Ero Copper Reports 2 New Discovery Zones
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Tuesday, September 22nd.
December gold was decapitated as much as $82 from the early morning high of $1968, and traded as low at $1886 before bouncing back over $1900. Silver was massacred, down over $2 or 11% at one point, trading as low as $23.82 December silver basis before bouncing back over $24 and settling at $24.83. The gold/silver ratio soared 6 pts to 78. The mining stocks generically were down 3.6% per GDX. The mining stock journal said that 80% of the decline in the prices of gold and silver occurred after the a.m. London price fix and most of that 80% occurred after the Comex floor trading hours commenced at 8:20 a.m.NY Time. In other words, most of the selling happened in the paper derivative gold market and does not in any way whatsoever reflect the supply and demand condition of the actual physical gold market. The mining stock journal recommends viewing Monday's action as a gift from the market gods and use it as an opportunity to buy more physical gold and silver and to add to your favorite mining stock positions.
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.
Great Bear Resources provided an update metallurgical testing underway at its Dixie Project in the Red Lake district of Ontario. Great Bear has analyzed approximately 136,000 geochemical samples to date. Results suggest the gold mineralized system at Dixie generally has lower concentrations of trace elements such as arsenic, zinc and lead than are commonly observed within gold deposits across the Red Lake district, due to a lower content of accessory sulphide minerals. Other elements such as antimony and tellurium are also generally absent in the mineralized zones at Dixie. The company noted there have been over 7,000 occurrences of visible gold in its drill core. In the Red Lake district, gold deposits that are similarly dominated by free gold typically yield very high gold recoveries. Great Bear trades on the TSX Venture with GBR and on the OTCQX with GTBAF. News Release
Summa Silver announced its common shares have been approved for trading on the OTCQB Venture Market effective today. The Company's U.S. listing will trade under the symbol "SSVRF" while the Company's primary Canadian listing will continue to trade on the Canadian Securities Exchange under "SSVR". To date, twelve drill holes have been completed at the Hughes silver-gold property and two are in progress with two core rigs in full operation. All assays remain pending. News Release
Ero Copper says it has discovered two new zones of mineralization in its properties in Brazil, one to the northwest of the Siriema Deposit and the second to the southwest of the UG1 orebody of the Vermelhos Mine. These new zones, in addition to the previously identified Keel Zone at Siriema suggest that multiple “stacked” mineralized structures may be present between the Siriema deposit and Vermelhos Mine, a distance of approximately 700 meters. Drill results from recent work included 4.5% copper over 10 meers at Siriema and .95% copper over 16.6 meters at UG1. Ero released a full quarterly update on drill work this morning. You can read the full list of results on the press release which can also be found at the Junior Mining Network newsroom. Ero trades on the TSX with ERO. News Release
Yesterday, Eclipse Gold announced it has mobilized a second drill rig at its Hercules Gold Project in Nevada’s Walker Lane trend. This second reverse circulation drill rig will accelerate the Company's Phase II program, which is planned to comprise 18 holes totaling approximately 6,750 meters. To date, the Company has completed 1,517 metres over five holes in Phase II drilling. The drill program was designed to test for possible extensions of known mineralization and test geophysical targets. Eclipse Gold trades on the TSX Venture with EGLD and on the OTC with EGLPF. News Release
HighGold Mining says it has started a 3,500 meter drill program on the Munro-Croesus and Golden Mile properties located in the Timmins gold camp in Ontario. At Munro-Croesus, the Company recently completed a prospecting and mapping program followed by mechanical stripping, power washing and channel sampling of gold-bearing quartz vein systems. Several of these vein prospects, which are developed in areas outside the historic Croesus mine environment, will be drill tested for the first time during the current drill program. HighGold trades on the TSX Venture with HIGH and on the OTCQX with HGGOF. News Release
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I’m Trevor Hall. Have a wonderful day. Be well.
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