Saturday 10th December 2016

Resource Clips


Caribbean calling

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He added, “Guyana is one of the few jurisdictions in the world welcoming responsible mining investment. The government of Guyana has agreed to grant the project a large-scale mining licence authorizing Sandspring to commence production once economic feasibility of the project has been demonstrated.”

The company closed April 9 at $0.26, a penny above that day’s open. The April 10 high reached $0.27, with the stock dropping to $0.255 just before the $0.26 close. The 52-week high and low were $0.92 and $0.23. With 132.36 million shares outstanding, Sandspring’s market cap came to $34.41 million.

In other Guyana news, Tajiri Resources TSXV:TAJ announced on April 10 “the first ever modern exploration efforts of its kind” on the company’s Kaburi PL gold project. The 25- to 30-hole, 3,000-metre drill campaign should produce initial assays by late May. Kaburi occupies a strategic location, surrounded completely by Azimuth Resources’ TSX:AZH West Omai project. Now that Azimuth directors have welcomed a takeover bid from Troy Resources TSX:TRY, a gold miner in Brazil and Argentina, Tajiri considers itself the next potential take-out target.

On April 8 Azimuth released drill results from West Omai’s Larken prospect. Highlights include:

  • 9.7 g/t gold over 5 metres, starting at 52 metres
  • 0.92 g/t over 15 metres, starting at 102 metres
  • 2.7 g/t over 2 metres, starting at 19 metres
  • 5.8 g/t over 1 metre, starting at 31 metres.

True widths weren’t provided. Azimuth plans infill drilling to upgrade the project’s February resource estimate of 1.65 million ounces inferred. A PEA is also underway for West Omai.

Meanwhile, other Guyanese projects continue to advance. In March Guyana Goldfields TSX:GUY awarded an engineering contract for its Aurora gold project to Tetra Tech, author of the January feasibility update. Also in March, Sacre-Coeur Minerals TSXV:SCM commissioned a feasibility for its Million Mountain Zone 1 property.

In February, Eagle Mountain Gold TSXV:Z picked up the remaining 50% interest in its Eagle Mountain property (profiled here). The share deal left Omai Gold Mines Ltd with nearly 15% of Eagle Mountain Gold. Omai Gold Mines, in turn, is a 95% subsidiary of IAMGOLD TSX:IMG.

The previous month Gold Port Resources TSXV:GPO released a maiden resource for its Groete gold-copper project showing 1.59 million gold-equivalent ounces inferred.

An earlier-stage project, the Aranka North property, hosts earn-in fieldwork by Canamex Resources TSX:CSQ under an option and joint venture agreement with GMV Minerals TSXV:GMV.

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