Filo Makes New Discovery, Aurelius Drills more High-Grade, Roscan Land Acquisition
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Monday, April 12th.
While the New York and London paper gold markets are used by the banks, backed by Central Banks and Governments, in an effort to suppress the price of gold using paper contracts and OTC derivatives, eastern hemisphere countries are escalating the amount of physical gold they are buying. Most of this gold has to be delivered into the buyers. As an example, last week Hungary's Central Bank announced the purchase of 63 tonnes of 400 oz gold bars from London, more than tripling its reserves. This gold is being repatriated from London to the Hungarian Central Banks' possession. Similarly, Russia announced that it authorized its sovereign wealth fund to purchase physical gold and silver. Russia's foreign ministry also announced that the share of gold as a percentage of Russia's foreign currency reserves has been significantly boosted. With the inflation genie out of the bottle, it's only a matter of time before the western precious metals price management team loses its ability to continue keeping a ceiling in place on gold and silver prices. On Friday gold was bombed for $18 after the shocking PPI report was released but bounced shortly thereafter and managed to claw back most of the paper market inflicted damage. Silver followed the same price path as gold but held $25 and bounced 30 cents from there. The Mining Stock Journal believes the precious metals sector is on the cusp of a big move higher.
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 list of project and company information on their website, rio2.com.
And here’s what you need to know this morning.
Aurelius Minerals assay results continue to roll in. They shared results for the eighth, ninth and tenth underground drill holes from its Aureus East Gold Project located in Nova Scotia, Canada. The reported holes were drilled from the second underground drill pad and were designed to expand the gold zones towards the west. All three holes encountered multiple high grade gold horizons and intersected the expanding Gold Zone 9, including 3 meters of 17.4 g/t gold, 14.2 meters of 5.32 g/t gold, 5.7 meters of 9.42 g/t gold and 2.7 meters of 15.1 g/t. Drilling continues at Aureus East with two rigs. The underground (u/g) rig is currently on the 900 level which is approximately 160 metres (m) below surface and targeting expansion of the new gold zones towards the west and at depth. The second rig is on surface at the second pad targeting expansion of the gold mineralization into the southern legs from surface down to approximately 300m depth. The company trades on the TSX Venture with AUL and on the OTCQB with AURQF. News Release
Filo Mining says they have discovered a new oxide gold zone 1.5 km north of the Filo del Sol deposit. New drill results also have extended the filo silver zone by 600 meters to the north. The new oxide gold discovery was intersected in hole FSDH042 which drilled 48m at 1.01 g/t gold. Two new holes intersected the silver zone north of the previous northernmost intersection in hole FSDH032. Hole FSDH041 intersected 120m at 54.3 g/t silver, and FSDH037 intersected 104m at 119.9 g/t silver. This increases the total length of the silver zone to 2,050m. Filo trades on the TSX Venture with FIL. News Release
Roscan Gold announced they have strategically expanded its land package of the Kandiole Project, by acquiring the permit to the immediate West of the recently acquired Segondo West permit. This new permit, called Bantanko East, adds a significant additional 55 square kilometers to the Kandiole Project, increasing the total land package of 401.8 square kilometers in the country of Mali, making Roscan one the largest land holders in the area. This new acquisition is strategic as it apparently is linked to two prospective first order structures, the SMSZ and the SMKS. Second order splays from the main SMSZ have yielded several Tier 1 discoveries in the camp including B2Gold's Fekola Mine Property, which is approximately 1.6km away from the newly acquired land. Roscan trades on the TSX Venture with ROS and on the OTC with RCGCF. News Release
Ascot Resources announced it has entered into an agreement with Stifel GMP in connection with a private placement financing whereby Stifel GMP has agreed to buy on a bought deal basis 24,000,000 common shares of the Company at an issue price of $0.86 per Share. Under the underwriting arrangement, Yamana Gold Inc. Yamana has agreed to be the substitute purchaser the result of which is that it will purchase all of the Shares under the Offering. Yamana is purchasing the Shares for investment purposes and will hold on closing of the Offering approximately 6.4% of the Company’s basic shares outstanding. The net proceeds from the Offering will be used to fund construction of the Company’s Premier Gold Project in British Columbia and working capital and general corporate purposes. Ascot trades on the TSX with AOT and ont he OTCQX with AOTVF. News Release
Silver Sands Resources says they have completed the drilling of its Phase II work on hte Virginia Silver Project in Santa Cruz Province of Argentina. 3,100 meters in 20 holes were drilled and are now at the lab awaiting assay results. Silver Sands trades on the CSE with SAND. News Release
ValOre Metals announced a fully-funded 2021 exploration program including Reverse Circulation and diamond drilling programs at ValOre’s 100%-owned Pedra Branca Platinum Group Element Project in northeastern Brazil. RC drilling has commenced, and the first of two diamond drill rigs is scheduled to arrive by the end of April. The drill program will consist of 8,000 meters of drilling total. ValOre trades on the TSX Venture with VO and on the OTC with KVLQF. News Release
Centerra Gold announced the company has received approval to list its common shares on the New York Stock Exchange. Trading on the NYSE will commence under the symbol CGAU this Thursday.
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I’m Trevor Hall. Have a wonderful day. Be well.
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