Alphamin Publishes New Drill Results
Welcome to Mining Stock Daily. I am Trevor Hall.
Today is Wednesday July 28th.
Overnight Tuesday gold was pushed down $1793 before bouncing back to test $1800 shortly after the a.m. London price fix. Gold finally pushed back over $1800 before the paper gold Comex floor opened but was slammed back below $1800 right after the Comex opened and silver was absolutely monkey-hammered for over 2% and back below $25. Gold managed to bounce and cling to the $1800 level but silver settled at $24.75. The trading action in the metals made no sense beyond active price intervention, especially since the dollar was considerably lower from yesterday and Treasury yields declined. Both of those occurrences should have supported a rally in gold and silver. The mining stocks shrugged off the action in the metals, with GDX closing up half of a percent.The Mining Stock Journal said the recent sell-offs in gold after the eastern hemisphere markets close can be attributed to heavy offerings at the a.m. and p.m. London price fixings. This is based on data published by the LBMA 8-10 hours after the p.m. fix. The newsletter points out the gold exchanged at the LBMA fixings largely is unallocated fictitious gold. With India starting to become an active gold importer ahead of its biggest gold buying season this fall, it will become more difficult for the banks to control the price of gold and silver
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… Integra Resources.
Integra Resources is advancing the past-producing DeLamar Project in southwestern Idaho. The Company has continued to demonstrate resource growth and conversion through greenfield and brownfield exploration and plans on delivering a pre-feasibility study in Q4 2021 to further de-risk and advance the project towards permitting. Integra Resources trades on the TSX-V under ITR and the NYSE American under ITRG.
And here’s what you need to know this morning.
Alphamin Resources provided additional results on the Mpama South Exploration Drilling program as well as the commencement of Life of Mine extension drilling at its high-grade Mpama North mine. Selected highlights of the results included 10.8 meers of 2.86% tin, 2.6 meters of 7.17% tin and 3.2 meters of 9.59% tin. Although only shallowly drilled to date, tell-tale signs already lead management to believe that the potential for a high-grade shoot exists at Mpama South, possibly similar to that at the adjacent producing Mpama North mine. The ongoing third phase of drilling at Mpama South of ~6,800m diamond drilling will test the extension of this interpreted high-grade shoot. Alphamin’s exploration initiative aims to extend the life-of-mine at its currently producing Mpama North mine, to declare a maiden mineral resource for the Mpama South Prospect as well as to discover at least one additional deposit further along its highly prospective Bisie Ridge. Alphamin trades on the TSX Venture with AFM. News Release
Great Bear Resources provided an updated regarding is 2021 exploration program on the Dixie Project in Red Lake, Ontario. The company says they have now completed 440 drill holes at the LP Fault and the Phase 1 drill grd is substantially complete to an average of 450 meters depth along the 4 kilometer strike. 109 of those 440 holes are currently in various stages of assay progress. The Company will now commence Phase 2 drilling, which will consist of: 1) Ongoing expansion drilling of the LP Fault below 450 metres depth and along strike, 2) any additional infill drilling of the upper 450 metres of the LP Fault that may be required after review, 3) expansion and infill drilling of the Hinge, Limb and Arrow zones, and 4) testing of new regional targets at Dixie. However, with forest fires being of serious concern, the company did initiate a three-week suspension of drilling earlier this month. The company expects to have crews back on the ground around August 9th. Great Bear trades on the TSX Venture with GBR and on the OTCQX with GTBAF. News Release
Gold Bull Resources reported new assay results from a resource extension drill hole at the Abel Knoll Prospect within its Sandman Projectlocated in Humboldt County, Nevada, USA. Hole SA-0031, drilled outside the Abel Knoll resource has intersected gold (Au) mineralization that is currently open in multiple directions. That hole returned 90 meters of .6 g/t gold mineralization, including 53.3 meters of .81 g/t gold and 4.6 meters of 1.97 g/t gold. These drill results indicate potential to expand the resource and follow-up holes are planned for later in 2021. The recently complete Phase 2 drill program at Sandman comprised both exploration and resource extension holes. Gold Bull trades on the TSX Venture with GBRC. News Release
Vizsla Silver reported new results from its ongoing, fully-funded 100,000 metre drill program at its flagship Panuco silver-gold project in Mexico. Today's results are from ten holes completed at Cordon del Oro, located 4.6km east of the high-grade Napoleon discovery. 9 of those holes intersected a new east-west trending vein on the Cordon del Oro corridor known as the San Antonio Vein. Results included 1,283 g/t silver equivalent over 2 meters and 943 g/t silver equivalent over 2.17 meters. In total, drilling has traced this new mineralization over 200 metres of strike, to a depth of 100 metres below surface and it remains open to expansion. Vizsla trades on the TSX Venture with VZLA and on the OTCQB with VIZSF. News Release
Monarch Mining announced a new mineral resource estimate for its Beaufor Mine gold project in Val-d’Or. The current MRE represents the first block-model-type resource estimate for the property, whereas previous MREs used the polygon method. It includes much of the historical information, as well as results from the 2020‒2021 drilling program. The report shows an increase of 136% in measured and indicated gold resource at the Mine. Beaufor Mine now contains an estimated Measured Mineral Resource of 328,500 tonnes grading at 5.7 g/t Au for a total of 59,900 ounces of gold and an estimated Indicated Mineral Resource of 956,400 tonnes grading at 5.2 g/t Au for a total of 159,300 ounces. Inferred resource estimated at 818,900 tonnes grading 4.7 g/t Au for a total of 122,500 ounces, a 307% increase. Approximately 24,700 metres of the ongoing 42,500-metre diamond drilling program are not included in the current MRE. Monarch Mining trades on the TSX with GBAR and on the OTCQX with GBARF. News Release
That’s it for the news briefing this morning. We have a couple of great interviews coming your way later today.
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