All Eyes on the GDX this Week

Welcome to Mining Stock Daily. This is your host, Trevor Hall

Today is Thursday, April 23rd.

Gold rebounded yesterday to a high of $1742 before closing the day at $1738. It appears the healthy consolidation may have been short lived as June futures are up again this morning prior to the Comex open. Silver is once again testing its 50 day moving average, a line of resistance which silver has unable to pass and close above for some time now. It is also important to not that the GDX rolled above and closed at 32.51. This this is a key level, dating back seven years ago, the last time the GDX was at this mark. Many analysts believe a close above the $32 level on a weekly chart is key to inviting more big retail money back into this sector.

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... Fireweed Zinc.

Fireweed Zinc is developing the Macmillan Pass  zinc-lead-silver projects in the Yukon. The January 2018 Mineral Resource Estimate puts Macmillan Pass among the world’s most significant zinc resources. The Tom and Jason deposits contain a combined resource of more than 11 million tones indicated resource at 9.61% zinc equivalent and 40 million tones inferred at 10% zinc equivalent. Fireweed Zinc trades on the Toronto Venture Exchange with FWZ and on the OTC markets in the US with FWEDF.

And here’s what you need to know this morning …

GR Silver says it has identified more drill results from the Plomosas Silver Project in Mexico. The company says the most significant historical drill results released to the company included 26.9 g/t gold and 44 g/t silver over 1.7 meters and 11.9 g/t gold and 22 g/t silver over 3 meters. The company says the drill hole results serve as evidence for future resources at the Plomosas Mine Area - additional high-grade silver and gold in parallel and oblique systems to the main polymetallic wide breccia, hosted by the Plomosas fault. GR Silver trades on the TSX Venture with GRSL and on the OTCQB with GLYXF. News Release

G2 Goldfields shared new drilling results from the Oko-Aremu project in Guayana. Results included the deepest hole drilled to date in the Oko Deformation Zone and encountered multiple zones of gold mineralization. That included 2.7 meters of 49 g/t gold and 3.2 meters of 11.5 g/t gold. This specific hole was designed to explore beneath previously reported holes. To date, G2 has completed 41 holes metres and is currently drilling historical gold workings south of the OKO discovery zone. G2 Goldfields trades on the TSX Venture with GTWO. News Release

Bluestone Resources it has entered into a bought deal financing of over 45 million common shares of the company at a price of C$1.75 per share for an aggregate gross proceeds of $80 million. The Company has agreed to grant the Underwriters an over-allotment option to purchase up to an additional 6.8 million Common Shares at the Offering Price, exercisable, in whole or in part, at any time and from time to time on or prior to the date that is 30 days following the closing of the Offering to cover over-allotments, if any, and for market stabilization purposes. If this option is exercised in full, an additional C$12,001,500 in gross proceeds will be raised pursuant to the Offering. The net proceeds from the Offering will be used to advance the Cerro Blanco project, as well as for working capital and general corporate purposes. Bluestone trades on the TSX Venture with BSR and on the OTCQB with BBSRF. News Release

And Premier Gold shared their Q1 production results this morning. The company says consolidated production of gold hit just over 18,000 ounces. A total of 7,489 ounces of gold was recovered from South Arturo during the quarter, including 6,730 ounces from the El Nino underground mine and 759 pre-production ounces from the Phase 1 open pit which is not currently in commercial production. The El Nino underground mine achieved targeted production levels during Q1 that, when combined with processing of ore stockpiles, resulted in the mine's strongest quarter since declaring commercial production last fall. The Mercedes Mine produced 11,587 ounces for the period. Production was impacted by lower than planned grades and the ramping down of production due to COVID-19. Premier trades on the TSX Venture with PG. News Release

That’s it from me this morning. We’ll be back throughout the rest of the day today and tomorrow with more commentary. Be sure to hit that subscribe button if you have not done so already. 

Mining Stock Daily is distributed over a dozen different networks throughout the world and in proud partnership with the Junior Mining Network. It is produced by Clear Creek Digital and Investment Research Dynamic's Mining Stock Journal. 

Have a wonderful day. Be well.

Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein.