Exploration Results from Great Bear, Adriatic & GR Silver
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Monday, May 4th. And if you are a fan of the Star Wars sage, may the fourth be with you.
President Trump threatened to impose impose more tariffs on China over the coronavirus has overshadowed optimism and began driving investors away from riskier assets. This has lead gold to jump a bit this morning, trading at $1716 futures basis at the time of recording. According to Reuters, gold registered its worst week last week in more than a month as many countries moved to restart their economies and hopes of a treatment for COVID-19 lifted market sentiment.
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 robust list of project and company information on their website, rio2.com.
And here’s what you need to know this morning …
Adriatic Metals shared new assay results from its program on the Rupie deposit. The company says the mineralized intercept specifically from hole 2 confirms mineralization continues southward toward the Jurasevac-brestic prospect. Results from that hole included 8.9 meters at 2.4 g/t gold, 398 g/t silver, 1.79% zinc and .35% copper. It represents the deepest mineralized intersection drilled to date in the southern part of the deposit. Results from holes 6, 7 and 9 confirm continuity of the high-grade mineralization in the central part of the Rupice deposit as well. Adriatic metals trades on the ASX with the symbol ADT and on the OTC markets with ADMLF. News Release
Great Bear reported more drilling results this morning from its exploration program on the Dixie Project in the Red Lake district of Ontario. The company says hole 118 returned one of the longest high-grade gold intervals to-date, and was completed in the middle of a 150 metre gap in drilling. That drill hole included 2 meaningful results, including 10.17 g/t gold over 6.80 metres, within a broader interval of 3.18 g/t gold over 56.95 metres and 18.57 g/t gold over 13.00 metres, including 132.00 g/t gold over 0.50 metres. You can read the full list of results on this morning’s press release, also found on the newsroom page of the Junior Mining Network. Great Bear trades on the TSX Venture with GBR and on the OTCQX with GTBDF. News Release
GR Silver reported more results from recent and historical drilling from its Plomosas Silver project in Sinaloa, Mexico. Some data shared today included 1,304 g/t Silver Equivalent over 2.7 meters, 705 g/t silver equivalent over 2.5 meters and 675 g/t silver equivalent over 3.6 meters. The existing drill holes for the Plomosas Project were generated by drill campaigns completed by Grupo Mexico between 1982-2000 and First Majestic Silver Corp. between 2016-2018 and form an extensive database which GR Silver Mining is consolidating and validating. The company says these additional drill hole results indicate continuity of the high-grade silver-gold mineralization in the San Juan area on a step-out section, 100 m north of drill holes reported in a previous news release. Last week I had the change to speak with GR Silver CEO Marcio Fonseca. I welcome you to take a moment to listen in on that conversation. GR Silver trades on the TSX Venture with GRSL and on the OTCQB with GLYXF. News Release
Americas Gold and Silver shared a corporate update this morning. The company says despite pouring first gold at Relief Canyon in mid-February, ramp-up has been slower than anticipated due to an inability to get key management and consultants to site to troubleshoot common start up challenges. The Company remains confident that commercial production can be achieved towards the end of Q2-2020 or beginning of Q3-2020 despite the challenges presented by COVID-19. Americas Gold and Silver has decided to withdraw its full-year 2020 guidance, however, their outlook for 2021 continues to be 90,000 to 110,000 gold equivalent ounces which assumes Relief Canyon is fully ramped up to commercial production and the Cosalá Operations has resumed normal operations and expected production. Americas Gold and Silver trades on the TSX with USA and on the NYSE with USAS. News Release
Marathon Gold has entered into an agreement with Canaccord Genuity, Sprott Capital Partners and RBC Capital Markets to act as co-lead underwriters, for a bought deal financing of $26 million Canadian. The deal is comprised of over 17 million units of the company at a price of $1.50 per unit. Each Unit will consists of one common share of the Company and one half of one common share purchase warrant of the Company. Each Warrant will entitle the holder to acquire one common share of the Company at a price of C$1.90 per common share at any time on or before that date which is 12 months after the Closing Date. The Company intends to use the net proceeds from the Offering to continue the permitting, development and exploration of the Valentine Gold Project, as well as for working capital and general corporate purposes. Marathon Gold trades on the TSX with the symbol MOZ and on the OTC markets with MGDPF. News Release
First Cobalt shared results of its feasibility study conducted on its permitted cobalt refinery in Ontario. The study contemplates expanding the existing facility and adapting it to be North America's first producer of cobalt sulfate, an essential component in the manufacturing of batteries for electric vehicles. Feasibility study highlights include annual production of 25,000 tonnes of battery grade cobalt sulfate from third party feed, representing 5% of the total global refined cobalt market and 100% of North American cobalt sulfate supply. First Cobalt trades on the TSX Venture with FCC and on the OTCQX with FTSSF. News Release
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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