Fiore Gold Increases Cash Balance to $23M

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

Today is Tuesday, October 20th. 

In what is becoming a broken record trail of obvious market intervention, on Monday gold rallied up to as high as $1922 before being swatted for $17 down to $1905 literally right when the Comex floor hours commenced. The Mining Stock Journal said that, based on ex-duty import premiums being paid as reported from several Indian import hubs, India was buying physical gold hand over fist on Monday, which explains the overnight move higher. Silver followed a similar price path, round-tripping overnight from the $24.20 area to as high as a $25.11 before the Comex opened, when the price went straight back down to $24.30. The mining stocks fell 1.68% using GDX as the proxy though many of the junior exploration micro-cap stocks fell even more. The Mining Stock Journal said that the mining stocks were battered in sympathy in the overall stock market, which saw the Dow tank over 400 points. The newsletter added that a potential stock market accident will affect the mining stocks, but that such an event should be viewed as a buying opportunity.

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 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.

Gold Standard Venture shared new drill results from 24 holes on the Pinion deposit fromthe Railroad-Pinion Project in Nevada’s Carlin Trend. Results included .92 g/t gold over 42.7 meters, including a 7.6 meter interval of 2.69 g/t gold from hole 14. Hole 15 returned .81 g/t gold over 64 meters, icludng a 22.9 interval grading 1.2 g/t gold. Objectives of the drilling were to decreasing drill spacing on the Pinion Phase 4 inferred oxide resource for potential conversion to Measured and Indicated; provide material for metallurgical testing; and tighten the drill spacings near historic Cameco holes. The planned total of 16,206m of drilling in 60 reverse-circulation holes and 15 metallurgical core holes has been completed. Gold Standard Ventures trades on the TSX and the NYSE American with GSV. News Release

Benchmark Metals announced new drill results from a series of drill holes at the AGB zone on the company’s flagship gold-silver project is located in a road accessible area of the Golden Horseshoe in north-central British Columbia, Canada. Highlights today included 1.49 g/t gold and 106.84 g/t silver over 41.94 meters, including 11.76 g/t gold and 630.61 g/t silver over 3.8 meters. The company says Drilling continues to intersect strong zones of mineralization along the entire 600 metre strike extent of the AGB zone with these new results highlighting the significant resource building potential of this zone in addition to Cliffs Creek and Dukes Ridge. Benchmark trades on the TSX Venture with BNCH and on the OTCQX with BNCHF. News Release

African Gold Group shared initial results of the ongoing 10,000 meter Phase 3 drilling program at the Company`s flagship Kobada Gold Project in Southern Mali. Initial drill hole results successfully confirm the gold mineralization at Gosso shear zone and have delineated approximately 750 m of initial strike length. The company says drilling activity and preliminary results have been promising and are in line with the goals of the Phase 3 drilling program, potentially increasing the resource through strike length extension drilling and increasing conversion of inferred resources to measured and indicated and subsequently into reserves. Results reported today included 2.56 g/t gold over 8.3 meters and 7.19 g/t gold over 1.3 meters. African Gold Group trades on the TSX Venture with AGG. News Release

Fiore Gold announced preliminary production results for the Company's fourth fiscal quarter ("Q4") and the full fiscal year 2020 which ended September 30th, 2020 for its Pan open pit mine in White Pine County, Nevada. Q4’s gold production was 12,432 ounces which put the full year gold production north of 46,000 ounces which is an 11% increase over the preceding year and within guidance. Sales on the quarter reached an average realized price of $1,920 per ounce providing a closing cash balance of over $23 million, which is an increase of $5.9 million relative to Q2. Fiore trades on the TSX Venture with F and on the OTCQB with FIOGF. News Release

Sierra Metals reported the results of a Preliminary Economic Assessment on the company’s Bolivar Mine in the state of Chihuahua in Mexico. The reported shows an after-tax NPV of $283 million with cash-flow of $521 million. Based on the existing mineral resource estimate, the project holds a 14 year mine life with payable copper production of 583 million pounds. Sierra Metals trades on the TSX with SMT and on the NYSE American with SMTS. News Release

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

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