Exploration Results in Mexico from both Vizsla & SilverCrest
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Tuesday, May 12th.
Early Monday morning June gold was taken down from $1710 to $1696 going into and just after the a.m. LBMA fix. It then bounced back up to $1712 before being taken lower during Comex trading hours on no discernible news that would have affected the directional movement of gold or silver. Gold ended up closing just below $1700, contrary to the Mining Stock Journal's prediction that gold would likely not see sub-$1700 again. Perhaps that call was bit premature. Silver outperformed gold again despite closing marginally lower on the day. The gold/silver ratio fell again, closing below its 50 day moving average for the third day in a row. The Mining Stock Journal noted that it appears as if China's interest in gold is starting to pick up again. If China starts to flex its muscle in the physical gold market, it will make it considerably more difficult for the Price Containment team to keep a lid on the price.
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 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 …
Vizsla Resources announced the latest results from the company’s exploration program at the Panuco silver-gold district in Mexico. Seven holes have been completed on the Honduras Vein with high grade intercepts returned. Highlights shared today include 275 g/t silver equivalent over 4.35 meters and 232 g/t silver equivalent over 2.6 meters. Infill surface and underground sampling of the Animas, Cordon del Oro and Napoleon vein corridors are also reported. A few of those highlights reported this morning include 1,365 g/t silver equivalent over 3.2 meters from the Cordon del Oro Vein and 479.9 g/t silver equivalent over 4.2 meters from the Napoleon Vein. To date, the Company has completed 25% of its initial discovery drill campaign for 3,639 metres of a total 14,500 metre drilling program. Drilling is expected to restart at the Panuco project shortly. Vizsla trades on the TSX Venture with VZLA and on the OTCQB with VIZSF. News Release
SilverCrest Metals said it will be restarting exploration and development work at its Las Chispas Project in Sonora, Mexico by mid-May using strict COVID-19 protocols. This release also announces in-fill and expansion drill results for the Babi Vista Vein at Las Chispas. These holes were drilled prior to the Company's suspension of activities due to COVID-19. Those results included 11,148 g/t silver equivalent over 1.8 meters and 2,036 g/t silver equivalent over .9 meters. With the schedule delays caused by COVID-19 global impact, resource estimation for the ongoing feasibility study has been pushed for completion to Q4, 2020 which allows for additional drill results, including Babi Vista, to be added to the study. SilverCrest trades on the TSX with SIL and on the NYSE with SILV. News Release
Red Pine Exploration shared results from recent drilling which they say id a discovery of a new mineralized gold zone, beneath the Surluga Deposit on the Wawa Gold Project in Ontario. The hole of mention intersected the Jubilee Shear Zone, 350 metres down-plunge of the current resource boundaries, with a significant intercept of 5.2 g/t gold over 6.31 metres at a depth of 570 metres. The company says these new drilling results indicate that high-grade gold mineralization extends at depth, well beyond the footprint of the current resource of the Surluga Deposit, and that the resource can be expanded. Red Pine trades on the TSX Venture with RPX. News Release
Yesterday, Great Bear Resources reported new drilling results from its first deep drill hole at the Dixie Project. Results returned 10.19 g/t gold over 19 meters and included 68.50 g/t gold over 2.65 meters from just over 1,000 meters downhole. This hole has approximately doubled the confirmed vertical depth of the Dixie Limb zone, intersecting the zone’s deepest, widest and highest-grade interval to date. More deep drilling from the Dixie Project is expected throughout this year. This morning, the company announced a $20 million Canadian bought deal private placement of flow-through common shares at a price of $17 per flow-through share. The deal is expected to close around June 2nd. Great Bear trades on the TSX Venture with GBR and on the OTCQX with GTBDF. News Release
Speaking of financings, once again we welcome back Kai Hoffman of Oreninc to deliver the weekly update.
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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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