Project of the Week: Yearly Round Up

16th December 2020

As it comes to the end of the year we are all reflecting on 2020. Despite the year behind us Spotlight has seen some great companies with great projects pass through our zoom calendar so instead of bringing a new one for you, this week I’ll be rounding up some of my favourites from this year’s Project of the Week series. In the spirit of looking forward to a new year, I’ll also be updating on their progress and what we can expect in 2021.

We will begin in Sweden, with District Metals’ Tomtebo Project. The 5,144ha are is prospective for gold, silver, copper, lead, and zinc all wrapped up in a structurally controlled VMS package. Thanks to a wealth of historic data, in a short time District have been able to systematically explore and develop an understanding of the area’s geology. Drilling is set to begin in Q1 of 2021, making Tomtebo an impressively accelerated project in a highly ranked mining jurisdiction with great infrastructure. My favourite aspect of Tomtebo is the fantastic hand samples (Figure 1) and drill core taken so far which show some cracking examples of pervasive sulphide mineralisation. District have been plenty busy since we spoke to them and have reported geophysical results with anomaly identification, historic drill results, sample assays, 3D modelling and the commencement of a gravity survey. All results are being used to further delineate drill targets, ensuring the most effective work is done beginning next year.

Figure 1. Hand samples from the well mineralised Tomtebo property in Bergslagen, Sweden.

To warmer climes further south now at Cora Gold’s Sanankoro Gold Project in Mali. This is a similarly fast-paced project which will experience an aggressive exploration to development plan for the next year or so. Sanankoro has inferred resources of 233,000 oz (4.5Mt) of gold oxide at 1.6 g/t Au and 32,000 oz of sulphide-contained gold at 1.8 g/t Au across 4 open-pit resource areas. 2021 will see intense resource expansion drilling to facilitate an upgraded Resource Estimate. An ESIA and Feasibility Study are also expected. Critically, the upside potential of the resources has been confirmed by SRK’s 1-2Moz exploration target assessment which the team are very much working to realise. My favourite aspect of this project is their solid financial standing which will set them in good stead to develop quickly. Having only commenced drilling just over a month ago, we are yet to see any results from Sanankoro.

Figure 2. The experienced Cora Gold geology team on the ground at Sanankoro in Mali.

For commodity continuity I’ll talk about Cabral Gold’s Cuiú Cuiú Project next. Located in Tapajós, Brazil, the district-scale property is simply flowing with gold (Figure 3). Two deposits are currently defined totalling ~1Moz Au and multiple high-grade targets have been identified. The current drill program is only part way done and is already proving upside potential with newly discovered high-grade targets, veins, and promising results from ongoing surface sampling. The excitement of Cuiú Cuiú for me is the nature of the exploration - systematic and effective. With increasing confidence in the nature of the structural controls on mineralisation, Cabral are using regional magnetics to maintain a long list of priority ranked areas for exploration based on the inferred structures. This gives them a lot of work to do, but critically the abundance of targets on the property equates to an abundance of opportunities for discovery, and therefore to create value.

Figure 3. Gold nuggets panned on the Cuiú Cuiú project.

Excellon Resources’ Silver City Project in Saxony, Germany, is another of my absolute favourites from this year, for more than one reason. The area is prospective for epithermal silver mineralisation, and the area is appearing to be a pretty classic case of this mineralised environment. Firstly, and admittedly this is a bit nerdy, I really enjoyed learning about a mining history and jurisdiction I had never really given much thought before. Secondly, the success of their 2020 drill program has proved, even before the return of assay results, that Excellon are more than justified in continuing exploration of Silver City in 2021. This was the case when we spoke to them a few weeks ago, and since then they have announced sterling high-grade intercepts from three targets including:

  • 45m @ 1,042g/t AgEq within 2.3m @ 231 g/t AgEq
  • 71m @505g/t AgEq
  • 35m @ 319g/t AgEq

Of the 14 holes (total 3,299m), 13 intersected targeted structures. Some assay results are still pending, but things are certainly looking promising for the small portion of their 164km2 license area that has been explored.

Back across the pond in Chihuahua State, Mexico, Mammoth Resources have laid a thorough ground work for a substantial drill program in early 2021 at their Tenoriba gold-silver property. Using a fair amount of (recent) historical data and their own sampling, mapping, and drilling they have commenced development of a 3D model of mineralisation. The model will provide the framework for selecting drill targets for a program that will test up to 7,500m of the subsurface. Evidence in outcrop and artisanal mine workings (Figure 4a) as well as panned gold nuggets (Figure 4b) are all strongly indicative of a robustly mineralised system. It is still early days for Tenoriba but once their 2021 drill program is completed we will be able to see the wood for the trees and hopefully start to realise the true potential of the project.

Figure 4a. Artisanal mine adits at Tenoriba.
Figure 4b. Gold nuggets panned at Mammoth’s Tenoriba Property.

Staying in Mexico, I bring you to the final of my favourite projects; Vangold Mining’s El Pinguico, located near Guanajuato. The project is located in a historic silver mining district and is being explored for high-grade epithermal gold-silver bearing veins. A key advantage for VanGold in exploring El Pinguico has been the access to underground historic mine shafts. The clearing and channel sampling of which has been the focus of their on-the-ground work in 2020. Underground drilling is hoping to commence before the end of the year, and the program is primarily designed to characterise mineralisation and improve the current geological model. It is thought currently that El Pinguico lies in proximity to or potentially over the regionally significant and well-endowed Veta Madre (Mother Vein) along which lies several producing mines (Figure 5). Channel sample results of 47m @ 256 g/t Ag and 1.7 g/t Au and 37m @ 66 g/t Ag and 0.83 g/t Au (weighted averages) speak to the robustness of mineralisation and potential for defined discovery with continued work.

Figure 5. Map showing the location of VanGold’s El Pinguico (red) and the Veta Madre (pink) and producing locations in various colours.

I haven’t re-visited all of our Project of the Week features here, but they are all linked for you below to discover if you haven’t already. It’s a good time to scope out some new investment opportunities as assays are a-waitin and results a-ringing.

Thank you to all the companies that took part in this year’s series, we all look forward to watching your progression with your great projects. Wishing everyone a nice festive period (If you celebrate!) and a happy New Year.


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Esme Whitehouse View posts by Esme Whitehouse

BSc Geology at the University of Brighton and MSc Exploration Geology at Camborne School of Mines. Now working as a junior geologist alongside in West Africa with Origin Exploration.