A New LP Fault Record for Great Bear Resources
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Monday June 8th
Gold and silver continued their price pullback on Friday with a very heavy dose of help from the bullion bank-led price management team. Gold was plunged below its 50 day moving average at $1709 on Friday as silver was helped lower and toward its 200 day moving average at $17.02. The Mining Stock Journal noted that almost the entire move occurred after the Comex floor trading session opened on Friday. Interestingly, deliveries for June gold hit an all-time monthly high Friday, thought the Mining Stock Journal pointed out that deliveries are irrelevant to the physical gold supply / demand equation if the entities taking delivery do not remove the gold or silver bars from Comex custodial vaults and into private safekeeping. The gold/silver ratio bounce off of and up from its 200 day moving average at 93 last week. It closed Friday at 96. The mining stocks generically were down close to 6% per the GDX ETF but rallied hugely in the afternoon to close down 2%. The Mining Stock Journal said it expects this aggressive attack on the precious metals sector to be short-lived but said investors should anticipate some higher than usual two-way volatility for another week or two.
We’ll get to the news out of the miners and explorers here in just a quick moment, but first a quick mention of today’s sponsor.
This episode of Mining Stock Daily is brought to you by... Integra Resources.
Corvus is an advanced gold-silver exploration and development company focused on the North Bullfrog and Mother Lode Projects in Nevada. The company has been named a Top Five TSX gold equity performer Four of the last Seven years & a multi time top 50 OTCQX performer. Corvus Gold trades on the Toronto Stock Exchange with the symbol KOR and on the OTCQX with CORVF. Follow all the news form Corvus and its two-mine projects with fast-tracked potential via the company's website, corvusgold.com.
And here’s what you need to know this morning …
Great Bear Resources reported results from its ongoing expiration program at its Dixie Project in Red Lake district of Ontario. Drill hole 133 was completed in a 140 meter gap in drilling. It contained multiple mineralized intervals, including 30.51 g/t gold over 12.4 meters, which also included a 1.1 meter long interval grading 103.56 g/t gold. This is the widest, highest-grade gold interval drilled at the LP Fault to date. Hole 134 results were also shared today, which included 11.16 g/t gold over 18.5 meters. Approximately 189 drill holes remain to be completed as part of the Company's ongoing 2020 LP Fault drill program. Additional drill holes are also planned into the Dixie Limb and Hinge zones, in addition to other regional targets. News Release
Eldorado Gold announced it is commencing construction of the 3 km decline from the Sigma mill to the 405 meter level of the Triangle Mine. The fully permitted decline project represents a relatively modest investment that is expected to provide multiple near-term and long-term benefits as the Company continues to grow production at Lamaque. Detailed engineering and site preparations for the decline will commence this month and surface construction on the portal will begin in Q3 2020. The decline is expected to be completed by H1 2022 at an estimated cost of US$24 million. Additionally, the Company is evaluating the possible addition of an underground crushing and conveying system as well as a potential mill expansion. An update outlining the path forward at Lamaque is expected in Q4 2020. News Release
O3 Mining says crews are being mobilized for the resumption of drilling on its East Cadillac property situated in Val D’Or, Quebec. This is the second rig mobilized following the announcement of the expanded drill program from 50,000 to 150,000 metres. The first drill rig is currently on the Alpha property targeting the Orenada #4 zone at depth. This second drill rig will focus on the North Contact on the East Cadillac property. O3 Mining trades on the TSX Venture with OIII. News Release
Azarga Uranium says the company has identified further uranium mineralization at its Gas Hills Uranium Project in Wyoming, USA. This newly identified second area of high-grade uranium mineralization augments the additional uranium mineralization announced by the Company for its Gas Hills Project on 6 April 2020 and was identified through the continued analysis of historical data owned by the Company. Uranium mineralization falls within an existing Gas Hills Project exploration target of 1.4 to 2.0 million tons averaging 0.04% - 0.10% U308 and indicates the potential to supplement the existing resource estimate without additional drilling. Azarga trades on the TSX With AZZ and on the OTC with AZZUF. News Release
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