NGEx Resources (T.NGQ) was busy last month, reporting that mapping and sampling efforts had identified drill targets for work this fall at its 100%-owned Colmillos and Andrea projects in north-central Chile. Then it announced discovery of high-grade copper, lead, and zinc on surface at its 100%-owned Reneville and Kingouala sites in the Republic of Congo (not to be confused with the Democratic Republic of the Congo). Also, NGEx sold its subsidiary Sanu Resources to Indigo Exploration for $65,000 and three million shares, apparently opting to “go home” having seen little potential to “go big.”
Denison Mines (T.DML; NYSE:DNN) discovered two new mineralized zones at the northeast and southwest edges of the Phoenix trend. The highest-grade hole hit 9.65% U3O8 over 0.8 meters, and both zones are open along strike.
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Red Back Mining (T.RBI) announced that ongoing leach pad failures will continue to affect production at Tasiast. Management is replacing pipes to remedy the problem (expected completion by the fourth quarter), but gold production will drop by 15% this year. As a result, revised annual company-wide gold production is forecast at 445,000 to 465,000 ounces, 9% below original projections.
Meanwhile, underground reserves at Chirano have increased to two million ounces of gold, with production to increase significantly in the third and fourth quarters when optimum operation is reached.