Ascot Donates PPE to Local Stewart Hospital
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Tuesday, March 31st.
The gold price was under pressure again on Monday, closing down $10 from Friday and down another $6 in the Globex overnight computer trading session as this commentary is being written. Silver briefly broke below $14 - futures basis - before rallying back solidly over $14. The Mining Stock Journal said it suspects that the price takedown was an aggressive attempt by the Comex banks, which are extremely short Comex paper gold, to flush out as many remaining longs as possible before the First Notice period begins on Monday after the afternoon electronic trading goes dark for an hour. The mining stocks ignored the overnight sell-off in gold. GDX was up over 4% at one point on Monday before pulling back to close up 0.44%. The Mining Stock Journal noted that several precious metals mining companies have announced the completion of equity financing deals in the last 10 days, which indicates that smart money sees higher gold, silver and mining stock prices just ahead.
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... Western Copper and Gold
Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 10 billion pounds of copper and 18 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.
And here’s what you need to know this morning …
Ascot Resources provided on update on the status of the company’s full feasibility study for the combined Premier and Red Mountain Gold projects. The company says despite best efforts, the study is now expected in mid-April and is partly due to issues around the COVID-19 restrictions, including the closure of the US / Canada border in Hyder, Alaska. Ascot did mention that they are donating their existing supply of Hazmat suits and safety equipment to the hospital in Stewart BC to help the health care community in that area. Ascot trades on the TSX with AOT and on the OTCQX with AOTVF. News Release
Luminex Resources announced its maiden mineral resource estimate at the Camp deposit and updated mineral resource estimates for the other deposits at the Company’s Condor project, located in Zamora-Chinchipe Province of southeast Ecuador. The Camp deposit mineral resource estimate is the culmination of 2019 and 2020 drilling totaling 28 holes. The Camp Deposit inferred mineral resource is estimated to be 864,000 ounces of gold at a grade of 2.26 g/t. Camp deposit remains open along strike and at depth. The Condor project as a whole now hosts an indicated mineral resource containing 1.6 million gold ounces and an inferred mineral resource containing 3.6 million gold ounces. Luminex Resources trades on the TSX Venture with LR and on the US OTC market with LUMIF. News Release
Kintavar Exploration provided new drilling results from two holes which were completed prior to the working restrictions put in place. Results shared toda included 23 meters of .57% copper and 45.5 meters grading .45% copper at the Sherlock zone. It remains open at depth to the North and laterally to the East and West. Drilling results for an additional 31 holes are expected in April. Kintavar trades on the TSX Venture with KTR. New Release
IsoEnergy also provided new drill results this morning from its 2020 drilling program at the Hurricane Zone on the company’s Larocque East property in the Eastern Athabasca Basin of Saskatchewan. Assays reported this morning included 7.5 meters of 14.5% U3O8 and 10 meters of 3.6% U3O8. Assays from the final two drill holes are still pending, and according to the company, both of which intersected long lengths of strong uranium mineralization, including sub-intervals of off-scale radioactivity. IsoEnergy trades on the TSX Venture with ISO and on the OTCQX with ISENF. News Release
Novo Resources announced they have subscribed for more than 9 million units of ASX listed GBM Resources and has been granted an option and an additional earn-in right to acquire up to an aggregate 60% interest in GBM’s Malmsbury gold project located in the Bendigo zone of Australia’s Victorian goldfields, with the possibility of the interest being increased to 75% interest. The GBM Units will be paid for by the issuance of 197,907 common shares of Novo which will be subject to a statutory hold period expiring four months from the date of issuance.
Nexus Gold announced yesterday it has entered into a binding letter of intent with Leocor Ventures, dated March 27, 2020, pursuant to which the parties intend to cooperate in the development of the recently acquired Dorset Gold Project , located in the Province of Newfoundland, south of the Pine Cove Gold Mine.The Letter contemplates a transaction in which Leocor is granted the right to acquire up to a one-hundred percent interest in the Project in consideration for completing a series of cash payments totaling $1,250,000 over a four year term, with a cash payment of $100,000 upon the execution of definitive documentation, and incurring expenditures on the Project of at least $1,500,000 over a five year term. Leocor will also assume responsibility for a two percent net smelter returns royalty on Project. Nexus Gold trades on the TSX Venture with NXS and on the OTC market with NXXGF. 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.
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