Aurelius Minerals Drills .5m of 255 g/t Gold
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Thursday, January 14th
On Wednesday gold experienced unusually large degree volatility starting just after London opened early in the morning. Gold was up about $5 on the day when it suddenly did a cliff dive in the last half-hour of Comex floor trading. February gold settled roughly unchanged from Tuesday's settlement. The Mining Stock Journal commented that the sudden sell-off into the Comex close occurred in the absence of any negative news releases. In fact, President-elect Biden was reported to be pressing hard for an immediate and massive stimulus program, a news report that was announced around the time the waterfall drop in gold began and which should have been bullish for gold. Silver's price action shadowed gold. The Mining Stock Journal said that daily charts for both gold and silver look quite bullish. The mining stocks, however, continue to trade sluggishly, underperforming gold and silver. There are two ways to interpret the relative performance of the mining stocks vs gold/silver. One interpretation is that, because they are underperforming, the stocks are signaling at some point the entire sector will decline in 2021. The alternative analysis suggests that, because the metals historically lead the mining stocks in the early stages of an extended bull move in the sector, the entire sector will push higher in 2021 and the mining stocks will "catch up" to and begin to outperform the metals. With the fundamental drivers of gold and silver getting stronger by the day, the newsletter is inclined to buy into the latter interpretation.
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… Corvus Gold.
Corvus Gold Inc. is a North American gold exploration and development company, focused on its near-term gold-silver mining projects in southwestern Nevada. The Company holds a commanding land position within the Bullfrog Mining District. Neighbouring, adjacent projects controlled by AngloGold Ashanti, Kinross Gold and Coeur Mining highlight this active District. The two 100% owned North Bullfrog & Mother Lode projects have a combined nearly 4M oz gold of in-pit resource and continues to grow with an on-going, successful, resource expansion drill program.
And here’s what you need to know this morning.
Aurelius Minerals reported assay results for the balance of hole 3 and hole 4 from its Aureus East Gold Project located in Nova Scotia, Canada. Hole 3 discovered over 30 new gold horizons to a depth of 870m where the hole was stopped due to equipment limitations. This drilling is the deepest to date at the Aureus Gold Project. Highlights from hole 3 returned .55 meters of 16.4 g/t gold within a broader 7.45 meter interval of 1.61 g/t gold. Hole 4 confirmed the gold horizons and intersected multiple high-grade intervals from a second underground drill pad approximately 80m to the south-west of the first drill pad, where the initial three holes of the program were completed. Those results included 109.5 g/t gold over 1.62 meters, including a 1 meter interval of 174.5 g/t gold. Hole 4 also hit a half meter interval grading 255 g/t gold within a broader 16.5 meter interval grading 8.08 g/t gold. The Company's initial 6,000m drill program at Aureus East, part of the overall 10,000m Phase One program at Aureus East and West, is ongoing. The Company completed three holes at the first underground location and four holes at the second location, and has approximately 1,800m remaining in Phase One drilling. The drill is currently at the second location and due to commence the eighth hole in the coming days. Aurelius trades on the TSX Venture with AUL and on the OTC with AURQF. News Release
Solaris Resources reported assay results from two additional holes from the ongoing diamond drill program at its Warintza Project in south-eastern Ecuador. Hole 7 returned 1,067 meters of .6% copper equivalent, bottoming in mineralization far beyond the 150m depth of the corresponding historical hole. Hole 8 returned 454 meters of .62% copper equivalent, further extending mineralization in its direction. To date, 14,500 metres have been drilled at Warintza Central in 16 holes, with results reported for the first eight holes. Drilling is ongoing with five rigs at Warintza Central and one rig at Warintza West. Solaris trades on the TSX Venture with SLS. News Release
Canada Nickel today announced encouraging results from the latest drill holes at its Crawford Nickel-Cobalt Sulphide project from its West Zone discovery. Follow up drilling of hole CR20-74 in West Zone substantially extends higher grade mineralization by 45% or 850 metres to northwest with a return of .3% nickel over a core length of 308 metres. Airborne geophysical survey and interpretation work is completed on regional option properties and will guide a regional drilling program expected to commence this winter. Canada Nickel trades on the TSX Venture with CNC. News Release
QMX Gold reported results from the ongoing deep exploration drilling program on the Bonnefond deposit. Drill hole 155 was completed as part of a series of drill holes testing the potential of the deeper portion at Bonnefond. The thesis was confirmed. The hole returned multiple mineralized intervals, including 196.6 meters of 1.78 g/t gold, 1.7 meters of 20.9 g/t gold and 3.1 meters of 5.57 g/t gold. QMX Gold trades on the TSX Venture with QMX. News Release
And in today’s production bulletins, Barrick Gold says it has hit its full year 2020 production guidance with 4.8 million ounces produced. Centerra Gold exceeded its annual guidance of production with over 800,000 ounces of gold produced. And New Gold met its revised annual guidance of over 437,00 gold equivalent ounces produced.
And First Cobalt announced a $5 million bought deal offering consisting of $.31 per share a half warrant exercisable at $.50. The Company intends to use the net proceeds of the Offering for the advancement of the First Cobalt Refinery and for general corporate purposes.
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I’m Trevor Hall. Have a wonderful day. Be well.
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