Contact Gold Adds a Second Carlin-type Gold Property to the Portfolio
Contact Gold is acquiring the past producing Green Springs gold project in South Carlin Trend, adding a second Carlin-type gold system to the property portfolio. This and more today, right here on Mining Stock Daily.
Hey everybody, welcome to Mining Stock Daily. This is your host Trevor Hall. Today is Wednesday July 24. Thank you for tuning in. Before we get started, I do apologize for the low voice. This morning I am battling a pretty good chest cold but I'm here nonetheless ready to deliver the news to you. Out of the Junior Mining Sector, the price of gold continues to hold up an intraday attempt to push it lower by those entities who seek to contain and manage the gold price. Yesterday gold traded between $1417 and $1430. The price of silver also held firm, though with less volatility than gold. The Mining Stock Journal commented that it has been quite impressed with resiliency of the precious metals sector given the sharp move higher since the beginning of June. Especially given the move higher in the U.S. Dollar since the beginning of July.
Today's briefing is brought to you by Integra Resources. Integra Trades on the TSX Venture under ITR and on the OTCQX under IRRZF. Integra Resources is advancing its past producing Delamar Gold-Silver Project in southwest Idaho through aggressive drilling and exploration. The company recently converted approximately 4 million gold equivalent ounces into the measured and dedicated category in a recent resource estimate. A made in PEA is expected this fall. The management of Integra Resources successfully sold its previous Brownfields project for $590 million Canadian in the summer of 2017. You can read more about the company and its successful management team at IntegraResources.com.
Here's what else you need to know this morning out of the mining sector. Great Bear Resources today reported ongoing drill confirmation of recently predicted high-grade structural gold controls in the Dixie Limb Zone at its Dixie Project in Red Lake Ontario. Highlights included thickened zone widths near a predicted intersection of the Hinge Zone vein swarm with the Dixie Limb including 12.10m of 5.87 g/t gold, which included a high-grade core of 4.6m of 14.32 g/t gold. Some of the company's drill holes targeting the adjacent Hinge Zone also intersected the Dixie Limb as the two zones are generally separated by only 50-200m. The company continues to undertake its fully funded 90,000m drill program that is expected to continue this year and into 2020.
Gatling Exploration announced more drill results from its ongoing drill program on the Larder Gold Project. The geologists continued to hit high-grade mineralization including 12.7 g/t over 5m. The current drilling was designed to reinforce the quality of the existing deposit, that's the Bear Deposit, by demonstrating continuity of the mineralization within the deposit area. The plan going forward is to expand the Bare Deposit with aggressive step-out drilling. The Mining Stock Journal has a strong buy on Gatling shares, which trade under GATGF in the U.S. and GTR on the TSX Venture Exchange.
Ascendant Resources announced exploration updates with drill results from its Lagoa Salgada VMS project in the Iberian Pyrite Belt of Portugal. The highlights of the drill results came from the sulfide lenses in the North Zone and included just under 25m of 0.42% copper, 6.5% lead, 5.7% zinc, 1.17 g/t gold and 184.84 g/t silver for a 21% zinc equivalent. Ascendant is exploring the project with the goals of expanding the defined mineral resources and testing additional targets. Ascendant trades on the TSX with the symbol ASND and on the OTC markets with ASDRF.
Rio2 Limited announced yesterday that it has received a "bought deal" private placement financing for $22 million, consisting 55 million units at a price of $0.40 per unit. Each unit consists of one common share of the company and one-half of one Common Share Purchase Warrant at a strike price of $0.50. Rio2 has also increased the option grants at Cormark to sell up to an additional 7.5 million units at the offering price up to the closing date. In the event that the option is exercised in its entirety, the aggregate gross proceeds of the offering will be worth $25 million. The one and only Eric Sprott has agreed to subscribe to the financing to the amount of $9.8 million and will hold a 19.9% interest in the company's shares. The deal is expected to close on August 13th. The financing will be used to develop the company's Fenix Gold Project. The company trades on the Venture Exchange with the symbol RIO and on the U.S. markets with RIOFF.
Contact Gold announced this morning it has signed a purchase option agreement with Ely Gold Royalties to acquire an undivided 100% interest in the past producing Green Springs Gold Project located in White Pine County, Nevada, adding a second Carlin-type gold system to the property portfolio. The Green Springs Gold Project is located at the southern end of Nevada's prolific Carlin Trend, 60km southwest of the historic mining center of Ely, Nevada. In a region hosting numerous producing and past producing Carlin-type gold deposits. Green Springs is approximately 10km east of Fiore Gold's Gold Rock Project, 10km south of Waterton's Mt. Hamilton gold deposit and 20km southeast of Fiore Gold's producing Pan Mine. The Green Springs Gold Project hosts a past producing heap-leach gold mine that produce 72,000 ounces of gold from a series of shallow pits, less than 100m deep, at an average grade of 2.32 g/t gold in the late 1980s for U.S. Minerals Exploration. Contact Gold trades on Toronto Venture Exchange with the symbol C and on the OTC markets with CGOL.
That's it today here on Mining Stock Daily. Thanks again for tuning in. I will be back again tomorrow. Mining Stock Daily is produced by Clear Creek Digital and Investment Research Dynamics' Mining Stock Journal. Be well, have a great day.
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