Drill Results from Mawson and Filo; Cobre Panama in Quarantine
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Thursday, April 20th.
On Friday gold was driven back below $1700, with most of the sell-off occurring as per usual in the paper derivatives market. The Mining Stock Journal noted that silver closed down a little more than gold on a percentage basis and the mining stocks per the GDX fell the most on a percentage basis. The mining stock newsletter added that since March 13th the GDX ETF is up over 50%. As such, a corrective pullback in the price of gold, silver and the mining shares would not be unwelcome and would likely set the sector up for the next big move higher.
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... Corvus Gold.
Corvus is an advanced gold-silver exploration and development company focused on the North Bullfrog and Mother Lode Projects in Nevada. The company has been named a Top Five TSX gold equity performer Four of the last Seven years & a multi time top 50 OTCQX performer. Corvus Gold trades on the Toronto Stock Exchange with the symbol KOR and on the OTCQX with CORVF. Follow all the news form Corvus and its two-mine projects with fast-tracked potential via the company's website, corvusgold.com.
And here’s what you need to know this morning …
Mawson Resources announced results from their recent 14.1 kilometre drill program at the Company's 100%-owned Rajapalot project in Finland. Results included 19.5 meters of 7.1 g/t gold and 1006 ppm cobalt and 12.2 meters of 13.2 g/t gold and 1326 ppm cobalt. These results continue to extend gold and cobalt mineralization beyond previously defined resources. Core logging and assaying remains on schedule to deliver an updated resource at Rajapalot at the start of Q3 2020. Mawson trades on the TSX with MAW and on the OTC markets with MWSNF. News Release
Filo Mining announced assay results from the recently completed drill program on its Filo del Sol project located on the board of Chile and Argentina. A total of eight diamond drill holes and thirteen RC holes were drilled during the program which ended in late March. The drill program was curtailed prior to scheduled completion due to travel restrictions imposed in Argentina, and several of the holes were stopped short of their planned depths. These holes were left in condition to re-enter and deepen during the next drill campaign. Highlights announced today included 1009 meters of .95% CuEq and 440 meters of .97% CuEq. Filo Mining trades on the TSX Venture with FIL. News Release
Fosterville South Exploration says it has entered into a purchase agreement with Mercator Gold Australia, whereby it will acquire a 100% interest in three gold project called the Timor Project, the Avoca Project and the Moormbool project. Under the terms of the purchase agreement, Fosterville South has agreed to pay AUD $500,000 to Mercator. As additional consideration, Fosterville South will pay Mercator AUD $1 for every one (1) ounce of gold or gold equivalent of measured resource, indicated resource or inferred resource ("Resource Estimate") within one or more of the tenements comprising the Gold Projects, which payment shall not exceed a total of AUD $1,000,000. In the event Fosterville carries out commercial production on the Gold Projects, Fosterville South will pay Mercator AUD $1 for every one (1) ounce of gold or gold equivalent ounces produced from one or more of the tenements comprising the Gold Projects, which payment shall not exceed a total of AUD $1,000,000. Both the Avoca and Timor projects have contributed to historical mining of just under 1.4 million ounces of gold. Fosterville South trades on the TSX Venture with FSX. News Release
Golden Mineral announced today it has entered into definitive agreements with several resource interested institutional investors for the purchase and sale of 15,000,000 shares of the Company’s common stock, par value $0.01 per share, pursuant to a registered direct offering. The Company has also agreed to issue to those investors unregistered common stock purchase warrants to purchase 11,250,000 shares of the Company’s common stock. The warrants will be exercisable on the six-month anniversary of issuance and will have a five-year term from their initial date of exercise and an exercise price of $0.30 per share. The gross proceeds of the offering will be approximately $3.0 million before deducting placement agent fees and other estimated offering expenses. The Company intends to use the net proceeds for working capital and for other general corporate purposes, including continuing to advance its Rodeo and Velardeña properties in Durango, Mexico. Golden Minerals trades on the TSX and the NYSE with the symbol AUMN. News Release
First Quantum Minerals announced it is working to take home about 800 people currently in preventative quarantine at its Cobre Panama operation. The company announced last week that 2000 people were stuck at the mine when it entered lockdown measures following the detection of COVID-19 infections amongst workers at the mine and the death of one individual. 500 people remain quarantined in nearby hotels.
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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