Aurelius, Osino, Arizona Metals & Hawkmoon Drill Results
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday, January 25th.
On Tuesday gold staged a healthy overnight rally from 1833 to as high as 1844, before succumbing to selling pressure in the paper gold market - first the LBMA and then the Comex. To be sure, part of the sell-off was connected to the blood-bath in stock futures overnight. But around 10 a.m. NY time, when the stock market was digging for China,and with Dow down over 1000 points, gold staged a massive rally back up to $1844 before settling at $1843. At the same time gold was pushed lower, silver was given a push off the cliff, falling from $24.35 to as low at $23.60. Hi-Ho then rallied along with gold. It settled back over $24 at $24.05. The Mining Stock Journal said that gold's bounce on Monday reflected a flight to safety move, something that has become a common occurrence when down-side volatility hits the stock market. The mining stocks were hit hard early in stock market trading but began to outperform the broad stock indices when gold and silver rallied. The Mining Stock Journal commented that, while in the short term the precious metals sector will experience higher than usual volatility in correlation with the financial markets, a big move higher in the sector is percolating.
We’ll get to the news out of the miners and explorers in a moment but first a mention of today’s sponsor…
This episode of Mining Stock Daily is brought to you by… Arizona Sonoran Copper Company.
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.
Trevor
And here’s what you need to know this morning….
Aurelius Minerals reported more drill results from its flagship Aureus East gold project in Nova Scotia. The holes reported today were from four surface pads, focused on expanding mineralization along strike to the east and at depth, resulting in continued identification of previously overlooked gold horizons and an expanding limb system. A few intercepts to highlight were .65 meters of 40.3 g/t gold from hole 40 and another .65 meters of 49.5 g/t gold from hole 41. Having completed Phase 2 drilling at Aureus East, the near-term focus has shifted to a recently initiated underground channel sampling and mapping program. Aurelius believes there is considerable opportunity to identify continuous mineralization directly adjacent to the existing underground development infrastructure. Channel sampling in the underground drifts, where saddle reefs are exposed, will be the priority in this area. Aurelius Minerals trades on the TSX Venture with AUL and on the OTCQB with AURQF. News Release
Arizona Metals reported the results of fourteen drill holes at its Kay Mine project in Arizona this morning. The holes released today also hosted the deepest intercepts to date at the Kay Mine, which returned 28 meters of 3.8% copper, .05 g/t gold .3% zinc and 13 g/t silver. This hole extends the high-grade mineralization encountered in Hole 27B approximately by 165 m down-plunge to a depth of 860 m below surface. A full rundown of the drill results will be found on this morning’s press release. With the assayed holes released today, the Company has completed a total of 41,600 metres at the Kay Mine since inception of drilling. The Company is fully-funded to complete the remaining 33,000 metres planned for the Phase 2 program, as well as an additional 76,000 metres planned under the Phase 3 program. Arizona Metals trades on the TSX V with AMC and on OTCQX with AZMCF. News Release
Hawkmoon Resources have received the final results for the final two drill holes at the Midrim Showing on the Wilson Gold Project in the Abitibi Greenstone Belt of Quebec. Hole 28 returned 83.6 g/t gold over 1 meters, which is the highest gold grade from the program and represents the discovery of a new gold zone at Midrim, and is approximately 50 meters south of all previously known gold mineralization at the showing. Hawkmoon has expanded the Midrim to the east, west and south. Gold mineralization is open in all three of these directions at the Midrim. Hawkmoon Resources trades on the CSE with HM. News Release
Osino Resources announced an update on infill and step-out drilling at its Twin Hills Gold Project in the Erongo Region of Namibia. The latest two step-out results from the deep drilling at Clouds are 49m @ 1.50g/t incl. 43m @ 1.66g/t and 84m @ 1.08g/t incl. 14m @ 1.99g/t and 16m @ 1.37g/t. These two holes take the mineralization down to approximately 300m vertically below surface and open to depth. Infill drilling returned 184 meters of 1 g/t and 149 m of .9 g/t. The infill drill program started in March 2021 with the aim of converting the entire Bulge, THC and Clouds mineral resource from the Inferred to the Indicated category. Conversion drilling is on track to be completed by the end of this month. Osino trades on the TSX Venture with OSI and on the OTCQX with OSIIF. News Release
Outback Goldfields has they are set to resume the exploration proram at the Yeungroon Property in Victoria, Australia. A combination of grid-based RAB and focused diamond drilling has confirmed the presence of an open-ended, reef-hosted gold system at the Golden Jacket Mine. Only 1 kilometer of the +30 kilometers of prospective strike length has been investigated with the RAB drill and follow-up targets are already defined. Air-core drilling will focus on testing the northwestern extent of the reef-hosted gold system along strike from the Golden Jacket mine, as well as testing numerous geophysical targets to the northeast. Outback Goldfields trades on the TSX Venture with OZ. News Release
Ascot Resources provided an update on the Premier Gold Project in the Golden Triangle of British Columbia. Building on the success of the Early Works program in 2021, Ascot remains on track to commence full-scale construction activities and underground development in April 2022. Ascot estimates construction of the Premier Gold Project is approximately 23% complete as of year-end 2021. Major areas of focus for the project in 2022 will be the underground development and early access to initial mining areas, the delivery and installation of the new water treatment plant, the completion of the Cascade Creek diversion channel, the tailings facility earthworks, and the completion of the process plant circuit. These activities all lead towards starting mill commissioning later in 2022 ahead of initial gold pour anticipated in Q1 2023. But the project has come with an increased costs, infact, the company is projecting a 27% increase than originally planned to $224M. At a high level, the factors that have caused cost increases to the project, in order of influence, are: fixed indirect costs caused by schedule delays, weather impacts, piping and instrumentation labour productivity, indirect cost inflation, supply chain pressures, and COVID-19 protocols. Ascot trades on the TSX with AOT and on the OTCQX with AOTVF. News Release
That concludes today’s morning briefing.
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