Filo Mining Hits Longest Interval of Mineralization
Welcome to Mining Stock Daily. I am Trevor Hall.
Today is Monday July 19th.
On Friday gold was monkey-hammered down as much as $20 at one point, with the bulk of the downward price-action occurring, not surprisingly, in the Comex gold derivative paper-only session, right after the p.m. London price fix at 10 a.m. NY time. The price of gold was indeed price-fixed down. Silver was also given a nice ride down by the paper trading jockeys, as it ended Friday 80 cents lower than it ended the previous day and was pushed back below $26. The Mining Stock Journal said, notwithstanding the rigorous effort to keep the gold and silver prices capped for now, general market acknowledgement that inflation will be much more than transitory will soon put strong winds in the sails of the precious metals. The newsletter's only concern is the potential for a general stock market accident, which would hit the precious metals sector temporarily. The Mining Stock Journal is highly encouraged that gold is staying above $1800. As for mining stocks, the 3% shellacking on Friday using GDX as the mining stock proxy was not as bad as it felt. The chart of GDX shows that it held an uptrend line that began during the last week of June. The newsletter is poised to back up the dump-truck and load up on mining stocks once it feels more confident that the precious metals are firmly engaged in the next big bull move.
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… Corvus Gold.
Corvus Gold Inc. is a North American gold exploration and development company, focused on its near-term gold-silver mining projects in southwestern Nevada. The Company holds a commanding land position within the Bullfrog Mining District. Neighbouring, adjacent projects controlled by AngloGold Ashanti, Kinross Gold and Coeur Mining highlight this active District. The two 100% owned North Bullfrog & Mother Lode projects have a combined nearly 4M oz gold of in-pit resource and continues to grow with an on-going, successful, resource expansion drill program.
And here’s what you need to know this morning.
Filo Mining released results of additional drill results from the Filo del Sol project in San Juan province, Argentina. Hole 46 returned the longest mineralized intersection on the project to date, with 1,378 meters of .71% copper equivalent, beginning at a depth of 77.7 meters. This hole does lie outside the current mineral resource. Hole 50 returned 200.8 meters of .6% copper equivalent. It ended in mineralization and was stopped due to drilling difficulties. A total of 11,280m was completed in fifteen holes during the 2020/2021 field season. Drilling has now stopped for a short break while the Company prepares the drills and camp facilities for continuous, year-round field operations. Filo Mining trades on the TSX Venture with FIL. News Release
Bluestone Resources shared its updated Mineral Resource Estimate for its Cerro Blanco gold project located in southern Guatemala. The resource estimate is an update to the resource disclosed in the preliminary economic assessment and will be the basis for the feasibility study currently underway. With a .4 g/t gold cut-off grade, measured and indicated resources now total 3.1 million ounces of gold grading 1.5 g/t. That an increase of 142 thousand ounces over the previous resource. Measured and indicated silver resources not total 13.4 million ounces of silver grading 6.6 g/t. President and CEO, Jack Lundin, said “Cerro Blanco is arguably one of the highest grade undeveloped gold projects globally and is in the pipeline as the next big development project for the Lundin Group." Bluestone tades on the TSX Venture with BSR and on the OTCQB with BBSRF. News Release
Maple Gold Mines announced has entered into an option agreement with Globex Mining Enterprises to acquire a 100% interest in the Eagle Mine Property, providing a path to consolidate the past-producing Eagle-Telbel underground mines at the Joutel Gold Project in Quebec, Canada. The deal will be complete through payments totalling 1.2 million CAD in cash and shares over five years and incurring exploration expenditures of 1.2M over four years. Eagle hosts the historical underground Eagle Mine, which formed a part of Agnico's past-producing Eagle-Telbel mining complex that produced 1.1 million ounces of gold between 1974 and 1993. Maple Gold trades on the TSX Venture with MGM and on the OTCQB with MGMLF. News Release
Ascot Resources and Nisga’a Nation announced their have entered into an updated Benefits Agreement which now encompasses both the Premier Gold Project and the Red Mountain Project. The prior agreement only pertained to Red Mountain. Under the terms of the Agreement, Nisga’a Nation will provide ongoing support and continued consultation for the development and future operations of underground gold mines at the Projects, emphasizing respect for the land, protection of the environment, and understanding of cultural use and knowledge as well as health and safety, on and off the worksite. Nisga’a Nation will participate in the economic benefits of the Projects, particularly through training, employment, business opportunities and cash payments during development and operations. Ascot trades on the TSX Venture with AOT and on the OTCQX with AOTVF. News Release
Adriatic Metals announced they have received the exploitation permit for the Rupice underground deposit, which was the final requirement for constructing the Vares silver project in Bosnia-Herzegovina. The Vares Silver Project has gone from discovery to fully permitted for exploitation in just over 4 years.
It seems there is a bit of a land rush going on around Tonopah, Nevada. This morning, both Viva Gold and Blackrock Silver said they have increased their land positions in the area. Viva staked an additional 69 unpatented lode mining claims at its Tonopah Gold Project. Blackrock Silver staked land to the north and west of their existing land package, adding 260 unpatented lode mining claims, more than tripling their land position.
That’s it for the news briefing this morning. We have a couple of great interviews coming your way later today.
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