In a press release put out by the company, Sanu Gold Corp. (SANU:CSE; SNGCF:OTCQB) announced that it has new sample results from its primary project, Bantabaye, in Guinea. According to Sanu, the company's project is located in the Siguiri Basin in mining-friendly Guinea
The highlights of the company's report include an average of 1.1 grams per ton (g/t) gold (Au) over 43 m, including 4.2 g/t Au over 6m from channeling on Target 7. According to the company, the channel sampling has shown evidence of "sheared and hydrothermally altered felsic volcanics and returned gold mineralization over its entire 43m length, with individual samples returning up to 13.5 g/t over 1m." The press release also stated that "rock chip samples from Target 7 returned grades of up to 25.2 g/t Au."
Gwen Preston remarked that Pawlitschek has "a fair bit of experience in West Africa" and went on to say that the company is looking to accomplish 25,000m of drilling based on previously collected data and that they "needed to get a better sense of where the needles are in these very nice looking haystacks.
The company has put a lot of focus on its flagship Bantabaye project, which the press release revealed has good grades of gold mineralization. According to the press release, out of 43 samples, 13 returned grades over 1.0 g/t of Au. The company stated that one such sample revealed 13.5 g/t Au.
The CEO of Sanu Gold, Martin Pawlitschek, stated that "Initial drilling at Bantabaye earlier this year was successful in intersecting broad zones of near-surface gold mineralization in three of the four target areas tested . . . The results announced today are extremely encouraging and point to the potential of this extensive, structurally hosted, gold mineralized corridor."
Gold on the Rise
According to Stockhead, gold may be looking at a bullish market for the rest of the year. Stockhead reports that in August, gold prices neared the record-breaking US$2000 per ounce that appeared earlier this year in April.
According to Jake Klein of Evolution Mining, "I spoke about the correlation between the U.S. debt and the gold price, which over a 50-year period has proven very strong and with the amount of spending that's happening in the Inflation Reduction Act, with that level of inflation, U.S. debt is going higher."
Very Nice Looking Haystacks
Gwen Preston spoke to Mark Pawlitschek, the CEO of Sanu Gold, at the Metals Investor Forum in Toronto. Preston remarked that Pawlitschek has "a fair bit of experience in West Africa" and went on to say that the company is looking to accomplish 25,000m of drilling based on previously collected data and that they "needed to get a better sense of where the needles are in these very nice looking haystacks."
Sanu Gold reports that it has several catalysts on the horizon, including drilling at Bantabaye and Daina and a second tranche of ownership on Bantabaye, Daina, and Diguifara, where the company expects to increase its ownership of each permit from 51% to 75% in the third quarter of 2023.
Ownership and Share Structure
Streetwise Ownership Overview*
Reuters has provided a breakdown of the company's ownership and share structure. Management and insiders own 16.94%. According to Reuters, Fatou Sylla Gueye owns 7.34% with 5.10 million shares, Martin Joachim Pawlitschek owns 4.19% with 2.91 million shares, Vince Sorace owns 3.60% with 2.50 million shares, Galen Stuart McNamara owns 0.97% with 0.68 million shares, Gavin Cooper owns 0.58% with 0.40 million shares, and Fiona C. Childe owns 0.26% with 0.18 million shares.
According to Reuters, institutional investors hold 6.77%. Commodity Capital AG owns 3.77% with 2.62 million shares, US Global Investors, Inc. owns 1.85% with 1.29 million shares, and Palos Management Inc. owns 1.15% with 0.80 million shares.
The company does not report any strategic investors, and the rest is with retail.
The company reports that it has CA$2.3 million in the bank, as of March 31, 2023, with a burn rate of CA$150,000, and an average monthly drilling cost of US$120 per meter.
Reuters reports that there are 69.45 million shares outstanding, with 57.69 million free-float traded shares. According to Reuters, the company has a market cap of CA$4.17 million, and it trades in the 52-week period between CA$0.06 and CA$0.46.
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- Sanu Gold Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
- Amanda Duvall wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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