A Record-breaking Diamond Drill Hole and the Oreninc Weekly
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday, January 29th.
According to Investing.com's gold reporter, gold and silver decided to take a breather from the coronvirus as his attribution for the price-slam in the precious metals sector. But the Mining Stock Journal said two factors - both connected to western Central Bank gold price management activities - were at play. The first is the FOMC meeting, around which it's customary for the paper gold manipulators to push down the price of gold in a show of support for the Fed's easy-money policies. The second factor is the unusually large open interest in Comex paper gold with just a few days before First Notice Day, when Comex gold longs must either sell the front-month contract, which is February, or stand for delivery of physical gold. The Mining Stock Journal explained that long speculators, primarily hedge funds, rarely stand for delivery and instead sell to avoid being assigned delivery or roll forward to the next active contract month. The price management squad does its best to ensure minimal delivery obligations of physical gold which in turn causes temporary sell-offs in the gold price. That said, the newsletter advised that this pullback in the sector is an ideal time to establish or add to positionsi because the next move higher could take gold over $1600.
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
Integra Resources trades on the TSX-V under ITR and the OTCQX under IRRZF. Integra Resource is advancing its past producing DeLamar (DeL - a - Marr ) Gold-Silver project in SW Idaho through aggressive drilling and exploration. The latest Resources Estimate released earlier this summer showed approximately 4 million Gold equivalent ounces in the measured and indicated category.The maiden PEA for the project established a net present value of C$473-million and an IRR of 43%. The management of Integra successfully sold its previous brownfields project for C$590 million in summer 2017. Read more about the company and its successful management team at integraresources.com.
And here’s what you need to know this morning out of the junior sector.
Osisko Mining announced this morning that its Discovery 1 drill hole at its Windfall-Lynx system has beat the record for Canada’s longest diamond drill hole with a final length of 3467 meters and achieving a vertical depth of 2700 meters from surface. Previous results from Discovery 1 included 14.1 g/t gold over 2.1 meters and 9.58 g/t gold over 7.6 meters. Analytical results from the final 200 metres are at the laboratory with results pending. Osisko Mining trades on the TSX with OSK and on the OTC markets with OBNNF. News Release
QMX Gold released their first results from its reconnaissance drilling program on the River Target located west of the Lac Herbin mine in the Bourlamaque batholith on the western side of QMX’s land package in Val d’Or, Quebec. The results of the first 3 out of the 7 were shared this morning and included 7.76 g/t gold over 2.9 meters, 39.83 g/t gold over 2 meters and 17.71 g/t gold over 4 meters. The results of the remaining four drill holes will be released once all the assays are back from the laboratory. QMX trades on the TSX Venture with QMX and on the OTC with QMXGF. News Release
Roxgold provided its updated Mineral Resource estimate for the Séguéla Gold Project located in Côte d’Ivoire. Total Indicated Mineral Resources increased 7% to 529,000 ounces and Inferred Mineral Resources increased 1,286% to 471,000 oz since Roxgold’s maiden March 19, 2019 Mineral Resource estimate.The updated NI 43-101 Mineral Resource Estimate includes 18 and a half thousand meters of Reverse Circulation and diamond core drilling since the completion of the Séguéla acquisition in April 2019. Roxgold trades on the TSX with ROXG and on the OTC with ROGFF.
And now we welcome back to the briefing Mr. Kai Hoffman to deliver the Oreninc Weekly.
And finally, Novo Resources said this morning that recently conducted laboratory-scale mechanical sorting tests on Beaton’s Creek bulk sample material has resulted in significant upgrades. Analyses conducted as part of this sorting test work generated a calculated head grade of 5.72 gpt Au for the bulk sample. Novo said these tests indicate robust potential for upgrading nuggety conglomerate gold mineralization, and perhaps, a broader spectrum of gold mineralization types. Novo trades on the TSX Venture with NVO and on the OTC market with NSRPF. News Release
That is a wrap from us today here at Mining Stock Daily. Thanks again for tuning in. If you would like to be in touch with me and the show, please feel free to drop an email to trevor@clearcreekdigital.com. Also, if you have not done so already, please hit that subscribe button. We have a lot of interviews to be published in the upcoming week or two, including interview from Contact Gold, Integra Resources, EMX Royalty and more.
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Have a wonderful day. Be well.