Contact Gold Makes a Major New Discovery
Welcome to Mining Stock Daily. This is your host, Trevor Hall.
Today is Tuesday June 15th.
In spite of a lower dollar and a rise in the 10yr yield, both gold and silver took a heavy beating overnight and early Monday morning. August gold was slammed down to as low as $1846 while silver endured a 60 cent immolation. China was closed Monday which made the price attack easier. The Mining Stock Journal noted that there was a complete absence of news or events that might have triggered hedge funds to unload paper gold positions. The newsletter concludes that the price management squad seeks to push gold lower ahead of this week's FOMC meeting, which starts today. However, just after the obligatory price hit that happens when the Comex floor hours commence every day, gold and silver spiked straight up. Silver moved back over $28. The mining stocks never really bought into the paper gold/silver hit except for a big drop at the NSYE open. The mining stocks moved up from the opening drop and closed down about half a percent generically, which was a much better performance than expected given the size of the price hit on the metals. Some silver mining stocks and news-specific juniors were green the entire day. The positive take on Monday is that the metals continue to spring-board back from all efforts to push them lower.
We’ll get to the news out of the miners and explorers in a 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.
Contact Gold says it has made a major new gold discovery at its Green Springs project in White Pine County, Nevada. Drilling at the Tango Target has returned .55 g/t oxide gold over 54.86 meters, 1.01 g/t gold over 13.72 meters and .87 g/t gold over another 13.72 meters. Tango represents a step out of over 500 metres from the next closest drill holes at the Alpha Zone. An additional 15 drill holes drilled at the Tango Target all intercepted intervals of near surface, oxidized gold mineralization over an area of 250 x 500 metres. Contact Gold has staked an additional 18 claims to the north of the Tango discovery, covering 15.5 Hectares or 36 Acres of prospective ground. Contact Gold trades on the TSX Venture with the symbol C and on the OTCQB with CGOLF. News Release
Meridian Mining reported further assays from its ongoing 10,000m drill program at its Cabaçal Copper-Gold camp-scale VMS project in Mato Grosso, Brazil. Multiple zones of significant and extensive Copper, Gold and Silver mineralisation starting at 8.0m, have been returned from the Diamond Drill Holes: CD-010 to CD-013, within and extending out from the Cabaçal Mine. Results included 116.5 meters of .7% copper equivalent in hole 13 and 11 meters of 1.1% copper equivalent from hole 10. Hole 12 returned 37.9 meters of .7% copper equivalent and confirmed high-grade Cu-Au-Ag mineralisation remains above and below the old workings2 a result that the Company considers will be replicated throughout the mine. Meridian Mining trade on the TSX Venture with MNO. News Release
Alamos Gold reported new results from surface and underground exploration drilling at the Island Gold mine, further extending high-grade gold mineralization in Island East and West. Results included 71.21 g/t gold over 21.33 meters and 34.87 g/t gold over 5.98 meters at Island East. At Island West, underground directional drilling has extended gold mineralization 50meters below the nearest inferred mineral resource block and partially closed the 185 meter gap between two inferred mineral resource blocks with a drill intercept of 31.58 g/t gold over 2.43 meters. A total of $25 million is budgeted in 2021 for surface and underground exploration at Island Gold, up from $13 million spent in 2020. Alamos Gold trades on the TSX and the NYSE with AGI. News Release
New Found Gold shared assay results from an additional nine holes drilled at the Keats Zone at the Queensway Project in Newfoundland. Results reported today include 14.92 g/t gold over 12.85 meters and 21.36 g/t gold over 8 meters in a 40 meter step-out. The zone remains open and step-out drilling is continuing to the south, vertically above and below this zone, and to the north. These holes are part of the company’s 200,000 meter diamond drill program on the project. New Found Gold trades on the TSX Venture with NFG and on the OTC with NFGFF. News Release
Aldebaran Resources shared assay results from two holes at the Altar copper-gold project located in San Juan, Argentina. Hole 217 was collared at Altar Central and returned 63 m of 0.94% CuEq in near surface supergene mineralization, and 584 m of 0.52% CuEq, including 158 m of 0.71% CuEq, in hypogene mineralization, extending the hypogene zone approximately 150 m to the west and 500 m below the current resource estimate. The hole ended in 16 meters of .91% copper equivalent. Hole 218 returned 742 meters of .32% copper equivalent in hypogene mineralization. Results from two additional holes are pending. Aldebaran Resources trade on the TSX Venture with ALDE. News Release
Surge Copper announced assay results from multiple resource definition and exploration holes from the Company's 100% owned Ootsa Property in British Columbia. Results reported today include .61% copper equivalent over 432 meters, .6% copper equivalent over 259 meters and .43% copper equivalent over 506 meter. Drilling at West Seel has resumed with two core drills focused on further expansion and definition drilling. Surge Copper trades on the TSX Venture with SURG. News Release
Amex Exploration reported additional drill results focused on definition and expansion drilling of the High Grade Zone ("HGZ") of the Eastern Gold Zone ("EGZ") on the Perron Gold Project, Quebec.The results were highlighted with 36.86 g/t gold over 13.1 meters, including a .75 meter interval grading 529.06 g/t gold. Amex trades on the TSX Venture with AMX and on the OTCQX with AMXEF. News Release
That’s it for the news briefing this morning. We’ll be back later today with more news and interviews.
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