NovaGold Sources (TSX: NG; NYSE-AM: NG) is a pure gold play centered on Alaska’s Donlin gold venture in Alaska. NovaGold owns 50% of the joint-venture venture and Barrick Gold (TSX: ABX; NYSE: GOLD) owns the opposite 50%.
The venture, one of many highest grade recognized open-pit gold deposits on this planet, presently has a measured and indicated useful resource of 541 million tonnes grading 2.24 grams gold per tonne for 39 million oz. of contained gold. Inferred assets stand at 92 million tonnes grading 2.02 grams gold per tonne for six million ounces.
The assets are contained within the ACMA and Lewis pits, which occupy solely 3 km of an 8-km-long mineralized belt, which itself is positioned on lower than 5% of Donlin Gold’s land place, and the corporate believes there’s future exploration potential to develop the useful resource alongside strike and at depth. Final yr the joint-venture accomplished an 85-hole, 23,361-metre drill program, the biggest since 2008. Highlights included 51.15 metres grading 4.6 grams gold per tonne beginning at 149 metres downhole; 47.66 metres grading 4.8 grams gold from a depth of 182 metres; and 22.61 metres of 8.7 grams gold from 162 metres.
As of Could 12, NovaGold had $114 million in money and time period deposits, with notes receivable of $100 million, and no short-term debt. The ten largest shareholders symbolize 63.8% of NovaGold’s issued and excellent shares, and embrace Electrum Strategic Sources LP & Associates (25.5%); Constancy Administration & Analysis Firm (7.5%); Paulson & Co. Inc. (6.7%); BlackRock Institutional Belief & Associates (6.4%); and Saudi Public Funding Fund (4.9%).
New Discovered Gold
Market cap: C$1.9 billion ($1.6 billion)
New Discovered Gold (TSXV: NFG; US-OTC: NFGFF) is new to the Prime Ten record this yr. The junior is advancing its 100%-owned Queensway gold venture, 15 km west of Gander, Newfoundland. The 1,500 sq. km venture is close to the Trans-Canada Freeway and New Discovered Gold has ten drills turning there in a 200,000-metre drill marketing campaign centered on a 7.8 km hall alongside the Appleton fault and a 12.4 km hall alongside the JBP fault.
The venture is split by Gander Lake into Queensway North and Queensway South. Queensway North, the extra superior of the 2, has high-grade gold targets alongside the Appleton and JBP faults, together with the Keats zone, which the corporate found in November 2019 when its drillers intersected 19 metres grading 92.9 grams gold per tonne at a depth of 75 metres.
The corporate recognized a second gold zone at Queensway North in October 2020 known as Lotto, about 2 km north of Keats. The Lotto discovery gap intersected 4.75 metres of 41.2 grams gold from 35.3 metres downhole, together with 5.15 metres of 25.4 grams gold. Final month the corporate drilled about 60 metres under the Lotto discovery gap and intersected 224.7 grams gold over 2.45 metres beginning 118 metres downhole.
Drill outcomes launched in mid-March from Keats included 13.7 metres grading 61.8 grams gold from 211.15 metres downhole, together with a one-metre intercept of 565 grams gold.
Queensway lies alongside what’s known as the Canine Bay Line (DBL), a continental scale zone ensuing from the traditional collision of the European and North American tectonic plates, which the corporate says created the “plumbing” that enabled gold-rich magmatic fluids to journey from deep within the earth’s crust to floor and deposit high-grade gold in a number of instructions alongside tens of kilometres of strike on these fault constructions.
Market cap: C$1.7 billion ($1.4 billion)
Seabridge Gold (TSX: SEA; NYSE: SEA) is targeted on initiatives in North America and amongst its 100%-owned property are KSM, Brave Lake, Iskut, Snowfield and three Aces in Canada, and Snowstorm in the USA.
In line with a company presentation in June, Seabridge ranks first based mostly on gold reserves and assets per share amongst North American listed gold firms, and holds the identical rating based mostly on copper reserves and assets per share amongst main listed copper and gold firms.
