Comex Gold Contracts Hitting All-time High & Noteworthy Exploration Results from Juniors
From Idaho to Africa, we have a round of exploration results to get to today, as gold and silver continue to express volatility in the market. You are listening to Mining Stock Daily
Welcome to Mining Stock Daily.
Today is Thursday, September 26th.
This is Trevor Hall and I welcome you to today’s briefing.
The gold price was taken hard about an hour after the Comex floor trading opened on Wednesday, with $27 removed from the price at the bottom. Silver was slammed back toward $18. This is despite the fact that LBMA price auctions on Tuesday featured heavy demand for physical gold. The Mining Stock Journal commented that this a paper gold price management operation implemented during Comex floor trading while the physical bullion markets were closed. It also noted that Hedge funds have piled head first into paper gold with open interest on the Comex in gold contract hitting an all-time high on Tuesday. Of interest, the price decline stopped just above $1500 on a futures basis, which seems to be an impenetrable line of support for now.
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Here’s what you need to know today out of the junior resource sector.
The final three diamond drill holes at Osino Resource’s Twin Hills Discovery area have been shared. Holes 5, 6 and 7 were of particular interest leading into this morning’s news. Osino says hole 7 contained several mineralized intercepts, including 2.17 g/t gold within 17 meters. Holes 5 and 6 were drilled to the northern end of the drill fence lines and appears to define the northern limit of the mineralized area. Results for those two holes returned minor amounts of mineralization. These results extend the strike length of gold mineralisation to 800m, open to both east and west. Osino trades on the TSX Venture with the symbol OSI and on the OTC markets with OSIIF. News Release
MacDonald Mines announced results from the first hole of its inaugural driling program on the Scadding Deposit at its SPJ property northeast of Sudbury, Ontario. The company says the hole confirmed that significant high-grade gold mineralization exists in the North Zone of the deposit. Assays returned 52.02 g/t gold over 12.3 meters, including 210.23 g/t gold over 3 meters. The company said these gold-rich zones also appear to be wider than suggested by historic drilling and that they will be able to advance their exploration activities and drilling on the property to expand the footprint of the deposit. MacDonald Mines trades on the TSX Venture with BMK and on the OTC markets with MCDMF. News Release
Revival Gold released results from 9 holes from its summer core drilling program at the former producing Beartrack Gold Project in Idaho. Highlights from today’s results included .44 g/t gold over 16.8 meters and .64 g/t gold over 30.2 meters. The company says these results expand the footprint of near-surface oxide gold mineralization in the Haidee target area at Arnett – this time along the northern flank. Results from the final six holes drilled in this summer’s program will be released in the coming weeks and an updated resource estimate for the entire Beartrack-Arnett Gold Project is expected in the first quarter next year. News Release
Tanzanian Gold also announced assay results this morning. The company’s Phase II drill program at its Buckreef Project was established to define potential mineralized zones below the open pit. Results today from that program included 5.2 g/t gold over 38.7 meters. The company said this results helps them better define target for Phase III drilling which will test continuation of gold mineralization to ultra-deep levels. Tanzanian Gold trades on the TSX with the symbol TNX and on the NYSE with TRX. News Release
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