20 Oct 2014resource reserve update● Neutral
Announced the filing of the updated economic assessment technical report on SEDAR, restating the findings released on 3 September.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Oct 2014resource reserve update● Neutral
Filed the technical report for the September economic update, dated 9 October 2014.
3 Sept 2014resource reserve update▲ GoodMajor
Reworked economics on the same resource model cut initial capital 19% to US$399 million and lifted the after-tax net present value to US$515 million with a 28% return and 2.5-year payback, mostly by remodelling the waste rock and conveying ore to the mill. A smaller alternative starts at 7,000 tonnes a day for US$244 million and expands to 30,000 by year six out of cash flow - the first sign the company is designing around what it can actually finance.
14 Aug 2014drilling result▲ GoodMajor
TU-14-438, drilled just outside the study's pit outline, returned 32.00 metres at 2.22 g/t gold and 5.4 g/t silver including 15.00 metres at 4.43 g/t - high-grade volcanic-hosted gold immediately beside the deposit. A second hole southeast of the deposit gave 27.00 metres at 0.45 g/t gold, also outside the pit.
1 Aug 2014capital raising announcement● Neutral
Closed the $6.0 million placement at $1.50 a unit, with Secutor Capital taking $107,400 and 48,000 warrants as finder. Chairman Duane Poliquin, directors Joseph Montgomery and Barry Smee, and 10%-plus holder Ernesto Echavarria took a combined 465,299 units, a related-party participation exempt from valuation and minority approval because it stayed under a quarter of market capitalisation.
18 July 2014capital raising announcement● Neutral
Launched a non-brokered placement of up to 4,000,000 units at $1.50, each with half a warrant exercisable at $2.00 for a year, to fund engineering studies and exploration. The price is up from the $1.25 raise of July 2013.
What it means for a shareholder
4.0m new shares at C$1.50 to raise about C$6.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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9 July 2014drilling result▲ Good
Infill drilling is complete, closing out the conversion programme that began in September 2013; the last holes gave 62.00 metres at 0.96 g/t gold and 76.4 g/t silver. Drilling now turns to exploring the wider Tuligtic concession.
2 June 2014resource reserve update● Neutral
Filed the full technical report behind April's economic study on SEDAR.
17 Apr 2014resource reserve update▲ GoodMajor
First economic study for Ixtaca: after-tax net present value of US$437 million at a 5% discount and a 22% return, on pre-production capital of US$496 million, a 12.1-year life at 30,000 tonnes a day and average output of 130,000 ounces of gold and 7.8 million ounces of silver a year. Payback is four years and 16% of the mine plan is still inferred material, so the capital number is the number to watch.
1 Apr 2014drilling progress report● Neutral
Economic study for Ixtaca under way with Knight Piesold and Moose Mountain, with one rig collecting geotechnical and rock-strength data rather than looking for ore. Environmental baseline studies and more advanced metallurgy also started - the first work in the record aimed at permitting rather than at finding metal.
7 Mar 2014resource reserve update● Neutral
Filed the technical report supporting the January 2014 resource update, prepared by APEX Geoscience and Giroux Consultants.
23 Jan 2014resource reserve update▲ GoodMajor
Updated resource, published a day after the last infill assays: 30.44 million tonnes measured at 1.38 g/t gold-equivalent (1,351,000 ounces), 62.61 million tonnes indicated at 1.08 g/t (2,182,000 ounces) and 22.70 million tonnes inferred (717,000 ounces). Against the January 2013 estimate the confident categories went from 2.02 to 3.53 million ounces while inferred fell from 1.55 to 0.72 million - the year of infill drilling did what it was meant to do.
22 Jan 2014drilling result▲ Good
Last of the infill assays before the resource update: TU-13-373 returned 92.50 metres at 1.48 g/t gold and 91.1 g/t silver, including 12.00 metres at 2.82 g/t gold and 156.9 g/t silver.
16 Jan 2014drilling result▲ GoodMajor
The infill programme finished in December 2013; these are its results. TU-13-386 returned 81.07 metres at 1.38 g/t gold and 90.6 g/t silver including 12.60 metres at 3.76 g/t gold and 300.6 g/t silver, and TU-13-383 gave 100.89 metres at 1.53 g/t gold.
