Exploration Results from Labrador Gold and Kingfisher Metals
Welcome to Mining Stock Daily. I am Trevor Hall.
Today is Tuesday, April 19 th
On Monday, gold ran up to as high as $2000, June futures basis, and retreated to settle at $1981. Similarly, silver ran up to as high as $26.48, May contract basis, before getting hammered back down to settle at $26.03. There was not any specific news or events that would have triggered the big rally in each metal or the corresponding sell-off. The Mining Stock Journal noted that there will be a battle at $2,000 and $26 but when those barriers are breached, look out above. The mining stocks opened the day with a strong rally only to close slightly in the red for the day. On another note, a long-time gold market analyst going through the fine-print disclosures on the Banque de France website discovered that France repatriated all of its gold sometime between 2013-2016. This includes gold held in London. The Mining Stock Journal said that there's a good chance that repatriation discussions are occurring at many Central Banks globally. If this becomes a widespread trend, it could undermine the fractional physical gold system employed by the LBMA and the banks that control the custodial vaults in London. This in turn would force a significant upward repricing of gold and silver.
We will get to the news from the miners and explorers in a moment, but first a word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Arizona Sonoran Copper.
Arizona Sonoran Copper Company is a lower-risk copper developer with a significant exploration potential on private land just south of Pheonix, in an infrastructure rich area of Arizona. The Cactus Project PEA illustrates an 18 year mine life, generating US$1 Billion post-tax free cash flow. It is a scalable, low capital intensity project with strong leverage to the copper price. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise. Read more about the company at arizonasonoran.com.
And here’s what you need to know this morning….
Labrador Gold announced a new discovery of near surface gold mineralization from diamond drilling at the Midway target at its 100% controlled Kingsway project near Gander, Newfoundland. This hole was drilled as part of the Company’s ongoing 100,000 metre drill program and represents a new target for gold at Kingsway. Hole K-22-157 was drilled to test anomalous gold values at the Midway target and intersected 3.53 g/t Au over 6 metres from 37 metres including 5.71 g/t Au over 3 metres. Midway lies between the Appleton Fault Zone and the Dog Bay Line, two major structures in the region, approximately 2.7km north of Big Vein and represents a different mineralized system. The gold mineralization was intersected in just the third diamond drill hole at Midway. Labrador Gold trades on the TSX V with LAB and on the OTCQX with NKOSF. News Release
Kingfisher Metals provided the final results of sampling at the Goldrange Project in British Columbia this morning. Fieldwork outlined two areas (Lotus and Lost Fiddle) with mineralization at both projects under forest and till cover and is open laterally and at depth. Rock chip sampling at Lotus returned four samples greater than one ounce per ton gold with up to 113.9 g/t Au and backpack drill results include up to 13.4 g/t Au over 0.43 m. At the Lost Fiddle Prospect, which is only 2 km north of the Cloud Drifter Trend, backpack drilling of historical blast trenches returned up to 17.1 g/t Au, 431 g/t Ag, and 4.12% Cu over 0.45 m. The Company intends to file an amendment to its current 5-year area-based permit to incorporate the Lost Fiddle and Lotus prospects so that permitted work including IP geophysics and drilling can be completed. Kingfisher Metals trades on the TSX V with KFR and on the OTCQB with KGFMF. News Release
Red Pine Exploration reported results from its 2022 Phase 1 exploration program at the Surluga Deposit within the Wawa Gold Project in Ontario. Drilling at Surluga South confirmed additional gold (Au) mineralization at depth with 8 g/t Au over 11.38 m between 640.69 and 652.07 m, including three high grade intersections of 57.99 g/t Au, 15.92 g/t Au and 9.33 g/t Au. at Surluga North, drilling expanded gold mineralization beneath the current resource at the northern extension of the Surluga deposit with 8.46 g/t Au over 6.42 m between 219.79 and 226.21 m. SD-22-326 intersected 11.19 g/t Au over 2.61 m. The exploration results continue to support the expansion of the current resources of the Wawa Gold Project along strike, dip and plunge. Zones can achieve a notable grade and thickness of high-grade gold mineralization existing outside of the defined resources of the Surluga deposit. The current 2022 Phase 1 program has been advancing at an efficient pace with 14,864 m of drilling achieved year-to-date. Red Pine Exploration trades on the TSX V with RPX and on the OTCQB with RDEXF. News Release
P2 Gold reported results from four reverse circulation drill holes at the Sullivan Zone as part of the 2022 dril program at its Gabbs Project in the Walker-Lane Trend of Nevada. Hole GBR-030 intersected 0.94 g/t gold equivalent (0.67 g/t gold and 0.27% copper) over 112.78 meters. Hole GBR-031 intersected 0.85 g/t gold equivalent (0.52 g/t gold and 0.32% copper) over 82.30 meters. Drill holes GBR-028 through 031 were designed to test for the downdip extension along the southern flank of the Sullivan Zone. All four holes intersected gold-copper mineralization extending the Sullivan Zone to the south. P2 Gold trades on the TSX V with PGLD. News Release
That concludes today’s morning briefing.
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