First Assay Result from Kincora Copper
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Monday, July 6th.
The gold price rose last week, spiking over $1800 on an August gold basis before settling just below $1800, where it was trading early Sunday evening. Silver continues to be the belle of the ball, as September silver defied the traditional roll period manipulation price take-down and spiked above $18. It's currently trading at $18.84, September basis. The Mining Stock Journal noted that July silver deliveries have already set a monthly record. It added that if silver can consolidate above $18, it has the potential to run to $20 by Labor Day, if not sooner. The Mining Stock Journal also commented that, despite all the attention paid to the the big move in the stock market since mid-March, the mining stocks per the GDX ETF substantially outperformed the Dow, S&P 500 and the Nasdaq. Stepping back from the day to day, the Mining Stock Journal said that data from India shows that India has woken up from its strict quarantine to find an Indian public that is starved for more gold. Ex-duty import premiums the last two weeks indicated that copious quantities of gold are starting to flow into India. As such, Indian demand has the potential to blow the lid off the paper manipulation scheme in the coming months.
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… Western Copper and Gold.
Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 10 billion pounds of copper and 18 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.
And here’s what you need to know this morning …
Kincora Copper reported the assay results of the first hole at the Trundle project, within the Lachlan Fold Belt in Australia. Results from the first hole included 1.17 g/t gold and .54% Copper over 51 meters, .53 g/t gold and .05% copper over 18 meters, and another interval from the samehole grading .25 g/t gold and .03% copper over 21.1 meters. The fourth hole of the ongoing maiden Kincora drilling program at the Trundle project, and follow up hole to this first hole, has recently been completed at the Trundle Park target with drilling activities remobilized to complete the previously announced third hole at the Bayleys porphyry target. Assay results from Kincora's second hole at the Mordialloc target are expected within two weeks. The Trundle project is the only brownfield project held by a listed junior in Australia's foremost porphyry belt, being within the same mineralized complex as Australia's second largest porphyry mine at Northparkes. Kincora trades on the TSX Venture with KCC and on the OTC markets with BZDLF. News Release
Great Bear Resources says it has expanded the LP Fault Gold System at depth with the deepest drill hole on section 20,000, which intersected multiple mineralized intervals along 173 metres of core length. Results reported from this hole included 559 g/t gold over .5 meters within a broader interval of 10.06 g/t gold over 31.25 meters. This is the widest high-grade gold interval drilled at the LP Fault to date. The total mineralized interval was just over 4 g/t gold through 80.5 meters. There were also new drill results from Section 20600 and the New Gold Zone on Section 20650. I would refer you back to the press release this morning on the Junior Mining Network newsroom for a full list of the extensive results reported. Approximately 180 drill holes remain to be completed as part of the Company's ongoing fully funded 2020 LP Fault drill program. Additional drill holes are also planned into the Dixie Limb, Hinge and Arrow zones, in addition to other regional targets. The Company remains fully funded for this work. Great Bear trades on the TSX Venture with GBR and on the OTC with GTBAF. News Release
Enduro Metals reported drill results from the company’s Newmont Lake Project in British Columbia’s Golden Triangle. These results are from previously unsampled drill core by a previous operator whose focus was on narrow high grade intersects, with the result that only a portion of the core was previously sampled. An on-going comprehensive technical review of the project recently identified three gold mineralization styles associated with the 20 km long McLymont Fault, one of multiple target areas within the Newmont Lake Project. The study determined that previous operators did not identify all gold mineralization styles, and as a result, only 19% of the total drill core has been assayed to date. These new assays returned 3.18 g/t gold and 3.66 g/t silver over 144 meters. A newly reported drill hole reported today included 1.62 meters of 14.84 g/t gold. Drilling at the NW Zone has yet to penetrate below 256 metres and mineralization remains open both laterally and at depth. Enduro Metals, formally known as Crystal Lake Mining, trades on the TSX Venture with ENDR and on the OTC market with SIOCF.
K92 Mining says the Kainantu Gold Mine reached record gold equivalent production in the second quarter, producing 25,762 ounces of gold, over 531,000 pounds of copper and just under 11,000 ounces of silver for a total of 26,847 gold equivalent ounces. This is a 37% increase over Q2 in 2019. The Kainantu mine continues to operate during the COVID-19 pandemic, with a significant focus on health and safety and risk-mitigation. The company trades on the TSX Venture with KNT and on the OTCQX with KNTNF. News Release
Caldas Gold announced today that it has completed an updated Mineral Resource estimate and a preliminary feasibility study for its Marmato Project in Colombia. The PFS affirms the economic viability of the underground expansion of the Marmato Project. At a long-term gold price of US$1,400 per ounce, total life-of-mine (“LoM”) undiscounted after-tax free cash flow from mining operations amounts to US$770.0 million. After the initial capital costs of approximately US$269.4 million for expansion into the Marmato Deep Zone, undiscounted after-tax project cash flow amounts to US$500.6 million. At a 5% discount rate, the net present value of the total LoM after-tax project cash flow amounts to US$263.9 million. Before financing, the project has a 20.1% after-tax internal rate of return and payback by 2026. The 2019 Phase 2 drilling program successfully upgraded Mineral Resources from the Inferred category to the Measured and Indicated category to support the PFS. Mineral Resources in the Measured and Indicated category doubled to a total of 4.1 million ounces of gold based on 39.4 million tonnes at an average grade of 3.2 g/t. The LoM plan for the Marmato Project in the PFS is based on a total Mineral Reserve of 2.0 million contained ounces of gold based on 19.7 million tonnes at an average grade of 3.2 g/t. Caldas Gold trades on the TSX Venture with CGC and on the OTCQX with ALLXF. News Release
HighGold announced it has entered into a bought deal private placement financing for over 4 and a half million shares at a price of C$1.73 per shares. This will provide $8 million for the company. HighGold ntends to use the net proceeds of the Offering to for mineral exploration and general corporate purposes, including expanding the scope and the scale of its recently commenced 2020 Johnson Tract drill program in Alaska, USA. HighGold trades on the TSX Venture with HIGH and on the OTCQX with HGGOF. News Release
That is all from us here at Mining Stock Daily this morning. We’ll be back throughout today and the rest of the week with more news and commentary out of the mining and precious metals sector. Be sure to hit that subscribe button if you have not done so already. And for any follow up questions, please feel free to email me at trevor@clearcreekdigital.com.
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I’m Trevor Hall. Have a wonderful day. Be well.
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