Exploration News from K92, Benchmark and MacDonald
Although gold saw healthy gains last week, there still remains a relative lack of strength in the GDX, which many believe signals a continued correction in the shares of miners. Even with the rising price of the metals, the miners and junior explorers saw little upward movement last week. But today begins a new week. Lets get started. You are listening to Mining Stock Daily.
Welcome to Mining Stock Daily.
Today is Monday, October 7th.
This is Trevor Hall and I welcome you to today’s briefing.
The price of gold finished marginally higher on Friday after experiencing a $20 range of volatility when Friday's employment report for September hit the news wires. Silver traded in lock-step with gold. The Mining Stock Journal remarked that gold climbed back above its 50 day moving average on Thursday and successfully withstood a down-side test of this key technical indicator. Ditto with silver. The mining stock newsletter also noted that gold's price rise Tuesday - Thursday was met with a large increase in the gold contract open interest on the Comex, which indicates the Comex banks were flooding the market with paper gold to slow-down the price rise.
Today’s briefing is brought to you by Pacific Empire Minerals.
Pacific Empire Minerals Corp. is a junior exploration company focused on the discovery of gold-rich copper deposits in British Columbia, Canada. Pacific Empire trades on the TSX Venture Exchange under the symbol PEMC and on the OTCQB markets under the symbol PEMSF. The Company currently has a very tight share structure. Pacific Empires’ unique approach to the prospect generator business model incorporates the Company’s own reverse circulation drill to advance projects beyond that of typical prospect generators. More information on Pacific Empire can be found at pemcorp.ca.
Here’s what you need to know today out of the junior resource sector.
K92 Mining announced results from the continuing diamond drilling of the Kora North Extension of the Kainantu Gold Minein Papua New Guinea. Results from 11 diamond drill holes were share this morning and included holes 141 and 143 which are the deepest holes drilled to date at Kora and Kora North. A few results from this morning did include 26.67 g/t gold equivalent over 7.4 meters and 8.51 g/t gold equivalent over 6.9 meters. The company says these two holes combined with those previously reported show a vertical extent of the K2 vein system to be over 1000 meters from surface and still open at depth. K92 Mining trades on the TSX Venture with KNT and on the OTCQX with KNTNF. News Release
Benchmark Metals reported its first drill hole result of the year from the Phoenix Zone in the Lawyers Project in northern British Columbia. Drilling intersected 132.5 g/t gold and 8,560 g/t silver over .9 meters within a broader interval of 46.9 g/t gold and 3,055.6 g/t silver over 2.87 meters. This drill hole has extended the Phoenix Zone to early 150 meters in depth from surface. Benchmark Metals trades on the TSX Venture with the symbol BNCH and on the OTC markets with CYRTF. News Release
MacDonald Mines Exploration announced results from the second hole of its on-going exploration program at the company’s SPJ Property just east of Sudbury, Ontario. The hole was collared 35 meters from the first hole in the North Zone of the Scadding Deposit. Results today included 8.56 g/t gold over 7.63 meters. MacDonald says it has expanded its exploration program at the SPJ Property beyond the current drill program. Six holes have been completed to date and assay results will be announced as they are received. MacDonald Mines Exploration trades on the TSX Venture with BMK and also on the OTC markets with MCDMF. News Release
Kootenay Silver announced that Sprott Asset Management invested $2 million in the company via a private placement unit security consisting of one common share and one common share purchase warrant. The proceeds will be used to fund further exploration of Kootenay's Columbia Silver Project in Mexico and to fund further work at the Company's Copalit and La Cigarra projects. Kootenay's shares trade under KOOYF in the U.S. and KTN on the TSX Venture exchange.
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