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Monday, September 24, 2018

Garibaldi - Italian Hero or Italian Hero?

Everyone loves a good biscuit, but which is better? Rich Tea, Bourbon Cream or a chocolate Hob Knob?

If there are any American readers, Oreos are crap, and Fig Newtons are called Fig Rolls, and Penguins are much better than Tim Tams.

Moving away from the flour-based baked food products, after a rather long time Garibaldi managed to drop a chocolate cobra and publish some drill results.

So all the data has been put in 3D (link) and I want you to download and review the 3D model and check the following:

  1. Where are the 2018 holes located?
  2. How big are the massive sulfide zones?
  3. Where can the sulfide zones be extended?
A bit of a cop out, but I'll write a complete post tomorrow, I wanted people to have a gander at the data first.


Saturday, September 22, 2018

Cascabel - after a metric f-tonne of drilling

DISCLOSURE: I own shares in SolGold

Drill results have been spewing from Sol Gold this year and I've been too lazy to bother updating my model, but as people have been irritating me, I've decided to undertake the herculean task of bring in more than 135Km of DH data into some sort of semblance.

I've probably failed, but the 3D model looks pretty (link), and that is the only thing that is important.

Cop-out section: A lot of drill hole information (e.g. final hole lengths etc.) wasn't included in the press releases and on the maps accompanying the recent press releases there are so many holes.

like a orgy of rabid worms

You can see that there are holes over holes over holes, to such an extent that even Sol Gold aren't able to accurately label them!

The deposit with 2 holes with the same name

Basically, what I'm trying to say is, take my results with a pinch of salt, I've tried to do the best I can, but I don't know how accurate my model is, so beware.

Before I started compiling the data, I was concerned that the majority of the drilling was focusing on the high-grade core initially defined in 2017 and that all Sol Gold will have done is simply moved a chunk of the Inferred Resources into the Indicated category, which would be regarded as a bit of a failure after drilling so many holes and spending so much money.

In addition, when you pull apart the assays, we see time and time again, that in reality the >1% CuEq mineralization is restricted to quite narrow zones, surrounded by sub-economic (<1%CuEq) mineralization.

Back in January (link) I updated my original model to try and replicate the official SRK resources, and here is my latest version that (tries and probably fails) incorporates as much of the data as possible.

I've been a bit handicapped by the fact that Sol Gold haven't released assays for every hole drilled, just summary results from the best ones.

Here it is:


Table from January 2018 post


The changes are moderate:

  • Specific Gravity - 2.77, taken from the technical report - 
  • Global resources (>0.3% CuEQ) increased by ~37%
  • High-grade resources (>0.9% CuEq) increased by just 12%
Overall, a bit disappointing.

Just a quick question for people in the mining bizz, this paragraph caught my eye in the Alpala technical report


US$5M is a lot for a PEA, isn't it?

Sunday, September 2, 2018

Silver Viper - forked tongue stuck in your mouth?

Hello Silver Viper minerals, how did the drilling go at Clemente?

You mobilized rigs back in October 2017 (link), started the 2000m program a couple of weeks later (link), and since then absolutely nothing, nada, zilch.

ohhh, sorry, my mistake, you've dropped the property (link), were the results that bad? Pro-tip - you probably want to include that PR on the website.

I wonder if we'll see the same with the drilling at La Virginia? You've told us that you have mobilized the rigs (link) a couple of weeks ago, and so we should be having a "drilling has started" PR sometime next week...or are they already turning?.

BTW, if you do get something interesting, please don't repeat your mistake with Orex Minerals and forget to raise money when the share price was high....

Bitch raising money at $0.08




Friday, August 31, 2018

Sokoman - thar be gold en those swamps

Sokoman have been releasing some interesting results from their Moosehead project (link and link) , the first set released in July managed to catch some money from Eric Sprott (link), but the good news is, he's still in the money.

However, whne you look at the data, you will notice:

  1. There has been a crap load (~113 holes) of drilling on this project
    • 7 holes by Teck in 1999
    • 91 holes by Agnico from 2001 to 2004
    • At least 15 holes by Sokoman
  2. Virtually all of Sokoman's holes are exploring the West Trend, the area that didn't give us the thick high-grade intercept that send the share price soaring.

lots and lots of drilling, not all of it new..

So 12 of the 13 holes on this map (holes 14 and 15 aren't shown on the map accompanying the PR  for some reason), are exploring the very well drilled West Trend, and just one, little, lonely hole, MH-18-01 has been drilled to explore the East Trend.

I've tried to compile as much information as possible into Leapfrog Geo, and here is my pathetic attempt here (link). Please note that it is quite low quality, I had to guess the dip of the drill-holes (I assumed -60 for historic holes and -45 for the 2018 DH, unless there was evidence on plan maps and sections) and their hole lengths. So it is inaccurate, but gives a general feel.

So, by far, hole MH-18-01 has easily been best hole drilled this year, and one of the best intercepts on the project, but why haven't there been more holes drilled around it? If the hole naming convention is logical, it was the first hole drill on the property, hit a high-grade structure and since then, Sokoman haven't drilled a single hole around it to see what it is doing. Instead, they drilling lots of holes into an area that has received considerable drilling before. Why?

  1. All of the historic core as been lost and they are doing confirmation drilling?
  2. Don't want to ruin a good story with the truth machine? 

I'm going to give the the benefit of the doubt, in none of the presentations (including several from Altius) do they show any pictures of old core, so we have to assume that it doesn't exist.

