Exploration News from Discovery, Cartier and EMX
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Tuesday, April 7th.
On Monday the gold price took off shortly after midnite Eastern Standard Time like a scalded cat, pushing $86 higher as this commentary is being written from the just after the midnite low. Silver outperformed gold on Monday powering over $15 and May silver is trading at $15.60 as this is being written. The Mining Stock Journal said that any approximation of the spot price, like Kitco or Bloomberg, is an absolute farce, noting that Bloomberg was showing gold at $1670 when the June Comex contract was pushing $1730. The newsletter noted it's likely that this is late 2008 on steroids, when gold started a run from $692 on October 24, 2008 to $1900 by September 2011. Consider this: the starting price in 2008 was just below $700. The starting price this time is just below $1500 and the coming amount of money printing will be substantially larger than the QE1-3 program.
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 10 billion pounds of copper and 18 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 …
SolGold provided an updated Mineral Resource Estimate for its Alpala Porphyry Copper-Gold Deposit at the Cascabel Project in Northern Ecuador today. More than 83,000 meters of infill drilling has been completed since the previous resource estimate was reported in 2018. Through this drilling, SolGold says it was able to deliver the conversion of considerable tonnages into the Measured Resource category, plus the addition of 1.6 Mt Cu, 2.5 Moz Au, and 92.2 Moz Ag to Measured plus Indicated Mineral Resources. Today’s estimate shows a mineral resource of 2,663 Mt at 0.52% Cue in the measured and indicated categories and 544 Mt at .31% Cue in the Inferred category. The Alpala Deposit remains open at depth to the north and northwest. News Release
Discovery Metals shared results from ten diamond drill holes from its Cordero project in the Chihuahua State of Mexico. These holes were part of a 35,000 meter Phase 1 drill program which commenced in September. Highlights from the results included62.8 meters of 217 g/t AgEq and 1 meter of 2,153 g/t AgEq. You can read the full list of results on this morning’s official press release which can be found on the Junior Mining Network newsroom. The goal of this program is to define a high-margin project with scale that retains excellent leverage to rising metal prices. As previously announced on March 31, 2020, exploration activity at Cordero has been temporarily suspended in response to concerns relating to COVID-19. Business continuity plans have been put in place so the Phase 1 drill program can ramp up quickly once current risks subside. Discovery Metals trades on the TSX Venture with DSV and on the OTCQX with DSVMF. News Release
Cartier Resources announced drill results from its Chimo Mine gold property in Quebec. At the East Sector of the project, the company reported results of 5 g/t gold over 10.9 meters within a 26.1 meter section grading 2.5 g/t. This was 250 meters below this new zone. A discovery of a 4th gold zone was also made in the East Sector and returned 11.9 g/t gold over 2 meters. Cartier says these new results provide reason for potential expansion of the recently completed resource estimate. Cartier trades on the TSX Venture with ECR. News Release
EMX Royalty Corp announced this morning they have executed three separate option agreements for the Erickson Ridge, South Orogrande and Robber Gulch gold projects in Idaho with Gold Lion Resources. The Agreements provide for share and cash payments to EMX, as well as work commitments during Gold Lion's earn-in period for each given Project, and upon earn-in, a 3.5% net smelter return royalty, annual advanced royalty payments, and milestone payments. The Erickson Ridge and South Orogrande Projects are located in the greater Elk City mining district of north-central Idaho which has produced more than one million ounces of gold, dominantly from placer operations1, and hosts several known historic resources including at Endomines Inc's Friday mine, currently in production. The Robber Gulch Project is located in south-eastern Idaho, approximately 36 kilometers southeast of Twin Falls and contains Carlin-style gold mineralization similar to the past-producing Black Pine mine 90 kilometers to the east. Gold Lion trades on the CSE with the symbol GL. EMX trades on the TSX Venture and the NYSE with EMX. News Release
And now, lets turn it over to Kai Hoffman for this week’s Oreninc Weekly update…
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Novo Resources has completed its subscription for 9 millionunits of ASX-listed GBM Resources Limited . The GBM Units were paid for by the issuance of just under 198,000 common shares of Novo which are subject to a statutory hold period expiring on August 6, 2020. Each GBM Unit is comprised of one ordinary share of GBM and one-half of one ordinary share purchase warrant . Each of the 4 and a half million GBM Warrants entitles Novo to purchase one ordinary share of GBM at AUD $0.11 until April 6, 2023. Following the issuance of the GBM Units, Novo owns approximately 4.13% of the issued and outstanding ordinary shares of GBM. Novo trades on the TSX Ventue with NVO and on the OTCQX with NSRPF. News Release
Hecla has withdrawn its full year guidance. Coeur Mining is in the process of temporarily suspending its mining activities at its Palmarejo gold-silver complex in Chihuahua and is withdrawing from its 2020 guidance. First Quantum announced it has placed the Cobre Panama operation onto care and maintenance until the Ministry of Health of the Republic of Panama are satisfied with the quarantine conditions.
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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