Fireweed Zinc Discovers New Lower Sequence at Boundary

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

Today is Thursday, February 25th.

After relatively stable overnight trading, gold was monkey-hammered $36 from $1808 down to $1872 in Niagra Falls fashion shortly before Fed Chairman Powell began the semi-annual 2nd day Congressional testimony on the economy and Fed monetary policy. Silver similarly was pushed off a cliff for 60 cents. In contrast, the mining stocks gapped down at the NYSE open in sympathy with gold and silver but quickly bounced, closing the day up close to 1%, with many individual stocks rising more on a percentage basis. The Mining Stock Journal said that it's become more common for the mining stock investor cohort to see through the blatant manipulation in the paper gold and silver market. In this case both gold and silver eventually followed the shares and staged an end of the day rallies. The Mining Stock Journal said that, based on reports from India and China, both countries were active buyers of physical gold on Wednesday. The Mining Stock Journal added, in conjunction with Jerome Powell's reassurance that the Fed will continue printing money for the foreseeable future, a big move higher in gold and silver is likely imminent.

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.

Fireweed Zinc provided the final results from the 2020 drilling at Boundary Zone, Macmillan Pass Project in Yukon, Canada. These results are from Boundary Zone West which was discovered in 2020 with a 360 metre step out hole drilled on a gravity anomaly. It is located 15 road kilometres west of the Tom-Jason deposits (see Map 1) and includes discovery of a new lower sequence hosted in older host rocks than other mineralization found at Macmillan Pass. Hole NB20-009 intersected a dense upper sequence of 4.76% zinc, 0.43% lead and 18.9 g/t silver over 43.7 m including a high grade stratiform zone of 26.35% zinc, 5.21% lead and 53.4 g/t silver over 2.19 m from a vertical depth of 40 m from surface. The same hole also  intersected a broad lower sequence of 2.08% zinc over 225.0 m including a stratiform zone of 3.69% zinc over 19.0 m and a vein interval of 3.75% zinc over 50.00 m. Hole NB20-008 intersected the upper sequence of vein mineralization of 2.48% zinc, 0.74% lead, and 12.5 g/t silver over 111.17 m including two higher grade vein intervals of 6.07% zinc, 1.12% lead, and 27.8 g/t silver over 13.95 m and 4.57% zinc, 0.62% lead, and 15.2 g/t silver over 17.0 m. Boundary Zone has now been traced over a strike length of 630 metres, and both upper and lower sequence mineralization remains open for expansion along strike and down dip. Fireweed trades on the TSX Venture with FWZ. News Release

Roxgold announced additional results and the successful conclusion of the infill drilling program from the newest high grade deposit, Koula, at the Séguéla Gold Project located in Côte d’Ivoire. A few highlights from the release included 12 meters of 38.3 g/t gold, 16 meters of 28.3 g/t gold and 9 meters of 30.5 g/t gold. Since announcing the discovery of Koula six months ago, Roxgold have seen the deposit repeatedly return some of the highest grade intersections drilled to date on the property, reinforcing the December 2020 Séguéla resource update which included a maiden inferred mineral resource from Koula of 281,000 ounces at 8.1 g/t – making Koula among the highest grade open pit gold deposits in West Africa. Roxgold trades on the TSX with ROXG and on the OTCQX with ROGFF. News Release

Excellon Resources provided results from underground expansion and exploration drilling at the Platosa Mine in Durango, Mexico. Results included 1,422 g/t silver equivalent over 8.9 meer snad 1,539 g/t silver equivalent over 1.6 metes. Drilling underway to define and discover new mineralization in an area of the Platosa deposit that was never effectively drilled from surface – the Gap Zone – with 300 metres of potential mineralized strike to be explored. Excellon trades on the TSX and the NYSE with EXN. News Release

Now lets turn it back over to Kai Hoffman for this week’s Oreninc Weekly Update.

Kirkland Lake reported their Q4 and Fiscal Year results this morning. The company made record quarterly results, producing over 369-thousand ounces for net earnings of over $232-million. The full year production was achieved of over 1.35 million ounces at an all-in sustaining cost of $800 per ounce. Mineral Reserves did increase by 3%, currently sitting at over 20-million ounces. Kirkland trades on the TSX and the NYSE with KL. News Release

Elemental Royalties also provided their annual revenue numbers. During 2020 Elemental achieved record preliminary revenue of approximately US$5.1 million, a 110% increase year-on-year and recorded approximately 2,900 attributable zero-cost gold equivalent ounces. Elemental trades on the TSX Venture with ELE and on the OTCQX with ELEMF. News Release

And finally, Manning Ventures announced it has signed a definitive agreement to acquire Wabush Iron Ore. Wabush is a privately held company with mineral properties located in Quebec. Manning Ventures trades on the CSE with MANN. News Release

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

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