I've tried to compile as much data as I can from the various presentations. We can see that the West Trend is very well drilled (even before the recent drilling) and most of the although high-grade and generally very narrow, and furthermore, most of the high-grade intercepts have had a plethora of holes drilled around them to see what the mineralization is doing. As we haven't been given any assays form these holes, I'm going to assume that they didn't hit anything good (i.e. >1 g/t Au).

Here is hole  MH-18-01, a wide bonanza zone, here is a photo:

(Hard)core porn
And an annotated version:



Oh no, virtually all of the gold is restricted to that quartzy-veiny bit (the white stuff) in the middle, with the surrounding boring grey rock rock with just a smidge of gold. So a big round of applause to Sokoman for that lovely example of grade smearing, however they could have done:

  • 385.85m grading 1.35 g/t Au

I know the hole only went to 250m, but you can't BS-stats.

Why don’t we look at the other intercepts? Please note, I don’t have any info for the pre-2018 drilling, so the section shows approximately where the holes were drilled, but no results.

Section 1: Holes MH-18-02, 03, 12 and 09 (looking East – North to the left)



We see narrow high-grade mineralization, with a minor >1 g/t Au halo. It was a shame that hole 09 was lost before reaching target depth as these holes appear to have defined a gold zone over for 60m down dip. Nothing out of this world, but does show a narrow gold bearing structure with local high-grade mineralization.

Section 02: Holes MH-08, 10 and 13



Similar story, narrow high-grade with a minor ~1 g/t Au halo.

Section 03: Historical drilling


Some very high-grade hits (>400 g/t Au), but again very narrow, and it look like (even though I don’t have the data), that the follow-up holes were not able to find the continuation of mineralization. For me, the data is telling us that at Moosehead, the gold is restricted to narrow, 0.1-1.5m wide quartz veins with a minor Au halo. Unless the ‘new discover’ zone is very different, the mineralization looks too narrow and inconsistent to suggest that there is a large, high-grade deposit to be found at Moosehead.

The fact that >100 holes have been drilled on the project without defining any resources or discovering any zones of consistent mineralization indicates that they probably don’t exist.  My gut feel is that the mineralization in the East and West zones consist of narrow high-grade intervals that will be smeared out in the PRs to make them look wider and better than what they really are.
For Sokoman to make a go of it, they need to drill some more holes in the East Zone to follow-up on hole MH-18-01 and start drilling some of the other structures/anomalies so that they can keep the market happy with new discoveries.


Wednesday, August 22, 2018

Southern Silver - the bermuda triangle strikes again

There seems to be a common theme among Mexican exploration companies to start drilling and then to 'forget' the results.

Defiance have been excellent, Minaurum are jealously copying their example, and now Southern Silver have decided to join the cool gang and invoking the spirit of Donald Judd, and presenting results with the goal to rid them of the promotionalist's reliance on the referential results from drilling and presenting news in pieces that are free from emotion.

Either that, or the results have been shite..

With Southern Silver
  • May 14th (link) - crews mobilized to drill Pene el Diminuto - Hazaah
  •  July 19th (link) - second rig on site to drill the epithermal targets at CLM west.
 I'm not concerned by the CLM west drilling, it is testing a conceptual idea, the drilling at CLM was meant to hit mineralization along strike from the current resource and hit it close to surface, but you would have expected them to have hit something in the last 3 months....

The tequila curse strikes again....

Tuesday, August 21, 2018

Advance Gold - some drill results!!!

Drill results are like buses, you wait for ages, then 2 come along.....(link and link)

I was getting scared, maybe Mexico has become the Bermuda triangle of drill-results, with gangs of chihuahuas running around eating them up...

However, I want to direct this post to ABL and Julio Pinto Linares, PGeol. Wow, what a load of howlers you've made, let's go through them:
  • You couldn't quite manage to add up the sample thicknesses from hole AGT-01
    • Original - 3m @ 9.4 g/t Au
    • Updated - 1.7m @ 9.46 g/t Au (link)
  •  You didn't manage to send all of the vein for assaying (link)
 
  • If you are going to release all the assays from you drill program, a good pro-tip is - try to include the over-limit assay results, unless you want to maintain the audience's suspense (is it 101 g/t Ag or 10000000000000000001 g/t Ag?!?!?!?!?!)


but the good news is, you're using a certified, internationally recognized assay lab, I tip my hat to you...

Hey, what's multiple cock-ups between friends....

Fortunately, the great man himself, on CEO.ca gave us this gem...

 

Grade isn't important in the oxide zone for these veins? So those old-timers were just moving rusty rock around Central Mexico for fun? Well, it kept them out of the bean fields....



Tuesday, July 24, 2018

Garibaldi - Nickel Mountain, the quest to find Voisey's Bay 2

Now that the black flies, mosquitoes and other nasty biting monsters of the Canadian Arctic have defrosted, some disturbed by the drilling that has been going on for the last 7 weeks at Nickel mountain (link),  but apart from that, we haven't heard anything else.

This would represent a subtle change from last year, when they were rushing out press releases, some just a week after drilling commenced (link and link) telling us about the massive, massive sulfide hits. Why no promo PR's now? 

You told us back at the start of June that drilling had commenced with 2 rigs, and by now, assuming they haven't broken down, you should have drilled 3000-3500m* by now.

(*my assumption is based on the drilling rates for drill-hole EL-17-01, where the hole was drilled to a depth of 332m over 8 days (24 Aug 2017 to 1st Sept 217)).

So no news on massive intercepts, I mean, the initial holes were going to focus on defining the Discovery zone and "systematically step out from EL-17-14, testing for nickel-copper-rich magmatic sulphide mineralization to the south where promising conductive targets have been defined by geophysical surveys".

I'm guessing it must have been the timing of the financing......