Asante Gold Makes New Discovery at Bibiani
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday, March 29th.
As mentioned yesterday, Comex futures' options expiration day is often a negative event for prices of gold and silver. True to form, after selling off overnight mostly during the paper trading markets of London and NY, gold was pounded even lower going into the last 15 minutes of Comex trading. On the whole, gold closed down US$36 per ounce from Friday's Globex close to the one hour close of the Globex trading system Monday afternoon. Silver likewise was hammered from $26.62 per ounce Friday afternoon to $25.03 Monday , with a brief visit below $25. Both metals have bounced somewhat Monday evening as this commentary is being written.
The mining stocks were pounded along with the metals, as the GDX was bludgeoned for 2.6%. The Mining Stock Journal said that, with the first notice day for April gold this Thursday and the monthly employment report Friday - two events that are customarily unfriendly to the precious metals - this week could be volatile for the precious metals sector. The good news is that the technically oversold condition of the sector is being expeditiously corrected and reset which should set-up and support the next move higher. For those who follow or are invested in Pure Gold Mining, the Mining Stock Journal will be reviewing Monday's announcement that removed 41% of the Company's market cap as well as issuing an opinion on the future of the stock. You can learn more about this newsletter an InvestementResearchDynamics.com
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… 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 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….
Vizsla Silver results of 53 new drill holes this morning targeting the Napoleon Vein Corridor on its Panuco Project in Mexico. Results included 1,803 grams per tonne (g/t) silver equivalent (AgEq) over 4.00 metres true width (mTW), 484 g/t AgEq over 9.42 mTW, and 4,917 g/t AgEq over 0.47 mTW. Twenty-two of these drillholes were completed after the resource data cut-off, further demonstrating the potential for the Napoleon resource to increase in size. The company says The most critical aspect of these results is that the mineralized zone at Napoleon has now grown over 350 metres since the last update, with the continuation of a wide, high grade vein to the south. Vizsla Silver trades on the TSXV and the NYSE with VZLA. News Release
Asante Gold says they have made a new high-grade gold discovery in initial drilling at its South Russel prospect. The discovery is located on the Company’s Bibiani mining lease, 3.8 km from the Process Plant. The discovery hole, MGRCD21-047, returned 16m @ 5.75 g/t Au, and was spotted to test anomalous geophysical responses outlined from our ongoing property wide surveys. The gold mineralized system is open in all directions with no previous drilling noted in the area. Follow-up drill holes are planned along strike to the north and south of the discovery hole. This target is one of eight high priority geophysical targets that have been outlined to date on the main Bibiani shear corridor and that will be the subject of additional drill testing. Asante Gold trades on the CSE with ASE and on the OTC with ASGOF. News Release
Meridian Mining says its ongoing review of historical data of the Santa Helena copper-gold-silver-zinc VMS deposit, has identified that the gold overprint extends over 1.3km in strike and remains open. The historical Santa Helena mine is an advanced prospect within the Company's camp scale copper-gold VMS Project located in Mato Grosso, Brazil. Near-surface historical diamond drill results, located to the east of Santa Helena's pre-mining VMS resource, returned 18.9m @1.3g/t Au from 6.3m and are coincident with surface trench results of 18.0m @ 1.1 g/t Au. The Company is continuing its evaluation of Santa Helena as it sees this open gold trend and the under-lying Santa Helena VMS mineralization, as having strong attributes for open pit potential that would be incorporated into a larger Cabaçal development scenario. Santa Helena field programs are ongoing. Meridian Mining trades on the TSX V with MNO and on the OTCQB with MRRDF. News Release
Labrador Gold provided the latest assay results from diamond drilling that show intercepts of near surface gold mineralization along the Appleton Fault Zone at its 100% controlled Kingsway project near Gander, Newfoundland. These holes were drilled as part of the Company’s ongoing 100,000 metre drill program targeting the 12km strike length of the Appleton Fault Zone at Kingsway. All ten holes were drilled at the Big Vein target and include intercepts of 17.63 g/t Au over 1.25m in hole K-21-98 and 14.50 g/t Au over 1 m from hole K-21-82 showing the presence of additional high-grade gold mineralization both down plunge and along strike. The intercept of 17.63g/t over 1.25m in hole K-21-98 is located approximately 250m southwest of the Big Vein discovery outcrop, the furthest southwest high-grade intersection to date. The mineralization remains open in this direction, and additional holes have been drilled in this area, for which results are pending. Labrador Gold trades on the TSX V with LAB and on the OTCQX with NKOSF. News Release
Kingfisher Metals has completed a property-wide (688-line km) airborne magnetic and radiometric survey on the Thibert Property located 50 km north-northwest of the town of Dease Lake and west of the Stewart-Cassiar Highway 37, British Columbia. Interestingly, the company also reported stream sediment sampling identified highly anomalous streams up to 1535.5 ppb Au (1.53 g/t Au) in the headwaters of two placer bearing streams. The 130 km2 Thibert Project has seen placer gold production since the 1870s with ~200,000 oz of gold production within the Thibert-Dease Placer Camp. Kingfisher says stream sediments from an area with no placer production identifies a new area prospective for bedrock hosted gold. The Company is operating under a communications agreement with the Tahltan Central Council and intends to renew the agreement this spring. Kingfisher trades on the TSX V with KFR and on the OTCQB with KGFMF. News Release
Arizona Sonoran Copper has been qualified to trade on the OTCQX® Best Market and begins trading today on OTCQX under the symbol “ASCUF.” The Company is currently applying for DTC eligibility to enable electronic trading, and will provide an update on the process in due course. Shares of Arizona Sonoran continue to also trade on the TSX with ASCU. News Release
That concludes today’s morning briefing.
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