Fiore to Purchase Illipah in Nevada; Vista Gold Receives Key Approval for Mt Todd

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

Today is Monday June 14th. 

While August gold closed over $1900 on Thursday in response to the hot CPI report, on Friday it was pummeled back below $1900 and settled at $1879, which was $27 below the overnight high of $1906 early Friday morning. Interestingly silver, which jumped back over $28 on Thursday, diverged positively from gold and closed 11 cents higher Friday. The Mining Stock Journal said the entire price attack on gold occurred after the Asian physical gold buying markets had closed for the weekend leaving only  the derivatives-based London and New York markets in operation. The Mining Stock Journal also said that, while June and July tend to be seasonally weaker months for gold and silver, the fact that it is taking an enormous effort for the price management squad to keep gold below $1900 and silver contained at $28 underscores the underlying strength of both. The mining stock newsletter added that it would not be surprised if gold has left $1900 in the rear-view mirror by the July 4th holiday.

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.

Fiore Gold announced it has signed a letter of intent with Clover Nevada LLC to acquire an 100% interest in the past producing Illipah gold project, located in White Pine County, Nevada approximately 36 km northeast of Fiore's Gold Rock project at the southern end of the prolific Carlin Trend. The deal was made for $200,000 in cash and 1.3 million Fiore Gold shares. The Illipah gold project covers approximately 1,600 hectares (3,950 acres) and hosts a former heap-leach gold mine that produced 37,000 ounces of gold in the late 1980s at an average grade of 1.37 g/t Au and heap leach recoveries over 80%. Fiore trades on the TSX Venture with F and on the OTCQB with FIOGF. News Release

K2 Gold says the have successfully expanded the gold mineralization footprint at the Stega Target on the western side of the Company's Mojave project in Southern California.  A total of 42 prospecting rock/grab samples and 385 continuous chip-channel samples over five lines were collected on the Stega gold zone. 87 samples assayed more than 1 g/t gold. The Stega target is located on the western side of the Mojave property, approximately 3.4km NW of the Newmont target, covering a 1.5km x 2km NW trending zone of alteration and mineralization in strongly folded and faulted Triassic siltstone, limestone, and shales with at least two generations of porphyritic sills and dikes. K2 trades on the TSX Venture with KTO and on the OTCQB with KTGDF. News Release

Vista Gold says it has received approval of the Mining Management Plan by the Northern Territory Government for the Company’s Mt Todd gold project located in Northern Territory, Australia. The MMP (similar to a mine operating permit in North America) is the final major authorization required for the development of the Mt Todd mine. The company says receipt of this approval marks the achievement of a significant de-risking milestone that has been the focus of the Company for the last three years. Vista Gold trades on the NYSE and the TSX with VGZ. News Release

Bluestone Resources reported assay results from its 2021 infill drill campaign at Cerro Blanco that focused on the Salinas silica cap, a layer of near-surface, low-grade disseminated mineralization some 100-150 meters thick that overlies the high-grade quartz-adularia vein swarms. Results included 140.2 meters of 1.1 g/t gold, 57.6 meters of 3.1 g/t gold, 189.3 meters of .8 g/t gold and 7.6 meters of 30.2 g/t gold. This recent drilling was undertaken to support the upcoming feasibility study for a surface mining scenario. The new estimate is expected to improve the current resource classification for the Cerro Blanco surface operation and will form the basis of the open pit reserves calculation as part of the feasibility study. Bluestone trades on the TSX Venture with BSR and on the OTCQB with BBSRF. News Release

CANEX Metals shared results of 7 drill holes front he company’s 2021 reverse circulation drilling program at the Gold Range Project in Arizona. Results included 1.6 g/t gold over 35.1 meters starting from surface and included 2.2 g/t gold over 24.4 meters. This is the best hole drilled on the property to date. Other results include 4.4 g/t gold over 10.7 meters. CANEX trades on the TSX Venture with CANX. News Release

FireFox Gold announced it has received final approval to list on the OTC Markets Group's OTCQB Venture Market in the United States under the symbol "FFOXF". FireFox will commence trading on the OTCQB on June 15th while continuing to trade on its home exchange in Canada, the TSX Venture Exchange with the symbol FFOX. FireFox is a gold exploration company at the forefront of the new gold rush in northern Finland.

That’s it for the news briefing this morning. We’ll be back later today with more news and interviews. 

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