Aurelius Drills News Gold Mineralization Below Resource at Aureus West

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

Today is Thursday, January 28th.

On Wednesday gold declined about $3 from Tuesday after managing to bounce sharply from an unexpected $13 price-plunge when the NYSE opened. There was not any particular news or events that would have fundamentally caused the sudden drop in price, though the Mining Stock Journal noted that the gold price is particularly volatile ahead of the release of FOMC's policy meeting statement. Silver shadowed gold's volatility and weathered another effort to push it below its 50 dma.  Though the charts for gold and silver continue to look bullish, the Mining Stock Journal is still concerned that a potential accident in the stock market will take the precious metals complex at least temporarily lower. The Amex Gold Bug index was decimated 4.4% on Wednesday. The mining stock newsletter commented that the mining stocks typically sell-off sharply in advance of a general stock market drawdown, as hedge funds look to unload risk assets.  On another note, the Bank of Nova Scotia paid over $127 million in fines to settle criminal investigations into a price manipulation scheme in gold and silver. The Mining Stock Journal commented that this is yet another big bullion bank settlement for price manipulation allegations in the precious metals. It added, wryly, that it's the cost of doing business apparently.

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.

Aurelius Minerals shared new assay results from first three holes at its Aureus West Gold Project located in Nova Scotia, Canada. Holes are from Pad One, the furthest west of the three pads utilized in the 2020 drilling program. All holes intersected significant gold mineralization and new gold horizons were identified to a depth of 500 metres below surface, well below the current resource depth of approximately 150m. Results included 2.5m grading 13.2 grams per tonne gold including 0.5m grading 46.4 g/t gold and 19 meters grading 1.3 g/t gold which included .4 meters of 59.8 g/t gold. Depth extent of gold mineralization extended below previous drilling to three times the existing resource depth and remains open. Aurelius trades on the TSX Venture with AUL and on the OTC with AURQF. News Release

Elemental Royalties noted the recent announcement from Austral Gold that in the course of a successful delineation program at its Amancaya mine it has discovered a new mineralized zone. Elemental holds a 2.25% NSR royalty at Amancaya, which is expected to produce in excess of 50,000 gold equivalent ounces in 2020.

Additionally, Capricorn Metals released their December Quarterly Activities Report, confirming that development of the Karlawinda Gold Project is proceeding as planned, with first gold production expected in the June 2021 quarter. Elemental has entered into a binding agreement to acquire a 2% NSR royalty on Karlawinda from South32 Limited. Elemental Royalties trades on the TSX Venture with ELE and on the OTCQX with ELEMF. News Release

Rockridge Resources announced they have completed a 2,965 metre diamond drilling program at its 100% owned Raney Gold Project located southwest of Timmins, Ontario, Canada. A total of 11 drill holes were completed to evaluate the down plunge and strike extent of the Raney Gold Zone. Assays have been received for 9 of the 11 holes with gold mineralization intersected in all but two holes. Results included 2.5 g/t gold over 13 meters. Furthermore, exploratory drill hole RN 20-18 was a significant step out hole along strike 250m to the west of the main zone and returned 1.36 g/t Au over 9.0m. Rockridge trades on the TSX Venture with ROCK and on the OTCQB with RRRLF. News Release

Tinka Resources provided results from 7 drill holes from their ongoing resource expansion and infill drill program at the Ayawilca project in peru. Hole 177 intersected very high grade vein-style zinc-silver-lead mineralization outside of the zinc resource at about 100 metres depth. That result was 19.2 meters of 15.6% zinc and 154 g/t silver, and included 7.8 meters of 31.3% zinc and 225 g/t silver. Tinka trades on the TSX Venture with TK and on the OTC with TKRFF. News Release

Now, lets turn it over to Kai Hoffman for this week’s Oreninc Weekly Update.

Montage Gold reported results of an updated inferred mineral resource estimate for the Koné deposit, at the Morondo Gold Project in Côte d'Ivoire. The report shows an inferred mineral resource estimate comprising of 123 million tonnes grading .8 g/t for 3.16 million ounces of gold at a .4 g/t cut-off grade. It also included a higher-grade component of 57.5 million tonnes grading 1.1 g/t for just over 2 million ounces of gold at a .7 g/t cut-off grade. Koné remains open along strike and at depth. Montage Gold trades on the TSX Venture with MAU. News Release

Grid Metals says their first step out hole front he original discovery hole at the East Bull lake palladium property intercepted both significant widths of palladium dominant disseminated sulfide mineralization and a four meter section of nickel-rich semi-massive sulfide and magnetite, which included 2 meters averaging 1.51% nickel, 1.14% copper, 1.55 g/t palladium, .38 g/t platinum an d.22 g/t gold. The Company resumed drilling on the Property on January 21st and is expected to initially complete up to 4,000 metres of drilling over the next 2-3 months. Grid Metals trades on the TSX Venture with GRDM. News Release

Mining Stock Daily is distributed over a dozen different networks throughout the world and in proud partnership with the Junior Mining Network. It is produced by Clear Creek Digital and Investment Research Dynamic's Mining Stock Journal.

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

The information presented should not be considered investment advice. Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.