Metals are Smashed; Amex Exploration Makes a New VMS Discovery
Welcome to Mining Stock Daily. I am Trevor Hall.
Today is Monday August 9th.
On Friday gold was pounded for about $35 down to the low $1,760's at the exact moment that Friday's employment report headlines hit the newswires. The common rationale is that the higher than expected number of new jobs in July would hasten the Fed's decision to raise rates. Then on Sunday evening, right as the CME's Globex digital trading system opened, an an avalanche of digital paper gold flooded the system, driving gold down to as low as $1,680. As this is being written, December basis gold has bounced back up to $1740, down about $25 from Friday's settlement. The Mining Stock Journal said that the Friday/Sunday evening one, two paper gold punch was one of the most blatant price manipulation operations that it has seen in 20 years of trading the precious metals sector. Any entity looking to sell a big position in Comex gold contracts would not flood the market on Sunday evening when Globex opens, as this is one of the most illiquid time periods when the futures markets are open. As such, the price plunge has the stench of a price manipulation effort from the Fed and other western Central Banks. The Mining Stock Journal firmly believes that the Fed has no intention whatsoever of raising interest rates or tapering its QE program and recommends that investors with cash to put work in the sector should treat this price drop in the metals as an early Christmas gift.
We’ll get to the news out of the miners and explorers in a moment, but first a quick mention of today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Western Copper and Gold.
Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 11 billion pounds of copper and 21 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.
And here’s what you need to know this morning.
Amex Exploration announced the discovery of a copper rich Volcanic Massive Sulphide zone on its 100% owned Perron property located in the Abitibi region of Northern Québec. At the beginning of 2021, while continuing its definition and expansion drilling on orogenic gold targets, mainly on the Eastern Gold Zone (EGZ), Amex launched a small drill program to test the base metal potential of the Perron Property given its proximity to the historic Normétal Mine that produced 10.1 Mt @ 2.15% Cu, 5.12% Zn, 0.55 g/t Au and 45.25 g/t Ag. The mineralization of the Amex discovery hole is similar to that of Normetal Mine. Drill Hole PEX-21-076, intersected a disseminated, semi-massive- to massive- sulphide zone that returned 2.40% Cu, 0.72% Zn, 0.27 g/t Au and 22.15 g/t Ag over 7.80 m. The follow-up hole also intersected this same disseminated- to massive- sulphide mineralization of similar thickness and visually as rich in copper, at approximately 70 metres deeper. This confirms the continuity of this mineralized system in terms of thickness and metal content and introduce the new discovery zone named the QF Zone. The Company is awaiting assay results on this follow-up hole and is preparing to expand upon the discovery with additional drilling. Amex Exploration trades on the TSX Venture with AMX and on the OTCQX with AMXEF. News Release
Ascot Resources reported additional results in step-out and exploration drillholes from the ongoing 25,000m drill program at the Company’s Premier Gold Project. Highlights of this morning’s results of ten drillholes included 21.13 g/t Au, 110.61 g/t Ag, 2.76% Pb, and >17.14% Zn over 7.00m, 13.18 g/t Au and 84.50 g/t Ag over 4.00m, and 13.15 g/t Au and 42.60 g/t Ag over 1.00m. Assays are pending from an additional ten holes drilled in this area testing the 430m wide gap area between recently discovered mineralization and current resources. Most holes appear to have been drilled perpendicular to the interpreted strike, and as such, true widths are anticipated to be 70–90% of reported intervals. Ascot trades on the TSX with AOT and on the OTCQX with AOTVF. News Release
Talisker Resources shared the results of one hole this morning from its flagship Bralorne Project in British Columbia. The result reported was 1.02 g/t gold over 114 meters. Hole 2021-040 extends mineralization 140m down plunge from previously released hole SB-2021-026 which intercepted 1.17 g/t Au over 106.75m. Stepouts 200m along strike to the north-west and south-east have been completed with results pending. Talisker trades on the TSX Venture with TSK and on the OTCQX with TSKFF. News Release
AbraSilver reported significant drill results received from the initial three diamond drill holes of the Company’s ongoing Phase II drill program, on its wholly-owned Diablillos property in Salta Province, Argentina. All three initial holes of the Phase II program reported broad gold intercepts demonstrating extension of substantial mineralisation for hundreds of metres beyond the Whittle Pit boundary. Results today included 53m at 2.9 g/t AuEq, with an interval of 14m at 5.5 g/t AuEq, within oxide mineralisation in the Northeast Gold Zone where ongoing drilling continues to extend the deposit. AbraSilver trades on the TSX Venture with ABRA and on the OTC with ABBRF. News Release
Kingfisher Metals provided an update on diamond drilling and regional exploration at the Goldrange Project as the Company awaits analytical results. Diamond drilling is testing the Cloud Drifter Trend which is defined by a 3 km long gold-in-soil anomaly including 50 samples over 1 g/t Au and rock samples grading up to 128.9 g/t Au. Outside of the Cloud Drifter Trend, regional exploration consisting of rock, stream, and soil sampling is being completed across the 367 km2 project. To date, 4 drill holes have been completed totalling 1,258 m. Drilling has encountered widespread zones of quartz-carbonate-sulfide veins, quartz-carbonate-sulfide breccias, and disseminated sulfides within all drill holes completed to date. Kingfisher trades on the TSX Venture with KFR. News Release
Ethos Gold shared results from early exploration work on their Toogood property in New World Island of Newfoundland. Sub-crop grab samples have returned 7,877, 1,276, 1,113, and 226 g/t Au. The grab samples are angular, loose, weathered, palm sized quartz vein material in an area of thin cover. Initial mapping and prospecting suggest mineralization may be locally associated with quartz veins that occur along NNE trending faults within sedimentary host rocks. Localised outcrop stripping, trenching, soil sampling will follow up the high-grade sampling, in addition to continued prospecting and mapping property wide. Ethos trades on the TSX Venture with ECC and on the OTCQB with ETHOF. News Release
That’s it for the news briefing this morning. We have a couple of great interviews coming your way later today.
The Mining Stock Daily morning briefing is produced by Clear Creek Digital and Investment Research Dynamic’s Mining Stock Journal. It is distributed throughout the world through your podcast network of choice, and by our friends at the Junior Mining Network.
The information presented should not be considered investment advice. Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.