First Drill Results from Clarity Gold's Destiny Project
Welcome to Mining Stock Daily. This is your host, Trevor Hall.
Today is Wednesday June 16th.
Gold was taken down hard again on Tuesday though, as the Mining Stock Journal is quick to point out, the entire price hit occurred shortly after the Comex paper gold floor trading hours opened. Gold was sucker-punched from $1872 to as low as $1854 before finding a bid - probably a short-cover bid from the Comex banks. Gold settled at $1860. It's likely that no physical gold whatsoever traded during the sell-off. Likewise silver took a beating with, again, the price takedown occurring primarily in the paper trading arenas of London and NYC. Silver was banged down from $28.85 to $28.48 - July basis. But silver interestingly snapped back to its pre-price attack level, settling at $28.80. From a big picture perspective, the Mining Stock Journal said that gold is almost always taken lower in the paper market ahead of a news announcement or event that is highly gold friendly. Last week's take down ahead of a hot CPI is a good example. This week, the mining stock newsletter said that it's probable the FOMC policy statement released this afternoon will be more dovish than is priced into the markets. If that's the case, the price management squad has demonstrated historically ad nauseum that it would prefer that the related big move higher in gold starts from $1850 rather than from $1900.
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… 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.
Clarity Gold shared their first drill results from approximately 2,600 meters of their ongoing 10,000 meter diamond drill program on the Destiny Project in the Abitibi Greenstone Belt. The results come from the western portion of the DAC Zone that were designed to infill and confirm the mineralized structure and anticipated mineralization identified in historic drilling. Highlights included 3.68 g/t gold over 5.25 meters, which included a 2.1 meter subinterval of 18.64 g/t. Other results were 3.79 g/t gold over 4.45 meters which also included a .8 meter interval of 20.36 g/t gold. The drills are now focused on infill and testing at depth on the recently acquired private lots where historic drilling intercepted high grade gold mineralization. Clarity Gold trades on the CSE with CLAR and on the OTC with CLGCF. News Release
Rupert Resources reported new drill results from its Ikkari prospect, which is the focus of its ongoing exploration programme at the Pahtavaara Project in the Central Lapland Greenstone Belt, Finland. Results today included 3.1 g/t gold over 76 meters from 248m as part of the infill program in the central portion of the discovery and a step back hole beneath this intersected two strongly mineralised zones of 3.7g/t gold over 77m from 245m and 2.8g/t Au over 65m from 346m. Another hole demonstrated multiple zones of higher grade gold mineralisation re-emerging at depth in the western section of Ikkari contained within a broad intercept of 1.9g/t gold over 142m. Please read the full press release for the complete rundown of drill results. Ikkari remains open in all directions. Rupert Resources trades on the TSX Venture with RUP. News Release
Millennial Precious Metals announced its first results from the Phase 1 drill campaign at the Red Canyon project in Nevada. Gold assay results from holes -001RD and -002RD report oxidized mineralization throughout the full extent of the two drill holes. The first hole returned 2.6 g/t gold over 22 meters while hole 2 returned 4.54 g/t over 54 meters, and included a 5 meter interval of 19.16 g/t gold. Phase 1 drill holes are designed to test the extents of oxidized mineralization in the central zone of the Heavenly target, while validating gold values and lithology. Red Canyon is a Carlin-style, sediment-hosted gold project in the heart of the Battle Mountain-Eureka mineral trend, located 50 km northwest of the town of Eureka and 37 km southeast of the 20M-ounce Cortez Hills Mine complex. The property consists of 6,500 acres containing several target zones. Millennial Precious Metals trades on the TSX Venture with MPM. News Release
Heliostar Metals shared drill results from the first four drill holes completed in 2021 at the Unga project in Alaska. Hole 2 returned 88.3 g/t gold over 3.05 meters beginning 21.35 meters downhole. Hole 3, which was located 500 meters to the East, returned multiple intervals of mineralization, including 7.98 g/t gold over 4.57 meters and 8.65 g/t gold over 10.67 meters. 27 holes have been completed, defining parallel veins over a strike length of 725 metres and a vertical range of 140 metres. Mineralization remains open in all directions and drilling is ongoing. Heliostar trades on the TSX Venture with HSTR and on the OTCQX with HSTXF. News Release
Tarachi Gold announced diamond drilling has now commenced on the San Javier Concession targeting the La Colorada gold bearing breccia pipe discovered by Tarachi in the November and December 2020 drilling program. The purpose of this summer's four-hole, diamond drilling program is to follow up on the positive results from 2020 by drill testing the breccia pipe down-dip from last year's high-grade intercepts. We will be sure to report results once they become available in due time. Tarachi Gold trades on the CSE with TRG and on the OTCQB with TRGGF. News Release
I-80 Gold Corp says rehabilitation of underground drill bays is completed and underground drilling has commenced at the Company's Granite Creek property located in Humbolt County, Nevada. The Company's Getchell Property has been renamed Granite Creek to avoid confusion with the Getchell open pit located at the nearby Turquoise Ridge mine property. The Granite Creek Mine Project hosts both open pit and underground resources and is strategically located proximal to Nevada Gold Mines' Twin Creeks and Turquoise Ridge mines at the north end of the Battle Mountain-Eureka Trend at its intersection with the Getchell gold belt in Nevada. I-80 trade on the TSX with IAU and on the OTC with IAUCF. News Release
Ethos Gold has entered into an earn-in agreement under which Ethos may earn a 100% interest in the 325-hectare (3.25 km2) Fairbanks claim located on New World Island, Newfoundland. This project is contiguous to the Company's Deep Cove and Virgin Arm properties, and increases its land position at the Toogood Project to over 118 km2. The package comes at a cost of $200,000 and 1.7 million shares to be paid over the course of 2 years. Ethos Gold trade on the TSX Venture with ECC and on the OTCQB with ETHOF. News Release
That’s it for the news briefing this morning. We’ll be back later today with more news and interviews.
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