Clarity Gold Acquires Destiny Project; K2 Confirms Historical Mineralization
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Monday, November 30th.
Gold was given one last push off the price cliff on Friday as the Comex banks stepped up their efforts to reduce the December gold open interest as much as possible ahead of the December first notice date that officially starts today. Based on the preliminary open interest report released Friday night, the December gold open interest after Friday's vigorous tree-shaking is below the open interest that kicked off the record breaking gold deliveries in April, June and August. After ticking in the low $1770's, gold managed to bounce and settle at $1785 on Friday, where it's trading Sunday evening. In correlation with gold, silver was smoked for 90 cents on Friday, trading as low as $22.31, December basis, before settling at $22.70. The Mining Stock Journal emphasizes that, under no uncertain terms, was any of the price raid on the metals last week accompanied by actual physical gold transactions during the price hits. 100% of the price action occurred in Comex paper gold trading. In fact, India stepped up its buying after every price raid. From a big picture perspective, the mining stock newsletter expects a move higher in the precious metals sector, as it becomes more apparent to market participants that the Fed will implement another large round of money printing sooner or later. On that note, 21% of all dollars in circulation were printed in 2020.
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.
K2 Gold shared new drill results from the recently completed 17 hole, 2,540-meter program at the Company's Mojave property in Southern California. Results included 86.9 meters of 4 g/t gold from surface and 62.5 meters of 1.4 g/t gold. Drilling confirms historical mineralization reported by BHP and demonstrates strong continuity along strike. It also confirms potential for high grade, near-surface, oxide gold mineralization. Assays are pending for 14 additional holes. K2 trades on the TSX Venture with KTO and on the OTCQB with KTGDF. News Release
Kincora Copper shared part assay results for hole 8 at the Trundle Park prospect. The company says it returned the broadest grade mineralization intervals to date. The hole intersected two significant skarn zones, including 87.7 meters of .65 g/t gold and .19% copper from surface and 19 meters of .43 g/t gold and .21% copper from 388 meters. The company says ongoing drilling and relogging of core at the Trundle Park prospect are providing improved geological understanding and vectors for the at/near surface skarn potential and also the potential for a large related porphyry intrusion system. Kincora trades on the TSX Venture with KCC. News Release
K92 Mining shared their latest dril results from Kora. Highlights included 9.8 meters of 84.92 g/t gold equivalent, which in turn extended a known high-grade area 50 meters up-dip. Other results included 3.8 meters of 36.23 g/t gold equivalent and 13.2 meters of 25.2 g/t gold equivalent. The results continue to demonstrate the high-grade and continuity of Kora with intersections largely focused on increasing drill density to upgrade resources for the Stage 3 Expansion Feasibility Study in addition to some step-out drilling. K92 trades on the TSX Venture with KNT andon the OTCQX with KNTNF. News Release
Clarity Gold announced it has entered into an option agreement in which it has been granted the sole and exclusive option by Big Ridge Gold to acquire the title and interest in the Destiny Project, located in Abitibi Greenstone Belt in Quebec. Previous drill results at Destiny included 1 meter of 167 g/t gold. It also has a 43-101 resource on the project consisting of 360,000 ounces of gold in the indicated category and 247,000 ounces in the inferred resource category. Mineralization is open to depth and along strike. The Destiny Project is located approximately 75 km northeast of the city of Val d’Or. Clarity Gold trades on the CSE with the symbol CLAR. News Release
Ivanhoe Mines shared their updated Feasibility Study for the Platreef Palladium, Platinum, Rhodium, Nickel, Copper and Gold Project in South Africa. The report evaluates a 4.4-million-tonne-per-annum (Mtpa) underground mine with annual production of more than 500,000 ounces of palladium, platinum, rhodium and gold; plus more than 35 million pounds of nickel and copper. The study yields an after-tax NPV8% of US$1.8 billion and IRR of 20% at long-term consensus metal prices, and an after-tax NPV8% of US$3.7 billion and IRR of 28% at spot metal prices. Ivanhoe also announced a preliminary economic assessment (PEA) for the phased development plan; an alternate scenario to expedite production, with much lower initial capital, using Shaft 1 for the mine's initial five years of production, followed by an expansion to 5.2 Mtpa once Shaft 2 is completed. With an initial capital cost of US$390 million, the PEA yields after-tax NPV8% of US$1.6 billion and IRR of 20% at long-term consensus metal prices, and an after-tax NPV8% of US$3.3 billion and IRR of 29% at spot metal prices. PEA envisages a potential throughput rate of 5.2 Mtpa, with annual production of more than 600,000 ounces of palladium, platinum, rhodium and gold, plus over 40 million pounds of nickel and copper. Ivanhoe trades on the TSX with IVN. News Release
That’s your morning briefing. Please be sure to head over to the newsroom at the Junior Mining Network for a complete rundown of the press releases from throughout the sector today.
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I’m Trevor Hall. Have a wonderful day. Be well.
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