Fiore Drill Results for Pan Mine Resource Expansion

Before we get started, I wanted to share an opportunity for everyone to take part in next week. The British Columbia Regional Mining Alliance has set up a Webinar on August 18th at 8 am Pacific Time to discuss geology and exploration work in the Golden Triangle During this session, you’ll learn why the rocks in this area are unique and so well suited to hosting mineral deposits. You’ll hear project highlights from four active companies working in the region, and you’ll come to appreciate the open and collaborative relationships that continue to grow between First Nations, the Province and Industry. We’ll also touch on the infrastructure in the region and discuss the permitting process. You’ll hear from Ascot Resources, Skeena Resources, GT Gold Corp and Dolly Varden Silver. I’ll leave a link to the registration in the show notes here this morning, but this is a great opportunity for anyone interested in speculating in the Golden Triangle of BC. 

Now, lets begin.

Welcome to Mining Stock Daily. This is your host, Trevor Hall

Today is Wednesday August 12th.

The precious metals sector was smacked hard on Tuesday. Gold was down $93 or 4.5% and silver plunged over $3 or 11%. The mining stocks, using GDX as the proxy, were down nearly 8% on the day. The Mining Stock Journal said that this could be the start of the correction it started looking for two weeks ago, but it started from a much higher level. The newsletter's editor, Dave Kranzler, said that, for the 20 years he's been involved in this sector, a price smash like the one of Tuesday is often followed by a few to several more days of sell-off before the market recovers and moves higher. Kranzler added that he expects to see the open interest, specifically the bank net short position, in Comex gold and silver futures to decline materially over the next few days - or longer - which will set up the next move higher. He added that he's watching the movement in the large cap mining stocks relative to the metals for a buy signal. Finally, Kranzler believes that a correction and consolidation period will set up the next move higher that will take gold the mid-$2000's and drive silver toward and over $30. This will be fundamentally supported by another big round of money printing and Treasury debt issuance.

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… Corvus Gold

Corvus is an advanced gold-silver exploration and development company focused on the North Bullfrog and Mother Lode Projects in Nevada. The company has been named a Top Five TSX gold equity performer Four of the last Seven years & a multi time top 50 OTCQX performer. Corvus Gold trades on the Toronto Stock Exchange, and as of this morning also on the Nasdaq with the symbol KOR. Follow all the news form Corvus and its two-mine projects with fast-tracked potential via the company's website, corvusgold.com. 

And here’s what you need to know this morning…

Roscan Gold shared new diamond drilling results from an additional 20 holes totaling 3,788 meters at its Mankouke South Target. A key result returned was 6.15 g/t gold over 46.5 meters at a depth of 118 meters. This has has increased the width of the mineralized zone to 125m. Other results mentioned this morning were 5.2 g/t gold over 41 meters and 3.98 g/t gold over 68 meters. Roscon trades on the TSX Venture with ROS ando n the OTC with RCGCF. News Release

Fiore Gold announced results from the recently completed drill program at its Pan Mine in Nevada. This drill program is part of a long-term program aimed at expanding the resource and reserve base and extending the mine life. Results today included .4 g/t gold over 48 .8 meters and 1.03 g/t gold over 16.8 meters. In total, 183 holes for a total of 21,741 m (71,330 ft) were drilled as part of the 2019-2020 Pan resource expansion program and all but the last few of these holes will be incorporated in the upcoming resource and reserve estimate. Fiore Gold trades on the TSX Venture with F and on the OTCQB with FIOGF. News Release

Fireweed Zinc announces it is accelerating and exercising three property option agreements to acquire 100% interest in its Macmillan Pass Zinc-Lead-Silver Project. According to the company, with exercise of these property options under favourable terms, Fireweed will now own 100% of the entire district and its great potential for new discoveries. Major and junior companies have been trying to consolidate this district for decades to allow efficient exploration across property boundaries. One significant prospect was named End Zone because exploration of its extensions was limited by an old property boundary. The total costs for the property options will total approximately $1 million. Fireweed grades on the TSX Venture with FWZ and on the OTC markets with FWEDF. News Release

New Found Gold has completed its IPO led by Canaccord Genuity and BMO Nesbitt Burns by issuing an aggregate of 21,000,000 common shares at a price of $1.30 per share for total gross proceeds of C$27,300,000. Post the IPO and prior to any exercise of the over-allotment option, New Found has 138.8 million shares issued and working capital of C$72 million. New Found is the largest mineral claimholder in the Province of Newfoundland & Labrador. The Company is fully funded for its Phases 1 and 2 drilling program at Queensway totaling 100,000 meters, budgeted at C$21.6 million and targeted for completion by the end of 2021. The company now trades on the TSX Venture with NFG. News Release

Horizonte Minerals announced it has executed a mandate to arrange a senior secured project finance facility of up to $325 million to fund the construction and development of its Araguaia ferro-nickel project in Brazil. A syndicate of five international financial institutions, including BNP Paribas, ING Capital, Mizuho Bank, Natixis, New York Branch, and Société Générale will act as the Mandated Lead Arrangers. Horizonte Minerals trades on the TSX with HZM. News Release

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I’m Trevor Hall. Have a wonderful day. Be well.

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