Its Kerr-Sulphurets-Mitchell venture (KSM) is in British Columbia and Seabridge says it’s the “world’s largest undeveloped gold/copper venture” with confirmed and possible reserves of 38.8 million oz. gold and 10.2 billion lb. copper. A 2016 prefeasibility research outlined a 53-year mine plan with all-in sustaining prices, inclusive of capital, of US$673 per ounce. About 20 km by air to the east is its 294-sq-km Iskut venture, the place the corporate is testing for a gold-copper porphyry just like these found at KSM.
Brave Lake, about 240 km northeast of Yellowknife within the Northwest Territories, is considered one of Canada’s largest undeveloped initiatives with reserves of 6.5 million oz. of gold within the open-pit FAT deposit. The 503-sq-km venture covers 85% of the 53-km-long Mathews Lake Greenstone Belt, which hosted two historic gold mines.
Final yr Seabridge acquired from Golden Predator Mining the three Aces gold venture in southeastern Yukon from. Three Aces is a district-scale, orogenic gold venture with high-grade showings over the complete 35 km size of the property. Seabridge additionally acquired the Snowfield property final yr from Pretium Sources. Snowfield is adjoining to KSM’s Mitchell deposit and work has began on an up to date PFS to include Snowfield into KSM’s mine plan.
Within the U.S., its 100%-owned, 103-sq-km Snowstorm venture is located on the intersection of three main Nevada gold belts (Getchell, Carlin and the Northern Nevada Rift zone) and is contiguous and on strike with a number of giant gold mines (6 km north of Nevada Gold Mines’ Twin Creeks mine and 15 km northwest of the Turquoise Ridge mine).
Market cap: C$1.2 billion ($1.0 billion)
SilverCrest Metals (TSX: SIL; NYSE-AM: SILV) is targeted on its Las Chispas silver-gold venture in Mexico’s Sonora state, about 180 km northeast of Hermosillo.
The corporate accepted building of the venture in February when it launched the outcomes of a feasibility research, which outlined an underground mine with a mine lifetime of 8.5 years at a nameplate capability of 1,250 tonnes per day. Las Chispas would produce a mean of 5.2 million oz. of silver and 56,000 oz. gold a yr (10 million oz. of silver-equivalent) over its mine life and a mean of 12.4 million silver-equivalent oz. a yr between 2023 and 2029.
The research estimated all-in sustaining prices will common C$7.07 per oz. of silver-equivalent over the lifetime of the mine (lifetime of mine working prices of C$118.5 per tonne milled). Preliminary capital prices are forecast to run to $137.7 million. The research estimated an after-tax internet current worth utilizing a 5% low cost fee of $486.3 million and inner fee of return of 52%, based mostly on metallic costs of $19 per oz. silver and $1,500 per oz. gold.
Underground improvement and mining are anticipated to ramp up by means of 2022 and 2023 and internet free money move is predicted to start out in 2023.
The 1,400-hectare property consists of 28 concessions. At present solely 21 of 45 recognized veins have been put in the direction of the corporate’s confirmed and possible reserve estimate, which stands at 3.4 million tonnes grading 461 grams silver per tonne and 4.81 grams gold per tonne (879 grams silver-equivalent per tonne) for a complete of 94.7 million silver-equivalent ounces.
Amongst SilverCrest’s different initiatives are El Picacho, 85 km northeast of Las Chispas, and Cruz de Mayo, 163 km northeast of Hermosillo. Preliminary drill outcomes from El Picacho launched in February included 7.25 metres grading 40.49 grams gold per tonne and 260.4 grams silver per tonne (3,297 grams silver-equivalent) from 162 metres downhole and 16.4 metres grading 8.50 grams gold and 51.3 grams silver, (689 grams silver-equivalent), from 121 metres.
Market cap: C$1.2 billion ($1.0 billion)
Osisko Mining’s (TSX: OSK) flagship asset is its 100%-owned Windfall property, one of many highest-grade resource-stage gold initiatives in Canada, positioned between Val-d’Or and Chibougamau within the Abitibi greenstone belt, about 700 km northwest of Montreal and 200 km northeast of Val-d’Or, in Quebec.
