Ascot Resources Hits High-Grade Silver
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Thursday, October 8th.
Gold spent Wednesday trying to decide if it wanted to go higher or lower, with the downside impulses occurring with heavy encouragement from the bullion bank price containment team. After a moonshot move shortly after midnight early Wednesday morning that took December gold from $1886 to $1902, gold was pushed back down to $1886 and bounced around between primarily $1887 and $1892. The Mining Stock Journal said heavy demand from India likely was the impetus that drove the big move early in the morning. Silver was hammered from late Tuesday evening through early Wednesday morning from $24.70 to as low as $23 December
basis. After the a.m. London price fix, silver rallied back over $24 and coiled around the $23.88 level for the balance of the day. The mining stocks bounced around in a narrow range and closed slightly positive. The Mining Stock Journal commented that the fundamentals should be dictating a big move higher in the precious metals sector but the usual suspects who seek to cap the upside are exerting heavy pressure right now in an effort to keep a ceiling in place. The newsletter added that it doesn't expect that effort to succeed much longer.
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 11 billion pounds of copper and 21 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 announced new drill results this morning front he Silver HIll prospect at the company’s Premier Gold Project in the Golden Triangle of British Columbia. Ascot returned 1,320 g/t silver over 1 meter, 154.3 g/t silver over 7.12 meters and 4.31 g/t gold over 1 meters. The Company completed six drill holes from three pads at Silver Hill in August 2020. Assays for the other two holes at Silver Hill and for additional holes from the Day Zone are pending and will be released as soon as they are available. Ascot trades on the TSX with AOT and on the OTCQX with AOTVF. News Release
Canada Nickel says their final three infill holes in easternmost end of the Main Zone continue to confirm and extend higher grade mineralization. Drill results reported today included .33% nickel over 369 meters and another .33% nickel over 126 meters. Infill drilling on the Main Zone continued to focus on more clearly defining and upgrading the Higher-Grade Core resource, which was previously defined as part of the resource estimate and dips steeply within the ultramafic unit and having a previously reported true thickness that varies from 40 m to 160 m. These results are from the final three in-fill holes to be utilized in the updated resource expected to be released in two weeks. Canada Nickel trades on the TSX Venture with CNC. News Release
Troilus updated the market with their latest exploration work and results from the Troilus Project in Quebec. Initial results collected 28 km southwest of the recently announced Beyan Gold Zone Discovery, have outlined another new zone of mineralization: the Goldfield Boulder Zone The company says grab samples returned up to 26.2 g/t gold and 27.8 g/t silver in outcrop. Troilus trades on the TSX with TLG and on the OTCQB with CHXMF. News Release
Equinox Gold says exploration work in the first of this year has significantly increased mineral reserves and resources at the company’s Mesquite Gold Mine in California. Proven and Probable Mineral Reserves increased 28% to 658,000 ounces ("oz") of contained gold net of mining depletion to June 30, 2020. Measured and Indicated ("M&I") Mineral Resources increased 94% to 837,000 oz of contained gold, exclusive of reserves. Inferred Mineral Resources increased 38% to 703,000 oz of contained gold. The company also noted that ongoing exploration continues to demonstrate growth potential at the Brownie deposit. Equinox trades on the tSX and the NYSE American with EQX. News Release
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I’m Trevor Hall. Have a wonderful day. Be well.
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