The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Sorted by date Results 51 - 75 of 93
Contango Ore Inc. Aug. 25 reported second-quarter financial results along with assays from seven additional holes drilled at its Tetlin gold project in eastern Alaska. The company reported a net loss of US$1.2 million, or US31 cents per share, for the year ended June 30, compared with a loss of US$3.6 million, or US94 cents per share, for the same period last year. This substantial reduction in net loss is due to all exploration expenses this year being incurred by Peak Gold LLC, a joint venture under which Royal Alaska,...
Reuters recently reported that the 10 largest gold-producing companies worldwide have steadily increased their near-mine exploration budgets over the past few years to 56 percent in 2015 from 45 percent in 2013. They also reduced their higher-risk greenfields exploration budgets to 21 percent from 25 percent in the same time period. This retrenchment of exploration by the larger producers is occurring, while global gold output is declining with an expected reduction of 9...
Peak Gold is raising the bar for high-grade gold deposits in Alaska. In fact, the gold grades this joint venture has reported from summer drilling at its Tetlin project in eastern Interior Alaska are so remarkable that near-surface, minable widths of quarter-ounce-per-metric-ton-gold cut at the project's Peak zones are overshadowed by numerous 13-meter-plus intercepts of more than 1.5 oz./t gold. One such example of this eclipsing effect can be found in TET16272, one of 19...
Over the last month the inevitable termination dust has begun to show up across Alaska, bringing with it completion of mineral exploration programs and transition of development and production projects to winter operational modes. Explorers, developers and miners will soon be gathering to compare notes at the annual Alaska Miners Association Convention in Anchorage, an event that always overlaps national and local election night. Alaska's mineral industry outlook brightened... Full story
Mineral exploration spending in Alaska hit an apex of US$365 million in 2011, but as venture capital for mining explorers dried these expenditures plummeted 78 percent to US$80 million in 2015. However, rising gold prices and a loosening of venture capital in 2016 seems to have marked an end to a painfully long bear market for mining explorers in Alaska. “After taking head shots for the past four years, the industry suddenly came to life over the past month, with new budgets,...
As tangible buoyancy returns to the mining industry, I began to wonder if any of the multitude of forecasters had actually predicted the recent return of stronger metals prices. Since most "forecasters" are actually "hindsighters," I was drawn to a November 2013 summary of gold mines by Roy Sebag of Natural Resource Holdings. The summary, entitled "Global Gold Mines & Deposits 2013 Ranking," indicated that we were nearing peak gold production because the total in-situ ounces...
The owners of Alaska’s five large metal mines – Sumitomo Metal Mining Pogo, Hecla Mining Company, Kinross Gold Corp, Teck Resources Ltd. and Coeur Mining Inc. – accounted for nearly half the US$92 million of exploration spending in the state during 2014 and similar investments by these companies is providing solid footing for the Far North state’s mineral exploration sector this year. Avalon Development President Curt Freeman said he is seeing more mining majors shopping for d... Full story
Earlier in November, the Alaska Miners Association held its annual convention and trade show in Anchorage and as always, the well-attended convention overlapped with election Tuesday. While the lead up to, and results of, the national and state elections were hot topics throughout the week, one comment I heard from a colleague on the morning after the elections distilled the feelings of a lot of people at the conference. When asked what he thought of the election results, he...
With metal prices stabilizing, physical stockpiles dwindling and demand again on the rise, things are beginning to look up for the beleagered mining industry. Gold's performance over the past several months is a case in point. The World Gold Council reported that during the first quarter, buying of exchange-traded gold funds rose to its highest level since early 2009, wiping out the deep sell-offs of 2014 and 2015 for this instrument. Uncertainties in the fiscal stability of...
Contango Ore Inc. Nov. 17 said it has raised US$5.3 million through the exercise of 587,500 warrants. The holders of these warrants were offered a 10 percent discount to early exercise the warrants for cash to provide the company with financial flexibility. In an unrelated transaction, 62,500 warrants were exercised in a cashless exercise at their original US$10 exercise price. "We are pleased with the large number of warrants recently exercised, which dramatically changed the company's cash position, which now exceeds US$6...
Contango Ore Inc. Aug. 16 provided another round of drill results from the second phase of 2016 drilling at the Tetlin project near the crossroads town of Tok in eastern Alaska. The results, from 13 holes drilled in the North Peak and Connector zones, include the best intercept ever encountered at Tetlin when you consider the very high gold grade encountered over long lengths. TET16210, the last hole of the 2016 phase-1 program, carried out during the winter months, tested an... Full story
From a Texas oilman discovering rich mineral prospects at Tetlin while investigating the natural gas potential of these Native owned lands to a royalty company setting aside its business model to get in on the ground floor of what is shaping up to be a multimillion-ounce deposit of high-grade gold lying alongside the Alaska Highway, Contango Ore Inc. is adding some intriguing new entries to the annals of Alaska geology. The latest chapter of the Tetlin story includes a US$11...
