Corvus Drill Results from North Deep Target; Great Bear Exploration Update; Kirkland Lake 2019 Production
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Thursday, February 20th.
Gold continued to moved yesterday upward move yesterday, closing just at the $1613 mark futures basis. And the yellow metal continues to the trajectory again this morning, as the metal added another $8 to $1620. If Gold closes green today, that will make a run of upward movements 11 of the past 12 days. Silver was down 5 cents at the time of this recording to $18.35 spot price. Many analysts proclaim a weekly close of $18.50 for silver would indeed confirm a breakout here.
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... Pacific Empire Minerals
Pacific Empire Minerals Corp. is a junior exploration company focused on the discovery of gold-rich copper deposits in British Columbia, Canada. Pacific Empire trades on the TSX Venture Exchange under the symbol PEMC and on the OTCQB markets under the symbol PEMSF. The Company currently has a very tight share structure. Pacific Empires’ unique approach to the prospect generator business model incorporates the Company’s own reverse circulation drill to advance projects beyond that of typical prospect generators. More information on Pacific Empire can be found at pemcorp.ca.
And here’s what you need to know this morning out of the junior sector.
Corvus Gold received assay results from its first diamond core hole in the North Deep target, designed to evaluate the intrusive connection to the Mother Lode gold system at depth. The hole released this morning included 19.3 meters of 2.79 g/t gold and 6.3 g/t silver, and also included a section of 11.4 meters of 4.01 g/t gold and 10.5 g/t silver. Corvus says this deeper intrusive target environment has shown a strong alteration and mineral assemblage pattern, as well as increasing silver values which are characteristic of a higher temperature zone favorable for large, higher-grade gold systems. In general, the mineral system at Mother Lode appears to be increasing in size to the north and at depth of the currently defined deposit. Corvus trades on the TSX with KOR and on the OTC markets with CORVF. News Release
Great Bear says it has identified key geological controls to the distribution of high-grade gold mineralization along the LP Fault. The Company also completed a high-resolution electromagnetic airborne geophysical survey over the entire Dixie property in September of 2019. The results have defined several new multi-kilometre resistive trends with similar geophysical properties to the gold zone of the LP Fault have been identified and warrant follow-up field work and ultimately drill testing. It appears more commentary from management will be discussed today in a webinar starting just after 11 am pacific time. Great Bear trades on the TSX Venture with GBR and ont he OTC with GTBDF. News Release
MacDonald Mines Exploration shared assay results from a follow up to their December results from hole 22. And this is an interesting technique to note here. A nugget effect results when a small sampling size fails to adequately represent the composition of the core tested due to the non-uniform distribution of high-grade gold nuggets in the material sampled. MacDonald’s methodology to eliminate bias has been to always send the same side of the split core for assay – regardless of where any potential visible gold is noted. By analyzing the other half of the core of hole SM-19-022 and by averaging the grade of both halves, the gold grade of the intersection has increased by more than 35% to 14.83 g/t gold over 5 meters. MacDonald said they may or may not do the same whole-core testing on the other intersections which reported visible gold from the 2019 program. Macdonald Mines trades on the TSX Venture with BMK and on the OTC with MCDMF. News Release
Kirkland Lake announced the company’s financial and operating results for both Q4 and year end this morning. Kirkland says for both periods, the Company achieved record production, unit costs and adjusted net earnings, driven by strong production growth at Fosterville. Q4 production rose 21% from the same time period in 2018 while its all-in sustaining costs averaged $512 per ounce, a 9% improvement from Q3 2019. Kirkland did meet its middle range of guidance of just under 975,000 ounces produced, which represents a 35% increase from 2018. The full statements can be found on SEDAR now. Kirkland trades on the TSX and the NYSE with the symbol KL. News Release
Other companies to have released their full year 2019 results are OceanaGold, Osisko Gold Royalties, Alamos Gold and IAMGOLD. You can find all of those press releases on the newsroom of the Junior Mining Network.
That is a wrap from us today here at Mining Stock Daily. Thanks again for tuning in. If you are planning on attending PDAC in a couple weeks, I will be presenting at the Letter Writer’s Presentation Sunday afternoon in the 2 o’clock hour. I will be sharing my topic; a young investors approach to the new gold bull market. Feel welcome to join me in room 801 that afternoon.
And also, I hope you will join me tomorrow as I air my interview with now former CEO of Royal Gold, Mr. Tony Jensen.
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Have a wonderful day. Be well.
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