Copper Exploration News Abound this Morning
Welcome to Mining Stock Daily. This is your host, Kylie Williams, standing in for Trevor Hall
Today is Wednesday, May 12th.
Tuesday, after rallying up to as high as $1842 early in the morning, the familiar waterfall price ambush chart pattern showed up right at the open of Comex trading hours. June gold was given a $22 push off the cliff that lasted 90 minutes. But the yellow dog survived this paper derivative abuse and managed to climb back to $1840 before the settling at $1838 which was up slightly from Monday. Silver experienced the same price action, though the price ambush was not nearly as severe and silver bounced back quickly,settling 37 cents above Monday's afternoon settlement price. Early Tuesday evening both metals are falling in price along with stock futures. The mining stocks were range-bound Tuesday, moving from gains to losses in a narrow trading band, but managed to close green on the day with GDX up 0.70%. The Mining Stock Journal has uncovered a new early-stage gold exploration stock hunting for the next big high-grade gold discovery in a jurisdiction with two valuable high-grade gold mines in production. Details will be available in tomorrow's Mining Stock Journal which can be accessed at InvestmentResearchDynamics.com
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.
Barksdale Resources says it has entered into a definitive agreement with Regal Resources to consolidate a 100% interest in the Sunnyside project, located in Santa Cruz County, Arizona. Barksdale would receive full control of the project moving forward, including the elimination of all further work commitments as well as share and cash payments contained in the original 2017 option agreement. In addition to this news, Barksdale is also set to acquire two copper exploration projects from Kennecott Exploration. These projects are also in Santa Cruz County, Arizona and include the Goat Canyon and Canelo copper projects, which more than doubles Barksdale’s property position within the Patagonia mining district. Consideration for the projects and data consisted of US$35,000 in cash, which was paid on closing of the transaction as well as a 2.0% net smelter return royalty that covers both properties. Barksdale trades on the TSX Venture with BRO and on the OTCQX with BRKCF. News Release
Sama Resources shared preliminary results from the first hole of the current 5,000 metres drilling program at the Samapleu deposit and Yepleu prospect. The Company has intersected a near‑surface high grade mineralized zone at Samapleu Main of 9.30 meters (“m”) grading 2.68% nickel (“Ni”) and 1.47% copper (“Cu”) within a larger 81.35 m mineralized intersect grading 0.50% Ni and 0.39% Cu. Assays for platinum, palladium and gold are pending. Sama Resources trades on the TSX Venture with SME and on the OTC with SAMMF. News Release
Also in copper exploration, Foran Mining shared results of the latest five holes from its McIlvenna Bay deposit. The holes were comprised of infill drilling and the first step out hole results, support the potential to increase the projected mine life of the Deposit. Infill results reported this morning included 1.87% copper equivalent over 14.78 meters, 1.09% copper equivalent over 17.77 meters. Step-out drilling returned 10.07% copper equivalent over .4 meters. The expansion program is focused on growing the size of the overall deposit through substantial step-outs both up and down dip and along the plunge. Foran Mining trades on the TSX Venture with FOM. News Release
Adventus Mining and Salazar Resources provided additional infill drilling results from the El Domo volcanogenic massive sulphide deposit located within the Curipamba project in central Ecuador. Results included 16.86 meters of 11.55% copper equivalent, 21.04 meters of 9.37% copper equivalent and 11.9 meters of 9.18% copper equivalent. The company has also restarted the regional exploration drilling program of about 4,000 meters, starting at El Panecillo, which is approximately 1.5 km east of El Domo.
Vizsla Silver provided results from twenty-three drillholes at the Napoleon prospect at the Panuco silver-gold project in Mexico. These holes extend the mineralization by over 230 metres and 65 metres deeper. Results included 3,707 g/t silver equivalent over 3.45 meters, which also included a .66 meter interval grading 13,380 g/t silver equivalent. The Company has a dual strategy in 2021 with a parallel focus on rapidly moving to production while defining the full extent of the district's resource potential. The resource team is finding the extent of mineralization at Napoleon and Tajitos to support an initial resource and completing metallurgical and engineering work. Vizsla Silver trades on the TSX Venture with VZLA and on the OTCQB with VIZSF. News Release
And we heard from Tarachi Gold yesterday. Well this morning they announced its geology team has reported the presence of visible gold in drill cuttings from the recently completed surface reverse circulation ("RC") drill program south of the historic La Dura mine on the Company's Jabali concession. This is the first time that the Company has seen visible gold either in or around the La Dura mine. The visible gold was observed in the drill cuttings over an approximate interval of ten metres from 18 to 28m downhole. We will be sure to share those assay results when available. Tarachi Gold trades on the CSE with TRG and on the OTCQB with TRGGF. 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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