Ascot Extends Woodbine Prospect; Contact Gold find High-Grade at Bravo

Welcome to Mining Stock Daily. This is your host, Trevor Hall

Today is Tuesday, January 26th.

In what is starting to look like a scene from the movie, "Groundhog Day," once again the gold price rallied overnight up to $1867 and then was given a broken elevator cable ride down as much as $22 when the Comex floor opened at at 8:20 NY time. The Mining Stock Journal once again emphatically asserts that, based on Indian ex-duty import premiums, it was physical demand that pushed gold higher overnight and pure paper gold manipulation that caused the sudden cliff-dive in the price. As John Brimelow quipped in his Gold Jottings report yesterday afternoon, "nasty things keep happening in NY but Asia remains a buyer." February gold ended up basically flat on Monday from Friday's close. Silver followed the same trading pattern as gold Monday but slightly underperformed. The mining stocks per GDX continued to trade sluggishly. This is somewhat of concern to the Mining Stock Journal, which is wondering if the performance of the mining stocks, especially the juniors, is the precursor to a broad market sell-off like it was in February 2020. That said, the GDX chart still looks bullish for now. 

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… Rio2.

Rio2 is advancing the Fenix Gold Project in Chile, the largest undeveloped gold heap leach project in the Americas. Fenix consists of 5 million ounces in the measured and indicated resource category and 1.4 million ounces in the inferred resource category. With a robust PFS in place, Fenix is set up for fast-tracked construction and production. You can find a list of project and company information on their website, rio2.com.

And here’s what you need to know this morning.

Ascot Resources announced  exploration drill results from the Woodbine prospect at the Company’s Premier Gold Project. Nine drill holes were completed in an area separate from current known resources but in proximity to the Premier mill. The Woodbine prospect is located to the west of the Cascade Creek fault and the reported drill holes are the first Ascot holes on that side of the fault in the southern part of the PGP. Results included 29.6 g/t gold and 32.7 g/t silver over 1.73 meters and 1.75 g/t gold and 148.3 g/t silver over 8.7 meters. The high-grade gold and silver intercepts are very encouraging and open up the area to the west of the fault for further Ascot exploration. Ascot trades on the TSX with AOT and on the OTCQX with AOTVF. News Release

Osino Resources provided an update on the resource drilling at Osino’s Twin Hills Central gold project and the newly discovered Clouds mineralization on strike to the east. Clouds has so far returned a number of excellent results that include a high-grade shoot of 50m @ 1.75g/t as well as wider zones of consistently mineralized lower grade. The ongoing resource drilling at THC has also returned additional excellent assay results which continue to define and improve the resource potential at Twin Hills. Highlights from Twin HIlls included 1.12 g/t gold over 184 meters and 11.67 g/t gold over 4 meters. The company’s resource estimate is expected to be published at the end of Q1 this year and a maiden PEA by the end of Q2. osino Resources trade on the TSX Venture with OSI and on the OTCQB with OSIIF. News Release

Contact Gold has new drill results from the Green Springs project in Nevada. These new results come from the Bravo Zone, which is located in an area of extreme structural complication at the intersection of the northern end of the north trending Green Springs Mine rend with a major fault extending from Bravo throughout Alpha and beyond. Results included 10.7 g/t gold over 4.57 meters from a depth of 24 meters, and 1.23 g/t gold over 17.37 meters from a depth of 9.14 meters. Green Springs is located near the southern end of the Cortez Trend of Carlin-type gold deposits in White Pine County, Nevada, adjacent to Fiore Gold’s Pan Mine and Gold Rock Project and Waterton's Mount Hamilton deposit. Contact Gold trades on the TSX Venture with C and on the OTCQB with CGOL. News Release

Eloro Resources announced additional results from its diamond drilling program at its optioned Iska Iska Silver-Polymetallic Project in the Potosi Department, southern Bolivia. Results from th eSanta Barbara Breccia Pipe included 129.6 g/t silver equivalent over 257.5 meters and 79 g/t silver equivalent over 121.33 meters. To date, six (6) additional holes have since been completed to test the SBBP, three (3) more from underground and three (3) from surface drilled radially from the centre of the pipe. Eloro Resources trades on the TSX Venture with ELO and on the OTCQX with ELRRF. News Release

Heliostar Metals shared results from the first two of mine holes completed on its 2020 exploration  program at the Unga project in Alaska. Those results included 7.74 g/t gold and 27 g/t silver over 11.65 meters and 18.66 g/t gold and 11.5 g/t silver over 1.98 meters. Assays are still pending for the remaining seven holes completed last year. Heliostar trades on the TSX Venture with HSTR and on the OTC with RGCTF. News Release

Galleon Gold provided results from more intercepts on its West Cache Gold Project near Timmins, Ontario. Results included 7.66 g/t gold over 10 meters and 3.24 g/t gold over 9 meters. The West Cache Gold Project is situated along the Porcupine-Destor gold belt, approximately 7 km northeast of Pan American Silver's Timmins West Mine and 14 km southwest of Newmont's Hollinger Mine. Galleon trades on the TSX Venture with GGO. News Release

Talon Metals provided an updated on the Tamarack Nickel-Copper-Cobalt Project in Minnesota. New drilling intersected 21.73 meters of mixed massive sulphide mineralization starting at 459.72 meters, however the assays remain pending. This drill hole sets a new record at the Tamarack Nickel Project, as it represents the longest intersection of mixed massive sulphides at the Tamarack Nickel Project to date. The drill hole was a 27 meter step out into an area with very limited information. We will do our best to report the results of this drill hole once they are released. Talon Metals trades on the TSX with TLO. News Release

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I’m Trevor Hall. Have a wonderful day. Be well.

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