Lumina Gold's Updated Mineral Resource Estimate in Ecuador; Trilogy Drilling Results at Sunshine Prospect in Alaska
Before we get started this morning, I wanted to quickly mention that during the day yesterday we published two corporate updates I think you will want to listen to. We caught up with the CEO from Cartier Resources to chat about their resource estimate at Chimo and also Fireweed Zinc CEO Brandon Macdonald to provide some commentary on the Boundary Zone drilling results which were published this week. So be sure to tune into those conversations. Now, lets get started.
Welcome to Mining Stock Daily.
Today is Thursday, November 7th.
This is Trevor Hall and I welcome you to today’s briefing.
The price of gold on Wednesday bounced sharply from Tuesday’s aggressive price attack. The yellow dog traded as high at $1496, futures basis, before settling around $1492. Silver was demolished 20 cents early Wednesday morning before snapping back sharply to settle with an 8 cent gain. The Mining Stock Journal said that it could not find any specific news or events that triggered the rebound in gold. But the mining stock newsletter noted that Comex paper gold open interest hit another record high on Monday plus there was an unusually high volume of privately negotiated and exchange for physical transactions on the Comex, which reflects the excessive force with which the price management team on the COmex is implementing in an attempt the contain both gold and silver.
This episode of Mining Stock Dailly is brought to you by Pacific Empire Minerals.
Pacific Empire Minerals Corp. is a junior exploration company focused on the discovery of gold-rich copper deposits in British Columbia, Canada. Pacific Empire trades on the TSX Venture Exchange under the symbol PEMC and on the OTCQB markets under the symbol PEMSF. The Company currently has a very tight share structure. Pacific Empires’ unique approach to the prospect generator business model incorporates the Company’s own reverse circulation drill to advance projects beyond that of typical prospect generators. More information on Pacific Empire can be found at pemcorp.ca.
And here’s what you need to know today out of the junior sector.
Lumina Gold announced an updated mineral resource estimate for the c ompany’s Cangrejos Gold-Copper project in southern Ecuador. Lumina says they have converted and added 8.9 million ounces of contained gold and 1.2 billion pounds of contained copper to the indicated mineral resource while adding another 3.5 million ounces contained gold and 466 million pounds of contained copper to the inferred mineral resource. These conversions were for the Cangrejos Deposit alone. At the Gran Bestia Deposit, the company Added 1.5 million ounces of contained gold to the indicated mineral resource and 2.7 million ounces of contained gold to the inferred mineral resource at the Project. These numbers were calculated using a base case cut-off grade of .3 g/t gold equivalent. Lumina Gold trades on the TSX Venture with LUM and on the OTC markets with LMGDF. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1212-tsx-venture/lum/69399-lumina-gold-dramatically-increases-the-cangrejos-resource-10-4-million-ounces-gold-in-indicated-mineral-resource-and-6-3-million-ounces-gold-in-inferred-mineral-resource.html
Oceana Gold said they have intersected more high-grade gold and silver mineralizationd uring it resource definition drilling along the East Graben vein at the company’s WkP prospect in New Zealand. Highlights from today’s results include 38.7 g/t gold and 64.5 g/t silver over 25.4 meters. President and CEO Mick Wilkes described the WKP prospect as a game-changing discovery for the company. A preliminary economic study on WKP is expected to be completed in the first half of 2020. OceanaGold trades on the TSX and the ASX with the symbol OGC. It is also traded on the OTC markets in the US with the symbol OCANF. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/712-tsx/ogc/69393-oceanagold-intersects-additional-significant-high-grade-gold-and-silver-mineralisation-at-wkp-in-new-zealand.html
Trilogy Metals shared their second and final set of assay results from the eploraitn diamond drilling program at the Sunshine prospect, which is part of the company’s Upper Kobuk Mineral Projects located in the Ambler mining district of Alaska. Results included 3.93% copper equivalent within 5.2 meters, 5.77% copper equivalent over 4.9 meters and 6.1% copper equivalent over 9.7 meters. You can read the full list of results from the 5 drill holes reported this morning on the news release. All numbers were based on a 1.5% copper equivalent cut-off grade. Trilogy trades on the TSX and the NYSE with the symbol TMQ. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1358-tsx/tmq/69394-trilogy-metals-reports-drilling-results-from-the-sunshine-prospect.html
And Barrian Mining shared results from reverse circulation drilling at the Bolo Gold-silver project in Nevada. The companys says hole 3, located in the South Mine Fault Zone, intersected 2.37 g/t gold over 12.2 meters within a broader envelope of mineralization averaging .81 g/t gold over 65.5 meters. Barrian says these intercepts expand gold mineralization approximately 40 to 50 meters vertically below the previous drilling and indicates gold mineralization remains open below 150 meters vertical depth. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2695-tsx-venture/bari/69391-barrian-mining-drills-12-2-metres-of-2-37-g-t-gold-oxide-at-south-mine-fault-zone-and-extends-mineralization-at-depth.html
Precipitate Gold announced that is closed an equity financing which raised just over US$1 million. The Company is issuing 10.17 million units consisting of one common share at 10 cents (US$) and a warrant to purchase one half of one common share. The warrant is excercisable at 15 cents. PRG has delineated and prioritized eight target areas. The proceeds will be used to begin drilling these areas. The Mining Stock Journal commented that, based on the pricing of the deal and the price structure of the warrants, that the financing was significantly oversubscribed.
And just a quick note on earnings. Wesdome, Osisko Gold Royalties, IAMGOLD, Pan American Silver, Kinross, Hecla, Kirkland Lake, Royal Gold and First Majestic Silver have all reported Q3 earnings within the last 24 hours or so. You can find the news releases accompanying all those results on the Junior Mining Network.
And that’s it for today on Mining Stock Daily. Please be sure to take a quick moment to subscribe to this podcast if you have not already. And while doing so, feel free to leave a review. I greatly appreciate your feedback. As we approach the end of the year, I’ll be focusing on new ways to improve the show. So your feedback if very important to us.
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