Azimut Shares Triple; Contact Gold Drill Results form Green Springs; Wesdome Production Numbers and Kiena udpate
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday, January 15th.
Once again in early Monday evening Comex Globex system paper gold trading gold was hammered down to as low at $1536 only to bounce sharply when the Asian and India physical gold buying markets were in full swing. It was readily apparent from the timing of the bounce in price that the markets which demand physical delivery drove the gold price up $10 from the low early Monday morning. In early trading Tuesday evening, gold moved back over $1550. Anticipating a further move higher in gold and silver, the GDX mining stock ETF was up 1.8 in Tuesday's trading. The Mining Stock Journal commented that, despite the move in Comex gold open interest back toward 800,000 contracts, it would appear that the demand for physical delivery of gold bars in Asia is preventing the western banks from pushing the gold price lower.
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 10 billion pounds of copper and 18 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 today from the junior mining sector:
Yesterday, Contact Gold shared results from 4 drill holes from the Alpha Zone at its Green Springs gold project located in the Cortez Trend of Nevada. Highlights included 1.68 g/t gold over 35 meters and .86 g/t gold over 45.72 meters. The company said drill results continue to demonstrate that there is potential for gold mineralization below the past-producing areas where the Pilot/Guilmette contact is below the mined Chainman/Joanna contact. In addition, investors should also know the first hole from Echo Zone following up on the historical intercept of 39m of 5.05 g/t Au is next in que for assay results. We will be sure to share that news with you once it is available. Contact Gold trades on the TSX V with the symbol C and on the OTC markets with CGOL. News Release
Shares of Azimut tripled yesterday after the company announced it drilled 3.15 g/t gold over 102 meters and 2.84 g/t gold over 108 meters at the Patwon prospect on the Elmer Gold property in the James Bay region of Quebec. Azimut's management says they consider these results to be among the most significant gold exploration results in the James Bay region since the 2004 discovery of the Éléonore deposit by Virginia Gold Mines. Azimut came into the day trading at $.50 canadian and closed at $1.50. Azimut trades on the TSX Venture with AZM and on the OTC markets with AZMTF. News Release
FireFox Gold says it has completed its Phase 2 Drilling at the Mustajärvi Gold Project in the Central Lapland Greenstone Belt, Finland. This phase of drilling consisted of nine drill holes, with assays for the first five holes reported on November 26th, 2019. The companys says There is potential to expand mineralization, particularly to the northeast of the Central Zone and around the Mustajärvi NE target. FireFox Gold Corp is listed on the TSX Venture stock exchange under the ticker symbol FFOX. News Release
Wesdome shared Q4 and annual gold production numbers this morning. The company says production of over 21-thousand ounces pushed the annual production to the high end of its guidance at years end. Guidance for 2020 is set to reach an expected 90 to 100,000 ounces. Wesdome says operating and all-in sustaining costs are expected to be flat as they continue to drill and develop underground workplaces in order to fill the Eagle River mill entirely from higher grade underground ore in the future. They also to drill a total of 85,000 metres in exploration drilling, invest $8.2 million in exploration drifts and continued ramp development, and continue metallurgical and environmental scoping studies in preparation for a possible mine restart. The PEA for Kiena is expected in the first half of this year. Wesdome trades on the TSX with WDO and on the OTC markets with WDOFF. News Release
McEwen Mining also shared production numbers this morning. The company says it produced over 134,000 ounces of gold and 3.3 million ounces of silver. These numbers were within the revised guidance range downgraded earlier in the year. In this morning’s news release, Chairman and Chief Owner Rob McEwen is quoted saying, “2019 was a year of exploration highs overshadowed by production lows. he problems that plagued us in 2019 were largely unique events that will not be reoccurring. Exploration will continue to be a key focus at Stock West, Grey Fox, Black Fox and Gold Bar, where we see the potential to create the greatest near-term value.” Mcewen Mining trades on the TSX and the NYSE with MUX. News Release
Ascot Resources published an updated resource estimate for the Premier Gold Project and included the Silver Coin, Big Missouri and Premier deposits. Ascot’s combined resources for the Premier and Red Mountain Projects have total contained precious meals of 1,849,000 ounces of gold and 6,824,000 ounces of silver in the measured and indicated category and 1,250,000 ounces of gold and 4,769,000 ounces of silver in the inferred category. Ascot trades on the TSX with AOT and on the OTCQX with AOTVF. News Release
First Cobalt shared a new miineral resource estimate for the Iron Creek Project in Idaho. In 2019, First Cobalt completed an infill drill program focused on converting Inferred Resources to Indicated Resources, resulting in a 49% conversion to the Indicated category and a 12% increase in contained cobalt metal while maintaining the average grade. The deposit is one of the few primary cobalt deposits in America and remains open along strike and down-dip. The indicated Resource now stands at 2.2 million tonnes of .32% cobalt equivalent while the Inferred Resource is established at 2.7 millioin tonnes of .28% cobalt equivalent. First Cobalt trades on the TSX Venture with FCC and on the OTC markets with FTSSF. News Release
Novo Resources says it has subscribed for 10 million units of Kalamazoo Resources, an ASX listed company with the ticker symbol KZR. Eric Sprott, a director of Novo, has also subscribed for an identical amount. Each Unit is comprised of one Kalamazoo ordinary share and one whole unlisted option. Dr. Quinton Hennigh, Chairman and President of Novo will also join Kalamazoo’s technical advisory committee. News Release
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