China Imports 10 Tonnes of Gold
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Monday, September 21st.
Gold and silver continue to mark time, trending sideways in a very narrow trading range. The Mining Stock Journal is of the view that the precious metals are coiling for a big move higher. That said, a potential stock market accident would take the precious metals sector with it briefly, as hedge funds - many of which are long Comex paper gold and silver contracts and mining stocks - sell everything in their portfolio that has a bid to ward off margin calls. This is a buying opportunity if it occurs. Hedge fund selling of paper gold affected the metals and miners last week as stock market turbulence took the stock market down for the third week in a row. That said, the Mining Stock Journal noted that gold exports from Swiss refineries indicate that China imported 10 tonnes of gold from switzerland after a 5 month drought. The mining stock newsletter said that this is an interesting development because if the Chinese public starts buying gold again, that combined with the peak seasonal gold buying period thru the end of the year for India could drive the gold price over $2,000 for good
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… Integra Resources.
Integra Resources trades on the TSX-V under ITR and the NYSE American with ITRG. Integra Resource is advancing its past producing DeLamar 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.
And here’s what you need to know this morning.
Bluestone Resources reported drill assays received from its infill drilling activities currently underway at the Cerro Blanco gold project in Guatemala. The results reported this morning were from sixe underground and four surface holes. Highlights from those results included 15 g/t gold and 55 g/t silver over 7.2 meters and 210 g/t gold and 167 g/t silver over 1 meter. After a brief hiatus where the drilling activities were suspended to comply with COVID-19 related restrictions in Guatemala, a total of five drill rigs are now operational. Bluestone Resources trades on the TSX Venture with BSR and on the OTCQB with BBSRF. News Release
Banyan Gold also shared new drill results this morning from its 2020 exploration program at the Airstrip zone on the AurMac Property in the Yukon. Results inlcueed 1.02 g/t gold over 47.7 meters and .59g/t gold over 114.8 meters. 1 hole from Airstrip is still pending assays. On completion of the Airstrip drill holes, drilling commenced at the Powerline Zone culminating in 1,433 metres from seven holes. Similar to exploration efforts at Airstrip, objectives of the Powerline Zone drilling are to continue to test the expansion potential of the Powerline Zone mineralization. Banyan Gold trades on the TSX Venture with BYN. News Release
Premier Gold shared drillr results from expansion drilling at the El Nino underground mine on the company’s 40% owned south Arturo Property located in the Carlin Trend in Nevada. Today’s results come from the 25-hole campaign designed to increase the extend of the known mineralization at depth. Results included 5.73 g/t gold over 100 meters, 17.11 g/t gold over 39 meters and 7.37 g/t gold over 41 meters. Premier Gold says they are hopeful to see an increase in year-end reserves and resources based on these successes that will provide for an expanded mine life. The deposit remains open at depth and along strike. Premier Gold Mines trades on the TSX with PG and on the OTCPK with PIRGF. News Release
Ridgestone Mining shared drill results from an additional 8 holes from it Rebeico Gold- Copper project in Sonora, Mexico. Results reported today included .54% copper over 29.15 meters, which also included an interval of 1.95% copper over 2.25 meters. Another holes returned 3.82 g/t gold and .75% copper over 4.35 meters. Ridgestone Mining trades on the TSX Ventue with RMI and on the OTCQB with RIGMF. News Release
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I’m Trevor Hall. Have a wonderful day. Be well.
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