Ascot Makes New High-Grade Discovery at Day Zone
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Monday, September 14th.
On Friday gold had over $16 removed from its trading level with most of the price drop occurring after the Comex floor closed and the rest of the world was either in bed or at happy hour. The Mining Stock Journal said that Friday afternoons often feature an aggressive price attack on gold and silver in the paper market, especially if the following week includes an FOMC meeting. The gold/silver ratio moved up slightly to 72.50. The Mining Stock Journal noted that gold and silver have been treading water price-wise since mid-August. This has enabled the overbought technical condition of each to revert to what is now a slightly oversold technical set-up. The newsletter added that both metals have managed to stay above their respective 50 day moving averages as well and likely a big move has been set up that will commence between now and the end of the month. Expect this week to be choppy if not quite volatile ahead of and just after the FOMC show.
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 the discovery of new high-grade gold mineralization at the “Day Zone” at the Company’s Premier Gold Project in British Columbia. Those results included 20.62 g/t gold over 4.1 meters and 54.6 g/t gold over 2 meters. The high-grade intercepts are located 300m west from the planned underground development at Big Missouri. Mineralization is open along strike to the north and the south. The Day Zone is located on the Big Missouri Ridge, approximately 5 kilometres north of the Premier Mill. Ascot trades on the TSX with AOT and on the OTCQX with AOTVF. News Release
Discovery Metals shared results from four diamond drill holes targeting bulk-tonnage mineralization in the South Corridor of its Cordero project in Mexico. Results included 134 g/t silver equivalent over 401.7 meters and 98 g/t silver equivalent over 26 meters. The South Corridor has seen significantly less drilling than the North Corridor and will be a key area of focus for the remainder of the 55,000-metre Phase 1 drill program. The goal of this drill program, according to the company, is to define a large-scale, high-margin project with excellent leverage to rising silver prices. Discovery Metals trades on the TSX Venture with DSV and on the OTCQX with DSVMF. News Release
Rupert Resources reported new drill results from its ongoing exploration programme at the 100% owned Pahtavaara Project in the Central Lapland Greenstone Belt, Finland. Results from the Ikkari discovery included 3 g/t gold over 171.2 meters and 2.1 g/t gold over 143.6 meters. The Ikkari mineralisation remains open in all directions and base of till drilling continues eastwards along the regional trend towards the Saittä discovery, 5km to the east, which is believed to lie along the same mineralising structure as Ikkari. Rupert Resources trades on the TSX Venture with RUP. News Release
Outcrop Gold shared assay results from drilling on its 100% owned Santa Ana project in north Tolima, Colombia. Drilling continues at the Megapozo target with 1,783 metres in fourteen core holes drilled to date and a fifteenth hole in progress. Results reported today included 69.6 g/t gold and 5,550 g/t silver over less than a meter. A second rig has commenced drilling the Roberto Tovar target. This target provides a previously identified high-grade shoot with historic drill results of up to 3.04 metres of 1,763 g eq Ag/t and 5.16 metres of 783 g eq Ag/t. Outcrop Gold trades on the TSX Venture with OCG and on the OTCPK with MRDDF. News Release
Royal Road Minerals also shared drill results today. These coming for the Luna Roja Project in Nicaragua. Results reported today included 1.5 g/t gold over 95 meters. The Luna Roja project forms a part of the Company's Strategic-Alliance agreement with Hemco Mineros Nicaragua and is located in the highly prospective Golden Triangle of northeastern Nicaragua, a region that has produced some eight million ounces of gold since the early 1900's. Hemco Mineros Nicaragua own and operate the Bonanza gold mine which is located approximately 26 kilometers to the northwest of Luna Roja. Royal Road Minerals is operator of the Strategic Alliance. Royal Road trades on the TSX Venture with RYR. News Release
Revival Gold says its 10,000 meter drill program at the company's Beartrack-Arnett gold project in Idaho is 25% complete and a third drill rig will soon be mobilized. Meanwhile, Revival Gold’s Preliminary Economic Study on the potential restart of heap leach operations at Beartrack-Arnett is progressing through trade-off studies and remains on track for completion and release by year end. Revival Gold trades on the TSX Venture with RVG and on the OTCQB with RVLGF. News Release
Kincora Copper says it has secured a grant to drill two porphyry targets at its Nyngan copper-gold project. The Nyngan project is located in the interpreted northern undercover section of the Junee-Narromine Belt of the Macquarie Arc of the Lachlan Fold Belt in NSW, Australia. The grant is from the Government of New South Wales. Kincora trades on the TSX Venture with KCC. News Release
Wolfden Resources announced the results of their Preliminary Economic Assessment for the Pickett Mountain project in the state of Maine. The reports supports an after tax internal rate of return of 37% and a net present value of $198 million. Initial capex for the underground mine is estimated to be $147.4 million with a payback period of 2.4 years. The PEA financial model used consensus metal prices assumptions of $1.15/lb Zinc, $1.00/lb Lead, $3.00/lb Copper, $18.00/oz Silver and $1,500/oz Gold. Wolfden trades on the TSX Venture with WLF. News Release
And Osprey Gold and MegumaGold announced this morning that the plan of arrangement for Meguma to acquire all the issued and outstanding shares of Osprey are complete. In the near term, the company looks to complete targeting, permitting and commence drilling programs at Caribou, Killag and Touquoy West in Nova Scotia. MegumaGold trades on the CSE with NSAU and on the OTC with NSAUF. News Release
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I’m Trevor Hall. Have a wonderful day. Be well.
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