Amex Exploration Makes New Discovery
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday, September 16th.
December gold traded as high as $1982 early Tuesday morning, including a $20 rally after the a.m. London price fix. Monday's data indicated heavy selling on the a.m. fix. The same likely occurred Tuesday morning as gold dropped $8 from the time London opened thru the a.m. fix. Then in the absence of any news, gold was decapitated starting around 9 a.m. NY Time, with the price plunging as much as $34 down to $1954 before rebounding and settling up $2 from Monday. The Mining Stock Journal said that it's a tradition on the Comex to attack the gold price during the Fed's FOMC meeting, which would have commenced around 9 a.m. on Tuesday morning. Silver mirrored gold's trading pattern. The mining stocks were largely unchanged though there were some big moves in both directions between Tuesday's NYSE starting line and finish. The Mining Stock Journal commented that the sideways consolidation in the mining shares since early August has created some compelling levels in the junior exploration shares, some of which have pulled back 20-30% from mid-summer highs. The newsletter will be featuring some of its favorite high risk/high return plays in its next issue to be released Thursday afternoon.
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… Corvus Gold.
Corvus Gold Inc. is a North American gold exploration and development company, focused on its near-term gold-silver mining projects in southwestern Nevada. The Company holds a commanding land position within the Bullfrog Mining District. Neighbouring, adjacent projects controlled by AngloGold Ashanti, Kinross Gold and Coeur Mining highlight this active District. The two 100% owned North Bullfrog & Mother Lode projects have a combined nearly 4M oz gold of in-pit resource and continues to grow with an on-going, successful, resource expansion drill program.
And here’s what you need to know this morning.
Amex Exploration says it has made a new discovery at the company’s Denise Zone which lies immediately south of the High Grade Zone of the Perron property in northwestern Quebec. Amex says there was substantial gold mineralization in multiple drill hole intersections from the zone. Results included 1.07 g/t gold over 189.4 meters and 1.39 g/t gold over 115.6 meters. The company says having the Denise Zone located immediately south of the HGZ enables them to envision a starter pit followed by further underground mining. This fundamentally changes the possible economics of mining this area. Amex Exploration trades on the TSX Venture with AMX and on the OTCQX with AMXEF. News Release
Argonaut Gold reported drill results from its ongoing drill campaign targeting high-grade mineralization below the proposed open pit mine at its Magino property in Ontario, Canada. Results reported today included 46.8 g/t gold over 3 meters, 10.6 g/t gold over 12.4 metes and 13.4 g/t gold over 9 meters. Peter Doughterty said in this morning’s news release, We continue to encounter high-grade gold intercepts below and adjacent to the proposed open pit, and now believe there is potential for a possible connection between the Elbow and Central Zones that we will be testing. Argonaut trades on the TSX with AR. News Release
New Placer Dome Gold shared results for the first reverse circulation drill hole at the company’s Bolo gold-silver project. The company says the first hole doubled the vertical gold and silver continuity versus the historical drilling. The hole returned 1.08 g/t gold and 26 g/t silver over 38.1 meters. To date, 8 RC drill holes totaling 2,301 metres have been drilled as part of the 2020 Bolo Project drill program. New Placer Dome trades on the TSX Venture with NGLD and on the OTCQB with NPDCF. News Release
Yesterday, Rio2 Limited announced they have executed a non-binding letter of intent for the trialing of Sixth Wave’s patented IXOS purification polymer for Rio2’s Fenix Gold Project in chile. The objective of this work, from Rio2’s perspective, is to determine whether Sixth Wave’s IXOS® Mining Technology can be successfully applied to enhance the extraction of gold from Fenix Gold ore by using molecularly imprinted polymers rather than traditional carbon for the gold adsorption process. If successful, the application of the IXOS® Mining Technology is expected to result in a reduction of capex and opex related to the gold extraction process. Rio2 trades on the TSX Venture with RIO and on the OTCQX with RIOFF. News Release
Aurelius Minerals announced this morning it has received approval from the Government of Nova Scotia for its initial 4,000 metre drilling program at the Aureus West project and drilling has commenced. Aurelius has contracted Major Drilling Group International Inc. to execute the surface drilling program as well as the previously announced underground drilling program at the Aureus East project. Aurelius trades on the TSX Venture with AUL. News Release
Wallbridge Mining announced this morning it has entered into a $56 million bought deal financing. The deal consists of 49 million common shares of the company at a price of $1.15 per share. Kirkland Lake Gold has certain participation rights and will participate in the Offering, increasing their post-closing ownership to approximately 9.9%. The net proceeds from the Offering will be used for continued advancement of the Company’s Fenelon Gold Project and for general corporate purposes. Wallbridge trades on the TSX with WM. News Release
Summa Silver announced this morning its common shares are now eligible for electronic clearing and settlement through the Depository Trust Company in the United States. DTC is a subsidiary of the Depository Trust & Clearing Corp., a U.S. company that manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered to be "DTC eligible". DTC eligibility is expected to create a seamless process of trading and enhance liquidity of the Company's common shares in the United States over time. Summa Silver trades on the CSE with SSVR and on the OTC with SSVRF. News Release
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I’m Trevor Hall. Have a wonderful day. Be well.
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