Brixton Metals Phase II Drilling Result at Thorn; Awaiting Today's Fed Announcement

Its Fed Day! In a few hours the Fed will report its decision on yet another interest rate cut, perhaps, which might have an effect on precious metals price movements and the overall markets. But before that announcement, we have lots of news from the miners and explorers to share today. You are listening to Mining Stock Daily. 

Welcome to Mining Stock Daily. 

Today is Tuesday, October 29th. 

This is Trevor Hall and I welcome you to today’s briefing. 

The price of gold lost about $4 on Tuesday, with an aggressive price raid operation slammed shortly after the a.m. London price fix which took December gold down to as low as $1486 before it bounced to close the Comex day session at $1492. Silver, which was relatively stronger than gold, was down marginally. The Mining Stock Journal noted that the Comex open interest on Monday was down almost 10,000 contracts and said that it looks like the banks may be trying to cover their excessively large short position in advance of more money printing by the Federal Reserve. The newsletter also noted that the mining stocks were beat up early in Tuesday's market action but managed to close green on the day. That plus another decline in the gold/silver ratio is potentially bullish for the sector.

 Today's episode of Mining Stock Daily brought to you by Integra Resources. 

Integra Resources trades on the TSX-V under ITR and the OTCQX under IRRZF. Integra Resource is advancing its past producing DeLamar (DeL - a - Marr ) Gold-Silver project in SW Idaho through aggressive drilling and exploration. The latest Resources Estimate released earlier this summer showed approximately 4 million Gold equivalent ounces in the measured and indicated category.The maiden PEA for the project established a net present value of C$473-million and an IRR of 43%. The management of Integra successfully sold its previous brownfields project for C$590 million in summer 2017. Read more about the company and its successful management team at integraresources.com

Here’s what you need to know today out of the junior resource sector. 

Brixton Metals announced preliminary results from its phase two exploration program at its wholly owned Thorn Project located in the Golden Triangle of British Columbia. The 2019 phase two drilling consisted of a total of 7,213m within 13 holes. The depths of the holes varied from 308m to 862m. Assays returned 2.31 g/t gold equivalent over 256.87 meters and 1.65 g/t gold equivalent over 87.27 meters. We will be speaking with Gary Thompson, CEO of Brixton, here on Mining Stock Daily in the very near future to follow up on these results and provide some executive commentary. Be sure to keep an eye out for that conversation. Brixton trades on the Toronto Venture Exchange with BBB and also on the OTC QB market with BBBXF. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/833-tsx-venture/bbb/69006-brixton-metals-drills-2-3-g-t-aueq-over-257m-including-10m-of-13-5-aueq-4-6-g-t-au-248-g-t-ag-0-4-cu-8-zn-pb-at-its-thorn-project.html

Wesdome today announced results from its ongoing underground exploration drilling on the Eagle River Mine in Ontario. This work included the continuing development on the 303 Lens which was initially discovered in 2015. Highlights from the recent drilling reported today included 92.8 g/t gold over 11.1 meters and 72.2 g/t gold over 10.8 meters. The company said the additional expansion of the 303 Lens 300 meters down plunge to the 1,300 meter level provides Wesdome the opportunity to mine these high grades well into the future with additional mine development. These results will be included into the existing resource and reserves base at the end of the year. Wesdome trades on the TSX with the symbol WDO and also on the OTC markets with WDOFF. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/660-tsx/wdo/68980-wesdome-announces-exploration-drilling-at-the-eagle-river-mine-extends-the-high-grade-303-lens-an-additional-300-metres-down-plunge-and-remains-open.html

Triumph Gold also shared drilling results this morning. Results from the Blue Sky Zone on the Freegold Mountain Property in the Yukon intersected 1.26 g/t gold equivalent over 218.39 meters. These results were a follow up to the results earlier this summer which returned more than 600 meters of 1.1 g/t gold equivalent. Triumph Gold trades on the Toronto Venture with the symbol TIG and also on the OTC markets with TIGCF. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/892-tsx-venture/tig/69004-positive-drilling-results-for-triumph-gold-at-the-blue-sky-zone-freegold-mountain-property-yukon.html

McEwen Mining announced Q3 results on this morning. Revenue from gold and silver sales in Q3/19 increased by 22% to $32.7 million compared to Q3/18, reflecting a higher average realized price per gold equivalent ounce sold in Q3/19 compared to the same period in 2018 over a similar number of ounces sold in both periods. The decrease in the net loss and loss per share for Q3/19 compared to the same period in 2018 reflects an increase in revenues of $5.8 million as a result of 22% higher average realized gold price, while the number of ounces sold was the same in both periods, and a significantly smaller loss from the company's investment in Minera Santa Cruz. The Companies shares trade under MUX on both the NYSE and the TSX. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/951-tsx/mux/68992-mcewen-mining-q3-2019-results.html

Almaden Minerals was notified by the Mexican environmental authority of the federal government  that the permitting process for the Ixtaca project has been suspended pending resolution of the mineral title lawsuit reported by the Company in April and September. Under the Lawsuit, certain organisations have supported legal challenges against the Government of Mexico and the Mexican mineral title regime using the Company’s mineral claims as a basis for their challenges. The Lawsuit contends that the issuance of Almaden’s original mineral titles violated human rights and did not respect Mexico’s commitment to indigenous consultation under United Nations Instrument ILO 169.  The Lawsuit remains before the Courts and Almaden is studying measures it can take to resolve this suspension. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/825-tsx/amm/68985-almaden-updates-stakeholders-on-permitting-for-the-ixtaca-project-mexico.html

And finally, Torex Gold announced gold production of more than 138,000 ounces of gold over Q3 2019, which the company says is more than 20% higher than the previous record set earlier in the year. Total all-in sustaining costs were $675 per ounce. Buenaventura also reported production and financials this morning. The company reported a net income of $4.5 million in Q3 as opposed to being in the hole by more than $10 million during the same time period last year. And Centerra Gold reported a net loss for the third quarter of $165 million or $.56 per common share after including an adjustment for the impairment recorded on the Mount Milligan Mine and the additional settlement expense relating to Kyrgyz Republic Strategic Agreement. I recommend reading the financial reports and news releases from these companies in detail. The news releases can always be found on the Junior Mining Network news room. 

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Have a wonderful day. Be well.

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