Corvus Gold Discovers New Gold Mineralization Below Mother Lode
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday, May 13th.
Gold had a wild ride Monday night and into Tuesday, as June gold went from $1694 late Monday to as high as $1717 by mid-day Tuesday. Part of the catalyst was Trump's call fornegative interest rates. But the majority of the move reflects the extreme undervaluation of gold relative the amount of money printing by the Fed. GATA's Chris Powell noted that "It’s all so openly corrupt but once again a smashing of gold couldn’t last more than a day." He pointed out that it appears that someone has drawn a line in the sand at $1700 as the price take-downs below $1700 last less than 24 hours. Silver also managed to close green on Tuesday despite the sharp sell-off in the stock market. This is indicative of the money flowing into silver for its monetary qualities as opposed to its industrial use. The mining stocks generally closed marginally lower as they continue to work off a technically oversold condition..
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... Rio2.
Rio2 is advancing the Fenix Gold Project in Chile, the largest undeveloped gold heap leach project in the Americas. Fenix consists of 5 million ounces in the measured and indicated resource category and 1.4 million ounces in the inferred resource category. With a robust PFS in place, Fenix is set up for fast-tracked construction and production. You can find a robust list of project and company information on their website, rio2.com.
And here’s what you need to know this morning …
Corvus Gold announced results from its initial deep core hole from the Central Intrusive Zone ,or “CIZ” target, and discovered a large new gold mineralized zone below the known existing Mother Lode deposit. Results included 2.56 g/t gold over 125.5 meters in the CIZ including 4.3 g/t gold over 24.7 meters. The CIZ is an oxidized high-angle intrusive dike swarm, first discovered in late 2019 below the known Mother Lode deposit. Subsequent RC drilling at the CIZ was generally ineffective at being able to drill through the zone although a few holes partially tested it with encouraging results. The Hole is the first diamond core hole in the CIZ target, successfully drilled through the dike swarm encountering broad zones of oxide mineralization within the dikes and surrounding carbonates. This hole generally oxidized to a depth of 650 metres and preliminary pit modeling suggests that the mineralization intercepted may be amenable to an open-pit design. We’ll be hearing more from Corvus Gold later today, so stay tuned for that interview with CEO Jeff Pontius later today. Corvus Gold trades on the TSX with KOR and on the OTCQX with CORVF. News Release
Rubicon Minerals reported assay results from the Phoenix Gold Project infill drilling program at the F2 Gold Zone. Phoenix is located in the Red Lake gold district of northwestern Ontario. The 2020 Drilling Program at the 610 m and 685 m Levels are focused on expanding the current Measured, and Indicated Mineral Resource estimate. Results reported today included 130.6 g/t gold over 4 meters. The company says the successful infill drilling program gives them confidence the Measured and Indicated Mineral Resource estimate will expand and can potentially extend the mine plan in the anticipated Feasibility Study. Feasibility work on the Phoenix Gold Project is progressing well, with more than 59% of the work completed. The Feasibility Study remains on schedule for delivery in the second half of this year. Rubicon trades on the TSX with RMX and on the OTCQX with RBYCF. News Release
GR Silver Mining reporter more historical drill results from its recently acquired Plomosas Silver Project in Sinaloa, Mexico. These results are located in the Plomosas Mine Area, one of six priority areas. Those results included 3,092 g/t silver equivalent over 1.8 meters and 1,500 g/t silver equivalent over 1 meter. These additional drill hole results confirm the presence of high-grade gold-silver mineralization in the Plomosas Mine Area in un-mined zones, representing Au-Ag enrichment in vertical faults cross-cutting the main shallow-dipping Plomosas Fault. The drill section discussed in this news release is a step-out section, 100 m south of drill holes reported in a previous news release. GR Silver trades on the TSX Venture with GRSL and on the OTCQB with GLYXF. News Release
Caldas Gold shared gold assays from the final ten diamond drill holes drill in the Marmato Deeps Zone at it Marmato Project in Caldas, Colombia. This latest drilling, which the company says was successful in extending the recently discovered New Zone along strike to more than 400 meters, was designed to test the strike extension of the NZ to the southeast and the down plunge extension of the Main Zone (“MZ”) below the 600 meters level that was set as the bottom of the Indicated Resources for the upcoming pre-feasibility study (“PFS”), which is expected to be finalized in mid-2020. Today’s results included 3.78 g/t gold over 68.9 meters and 3.23 g/t gold over 53.9 meters. Caldas Gold trades on the TSX Venture with CGC. News Release
That’s it from me this morning. We’ll be back throughout the rest of the day today and tomorrow with more commentary. Be sure to hit that subscribe button if you have not done so already.
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