A preliminary financial evaluation replace launched in April, envisioned an underground twin ramp-access mine with an 18-year mine life producing a mean of 238,000 oz. gold a yr (300,000 oz. per yr within the first seven years of full manufacturing with peak restoration in yr six of 328,000 oz.). The research assumed a 3,100 tonne-per-day milling operation, all-in sustaining prices of $610 per oz., and capital expenditure of C$544 million (together with energy line building and a $55 million contingency). The PEA estimated an after-tax internet current worth of C$1.5 billion, after-tax inner fee of return of 39.3%, and after-tax payback interval of two.2 years. Within the first seven years of manufacturing, Windfall would generate common annual after-tax free money move of C$253 million, and a cumulative life-of-mine after-tax free money move of C$2.6 billion. The venture is predicted to generate greater than C$8.2 billion in gross income and C$1.7 billion in taxes.
At present Windfall has measured and indicated assets of 6.02 million tonnes grading 9.6 grams gold per tonne and 5.9 grams silver per tonne for 1.86 million oz. of gold and 1.15 million oz. of silver. Inferred assets stand at 16.40 million tonnes grading 8 grams gold per tonne and a pair of.7 grams silver per tonne for 4.24 million oz. of gold and 1.45 million oz. of silver. The useful resource used a cut-off grade of three.50 grams gold per tonne.
Osisko is now engaged on a useful resource replace and a feasibility research.
Mineralization happens in three principal zones: Lynx, Major and Underdog, and is mostly comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The assets are outlined from floor to a depth of 1,600 metres together with the Triple 8 (T8) zone, and the deposit stays open alongside strike and at depth. The corporate notes that mineralization has been recognized at floor in some elements and as deep as 2,625 metres in others.
In mid-June, Osisko introduced a big new high-grade gold discovery (Golden Bear) lower than 1 km north of Windfall and positioned alongside a sub-parallel splay of the Windfall Financial institution Fault. The invention gap intersected 6.7 metres grading 27.4 grams gold per tonne (uncut) ranging from 503 metres downhole, together with 2.7 metres of 63.6 grams gold per tonne (uncut).
Along with Windfall and in addition within the Eeyou-Itschee James Bay area of Quebec, Osisko Mining holds the 1,000 sq. km City Barry properties, which have the identical geological setting and rock age as Windfall; and the Quevillon property, positioned on the boundary between Eeyou Istchee James Bay territory and the Abitibi-Temiscamingue administrative area.
Nice Bear Sources
Market cap: C$924 million ($765 million)
Nice Bear Sources (TSXV: GBR; US-OTC: GTBAF) is targeted on northwestern Ontario’s Pink Lake district and its flagship asset is its 100%-owned Dixie venture, 25 km southeast of the city of Pink Lake. The venture is made up of 9,140 hectares of contiguous claims extending over 22 km, and is accessible year-round by way of a paved freeway.
Dixie hosts two principal kinds of mineralization: high-grade gold in quartz veins and silica-sulphide alternative zones (Dixie Limb, Hinge and Arrow) and high-grade disseminated gold with broad reasonable to decrease grade envelopes (LP Fault). Nice Bear describes the LP Fault as a “vital gold-hosting construction which has been seismically imaged to increase to 14 km depth.”
In April, the junior added a sixth drill rig at Dixie, after increasing its 2021 drill program in March from a finances of $25 million to $45 million. The corporate plans to finish at the very least 200 drill holes at Dixie this yr (for a complete of 600 on the venture to this point), and drill about 175,000 metres (for a complete of 400,000 metres). About 80% of its drill program deliberate for this yr is concentrating on the LP Fault and the remaining 15% the Hinge and Dixie Limb zones.
On the finish of March Nice Bear introduced that deep drilling had doubled the vertical extent of the LP Fault gold zone, which begins at bedrock floor, to about 800 vertical metres. Drilling intersected 15.57 grams gold per tonne over 3.05 metres at 942 metres downhole, inside a broader interval of 1.08 grams gold over 70.25 metres from 906.12 metres. Different drill outcomes launched this yr included: 400 grams gold over 0.50 metres from 176 metres downhole; 29.17 grams gold over 15.50 metres from 41.8 metres; and 18.08 grams gold over 15.80 metres from 23.85 metres (bedrock floor).
