Exploration Updates from Osino, Nighthawk, Banyan and more
Welcome to Mining Stock Daily. This is your host, Trevor Hall.
Today is Monday June 7th.
On Friday gold shot up as much as $26, briefly challenging $1900 after the non-farm payroll report came in much lower than expected, badly missing Wall Street estimates. Gold settled Friday at $1892, reclaiming 100% of the previous day's paper gold market price ambush. Silver soared as much as 56 cents before being turned back just below $28, settling at $27.88. The Mining Stock Journal said that gold and silver spiked up after the payroll report because it removed the market's fear that the Fed might slow down or end its money printing policy. That said, the newsletter finds it curious that the intraday chart from Thursday morning to Friday late morning, looks nearly 100% symmetrical from Thursday's price attack to Friday's price spike, The mining stocks on Friday followed gold and silver higher, with GDX up 1.34%. The Mining Stock Journal said that the mining stocks continue to underperform gold and silver, as they work off a technically overbought condition.
We’ll get to the news out of the miners and explorers in a 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 11 billion pounds of copper and 21 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.
Osino Resources says they have made a new discovery of a mineralized zones in its Brownfields exploration program at Twin Hills in Namibia. 14 targets were previously identified in their 2020 IP survey work. 4 of which have yielded gold mineralization, including 48 meters of .79 g/t gold, at Twin Hills West, 24 meters of 1 g/t gold at Clouds West, 8 meters of 1.66 g/t gold at Clouds North and 3 meters of .96 g/t at Terminal 1. The Clouds North mineralization is a new discovery only 250m from the Clouds East deposit and is part of an undrilled east-west magnetic anomaly over 2km in strike length. Osino trades on the TSX Venture with OSI and on the OTCQB with OSIIF. News Release
Nighthawk Gold reported assay results for 18 drill holes completed on the Grizzly Bear Deposit located within the area identified as the Colomac Centre, centrally located within the Indin Lake Gold property in Canada’s Northwest Territories. Results were highlighted with 10.25 meters of 2.77 g/t gold and 6.15 meters of 4.64 g/t. Drilling was constrained within 200 metres of surface to target the extension of near-surface mineralization to the north and south of the current resource. Near surface mineralization to the north encountered a 175m strike length which was tested by holes GB21-03; 07; 09; 11; and 12, where the area showed significant quartz veining, alteration and the presence of visible gold in every hole. As part of the Phase II drill program at Grizzly Bear, additional infill drilling will focus on testing the near-surface mineralization encountered to the north with the goal of potentially adding to the current resource. Nighthawk trades on the TSX with NHK and on the OTCQX with MIMZF. News Release
Signature Resources announced the first three diamond drill holes of its ongoing 15 hole campaign on the Lingman Lake gold project. Results reported today included 14.9 gt gold over 1 meters, and 5.81 g/t gold over 6 meters. The Company expects several batches of diamond drill hole assay results to be released over the coming four to six weeks. Signature Resources trades on the TSX Venture with SGU and on the OTCQB with SGGTF. News Release
Banyan Gold shared results from 5 diamond drill holes received from the ongoing 2021 exploration program on the AurMac Property, Yukon. Results front he Powerline Zone returned 81.4 meters of 1.03 g/t gold, 76.2 meters of .5 g/t and 33 meters of .5 g/t. Banyan has now released assays from 16 holes of the total 46 diamond drill holes drilled to date. This season's drilling efforts have thus far resulted in over 10,000 metres from a systematic, 100 m centered, drill grid designed to test the expansion potential of the Powerline Deposit. Banyan Gold trades on the TSX Venture with BYN. News Release
Amex Exploration was out with new drill results this morning as well. Today’s results come from the High Grade Zone of the Eastern Gold Zone on the Perron gold project in Quebec. Results included 6.4 meters of 32.91 g/t gold and 8.85 meters of 27.06 g/t gold. Today's results are focused on definition drilling of the High Grade Zone as the Company works towards its maiden resource on the Perron Project. Amex Exploration trades on the TSX Venture with AMX and on the OTCQX with AMXEF. News Release
Gold Bull Resources says drilling operations will resume this week at its 100% owned Sandman project, located near Winnemucca, Nevada. After completing its Phase 1 RC drill program with lab re-assays still in process, the company will launch into Phase 2 this week. The holes in the next program are split approximately 70:30 between exploration and resource extension drilling. Gold Bull trades on the TSX Venture with GBRC. News Release
That’s it for the news briefing this morning. We’ll be back later today with more news and interviews.
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