STOCKWATCH GOLD SUMMARY LAST NIGHTIs anyone aware of any inexpensive pit mines with higher grades then CXB?.
Even in this daily Gold Summary, Compare grades in the companies mentioned in this write up before the mention of CXB at the bottom..
Obviously, the country risk is what is curtailing the price of this company that seems to be extremely underpriced. There are many companies on the TSX that have NO production, NO $$, high debt much lower grades and reserves and are virtually shell companies that will require years, $100's of millions and lots of luck to come away which with the successful production and operation that CBX currently has now with the potential for rapid growth seems very feasible, Yet their market cap is higher????
Gold Summary for Oct. 28, 2022
2022-10-28 19:16 ET - Market Summary
by Stockwatch Business Reporter
New York spot gold lost $18 to $1,645.70 on Friday. The TSX-V edged higher, adding 3.26 points to 596.93 while the TSX gold index dipped 0.26 point to 242.47. Argonaut Gold Inc. (AR) rose 2.5 cents to 40.5 cents on 2.94 million shares while Kinross Gold Corp. (K) fell one cent to $4.98 on 3.54 million shares. Neither company had news today.
One miner with news today was George Burns's Eldorado Gold Corp. (ELD). It slid 38 cents to $7.95 on 2.11 million shares on word that it lost $50.5-million (U.S.) in its third quarter, padding its loss for the year to date to $390-million (U.S.). (Last year, Eldorado earned $53.9-million (U.S.) through the first nine months of the year.) Further, Eldorado's net cash generated from operating activities during the latest quarter, $52.5-million (U.S.), was just half of what it managed a year ago.
A lower gold price contributed to the drop in revenue, but Mr. Burns, president and chief executive officer, attributed the company's tribulations to "inflationary pressures," especially with electricity in Greece and Turkey, and fuel and reagents at Kisladag in Turkey. Mr. Burns also groused about costs associated with value-added import charges imposed on shipments of gold concentrate from the Olympias mine in Greece to China. He and his crew are "actively managing" that cost -- a 13-per-cent charge first imposed a year ago -- and Eldorado has been developing alternate markets for the concentrate since midyear.
Heye Daun's Osino Resources Corp. (OSI) rose one cent to 59 cents on 73,000 shares. The company has a maiden resource estimate for the Ondundu gold project, 130 kilometres northwest of its Twin Hills project in Namibia. The company lists Ondundu with 26 million tonnes inferred at 1.13 grams of gold per tonne, a total of 900,000 ounces of gold.
Mr. Daun, president and CEO, was "very pleased" with the estimate, which adds nearly one million ounces of gold to the company's books and significantly increases the size of its Namibian gold portfolio. The calculation was based on drilling performed by earlier explorers, mainly B2Gold Corp. (BTO: $4.20), the company from which Osino acquired the deposit for $15.2-million (U.S.) in cash and stock back in July.
Twin Hills, which remains Osino's top project, recently cleared prefeasibility based on a reserve of 64.3 million tonnes averaging 1.04 grams of gold per tonne, about 2.15 million ounces. The plan called for a 13-year mine that would run at about 14,000 tonnes per day, and which would cost $375-million (U.S.) to build. With annual gold production of nearly 170,000 ounces, Twin Hills carries an internal rate of return of 26 per cent after taxes.
How this will change with the new Ondundu resource is not clear, but Mr. Daun and his crew do plan some form of combination of the two projects. The company's vision, Mr. Daun enthuses, is to deliver "a feasible mining and process route involving gravity preconcentration at Ondundu with subsequent processing at Twin Hills." This apparently was the intention when Osino acquired the deposit, and it is "now one step closer to fruition," Mr. Daun concludes.
Laurel Sayer's Perpetua Resources Corp. (PPTA) rose 44 cents to $2.84 on 58,000 shares on word that the United States Forest Service has identified the company's plan for the old Stibnite mine to be the "preferred alternative." The service's recommendation is a "major milestone in the advancement of the project," cheers Mr. Sayer, president and CEO, although there is a long way to go yet -- more public comments, more bureaucratic handwaving -- for a resurrection that Perpetua proposed six years ago.
The crux of Perpetua's plan was laid out in a feasibility study nearly two years ago, which proposed a $1.29-billion (U.S.) capital expenditure to revive the old mine. The company listed a rather complex reserve spread across several deposits hosting varying types of ore, but with a total of 104.6 million tonnes averaging 1.43 grams of gold and 1.91 grams of silver per tonne plus 0.064 per cent antimony. In all, Stibnite holds 4.8 million ounces of gold, 6.4 million ounces of silver and nearly 150 million pounds of antimony.
The bottom line of the study -- an internal rate of return of 27.7 per cent and a discounted net present value of $1.9-billion (U.S.) after taxes -- had been nudged lower in the company's updated technical report late last year. That study assumed a lower base-case gold price, and new tweaks resulting from changes required to keep the locals and the bureaucrats happy will presumably spark additional adjustments. Nevertheless, Stibnite looks to be a promising source of precious metals and antimony for years to come.
Darren Hall's Calibre Mining Corp. (CXB) closed unchanged at 68 cents on 3.02 million shares. The company has received "key environmental permits" allowing the development and operation of open-pit and underground mines at its Eastern Borosi project in Nicaragua. Mr. Hall, president and CEO, cheers the approvals as "another significant milestone" in Calibre's efforts to grow its gold production. He points to the high-grade reserves at Eastern Borosi as keeping the company "on track for grade-driven production increases in 2023."
Calibre lists an open-pittable reserve of 538,000 tonnes averaging 6.87 grams of gold and 9.9 grams of silver per tonne, with another 625,000 tonnes underground at 4.97 grams of gold and 82.2 grams of silver per tonne. In all, the reserve hosts nearly 220,000 ounces of gold and just over 1.8 million ounces of silver, and that ore will be fed into the company's processing facility at the Libertad mine.
And that is not all: Calibre also plans to mine a high-grade portion of the 1.01-million-tonne open-pittable reserve at Pavon, which averages 5.07 grams of gold and 8.5 grams of silver per tonne -- another 165,000 ounces of gold and 278,000 ounces of silver.
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