Asante Gold Looking to Expand in Ghana
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday, April 6th
Tuesday morning shortly before the Comex opened, gold took off like a rocketship soaring from $1925 to $1944. There were no news reports that would have triggered the move. Then just after 10 a.m. NY time gold just as abruptly went into a tailspin down to $1918 before bouncing and settling at $1922. The Mining Stock Journal is not sure what caused the rocket launch move but it said that the cliff-dive decline occurred after Fed Vice Chairperson Lael Brainard remarked that the Fed might initiate a rapid balance sheet reduction program at the next FOMC meeting. The Mining Stock Journal commented that there's a better chance of space aliens landing on the White House lawn than the probability that the Fed will begin to reduce its balance sheet anytime in the near future. Meanwhile, silver joined gold's move higher, running from $24.75 to $25.10 and then crashing back down to $24.35 before settling at $24.45. The ceiling at $25 remains in place for now. The mining stocks expressed their displeasure with the manipulated price ambush put on the metals, as GDX fell 2.2%.
We will get to the news from the miners and explorers in a moment, but first a word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Arizona Sonoran Copper.
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And here’s what you need to know this morning….
We begin in Ghana, where Asante Gold has entered into an Exclusivity Agreement with Kinross Gold Corporation to negotiate the potential purchase of all of their interests in Ghana, including its 90% interest in the Chirano Gold Mine. Chirano is an open-pit and underground mining operation located in southwestern Ghana, immediately south of the Company’s Bibiani Gold Mine. It is 90% owned by Toronto-based Kinross Gold Corporation. The Government of Ghana has a 10% carried interest. Chirano was explored and developed in 1996 and began production in October 2005. Asante Gold trades on the CSE with ASE and on the OTC with ASGOF. News release
I-80 Gold reported assay results from their ongoing underground drill program at the Company's Granite Creek Property located in Humboldt County, Nevada. New high-grade results are from drilling from the 4790 Level targeting mineralization in the Range Front, Adam Peak, and Otto fault horizons, the first area being targeted for mining and located proximal to and below existing mine workings. Multiple target areas are being drilled from underground including testing the down-dip potential of the Otto, Adam Peak and Ogee Zones. Highlights from results included 25.4 g/t gold over 3.9 meters and 12.6 g/t over 3 meters. The current program is expected to comprise more than 30,000 metres (m) from surface and underground with continued assay results to be provided as received. I-80 Gold trades on the TSX with IAU and on the OTCQX with IAUCF. News Release
New Pacific Metals have assay results out from the drill programs at Silver Sand. Select results included 86 meters of 229 g/t silver and 39.6 meters of 225 g/t silver. Drill programs in 2021 comprised of structural orientation drilling, step-out drilling, and depth exploration drilling for a total metreage of 13,313.7 m in 55 holes. The 2022 Drill program is planned at 15,000 m of infill and step-out drilling. The aim of the resource infill drilling is to improve the confidence in the continuity of mineralization in the core area of Silver Sand and upgrade resource categories, and the step-out drilling is to test the extension of the major mineralized zones up and down dip as well as on strike. New Pacific trade on the TSX with NAUG and on the NYSE American with NEWP. News Release
Benchmark Metals provided new results from infill and expansion drilling at the Dukes Ridge Deposit, highlighted by 51.74 metres (m) core length of 2.11 grams per tonne (g/t) gold and 127.86 g/t silver or 3.71 g/t gold equivalent (AuEq)*, including 13.74 m of 6.43 g/t gold and 378.59 g/t silver or 11.16 g/t AuEq in drill hole 3. The company says the latest drilling from Dukes Ridge continues to validate the similarities between the Dukes Ridge and Cliff Creek mineralizing systems, with strong continuity of broad zones of mineralization enveloping high-grade plunging shoots both within and outside of the modelled 2021 pit shell. The latest results have extended mineralization to 40 metres below the existing pit shell. Benchmark Metals trade on the TSX V with BNCH and on the OTCQX with BNCHF. News Release
And we wrap it up in Peru where Regulus Resources reported the results from drill hole 46 on the AntaKkori copper-gold project. The goals of this drill hole were to expand skarn mineralization to the north of existing resources and provide a better understanding of the geometry of the high-grade breccia previously encountered at the project. Intercepts included 50.45 meters of 2.64% copper equivalent and 36 meters of 1.37% copper equivalent. Hole ended in this interval, with the last 11.45 m of the hole averaging 2.13% CuEq. Mineralization remains open in multiple directions. Regulus trades on the TSX V with REG and on the OTCQX with RGLSF. News Release
That concludes today’s morning briefing.
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