news release you can find here: https://goliathresourcesltd.com/wp-content/uploads/2024/09/September-3-2024-Goliath-Intercepts-Highest-Concentration-Of-VG-And-Discovers-New-Deep-Zone.pdf
Goliath does a great job at presenting all the details about the work they are doing, so I highly recommend you check out the news release. In addition to the impressive visible gold (VG) in the drill core, there is a great image that shows all the various gold zones they have found. You will also find plenty of details about the progress they are making with drilling.
A couple of key factors stand out to me regarding the Surebet gold discovery. One, they have hit widespread gold mineralization in a series of stacked zones suggesting a powerful gold mineralizing system. Second, is the progression of VG that started out as fine grained sporadic VG at the top of the system, that then transitioned to abundant fine grained VG including coarse grained VG as they have followed the system deeper. The progression of VG tells me that they are closing in on the heat engine source of the gold mineralizing system.
I’m looking forward to a series of assay results from the drilling campaign. I’m also pleased to know they plan on using the photon assaying method. This is a great development because using traditional assaying methods, which is done on split core, in a gold system with a lot of VG can miss gold.
The great thing about photon assaying is all the core is sent in for analysis, no need to split core, it picks up all the gold in the core and then the remainder of the core can be stored for future check analysis if needed. This way, it picks up all the gold and gives a more representative grade.
Stay tuned for more news from Goliath Resources, they will have plenty of news flow coming out for months
NevGold Corp. (sponsor, see disclosure below)
NevGold announced they have closed the first tranche of a financing for proceeds of C$3.5 million, with a second tranche open for an additional C$4.5 million. Their CEO had a quote in their news release that explains what they plan to do with the funding.
NevGold CEO, Brandon Bonifacio, comments: “We are pleased to announce the closing of the financing with Mercer. With the funds now secured, we will ramp up immediately with drilling at our Nutmeg Mountain (Idaho) and Limousine Butte (Nevada) projects, and we will also further advance our fieldwork at the highly prospective Zeus copper project (Idaho). We have made significant progress at Zeus in 2024, and there will be further updates out shortly on our current field program. We strongly believe that we have timed our financing extremely well to ensure that we advance our portfolio as market conditions continue to improve.”
I’m very impressed with their Nutmeg Mountain project which has a resource estimate of 1.25 million ounces of oxide gold in a low-sulphidation epithermal system. It has the grade that is in line with other open pit oxide gold mines currently in production. I like the open pit target, but what impresses me the most is the potential of what is below.
The model is that the oxide zones were fed by epithermal veins below. With the gold distribution in the oxides spread over a significant distance, the potential for a series of veins below is very good. I live in Mexico, where there has been a long history of silver mining from epithermal veins that approximately 10% of all the silver ever mined, worldwide, has come from Mexico.
With most of that silver production coming from underground mining epithermal veins with high grades and low costs of production. The prospect of finding a cluster of gold-rich epithermal veins is an exciting prospect. They plan to test the depth potential in their upcoming drilling campaign.
They also have an impressive copper target in Idaho and a Carlin-style gold project in Nevada with major mining companies in close proximity.
Their CEO, Brandon Bonifacio, was part of the corporate development team at Goldcorp for several years, where he gained extensive experience at evaluating and acquiring projects. He has used that experience to compile an impressive group of projects for NevGold.
Brandon’s father has been a mining executive for decades, so he has grown up around the mining business. He is a young and energetic CEO that has taken his experience working for a major mining company to build NevGold. I’m looking forward to the upcoming work to advance their three projects.
Mogotes Metals
Mogotes is a newly listed exploration company that has only been publicly trading for a few months. As a private company, they acquired an option to earn up to an 80% interest in the Filo Sur project in Argentina. They can earn an additional 5% by completing a feasibility study. Filo Sur is a large project that is immediately south of Filo Corp.’s Filo Del Sol discovery in the Vicuna district of Argentina.
This summer, Filo Corp. received a takeover offer for C$4.8 billion from BHP and Lundin Mining. The Vicuna district in Argentina is one of, if not the hottest copper exploration and development districts in the world. The handsome offer they received has caught the attention of everybody in the mining sector due to the amount offered for a copper development project.
Argentina is getting very exciting due to the efforts of President Javier Milei who is in the midst of transforming the Argentine economy. Part of his plans include opening up the country to foreign mining investment. Argentina is blessed with incredible geology and the efforts of President Milei to open up the country's mining potential is impressive.
Mogotes was able to get a few holes done before the Argentine winter set in. They had to work fast and today announced encouraging results from their initial three hole drilling campaign. Copper porphyries are big systems that require a lot of drilling to understand.
They got some nice sniffs of precious and base metals from these first few holes which will help them plan their next round of drilling. Some would dismiss this as a technical success, but I think it is important to note that the Lundin Group has been in the Vicuna district for a couple decades so it took several years to become an overnight success story.
Mogotes is able to learn from what the Lundin Group of companies have done in the Vicuna district to lead to their success and with the recent drilling and geophysical work can move their Filo Sur project forward rapidly.
I’m looking forward to their next round of drilling because they are such a small company, sitting right beside a massive success. The geology continues from Filo’s project over onto Mogotes project where they have multiple high priority targets.
All the best,
Allan Barry Laboucan
Disclosure
NevGold Corp. is a sponsor of Rocks And Stocks News, content creation about them is for the benefit of the company. Sponsors also benefit readers of the reports as it makes content creation possible for no charge to readers.
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