Notes: Yukon | Nevada | Alaska | Arizona

Contango Ore | Intrepid Metals | Ivanhoe Mines | Yukon’s Eagle Gold Mine

TCRs, a second recovery day at week’s close for most metals and their attendant mining equities and warrants.

Outpacers among our The Calandra Report titles*:

— Victoria Gold VCGX: The rocked Yukon miner says its shuttered Eagle Gold Mine is conducting environmental oversight. Yukon authorities will weigh in, sooner rather than later, one hopes, for a possible timeline to resumed production. VGCX VITFF shares for the week closed about where they started after much deeper, all-time lows.

The majority of on-site infrastructure was not affected by the heap leach failure. On-site infrastructure that has been impacted includes the HLF embankment, piping, pumping, liner, two short lengths of fixed conveyors, as well as a small amount of electrical infrastructure. July 12, 2024 VGCX release.

A look at **mining conferences** via **Mining Forum Live**

— Contango Ore CTGO: The Alaska miner just poured its first gold at the Kinross joint venture Manh Choh; wrapped up the HighGold purchase. Shares upo to almost $22 USD from $19 at the start of the week.

— Others: Ivanhoe Mines IVN IVPAF — copper and zinc in DRC Congo with a $25 billion CAD market value ; the shares this past week are approximately 7% distant of an all-time high. Ivanhoe, until its Platreef (platinum, nickel, palladium, gold) comes on line later this year in South Africa, likely will consider itself a base metals company.

Sister-co explorer Ivanhoe Electric IE (Arizona, Montana, Utah, Kingdom of Saudi Arabia) also logged an up week.

*[I have been selling portions of stakes in DHT Maritime and Ivanhoe Electric profitably and using funds for more Ivanhoe Mines, more Victoria Gold (name change ahead?) and more Aberdeen Platinum Trust PPLT.

— Kenorland Minerals KLD — a fine looking stock chart and more importantly, many development and exploration irons in its fire: Québec, Ontario, Alaska.

— DHT Maritime DHT — Europe-based oil shipper says that in the current Q3, 48% of available spot days so far booked at an average rate of $45,600 per day on a discharge-to-discharge basis. Some 61% of available revenue days, spot and time-charter days combined, booked at an average rate of $42,300 per day.

Our shipping touchstone Avraam Gabrielidis in Greece:

“I believe that DHT managed very well in a very tough quarter. For sure, the spot rates are about 20% lower compared with a year ago. The crude shipping market remains weak. Stock is holding much better than I was expecting. It could reach down to $10 USD (from $11 now).” — Avraam G.

* I own all of the above. I have been selling portions of stakes in DHT Maritime and Ivanhoe Electric profitably and using funds for more Ivanhoe Mines, more Victoria Gold (name change ahead?) and more Aberdeen Platinum Trust PPLT.

— Intrepid Metals INTR Spent time on the horn this week with Intrepid Metals‘ INTR Ken Brophy, CEO. This is the one in southern Arizona that showed 113 meters of 1.5% copper, with gold and silver, at its Corral Copper camp. See Arizona properties here.

Ken, a Canada mining project manager, and his chairman, Mark Morabito, an independent banker, are looking at results of the first drilling program, 25 holes. The technical team, hired out to Resource GeoScience, will use the first exploration program’s hits and misses to plot further holes for a second drill program later this year.

Screenshot 2024-07-12 at 10.33.52 AM.png — Intrepid Minerals in southern Arizona

“We had no previous core at Corral, nothing reliable, so we were just using heat maps; now we have some validations,” he says.

Intrepid will need to raise money for what could be a $10 million program; it has $3 million CAD on its books.

Ken’s strategy: stay in Arizona and only work on properties that are on private land, not U.S. government land. (That is similar to several explorers in the copper state.

“It took me 18 months to corral all that private property together, and that is why we called it Corral.” Ken Brophy, Intrepid Metals

I do not own Intrepid shares.

SEE RECENT ONLINE REPORT HERE PLEASE: URANIUM, NEVADA, YUKON.

— Thom Calandra

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Thom Calandra is a writer and an investor. Research and material are meant as editorial opinion. He is not a professional investment adviser. Please do not consider his reporting as a recommendation to buy or sell securities.

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