Contango ORE Inc. May 5 posted results from the first-ever winter drill program carried out on the Tetlin properties near Tok, Alaska. Peak Gold, a limited liability joint venture managed by a subsidiary of Royal Gold Inc., invested roughly US$1.9 million in this initial 2016 program focused on exploring at and around the Peak Zone gold deposit at Tetlin. A 2014 resource for the Peak Zone outlines 6 million metric tons averaging 3.46 grams-per-metric-ton gold, 11 g/t silver... Full story
IDM Mining Ltd. April 4 provided an updated resource estimate for its Red Mountain gold project located in northwestern British Columbia about 15 kilometers (nine miles) northeast of Stewart. Red Mountain now hosts 1.64 million metric tons of measured and indicated resource averaging 8.36 grams per metric ton (441,500 ounces) gold and 26 g/t (1.38 million oz.) silver. "With the release of today's updated resource estimate for the Red Mountain project, another milestone has...
Although there is plenty of Alaska mining industry news this month, the big dog in the pen is the dramatic and unexpected run-up in the price of gold, which moved from a low of $1,078 per ounce to a high of $1,246/oz., most of which occurred after Feb. 1. Although profit-taking and other factors have caused the price to back off a bit, the move was both dramatic and unexpected. As you might guess, the ether is full of talking heads telling us why it went up, why it either won'... Full story
As the curtain rings down on 2015, the sound of clapping and cheering can already be heard from the mining industry as it anticipates the end of a largely depressing year which started out looking like the long-awaited industry recovery was going to happen but in the end, did not. The uncertainty brought on by this year's unsettling events was front and center in a recent round-table discussion hosted by Northern Miner, sponsored by PearTree Securities and entitled "New...
Earlier this month, the Alaska Miners Association held its annual convention in Anchorage amid plummeting metals prices and an over-all atmosphere of economic uncertainty now stretching into its fourth year. Individuals from around North America and beyond were present and conversations outside of the technical sessions seemed to gravitate toward how best to climb out of the doldrums that seem to grip the mining industry on a global scale. One individual was heard to say that...
Contango ORE Inc. Nov. 16 posted results from 19 of 32 holes drilled during the second phase of 2015 exploration at the Tetlin project near Tok, Alaska. This exploration was carried out by Peak Gold, a limited liability joint venture company formed to further the exploration and development of the Tetlin project. Royal Gold Inc. has the option to earn up to a 40 percent interest economic interest in Peak Gold by investing up to US$30 million prior to October 2018. "We are...
CTGO:OTC MARKETS President and CEO: Brad Juneau Chief Financial Officer: Leah Gaines Contango ORE Inc. has forged an alliance with Royal Gold Inc., a company that promises to invest as much as US$30 million in furthering the exploration and potential development of the Tetlin gold properties situated along the Alaska Highway near the crossroads community of Tok in eastern Alaska. Since acquiring the property in 2008, Texas-based Contango ORE has identified a number of precious and base metal targets across the 750,000-acre...
Initial results from the 2015 drill program at the Tetlin project in eastern Alaska near Tok is providing some insight into why Royal Gold Inc. was eager to invest US$4 million to fund a second phase of drilling before winter sets in at the Interior Alaska project. Peak Gold - the limited liability joint venture company that Royal Gold joined earlier this year to follow up on the exploration success that Contango ORE Inc. had at Tetlin - completed 7,162 meters of core... Full story
By the time this summary reaches your eyes, termination dust (aka "snow") will have started to cover mineral projects across Alaska. At a recent project site visit, one of the project owner's representatives was listening to local Alaskans talk about not being ready for winter, how many things planned for the summer remained un-done, etc. After some cogitation on this, he asked me "Does everyone in Alaska get surprised by winter every year?" My response was simple: When you... Full story
If another US$4 million investment by Royal Gold Inc. is any indication, drilling so far this season at the Tetlin gold property in Interior Alaska is a success. In January, Royal Gold and Contango Ore Inc. finalized an agreement that affords the Denver-based royalty company an opportunity to earn as much as a 40 percent joint venture interest in Contango's Tetlin project by investing up to US$30 million on the unique and promising gold properties near the crossroads town of...
Mining is a notoriously cyclical business that generally ebbs and flows with the overall state of the global economy, and these cycles are amplified for junior mining companies charged with scouring the globe for the next generation of mines. Following a bull market that reached a crescendo at the end of 2010, the current bear market has been especially deep and painful for even seasoned mining sector veterans. "This has been a particularly treacherous bear market," longtime...
Royal Gold Inc. July 23 provided an operational update for its streaming and royalty interests at Mount Milligan, Phoenix and Voisey's Bay, as well as an update on exploration at the Peak Gold Joint Venture. Royal Gold estimates spending for Peak Gold, a joint venture with Contango Ore Inc. to explore the Tetlin gold-copper project in Alaska, to be around US$2 million for the quarter ending June 30. A total of US$5 million is planned for an initial phase of 2015 exploration at...
I recently returned from the Geological Society of Nevada's once-every-five-years Symposium in Reno and was surprised to learn a number of things regarding Alaska, despite the symposium's tight focus on the Great Basin of the western United States. First off, mineral exploration guru Brent Cook presented information suggesting we have reached and are "bumping along" the bottom of the current metals market slump. Reminded me of an overloaded fixed-wing aircraft bumping down the...
