Assays Work Wonders, Sometimes 

Gold, Copper Intercepts Yielding Several Touchdowns — For Once

Updated with geo-comments from Namibia's Osino Resources; 
and with link to MJG Capital's first-half required-reading review.
MJG (Matt Geiger) surveys Canada's 
Kenorland Minerals front and center. A Brazil mining thesis, too.

Osino geo and VP of Exploration Dave Underwood tells me today (Monday), “In the Namibian context these intercepts are very unusual; the known deposits are all low grade 1 – 1.5g/t (Navachab, Otjikoto, Twin Hills and Ondundu). These initial intercepts at Eureka indicate something quite different.”

Hoping to get to Namibia one day. One of the few Africa nations whose soil has not dusted my boots.

Eureka‘s deposits in deep rocks (amphibolite metamorphic rocks) are, says Dave, usually associated with thin sulphide veinlets. Shallower rocks (greenschist facies) are associated with quartz veins. “At Eureka we are seeing gold associated with massive sulphide breccias overprinting the quartz veins. I suspect this is why the grades are so much higher. “

This is an intensely deformed part of the Damara Belt. Dave and CEO Heye Daun are looking for buried massive sulphides, maybe with electro-magnetic probing.

 

— Long-dormant Aston Bay Holdings BAY ATBHF — Nunavut copper on Somerset Island, at Canada’s Arctic Archipelago. Puzzled here — see below please.

— Incessant Snowline Gold SGD SNWGF, its seemingly non-stop assay parade (three in mega-gold  column of 500-plus meters of 2.5-gram shallow gold, 400-plus meters of 1.9 grams — ho-hum — since  June 9, 2023) in Yukon’s Selwyn Basin at Rogue-etc., is impressing even the p.r.-weariest among us.  Shallow, that is, the basin’s gold in the ground, not the press  releases.

First off, Matt Geiger’s MJG Capital 6-month round-up: San Francisco fund manager breaks down the value proposition for the partnering project developer with 5 drill programs ongoing. Kenorland Minerals KLD KDLCF shareholders are paying $0.69 for every $1 of partner spend expected this year. That’s about as cheap as so-called project generators get.

Investors in Kenorland’s median peer are paying $3.45 for every $1 of partner spend.

Matt, the youngest nat-resources fund manager I know, is just back from Brazil. “Brazil’s mining sector is poised for an investment boom. (It has) an abundant mineral endowment, deep mining history, renewable-heavy power grid and diverse trading partners are key advantages that position it favorably in the ongoing energy transition. The world’s largest businesses and pools of capital are beginning to take note, as evidenced by (a) flurry of developments in recent weeks.”

He sees Lara Exploration LRA as well below fair value.Please see: MJG Capital report.  Worth the 20 minutes.

OSINO | ASTON | SNOWLINE

Aston Bay, some 20-million-plus BAY shares traded last week, is or was turning heads. The shares have sacrificed half of their 2X the past five trading days.

Larger partner American West Metals AWMLF and Aston Bay shares each were doubling since a week-ago Monday’s copper-discovery proclamation and images. Expect Thomas Ullrich and board to shrink a ballooning BAY share count soon, and to unleash another summer equity offering at these 20-cent CAD prices.

I am not waxing the moon here about being fortunate because I also own going on five years shares of tanking Québec gold-etc. explorer Azimut Exploration; this as we await a months-overdue revealing of the once much-bally-hooed Patwon gold targets at Elmer Project, James Bay. The first-time resource must get above 2 million ounces gold in all categories for AZM ZMTF shares to recover lost ground.

Also, a long-term owner we are of summer-slimming shares of now-cash-ready Alaska explorer and Kinross Gold partner Contango Ore CTGO; toasted shares of Nouveau Monde Graphite NMG; I could go on here. I have been ading to the Contango Ore pile.

Thank our portfolio stars for our largest and longest-term holding (2003 first private purchases), Africa’s Ivanhoe Mines IVN IVPAF (which is giving up ground in the stock market since we first published this report); for Calgary’s CES Energy Solutions CEU CESDF; for DHT Maritime Holdings’ DHT solid quarter and heady dividend, thanks to wildly swinging spot and steady-eddie contract rates this year for its European very large crude carrier fleet.

We continue buying shares of DHT; the dividend ex-date is August 23, 2023.

We continue adding to our 80,000-plus shares of Ivanhoe Mines (as the record-high IVN shares of 2 weeks ago shed some 20% of their gains); we keep buying physically ailing platinum via Aberdeen PPLT Trust; we keep buying Xtra-Gold Resources XTG XTGRF, the Ghana explorer and gold producer that refuses to dilute its shareholders and pays all expenses with gold income. That one is our second-longest holding (2009-ish).

We would love to shed 25% of our Azimut AZM, but probably not at these sad-Elmer prices. Ditto NMG with graphite exciting a mere 12 or 14 investors in the entire galaxy. We hold pretty much on everything as is our family practice and my The Calandra Report/TCR mode.

Take a look at the additions to this week’s SEEKING YOUR CASH The Calandra Report/TCR. Of note in the added material are two highly, deeply, intensely speculative explorers whose shares I have yet to purchase: upper British Columbia’s molybdenum and gold seeker David O’Brien‘s Stuhini Exploration STU STXPF and nickel-etc. explorer Alaska Energy Metals. AKEMF AEMC. I’m perusing.

David’s Stuhini is in the region where Canarc Resources CCM CRCUF is developing the New Polaris gold mine rehab, some 100 km south of Atlin, known (been there!) as The Swiss Alps of British Columbia.  Stuhini’s moly is called Ruby Creek. 

Dave, like many a micro-cap metals explorer this spring and summer, calls STU’s market cap “embarrassingly low” (at $10. million USD); this drop follows a showy price spike and subsequent cratering of the price of molybdenum that happened in late 2022 into February of ’23. Moly is now in the $24 ballpark, up from as low as $20.

As for his ‘staying sane’ methodology, Dave is a fly fisherman and reveling in chinook right now up there. See photos please.