Ascot Makes a Copper Discovery at Premier

Welcome to Mining Stock Daily. I am Trevor Hall.

Today is Thursday July 8th. 

Once again gold ran up and over $1800 overnight on Wednesday and once again the price was taken down when the Comex opened. But this time $1800 held up after a quick dip below $1800. It's currently trading Wednesday evening in the low $1800 as this commentary is being written. The Mining Stock Journal said that the dollar index jumped 40 basis points at the same time the gold price was smacked down. This might partially explain the paper market sell-off, as the jump in the dollar likely triggered some hedge fund algos to sell their paper gold when the dollar index jumps higher. The price action did not involve the selling of physical gold - just Comex paper.  Silver followed the same price path as gold, rising to as high as $26.55 before getting beat down in the paper market. Wednesday, however, silver managed to hold $26 and is trading at $26.13 early Wednesday evening. The mining stocks continue to behave sluggishly and, for now, seem unwilling to move higher despite the firming tone to the action in gold and silver. Speaking of mining stocks, the next issue of the Mining Stock Journal will be released this afternoon and will feature a list of the newsletter's current favorite risk/return plays. You can find out more about subscribing at InvestmentResearchDynamics.com.

We’ll get to the news out of the miners and explorers in a 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 have made a new discovery of copper-gold and silver mineralization at the company’s Premier Gold Project. These are the first drill results from this year’s 25,000m exploration program, which is aimed at testing new, high-priority targets as well as following up on last year’s drilling successes. Initial drilling has intercepted a shallow zone of gold-silver mineralization and a deeper zone of high-grade copper-silver mineralization. Drilling results included 1.2 meters of 6.57 g/t gold and 14.3 g/t silver, 1.25 meters of .81 g/t gold and 407 g/t silver. Copper hits returned 4 meters of 5.16% copper equivalent and 1.75 meters of 8.05% copper equivalent. There is an unexplored gap of approximately 430m between the new intercepts and the nearest resources at Premier. Ascot Resources trade on the TSX with AOT and on the OTCQX with AOTVF. News Release

O3 Mining provided results of new drill holes from its fully-funded 250,000 meter drilling program at the Marban and Alpha properties in Val-d'Or, Québec, Canada which seeks to convert, expand, and discover new gold resources. Drilling around the Kierens-Norlartic deposits included holes located between the current proposed pits which confirmed the potential to both expand mineralization outside of the current Kierens-Norlartic proposed pit areas as well as the possibility of combining the pits into one large open-pit with a potential strike length of more than two kilometres. Results included 3.1 meters of 3.4 g/t gold and 29.4 meters of 1 g/t. O3 trades on the TSX Venture with OIII and on the OTCQX with OIIIF. News Release

Kirkland Lake Gold was back today. This time with new drill results from the Detour Mine Trend. The new holes are the sixth batch of results from the recently announced 270,000 m exploration program, which the Company is targeting for completion by the end of 2021. The program is being completed to collect information for an updated, and potentially expanded, Mineral Reserve estimate and to support the completion of a new production plan, expected to be released in the first half of 2022. Most of the new holes announced today are from drilling in the Saddle Zone, located between the existing Main Pit and planned West Pit locations, which has been underexplored with no Mineral Reserves and only limited Mineral Resources. Key intercepts included 80.4 meters of 1.72 g/t gold,, 87 meters of 1.31 g/t, 70.5 meters of 1.09 g/t and 77.8 meters of 1.62 g/t. Kirkland Lake trades on the TSX and the NYSE with KL. News Release

Blackrock Silver published new silver and gold drill intercepts from its core and RC drilling program on the 100% controlled Tonopah West project located in the Walker Lane trend of Western Nevada. Highlights included 3.5 meters of 1,239 g/t silver equivalent with a .9 meter interval grading 3,542 g/t silver equivalent. The company says these new results demonstrate continuity of high-grade mineralization at both the DPB and Victor targets; initial infill drill results validate the Company's understanding of the structural orientation of the vein system at DPB as the Company works towards delivery of a maiden resource estimate during Q4. Blackrock Silver trades on the TSX Venture with BRC. News Release

Argonaut Gold says they have intersected a core length 7 meters of 13.3 g/t gold approximately 1.5 km west from the border between the Magino property and the Island Gold mine. The 2021 drilling program is primarily focused on tightening the drill spacing to approximately 40 m (upper portion) and 80 m (lower portion) within the Elbow Zone from the bottom of the planned pit to a vertical depth from surface of around 1,000 m. The secondary focus of the program is to continue to drill test previously discovered high-grade gold structures within the South Zone, Central Zone, Scotland Zone, #42 Zone and Sandy Zone as well as other prospective showings located elsewhere on the Magino property. Argonaut plans to drill approximately 25,000 metres on these targets this year, is currently drilling with four diamond drill rigs and anticipates completing the program during the fourth quarter of 2021. Argonaut trades on the TSX with AR. News Release

Meridian Mining reported first results from its Fixed-Loop Transient Electro-Magnetic ("FLTEM") surface survey, using its own modern in-house equipment at the Cabaçal Copper-Gold Project ("Cabaçal") in Mato Grosso, Brazil. The first survey over the Cabaçal West target has detected a significant bedrock conductor. The conductive response starts at shallow depths and increases with depth to form a deep-seated late channel response, and open to the north-west. The modelled plate ("Plate") is situated along the Cabaçal conductive trend, 1.5 km west-north-west of the historical Cabaçal mine and down dip from an extensive Cu-Au soil anomaly. The Company plans to drill test the Plate late July, interpreting the target to be potentially, the massive sulphide pile of the Cabaçal mines Volcanic Massive Sulphide ("VMS") system. Meridian trades on the TSX Venture with MNO. News Release

That’s it for the news briefing this morning. We have a couple of great interviews coming your way later today.

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