Awaiting Fed Policy Statement; New Cornish Metals Drill Result
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Wednesday November 3rd.
After moving higher during the Asian physical market trading day, both gold and silver were given a big ride lower on the down elevator by the price management team. Gold made a hearty challenge of the $1800 level before being hammered down to settle at $1789. Silver was ripped down below $24 to as low at $23.45 before bouncing a bit to settle $23.58.
The Mining Stock Journal said that import data showed that India bought a copious amount of physical gold Tuesday, which explains the rise in the gold price up until Indian and Chinese markets closed for the day, around 2:30 a.m. NY time. The newsletter said the most likely explanation for the sell-off in gold and silver is attributable to the customary price management imposed on gold and silver during the 2-day FOMC policy meeting.
The newsletter added that it expects a big price hit either before or as the policy decision
headlines hit the tape, but any price smack is a buying opportunity.
The mining stocks shrugged off an early sell-off to close down marginally relative to the sell-off in gold and silver.
We’ll get to the news out of the miners and explorers in a 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.
Vizsla Silver released more results from ongoing drilling at its Panuco silver-gold project in Sinaloa, Mexico with new holes in the Napoleon and Tajitos areas. Drilling at Napoleon expanded the resource area by 700m along strike and an additional 100m deep to 450m. Highlights included 3.7m grading 99 grams per tonne silver, 6.8g/t gold with lead and zinc for 774g/t silver equivalent in hole 173. At Tajitos, the resource area was expanded 200m along strike with highlights of 901g/t silver and 3.25g/t gold for 1,150g/t silver equivalent in hole 71. A maiden resource on the project is scheduled for the first quarter of 2022. Vizsla Silver trades on the TSXV under VZLA and on the OTCQB under VIZSF. News release
Freegold Ventures announced additional results from a 40,000m drilling program on its Golden Summit gold project, near Fairbanks, Alaska where it is intersecting broad zones of higher than resource grade mineralization. Highlights included 231.3m grading 1.22 grams per tonne including 2.1m grading 44g/t in hole 11. The program aims to expand the current resource and define areas of higher-grade mineralization. An updated resource estimate will be completed in 2022. Freegold Ventures trades on the TSX under FVL and on the OTCQX under FGOVF. News release
Revival Gold announced results from the first eight infill drill holes at the Haidee area of its Beartrack-Arnett gold project in Idaho, USA. Each hole encountered above cut-off grade, near-surface oxidized gold mineralization with highlights including 13.7m grading 1.15 grams per tonne in hole 078. The 2021 drilling programme at Haidee was designed to upgrade and expand its inferred heap leachable mineral resources as well as obtain engineering data for a pre-feasibility study, planned for late 2022. An updated resource estimate is also planned for early 2022. Revival Gold trades on the TSXV under RVG and on the OTCQX under RVLGF. News release
Cornish Metals reported new assay results from two diamond drill holes today, which are part of the ongoing drill programme at the United Downs copper-tin project, Cornwall UK. Hole 6 returned 1.61m of 1.23% copper, .46% tin and 14g/t silver. Hole 8 returned 1.6m of 9.75% tin along with 28.88m of 1.5% copper, .05% tin, .28% zinc and 63.4g/t silver. CEO Richard Williams says the intercepts in the latest holes do not appear to be part of UD Lode itself but represent new sub-parallel zones of mineralisation, including some exceptionally high tin grades. This was the first time the company encountered higher-grade zinc mineralisation as well. Additional drilling is required to understand the geometry and scale of these zones. Cornish Metals trades on the TSX Venture with CUSN. News Release
That concludes today’s morning briefing. We’ll be back later today with more market commentary and corporate updates.
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