Contact Gold Commences Drilling at Green Springs
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday September 2nd.
December gold popped over $2,000 overnight on Tuesday. Predictably, and in the absence of any news seeded in causation, the gold price was slammed lower by as much as $30 right after the NYSE commenced trading. The Mining Stock Journal said that it is clear that some entities clearly are not happy about gold making another assault of $2,000. These nefarious forces are taking full advantage of a quiet week ahead of the long U.S. holiday weekend by using the Comex paper gold market to keep the price in check. Silver followed gold higher overnight, with December silver jumping sprightly over $29 before being given a free ride on the down elevator for as much as $1.20. Silver briefly trading below $28 in the Comex paper session before bouncing back over $28 to settle at $28.35. The mining stocks were also lower on the day. The Mining Stock Journal said that, if anything, there will be some bargains to be had in the junior mining stocks by the start of next week and it will be reviewing some of its favorites in this Thursday's issue.
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… Western Copper and Gold.
Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 11 billion pounds of copper and 21 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.
And here’s what you need to know this morning…
Radisson Mining announced drill results from the ongoing 60,000 m exploration drill program at its O’Brien gold project located along the Larder-Lake-Cadillac Break, halfway between Rouyn-Noranda and Val-d’Or in Quebec, Canada.The company says dril results from the O’Brien Project continue to validate their litho-structural model and demonstrate the potential for resource growth at depth and laterally along strike. Results reported today included 45.86 g/t gold over 2.1 meters and 21.29 g/t gold over 2 meters. With the close of the New Alger acquisition, Radisson’s claims cover a prospective strike length of 5.9 km along the prolific Cadillac Break. The prospective strike now includes approximately 3 km east and 3 km west of the old O’Brien Mine, historically the highest-grade gold mine in Quebec, with production of 587 k oz at 15.25 g/t average grade from 1926 – 1957. Drilling thus far has mostly been limited to 1 km to the east of the old mine. Radisson trades on the TSX Venture with RDS and on the OTC with RMRDF. News Release
Benchmark Metals also released more drill results this morning. These results come frm the company’s first phase of drilling at Cliff Creek located in the Golden Horseshoe in north-central British Columbia. Results reported today included 3.89 g/t gold equivalent over 31 meters and 10.45 g/t gold equivalent over 6 meters. The company says the almost continuous mineralization from near surface to higher-grade material at depth should favourably impact the future mineral resource estimate and pit-shell design characteristics. Benchmark trades on the TSX Venture with BNCH and on the OTCQB with CYRTF. News Release
Contact Gold says says drilling has commenced at the Green Springs gold property in Nevada, with one reverse circulation drill rig starting at the Echo Zone, which previous produced a hole grading 2.36 g/t gold over 70 meters. Drilling will target expansion of known gold mineralization in several zones, including Echo, Charlie, and Zulu. Initial drilling will focus on drill testing multiple targets along the 4.5km long gold trend containing several past-producing open pits. The program will also test the potential for the Pilot Shale to host high-grade Carlin-type gold mineralization at each of the existing gold zones that are hosted in the upper Chainman Shale, plus 3 new target areas. Contact Gold trades on the Venture exchange with C and on the OTCQB market with CGOL. News Release
Aurion Resources says it has commenced drilling at its Risti Property in northern Finland. The company has mobilized two diamond drill rigs, one BQ-diameter "scout" rig and one HQ-diameter core rig – to complete approximately 5,000 metres of drilling on a number of targets, including the Niligap and Kaaresselkä targets. Previously, Aurion reported assay results from Niligap with 789 g/t gold over 2.89 meters. Aurion is using the scout rig to drill a total of 3,000 m to test a number of targets along the 2.5 km Niligap Zone and elsewhere on Risti. Results will be released once assays are received. Aurion Resources trades on the TSX Venture with AU and on the OTCQX with AIRRF. News Release
And Eclipse Gold also announced the commencement of its Phase II drilling campaign on the Hercules project in Nevada. A reverse circulation drill rig is now turning at the first target site of the Company's Phase II program, which is planned to comprise 18 holes totaling approximately 6,750 meters. The company says targeted drilling, guided by their recent Phase I drilling and ground IP geophysical survey results, should give them a greater understanding of the nature and scale of the Hercules epithermal gold system. Eclipse Gold trades on the TSX Venture with EGLD and on the OTC with EGLPF. News Release
Cardinal Resources says Nordgold has increased the Offer Price in respect of their takeover bid from A$0.66 to A$0.90 cash per share. While the A$0.90 cash per share offered by Nordgold pursuant to the Revised Nordgold Takeover Bid is higher than the offer made by Shandong Gold Mining Co., Ltd. pursuant to its off-market takeover bid, Cardinal notes that it has obligations under the Bid Implementation Agreement with Shandong Gold and Shandong Gold Mining Co., Ltd. Cardinal trades on the ASX and the TSX with CDV. News Release
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I’m Trevor Hall. Have a wonderful day. Be well.
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