"A Grand-Scale Money Printing Jubilee"
We have lots of exploration news to cover today as we begin the week as we count down to the FOMC meeting in a few days and fresh optimism for precious metal bulls and mining investors.
Welcome to Mining Stock Daily.
Today is Monday, October 28th.
This is Trevor Hall and I welcome you to today’s briefing.
The price of gold on Friday shot up over its 50 day moving average as it becomes increasingly clear that the Fed will join Central Banks globally in a grand-scale money printing jubilee. At one point the December gold futures contract traded as high as $1521 before retreating back to close out the week at $1506. The Mining Stock Journal said that starting Friday late morning after the PM London fix, when the Comex paper market is the last to close before the weekend, 90% of the time the prices of gold and silver are taken lower. Silver managed to close above its 50 day moving average. Both precious metals are set-up technically with the potential for a big move going into the holiday season, with silver looking particularly bullish as the gold/silver ratio has consistently moved lower since early October.
Today's episode of Mining Stock Daily 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 10 billion pounds of copper and 18 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.
Here’s what you need to know today out of the junior resource sector.
Premier Gold announced this morning that commercial production at the El Niño underground mine in the Carlin Trend of Nevada has commenced . The announcement came ahead of schedule. The ore is being processed through the Goldstrike facility 8 km to the south of the project. The company also shared new step-out definition drilling results and included 20.6 g/t gold over 24.4 meters and 10.09 g/t gold over 32 meters. El Niño is part of the company’s 40%-owned South Arturo Property, a joint venture between Premier and its partners Newmont-Goldcorp and Barrick Gold Exploration. Premier Gold trades on the TSX with the symbol PG and on the OTC markets with PIRGF. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1309-tsx/pg/68850-premier-provides-south-arturo-mine-update-declares-commercial-production.html
McEwen Mining says a new high-grade occurence of gold mineralization has been found on its Stock Property which is part of the Black Fox Complex near Timmins, Ontario. Drilling results shared today included 6.7 g/t gold over 39 meters and 5.6 g/t gold over 30 meters. Four surface drill rigs are actively drilling at Stock West which is located close to the company’s mill and the underground workings of the historic Stock Mine. McEwen Mining trades on the TSX and the NYSE with the symbol MUX. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/951-tsx/mux/68851-mcewen-mining-stock-property-continues-to-impress.html
Trilogy Metals shared the second and final set of assay results from the summer’s exploration diamond drilling program at the Bornite Project in the Ambler mining district of Alaska. 6 holes in total were reported this morning with 2 of those holes encountering multiple mineralized intervals, including 2.35% copper over 78.9 meters at a .5% copper cutoff grade. The drilling program in 2019 had a budget of $9.2 million for Bornite and was funded entirely by South32. Trilogy Metals trades on the TSX and the NYSE with the symbol TMQ. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1358-tsx/tmq/68854-trilogy-metals-reports-high-grade-drilling-results-at-the-bornite-project.html
Barrian Mining announced the results form a third drill hole form the recently completed reverse circulation drilling program at the Bolo gold-silver Project in Nevada. The result reported was 3.34 g/t oxide gold over 29 meters. This intercept was part of a broader envelope of mineralization averaging 1.37 g/t gold over 84 meters. The company says these intercepts expand the footprint of gold mineralization approximately 35 meters bertically below the previous drilling. Barrian trades on the TSX Venture with BARI and on the OTC markets with the symbol BARRF. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2695-tsx-venture/bari/68848-barrian-mining-drills-one-of-the-highest-grade-gold-intercepts-to-date-at-bolo-with-29-metres-of-3-34-g-t-gold-oxide-within-a-broader-intercept-of-84-metres-of-1-37-g-t-oxide-from-surface.html
And Cardinal Resources shared their results of a full Feasibility Study for the Namdini Gold Project in Ghana. The technical report highlights a 5.1 million ounce ore reserve producing 421,000 oz of gold in the first year of full production of a 15 year mine life. The report declares a US $1.46 billion undiscounted-pre-tax free cashflow forecast at a $1350 gold price. The All in Sustaining Cost over the life of the mine is set at $895 per ounce. To read the full list of results from this study, I recommend referring to the news release on the Junior Mining Network newsroom. Cardinal Resources trades on the TSX and the ASX with the symbol CDV. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2145-tsx/cdv/68863-feasibility-study-confirms-cardinal-s-namdini-as-a-tier-one-gold-project.html
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