VANCOUVER (miningweekly.com) – Canadian gold streaming and royalty firm Sandstorm Gold has reported a 1.6% year-on-year improvement in attributable gold-equivalent ounces sold during the second quarter ended June 30.
TSX- and NYSE MKT-listed Sandstorm, which provides upfront financing to gold mining companies that are looking for capital and, in return, receives the right to a percentage of the gold produced from a mine over the life of the mine, reported 12 700 oz of gold equivalent, up from the 12 500 oz of gold-equivalent sold reported in the comparable period of 2016.
On the heels of closing its $175-million acquisition of Australian gold explorer Mariana Resources, giving it control of the Turkey-based Hot Maden project, Sandstorm also reported the latest results from two drill holes on the high-grade deposit.
Sandstorm advised that Hole HTD-111 – a step-out core hole drilled along the southwest side of the Southern zone – intercepted 26 m grading 4.4 g/t gold and 0.57% copper. Hole-128 – an infill core hole drilled within the Main zone – returned 105.5 m grading 17.4 g/t gold and 2.34% copper.
The company advised that, as of Monday, drilling since the start of the year stood at 14 286 m completed in 40 holes, with three further holes in progress.
Sandstorm has acquired a portfolio of 160 streams and royalties, of which 20 of the underlying mines are producing.