Cartier Increases Chimo Resources; Wesdome New Discovery at Kiena
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Tuesday, March 23r.
Gold and silver were quite volatile Monday, starting with a price ambush right after the Globex computer trading commenced Sunday evening. A price rebound after the Indian and Asian physical bullion markets opened up was met with another price attack shortly after midnight Monday morning that took gold back down to $1726 and pushed silver all the way down to $25.45. Gold managed to rally Monday during Comex hours and settle at $1740 while silver bounced back to settle at $25.83. There was a complete absence of any meaningful news or related market events that would have triggered the sell-off in gold and silver. The Mining Stock Journal said the rally during Comex hours was likely the bullion banks profitably covering the short positions used to drive both gold and silver lower overnight, which fits the view that the overnight sell-off was manipulated. The mining stocks were sluggish on Monday, with GDX closing down 1.2% after tagging its 50 day moving average intraday. The Mining Stock Journal expects the precious metals sector to be volatile this week ahead of Jerome Powell's two-day testimony before Congress Tuesday and Wednesday.
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.
Wesdome Gold Mines announced today underground exploration drilling results from a new high grade gold discovery in the footwall of the Kiena Deep A Zone at the Company’s 100% owned Kiena Mine Complex in Val d'Or, Quebec. Since the beginning of the year, underground drilling has refocused on expansion and exploration drilling, and has recently expanded and continues to expand the A and VC Zones. As part of this drilling, a new high grade gold zone was discovered in the footwall of the A Zone. Results leading to this discovery were 11.9 g/t gold over 22 meters, 59.7 g/t gold over 5.9 meters and 34.2 g/t gold over 18 meters. True widths are unknown at this time. Up until only recently, definition drilling of the A Zone was focussed on converting the large inferred resource to indicated as part of the ongoing prefeasibility (“PFS”) study. This recent shift to focus the drilling on exploration resulted in drilling holes through the A zones into the untested footwall rocks. Improved drilling practices and the use of drilling wedges permitted the drills to effectively penetrate this footwall area and resulted in the discovery of at least two new zones of high grade gold mineralization. Wesdome trades on the TSX with WDO. News Release
Altus Strategies announced final results from a 6,300m reverse circulation drilling programme at the Tabakorole gold project located in southern Mali. The results include the discovery of a potential new parallel zone of mineralisation, as well as an extension of the current strike length of the Project. Results include 2 g/t gold over 16 meters and 5.8 g/t over 6 meters. Altus holds a 49% equity interest and 2.5% Net Smelter Return royalty on the Project. They trade on the TSX Venture with ALTS and on the OTCQX with ALTUF. News Release
Osisko Mining provided new results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec. Selected high-grade intercepts include: 696 g/t Au over 2.5 metres; 507 g/t Au over 2.1 metres; 133 g/t Au over 3.7 metres. The intercepts are located inside defined February 2021 mineral resource estimate blocks. Osisko Mining tardes on the TSX with OSK. News Release
For those of us that follow the exploration industry, we know relations with First Nations and their communities is vital to the success of exploration projects. Unfortunately, sometimes that relationship between industry and First Nations is challenged. Here with a story on a recent refusal of cooperation from the Tahltan Nation is Kylie Williams.
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Cartier Resources announced the results of its third mineral resource estimate for the Mine Chimo property, located 45 km east of Val-d'Or. The new resource estimate consists of 6,616,000 tonnes at an average grade of 3.21 g/t Au for a total of 684,000 ounces of gold in the Indicated category and 15,240,000 tonnes at an average grade of 2.77 g/t Au for a total of 1,358,000 ounces of gold in the Inferred category. Cartier trades on the TSX Venture with ECR. News Release
VAlOre Metals provided assay results for 3 trenches and 19 Trado® auger holes collected from the Santo Amaro South target area at ValOre’s 100%-owned Pedra Branca Platinum Group Elements Project in northeastern Brazil. Results from trenching included 20 meters grading 1.06 g/t palladium, platinum and gold. Auger drilling returned 10 meters grading 1.64 g/t. ValOre trades on the TSX Venture with VO and on the OTC with KVLQF. News Release
K2 Gold says it has received a positive decision letter from the United States Department of the Interior, Bureau of Land Management at its 100% owned Mojave Project located in Inyo County, California. The BLM decision on the update to the Plan of Operations is an important milestone in the process for expanded Phase II exploration drilling at key zones where Phase I drilling yielded significant gold intercepts. K2 trades on the TSX Venture with KTO and on the OTCQB with KTGDF. News Release
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I’m Trevor Hall. Have a wonderful day. Be well.
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