Nice Bear controls over 330 sq. km within the Pink Lake gold district, and is incomes 100% pursuits in 4 different initiatives: Pakwash, Dedee, Sobel, and Pink Lake North, all of that are accessible by current roads year-round.
Market cap: C$831.4 million ($688.1 million)
Artemis Gold (TSXV: ARTG) is new to the highest ten record this yr, and is targeted on advancing to building of its 100%-owned Blackwater gold venture in central British Columbia, 160 km southwest of Prince George and 446 km northeast of Vancouver.
A prefeasibility research of the venture launched in August 2020 outlined a staged improvement beginning with a C$592 million, 5 million tonne-per-year open-pit mine producing a mean of 248,000 oz. of gold per yr for the primary 5 years of a 23-year mine life. Part two and part three expansions to 12 million tonnes per yr (C$426 million growth capital value) then 20 million tonnes per yr (C$398 million) would comply with, with manufacturing rising to 420,000 oz. per yr for 5 years (years six to 10), then falling to 316,000 oz. yearly for 13 years (years 11 to 23). All-in sustaining prices can be $668 per oz. in part one; $696 million in part two; and $911 per oz. in part three. The venture has an after tax internet current worth, at a 5% low cost fee, of C$2.25 billion and a levered after-tax inner fee of return of fifty%.
Blackwater has confirmed and possible reserves of 334 million tonnes grading 0.75 grams gold per tonne and 5.8 grams silver per tonne for 8 million oz. of contained gold and 62.1 million oz. of silver.
In March, Artemis awarded a C$236 million EPC contract to Ausenco for the venture, and in April it acquired a credit score accepted mandate letter and time period sheet from Macquarie Financial institution and Nationwide Financial institution of Canada to rearrange a C$360 million venture mortgage facility to fund a number of the building prices for Blackwater.
The corporate is planning to finish a definitive feasibility research on Blackwater this yr.
Artemis acquired Blackwater from New Gold in August 2020. The junior was spun out of Atlantic Gold earlier than it was acquired in 2019 by Australian miner St. Barbara.
Market cap: C$810 million ($670.2 million)
Discovery Silver (TSXV: DSV; US-OTC: DSVSF) can also be new to the highest ten record this yr and is targeted on its flagship Cordero open-pit venture within the northern a part of the Central Mexican Silver Belt in Chihuahua state.
Discovery Silver, which modified its identify from Discovery Metals in April, acquired Cordero in August 2019, and describes the venture as a Tier 1 silver asset and “one of many world’s largest undeveloped silver assets.”
The corporate is planning to finish a revamped preliminary financial evaluation within the fourth quarter of 2021 that can give attention to mining excessive grade early in Cordero’s mine life. The PEA will likely be centered on a bulk-tonnage area and will likely be supported by greater than 350 drill holes and 180,000 metres of drilling, together with two packages of metallurgical work.
The corporate concluded the primary part drill program in April, and knowledge from the 75,000 metres of latest drilling (178 holes) accomplished on this program, together with 133,000 metres of historic drilling (292 holes), will likely be used to replace the useful resource within the third quarter of the yr. The corporate has additionally accomplished 11,000 metres of drilling (31 holes) to this point in its part 2 drill program.
Drill outcomes launched in June from the primary part included 65.9 metres grading 69 grams silver per tonne, 0.11 gram gold per tonne, 0.7% lead and three.7% zinc (258 grams silver-equivalent) from 309.4 metres; 59.5 metres averaging 54 grams silver, 0.08 gram gold, 0.9% lead and 1.5% zinc (153 grams silver-equivalent) from 443.3 metres; and 82.3 metres grading 44 grams silver, 0.06 grams gold, 0.7% lead, and 1.5% zinc ( 136 grams silver-equivalent) from 268 metres.
At a 15 gram per tonne silver-equivalent cut-off grade, the venture presently hosts 990 million indicated tonnes grading 13 grams silver per tonne, 0.4% zinc, 0.2% lead and 0.04 gram gold per tonne (32 grams silver-equivalent per tonne) and 282 million inferred tonnes grading 21 grams silver per tonne, 0.8% zinc, 0.3% lead and 0.04 gram gold per tonne (56 grams per tonne silver-equivalent).
