Investors may want to keep an eye on companies operating in the Battle Mountain – Eureka gold trend in Nevada. Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF), for example, has a drill program at the 100% owned Pan Mine located in the region, “a Carlin-style, open-pit, heap-leach mine in east-central Nevada, approximately 28 km southeast of the town of Eureka, on the prolific Battle-Mountain – Eureka gold trend. Pan ramped up smoothly after restarting operations in September 2017. Gold production has increased year over year since 2017 with 2021 gold production reaching 45,397 ounces benefitting from the recent heap leach pad expansion and primary crushing circuit installed in 2020.” Also operating in the Battle Mountain – Eureka gold trend in Nevada are companies such as Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF), Kinross Gold Corporation (NYSE: KGC) (TSX: K), SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM), and Westward Gold Inc. (CSE: WG) (OTC: WGLIF).
Look at Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF), For Example
Calibre Mining Corp. announce assay results from its ongoing resource conversion and expansion drill program at the 100% owned Pan Mine, located in the prolific Battle Mountain – Eureka gold trend, Nevada.
Numerous results outlined below indicate the potential for resource expansion while focusing on converting known zones of mineralization. During 2022, Calibre is advancing a multi-rig 85,000 metre drill program in Nevada including 50,000 metres focused at Pan.
Highlights from the Pan Resource expansion and discovery drill program include:
Black Stallion Target
- 3.35 g/t Au over 18.3 metres in Hole PR22-087; 0.93 g/t Au over 12.2 metres in Hole PR22-116; 0.82 g/t Au over 10.7 metres in Hole PR22-100; 0.50 g/t Au over 15.2 metres in Hole PR22-083; and
- Significant intercepts outside existing resources remain open to the north, east and west.
- 0.53 g/t Au over 27.4 metres in Hole PR22-094; 0.56 g/t Au over 16.8 metres in Hole PR22-082
- 0.80 g/t Au over 47.2 metres in Hole PR22-088; 0.52 g/t Au over 64.0 metres in Hole PR22-093;
- 0.60 g/t Au over 29.6 metres and 0.51 g/t Au over 37.5 metres in Hole PC22-005; and
- Several intercepts extend mineralization down-dip and along strike and are open for further expansion.
- 1.06 g/t Au over 10.7 metres and 0.96 g/t Au over 10.7 metres in Hole PR22-055.
0.90 g/t Au over 22.9 metres in Hole PR22-015; 0.51 g/t Au over 15.2 metres in Hole PR21-062; and
Near surface mineralization trending and open to the northwest confirming mineralized zones.
1.41 g/t Au over 24.4 metres in Hole PR22-032; and
Encountered higher grade mineralization to the northwest, outside the Syncline pit and open for expansion.
0.57 g/t Au over 51.1 metres in Hole PC22-006; 0.53 g/t Au over 22.9 metres in Hole PR22-061;
0.54 g/t Au over 15.3 metres in Hole PR22-045; 0.44 g/t Au over 30.5 metres in Hole PR22-077;
0.40 g/t Au over 42.7 metres in Hole PR22-073; and
Mineralization remains open to the east where follow-up drilling is planned.
Note: All holes were drilled at angles of -45 to -90 degrees at azimuths designed to intersect targeted structures as nearly as possible to perpendicular when possible. Some drill holes and intercepts reported here did not cross mineralization perpendicularly, and do not represent exact ‘true widths.’
Darren Hall, President, and Chief Executive Officer of Calibre stated: “The recent drilling at Pan has focused on expanding mineralization along trends of known targets. Today’s results confirm our initial interpretation that numerous resource expansion and discovery opportunities exist. We continue to see excellent opportunities for growth and in some cases are seeing shallow, higher grade zones open for further expansion. Since acquiring Fiore Gold in January, 2022 we have announced positive results (see news release dated March 8, 2022 and news release dated April 12, 2022) and anticipate this year’s results will expand resources and lead to additional mine life.”
Other related developments from around the markets include:
Element79 Gold Corp. announced that pursuant to the definitive share purchase agreement dated June 19, 2022, it has closed the acquisition of all of the issued and outstanding common shares of Calipuy Resources Inc. from the shareholders of Calipuy. Calipuy, through its subsidiaries, holds 100% interest in two past producing gold-silver mines: the Lucero mine, one of the highest-grade underground mines in Peru's historyat grades averaging 19.0 g/t Au Equivalent (14.0 g/t gold and 373 g/t silver), as well as the Machacala Project, which averaged production grades of 10.5 g/t Au Eq (6.0 g/t gold and 340 g/t silver.
Kinross Gold Corporation announced that the Toronto Stock Exchange has accepted the notice filed by the Company to renew its normal course issuer bid program. Under the NCIB program, the Company is authorized to purchase up to 65,002,277 of its common shares (out of the 1,300,045,558 common shares outstanding as at July 27, 2022) representing 5% of the Company’s issued and outstanding common shares, during the period starting on August 3, 2022 and ending on August 2, 2023. In deciding to continue its NCIB program, the Company believes that the market price of the common shares may not, from time to time, fully reflect their value, and accordingly, the purchase of the common shares would be in the best interest of the Company and an attractive and appropriate use of available funds. Kinross is committed to enhancing shareholder returns through programs such as a share buyback and its quarterly dividend, which are underpinned by the Company’s investment grade balance sheet, strong free cash flow position and growing production profile from its global portfolio. This strong foundation places Kinross in an excellent position to continue generating substantial value for its shareholders.
SSR Mining Inc. reported consolidated financial results for the second quarter ended June 30, 2022. In addition, the Board of Directors declared a quarterly cash dividend of $0.07 per common share payable on September 6, 2022 to holders of record at the close of business on August 12, 2022. Rod Antal, President and CEO said, "The second quarter of 2022 demonstrated the continued resilience of our globally diversified business in the face of inflationary pressures, as our consolidated production and cost metrics tracked well against our year-to-date targets. Our four operating assets produced 333,201 gold equivalent ounces at production costs of $918 per ounce and AISC of $1,177 per gold equivalent ounce, showcasing solid margins with attributable net income of $126 million and adjusted attributable net income of $133 million for the first half of the year.”
Westward Gold Inc.announced that the Company’s inaugural drill campaign at its flagship Toiyabe Project in Lander County, Nevada was successfully completed on July 19th. Demobilization and site clean-up activities have also now been completed, and the Company is currently conducting its initial post-campaign analyses prior to receiving assay results. Those results from ALS Ltd. are expected to be received in batches, beginning before the end of August and through into September. In total, the Company completed ~3,850 meters of reverse-circulation drilling across 13 holes and 4 target zones, all of which were outside of the footprint of the historical resource estimate at Toiyabe (~173 koz at 1.2 g Au/t). Drillhole depths ranged from a minimum of 244 meters to a maximum of 349 meters, with an average depth of 296 meters; for comparison, only 16% of all holes identified from previous operators’ campaigns reached a depth of +180 meters.
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