Drilling Updates from Ridgeline, Corvus, Wallbridge and Great Bear

Welcome to Mining Stock Daily. This is your host, Trevor Hall

Today is Wednesday, January 13th

In what is becoming a Groundhog Day phenomenon, gold and silver rallied late Monday night through early Tuesday morning hours, when eastern hemisphere physical market buyers were active. Then, once the Comex floor trading commenced, the prices of gold and silver promptly did a cliff dive. February gold traded as high as $1864 and as low as $1837, settling at $1854, up roughly $4 from Monday. Silver put on a strong performance after Tuesday's price raid, with March silver jumping back over $25 and powering higher to settle at $25.65. It's up another 10 cents as this commentary is being written. The Mining Stock Journal said that not only was India feverishly importing physical gold, but the premium being paid on the Shanghai Gold Exchange was a robust $5/oz. This was the first positive premium reading in China in 11 months. The newsletter added that, if China resumes importing large quantities of gold, the western price containment team will have a problem. The mining stocks, with the exception of specific junior exploration names, were negative for most Tuesday until the last hour of trading, when they climbed into the positive territory. This too could be a harbinger for the sector.

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 list of project and company information on their website, rio2.com.

And here’s what you need to know this morning.

Ridgeline Mineral shared new assay results from its Phase I drill program at the Swift project in Lander County, Nevada. The program was comprised of three, wide-spaced diamond drill core holes totaling 2,413 meters (“m”). Drill holes SW20-001 and SW2-002 successfully confirmed Ridgeline’s re-interpreted geologic model and intersected several intervals of Carlin-Type mineralization and anomalous alteration with individual assays of up to 0.55 g/t gold (“Au”), 860 g/t silver (“Ag”) and 392 ppm Arsenic (“As”). Phase I results further support the Company’s belief that Swift exhibits the potential to host a Carlin-Type gold discovery and is significantly underexplored; with only five deep drill holes having tested Lower Plate target rocks across the 50 square kilometer project area. Data from the Phase I program will aid in vectoring towards higher grade gold targets in Ridgeline’s 2021 Phase II drill program. Ridgeline trades on the TSX Venture with RDG and on the OTCQB with RDGMF. News Release

Corvus Gold also has new results out from core drilling from its new Lynnda Strip discovery east and west of the previously announced reverse circulation drill results approximately 2km’s north of the Mother Lode deposit. The new results include 111.05m @ 0.80 g/t gold & an upper zone intercept of 52.64m @ 1.39 g/t gold and a lower zone intercept of 80.07m @ 0.83 g/t gold. These results continue to display consistent, oxide, high-grade vein mineralization and broad zones of heap leach grade mineralization which supports a large target potential at Lynnda Strip. In addition, Corvus has received results from its initial hole (RC) drilled into the South Merlin target about a half a kilometre to the west of the initial Lynnda Strip discovery with a 12.2m intercept of 0.61 g/t gold before the hole ended due to poor drilling conditions. This far western intercept is believed to be connected to the overall Lynnda Strip system which would make it over 800 metres wide. Corvus Gold trades on the TSX and the Nasdaq with KOR. News Release

Great Bear Resources shared results from an additional 22 LP Fault drill holes on the Dixie Project in the Red Lake district of Ontario. New shallow high-grade drill results between bedrock surface and approximately 150 vertical metres' depth include 16.56 g/t gold over 11 meters, 20.24 g/t gold over 7.35 meters and 25.36 g/t gold over 4.65 meters. Great Bear is completing systematic high-density drilling along the LP Fault, including ongoing step-downs which continue to expand the mineralized zone at depth. Results from this drilling included 1.34 g/t gold over 29.45 meters and 3.24 g/t gold over 34.85 meters. All drill results can be found on the news release, which I would encourage you to find on the Junior Mining Network newsroom page. Great Bear has now published results from 220 LP Fault drill holes and anticipates up to 400 LP Fault drill holes will be completed by the end of 2021. The company trades on the TSX Venture with GBR and on the OTCQX with GTBAF. News Release

Wallbridge Mining also shared results from five wedge cuts drilled which continue to delineate the high metal factor domains in the Tabasco-Cayenne shear zones. The average grade and width for the original hole and the five wedge cuts, which tested a 75 by 75 metre area surrounding the original hole at approximately 25-40 metre spacing, returned 9.26 Au g/t (8.22 Au g/t cut) over 31.34 metres. Similar wedge drilling programs have been completed, with assays pending. In 2021, the Company is planning to complete approximately 170,000-metres of drilling, with a maiden resource estimate at Fenelon anticipated in the third quarter. Wallbridge trades on the TSX with WM. News Release

And now lets turn it over to Kai Hoffman for the Oreninc Weekly Update…

ValOre Metals says they saw encouraging ore sorting testwork results front he Pedra Branca PGE project in Brazil. Results from the ore sorting program, which used a set of 100 re-assayed and catalogued 5-cm samples of historical NQ drill core from the Esbarro PGE deposit, demonstrated distinct density responses for mineralized rock types, as well as barren granites and gneisses.

And its a good day for Golden Minerals. The company announced it has begun gold production at its Rodeo gold project located in Durango State, Mexico, roughly two weeks ahead of schedule and on budget. The Company transported the first loads of Rodeo’s gold-containing material by road to its nearby Velardeña oxide mill for processing last week. The mill has begun processing the material and anticipates a first pour of gold-silver doré bars within two weeks.

Canterra Minerals has doubled its land position along the Rogerson Lake Structural Corridor in central Newfoundland. In fact, the position is along the structural corridor which hosts Marathon Gold’s Valentine Lake deposits and others well known in Newfoundland. 

And Outback Goldfields announced the commencement of a Phase 1 exploration program on 2 its highly prospective gold assets located in the historic Victorian goldfields of Australia. The Phase 1 drill program will consist of 4,000 meters of diamond drilling, community engagement and Multiple ground and airborne-based geophysical surveys and soil geochemical surveys. 

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I’m Trevor Hall. Have a wonderful day. Be well.

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