Exploration in Idaho Continues
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday, April 1st.
The gold price was systematically taken down on Tuesday with almost the entire price decline occurring in the paper gold markets of London and New York. The first big hit started about an hour before the a.m. price fix in London. The second price ambush started a little over an hour before the close of Comex floor trading. The Mining Stock Journal noted that the Comex ambush is a quarterly tradition. The newsletter noted that gold closed just below its 50 dma with a retest of the 200 dma possible. However, the newsletter's editor said that, based on April delivery notices and a massive migration of gold from the eligible to registered designation in Comex vaults, it appears that there's a possible run on any gold made available for delivery on the Comex. Also interesting was the appearance of a yet another paper gold product jointly created by the Comex and the LBMA. The certificate offers a 25% ownership interest in a 400 oz LBMA bar to holders of Comex 100 oz contracts. The Mining Stock Journal said it does nothing other than add another layer of paper derivative fraud to Comex and LBMA fractional gold Ponzi schemes.
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... Integra Resources
Integra Resources trades on the TSX-V under ITR and the OTCQX under IRRZF. Integra Resource is advancing its past producing DeLamar (DeL - a - Marr ) Gold-Silver project in SW Idaho through aggressive drilling and exploration. The latest Resources Estimate released earlier this summer showed approximately 4 million Gold equivalent ounces in the measured and indicated category.The maiden PEA for the project established a net present value of C$473-million and an IRR of 43%. The management of Integra successfully sold its previous brownfields project for C$590 million in summer 2017. Read more about the company and its successful management team at integraresources.com.
And here’s what you need to know this morning …
Liberty Gold announced the start of their 2020 exploration season at its Black Pine oxide gold property in southern Idaho. On March 25, 2020, pursuant to the COVID-19 containment process, Idaho Governor Brad Little issued a statewide stay-at-home directive that excludes certain essential services, with mining having been designated as an “Essential Infrastructure Service”. As such, Liberty Gold commenced drilling on the Black Pine gold project yesterday. The company’s USA-based geological team live within driving distance of the Black Pine Project. Canada-based geologists will remain in-country and will focus on data interpretation, digital modelling, and drill hole targeting. Liberty Gold trades on the TSX with the symbol LGD. News Release
Bunker Hill Mining announced the commencement of diamond drilling and sampling programs designed to provide confirmation data on mineral resources in the UTZ, Newgard, and Quill ore zones. The total program consists of an initial 15,000 feet of diamond drilling from a series of underground drill stations, and approximately 4,000 feet of channel sampling. Drilling has already started in the UTZ Zone and will conclude there by the middle of May 2020. Concurrent and complementary to this, channel sampling has also started in the some of the open stopes cut into that ore zone. Bunker Hill trades on the CSE with the symbol BNKR. News Release
Fireweed Zinc announced a C$700,000 non-brokered private placement being led by certain large shareholders of the company. Later in the day, the increased the size of the placement to $1 million. The Offering will consist of a total of up to 3.3 million common shares of the Company at a price of CAD$0.30 per share with a full four-year warrant exercisable at $0.60 per share but subject to accelerated expiry terms if the Company’s shares trade at or above $1.00 per share for 20 consecutive days. The proceeds from the Offering will be used for work related to the Company’s Macmillan Pass Project in Yukon, Canada, and for general working capital purposes. Fireweed Zinc trades on the TSX Venture with the symbol FWZ and on the OTC markets with and on the OTC markets with FWEDF.
We continue to see some financing tickle in over the past week or two, which is a good sign in the very volatile market. So lets welcome back Kai Hoffman of Oreninc to give us the Weekly Update.
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Newmont announced it has completed the sale of its Red Lake complex in Ontario, Canada to Evolution Mining and received cash proceeds of $375 million with future contingent payments of up to an additional $100 million tied to new resource discoveries. Under terms of the $100 million contingent payment, Evolution will pay Newmont $20 million for each one million ounces of new gold resources added to the existing Red Lake resource base over a fifteen year period. The contingent payment is applicable to the first five million ounces of new resources. Newmont trades on the NYSE with the symbol NEM and on the TSX with NGT. News Release
Equinox Gold says it has more than tripled its annualized gold production for this year following the merger of Leagold. The company announced 2020 production and cost guidance of 540,000 - 600,000 ounces of gold at an all in sustaining cost of $1,000 or $1,060 per ounce. The Company may revise guidance during the year to reflect changes to expected results, including from effects related to the COVID-19 pandemic. Consolidated gold production is expected to increase quarter over quarter during the year, with the fourth quarter benefiting from the addition of gold production from Castle Mountain and the processing of higher-grade ore at Los Filos.
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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