Contact Gold Connects Mineralization from Zulu to Echo

Welcome to Mining Stock Daily. This is your host, Trevor Hall

Today is Monday, the 23rd of November.

Gold jumped $10 on Friday while silver gained 32 cents, outperforming gold on a percentage basis by a 2 to 1 margin. The gold/silver ratio dropped back below its 50 day moving average on Friday and appears to be headed lower. The mining stocks per GDX were up a little over 1%. The Mining Stock Journal said it expects gold to make a move back over $1900 after Tuesday's Comex December options expiry. The newsletter noted that, after Tuesday, the market will focus on the December open interest in Comex gold contracts as we head into next Monday's first note date. But delivery notices can be issued starting Friday afternoon. December is the largest delivery month for both gold and silver. If an inordinate amount of longs in both gold and silver stand for delivery it should put upward price pressure on both metals. On another note, the Mining Stock Journal will be reviewing Cabral Gold, which has a highly prospective gold project in Brazil, in the next issue to be released Wednesday afternoon.

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… Minera Alamos.

Minera Alamos is a Mexico focused gold development company which is on the cusp of graduating to the ranks of gold producers in early 2021. Minera Alamos is traded with the symbol MAI on the TSX-V and with MAIFF in the US OTC Markets. Read more about their development strategies at mineraalamos.com.

And here’s what you need to know this morning.

Contact Gold reported results from the first 2 drill holes from the Zulu Zone as part of the ongoing 2020 drill program at the Green Springs gold property. Results included 1.14 g/t gold over 25.9 meters, which extends gold mineralization south of the Echo Zone. There is now continuous oxide gold mineralization in drilling, over 200m, from Echo to Zulu. To date, 5,600 metres have been completed in 10 core holes and 31 reverse circulation drill holes. Results are pending for an additional 36 holes. Contact Gold trades on the TSX Venture with C and on the OTCQB with CGOL. News Release

Roscan Gold announced drill results from an additional 16 holes totaling 3,241 meters at its Southern Mankouke Discovery. Results included 5.35 g/t gold over 53 meters, including a 12 meter interval grading 12.5 g/t gold. Othe results included 17 meters of 3.99 g/t gold and 1 meter of 34 g/t gold. Roscan trades on the TSX Venture with ROS. News Release

Elemental Royalties has entered into a definitive agreement to acquire a portfolio of three gold royalties in Australia from a wholly owned subsidiary of South32 Limited ) for consideration of US$40 million in cash and US$15 million in equity. The Company is also pleased to announce that it has entered into an engagement letter with Canaccord Genuity in respect of a $12 million private placement of subscription receipts to partially fund the Acquisition. The South32 Gold Royalty Portfolio consists of royalties over gold assets located in Western Australia, ranging in stage from construction to advanced exploration and includes a 2% net smelter return royalty at Karlawinda in Western Australia. The Acquisition is forecast to nearly double royalty revenue with continuing revenue growth in 2022 and 2023. It also establishes South32 as the company’s largest shareholder following the acquisition. Elemental Royalties trades on the TSX Ventuer with ELe and on the OTCQX with ELEMF. News Release

Fireweed Zinc is extending its Macmillan Pass land package up in the Yukon. The company has signed  two separate agreements to acquire significant large claim blocks on the western extensions of Boundary Zone and the Fertile Corridor in the Macmillan Pass area, Yukon. The first agreement with QuestEx Gold & Copper Ltd. (TSXV:QEX) comprises 410 claims covering a total area of 74 km2. The second agreement with two private arms-length individuals comprises 1,582 claims covering an area of 318 km2. Historic exploration for gold in the area left a large legacy of exploration data which outlined geochemical anomalies in zinc and lead as well as large anomalies in silver. None of the zinc, lead or silver anomalies have seen any significant exploration. Fireweed trades on the TSX Venture with FWZ. News Release

Great Panther released an updated Mineral Resource Estimate for its Guanajuato Mine Complex in Mexico. The report shows 10.2 million silver equivalent ounces in the measured and indicated resource category, which is a 17% increase over the previous 2019 estimate. Inferred resources now contain 18.1 million silver equivalent ounces, which is more than double that of the previous estimate. Great Panther trades on the TSX with GPR and on the NYSE American with GPL. News Release

Canadian Palladium shared new drill results today from the East Bull Palladium Property in Ontario. The new results include a 12.0 m section of 2.97 g/t Palladium Equivalent, and included a 1 meter interval of 9.57 g/t palladium equivalent. The new high-grade mineralization is open to the west and the company will be providing additional drill results on this target shortly. Canadian Palladium trades on the CSE with BULL and on the OTCQB with DCNNF. News Release

Blackrock Gold announced multiple gold and silver core intercepts at its Victor Target on the Tonopah West project in Nevada. Results included 19 g/t gold and 1,634 g/t silver (or 3,534 g/t silver equivalent) over .9 meters. Other results included 1,081 g/t silver equivalent over 2.9 meters. This intercept potentially represents a new vein system to the north of the Victor Target. 24,000 metres in 48 drillholes are completed to date. Assays for 24 drillholes have been released. Blackrock trades on the TSX Venture with BRC. News Release

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I’m Trevor Hall. Have a wonderful day. Be well.

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