16 Dec 2013drilling result▲ Good
Northern zone infill returned 38.70 metres at 1.58 g/t gold and 36.6 g/t silver, headlined as 17.75 metres at 2.62 g/t gold and 91.1 g/t silver.
12 Dec 2013drilling result▲ GoodMajor
TU-13-349 gave 97.00 metres at 1.60 g/t gold and 115.4 g/t silver, including 43.50 metres at 3.16 g/t gold and 235.4 g/t silver.
29 Nov 2013drilling result▲ GoodMajor
TU-13-354 returned 101.00 metres at 1.92 g/t gold and 113.2 g/t silver in the main zone - a wide intercept at grades usually seen only in narrow cores.
19 Nov 2013drilling result▲ Good
Infill in the main and northern zones returned 30.90 metres at 3.38 g/t gold and 230.8 g/t silver, with a 2.00-metre interval at 3.71 g/t gold and 571.0 g/t silver.
14 Nov 2013drilling result▲ Good
Chemalaco infill returned 98.40 metres at 0.65 g/t gold and 15.0 g/t silver, and TU-13-342 gave 74.50 metres at 0.58 g/t gold including 15.25 metres at 1.28 g/t.
13 Nov 2013drilling result▲ Good
Volcanic-hosted mineralisation at the eastern end of the deposit gave 35.00 metres at 0.87 g/t gold and 12.8 g/t silver - low grade beside the vein intercepts, but it adds tonnes. With four rigs running, the company set out its plan to update the resource in early 2014 as the basis for an economic study.
28 Oct 2013drilling result▲ Good
More Chemalaco infill: 30.50 metres at 1.55 g/t gold and 69.8 g/t silver.
21 Oct 2013drilling result▲ Good
Infill drilling in Ixtaca North, now with three of four rigs on conversion work, returned 12.40 metres at 3.52 g/t gold and 122.4 g/t silver.
30 Sept 2013drilling result▲ Good
Infill drilling confirmed continuity in the Chemalaco zone with 41.65 metres at 3.25 g/t gold and 28.4 g/t silver.
24 Sept 2013drilling result▲ GoodMajor
Started converting inferred ounces into measured and indicated: two of three rigs switched to infill drilling, with the third still stepping out. The first infill holes returned 18.25 metres at 5.68 g/t gold and 923.8 g/t silver in the northern branch of the main high-grade zone.
18 Sept 2013drilling result▲ GoodMajor
Traced the high-grade volcanic-hosted zone found in November 2012 about 20 metres further east, hitting 82.00 metres at 2.62 g/t gold and 12.3 g/t silver. Modest step-outs, but the zone the maiden resource excluded keeps holding grade.
9 Sept 2013drilling result▲ Good
Chemalaco returned 25.50 metres at 0.66 g/t gold and 102.3 g/t silver, including 2.08 metres at 4.35 g/t gold and 975.0 g/t silver. Headline gold-equivalent grade of 4.4 g/t over 33.78 metres.
26 July 2013drilling result▲ Good
Nine holes around Chemalaco and the eastern volcaniclastics, the best being 21.50 metres at gold-equivalent grade of 2.2 g/t, with TU-13-265 at 43.40 metres of 0.50 g/t gold including 6.60 metres at 2.15 g/t.
18 July 2013capital raising announcement● NeutralMajor
Raised $5.47 million by placing 4,376,000 units at $1.25 with a small group of Mexico-focused strategic investors, each unit carrying a warrant exercisable at $1.50 to January 2015 and $1.80 thereafter; finders took $232,500 and 186,000 warrants. The first equity raise in the cached record, six months after the maiden resource.
What it means for a shareholder
4.4m new shares at C$1.25 to raise about C$5.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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20 June 2013asset acquisition disposition● Neutral
Signed the definitive sale and purchase agreement with Tarsis Resources for the six projects covered by March's letter of intent, with Almaden, its Mexican subsidiary Minera Gavilan and Almaden America as vendors. Consideration remains Tarsis shares plus retained royalties rather than cash.
10 May 2013drilling result▲ Good
Found a new vein zone east of and parallel to Chemalaco, and hit 8.25 metres at gold-equivalent grade of 4.1 g/t. TU-13-256, in a target called the Western Anticline, gave 32.50 metres at 1.05 g/t gold and 24.8 g/t silver. Drilling this year is aimed at ground next to the existing resource rather than distant targets.