An April 2018 up to date preliminary financial research confirmed the venture might help 29 years of open-pit manufacturing, which at 40,000 tonnes per day, would produce a mean of 8 million oz. silver, 99 million lb. zinc in focus, 69 million lb. lead in focus, and 11,900 oz. gold, yearly. Preliminary capital prices have been pegged at C$570 million and sustaining capital at C$271 million.
Market cap: C$665 million ($550.3 million)
Marathon Gold (TSX: MOZ) is new to the highest ten record this yr, and is advancing its 100%-owned Valentine open-pit gold venture within the central area of Newfoundland and Labrador.
A feasibility research launched in March outlined a mine lifetime of 13 years producing a mean of 173,000 oz. gold a yr and C$119 million of annual common free money move between 2024 and 2033 from the processing of high-grade mill feed, and 56,000 oz. gold a yr and C$31 million free money move yearly between 2034 and 2036 from the processing of low-grade stockpiled ore.
Preliminary capital prices for the two-pit and centralized mill operation have been estimated at C$305 million that may very well be paid again after-tax in just below two years. The research forecast life-of-mine money prices of $704 per oz. and all-in sustaining prices of $833 per ounce. At a gold value of $1,500 per oz., Valentine’s after-tax internet current worth at a 5% low cost fee is estimated at C$600 million and its after-tax inner fee of return at 31.5%.At $1,750 per oz. gold, the NPV rises to C$868 million and its IRR to 42.2%.
The feasibility research contemplated open pit mining from the Marathon and Leprechaun deposits solely, and excluded mineral assets contained throughout the Sprite or Victory deposits, or any potential assets from the Berry Zone. The research additionally envisioned ground-breaking for web site building in January 2022, adopted by a 22-month building interval and first gold pour by October 2023.
The venture has confirmed and possible reserves of 47.06 million tonnes grading 1.36 grams gold per tonne for two.05 million oz. contained gold. Measured and indicated assets, inclusive of reserves, stand at 56.66 million tonnes grading 1.72 grams gold per tonne for 3.14 million oz. gold. Inferred assets add 18.25 million tonnes at 1.70 grams gold per tonne for 1 million ounces.
Sabina Gold & Silver
Market cap: C$637 million ($527 million)
Sabina Gold & Silver (TSX: SBB; US-OTC: SGSVF) is advancing its 100%-owned Again River gold venture in Nunavut, Canada.
In February, the corporate reported an up to date feasibility research on the Goose venture, the primary deliberate mine on its Again River property. The research outlined manufacturing of about 223,000 oz. of gold a yr over a 15 yr mine life. Within the first 5 years, manufacturing would common 287,000 oz. yearly, with peak manufacturing of 312,000 oz. in yr three. The mine would generate an after-tax internet current worth (at a 5% low cost fee) of C$1.1 billion and post-tax inner fee of return of about 28%. The research assumed a gold value of $1,600 per ounce and was based mostly on an preliminary processing fee of three,000 tonnes per day, with an growth to 4,000 tonnes per day on the finish of yr two. Money prices are forecast to run to $679 per oz. and all-in sustaining prices to $775 per ounce. Preliminary capex is pegged at C$610 million, with a payback of two.3 years, and sustaining capital and closure prices are anticipated to whole C$419 million.
The venture acquired its remaining main authorization in June 2020, and now has all main permits and authorizations for building and operations.
As the corporate focuses on pre-development work at Goose this yr, additionally it is returning to its George property for the primary time since 2013. George is Again River’s second most-advanced property, and sits about 50 km north of Goose. George presently has 1.2 million oz. gold at 5.34 grams gold per tonne within the indicated class and one other 1.1 million oz. gold at 6.12 grams gold per tonne within the inferred class.
Along with Again River, Sabina owns a silver royalty on Glencore’s Hackett River venture. The royalty on silver manufacturing is comprised of twenty-two.5% of the primary 190 million ounces produced and 12.5% of all silver produced thereafter.
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(This text first appeared in The Northern Miner)