Fruta del Norte to Commence Gold Production this Quarter; Drill Results from Brixton, Osino and SilverCrest
We have a series of exploration results to share with you today, along with the announcement of Lundin Gold that the Fruta del Norte mine will begin gold production this quarter. We’ll share this morning’s news out of the junior mining sector, right here on Mining Stock Daily.
Welcome to Mining Stock Daily.
Today is Thursday, November 14 th.
This is Trevor Hall and I welcome you to today’s briefing.
Gold endured highly volatile overnight and day trading on Wednesday but settled the day session up $10 from Tuesday. Reports that Trump was threatening to escalate the trade war with higher tariffs seems on the surface to be the catalyst that drove the price higher. But the Mining Stock Journal noted that India was buying imported gold at a frenzied pace on Wednesday which was likely the fundamental market catalyst that pushed the price higher. This was despite a sharp drop in the rupee, making it more expensive for Indians to import kilo bars. This testifies to the strong demand for gold coming from India according the Mining stock Journal. Silver outperformed gold by a 2:1 ratio. Away from the upward price-pressure from Indian buying, it's unclear if Wednesday's action was a bounce precipitated by gold's highly oversold technical condition or the end of the recent price decline.
Today’s episode of Mining Stock Daily is brought 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 today out of the junior sector.
SilverCrest Metals shared expansion drill results for the Babi Vista Vein in the Babicanora Area of the Las Chispas Project in Sonora, Mexico. SilverCrest says the drilling announced today has defined the initial high-grade footprint of the recently discovered Babi Vista Vein. 17 results from drilling were released today are the first on the Babi Vista Vein since February of this year. Results today included 1,136 g/t silver equivalent over 8.8 meters and 502 g/t silver equivalent over 6.6 meters. There are currently 17 core drills operating at Las Chispas, including four rigs working on new vein targets and in-fill for the Las Chispas Area. SilverCrest trades on the TSX with the symbol SIL and on the NYSE American with SILV. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1776-tsx/sil/69697-silvercrest-announces-babi-vista-vein-high-grade-expansion.html
Brixton Metals share more drill results from its Phase two program at its wholly owned Thorn Project located in the Golden Triangle of British Columbia. As part its 2019 Thorn program of 8,042m drilled, the Company drilled two holes at the Outlaw Zone. Today’s results included 1.17 g/t gold over 37.78 meters, and included a 3 meter interval of 9.06 g/t gold from 125 meter depth. The remaining drill results from the 2019 season shall be released as assays become available. Brixton trades on the TSX Venture with BBB and on the US OTC markets with BBBXF. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/833-tsx-venture/bbb/69706-brixton-metals-drills-37-78m-of-1-17-g-t-au-at-the-outlaw-zone-including-12-00m-of-3-28-g-t-au-and-3-00m-of-9-06-g-t-au-at-its-thorn-project.html
Osino Resources announced results from eight in-fill holes drilled at Twin Hills Central, part of the Twin HIlls Gold Project in Namibia. The company said six of the eight holes hit significant mineralization, including 1.04 g/t gold over 49 meters. These results confirm continuation of mineralization over a strike length of 800 meters. The next batch of drill results are expected early to mid-December. Osino trades on the TSX Venture with OSI and on the OTC markets with OSIIF. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2616-tsx-venture/osi/69693-osino-resources-releases-assays-for-first-part-of-in-fill-drilling-at-twin-hills-central-discovery-namibia.html
Osisko Mining has entered into an agreement with a syndicate of underwriters consisting of Canaccord Genuity Corp. and Eight Capital Corp. in a connection with a “bought deal” private placement financing of an aggregate of over 5.3 million common shares of the company which will qualify as “flow-through shares.” The Flow-through shares will be issued at a price of $4.70 Canadian for gross proceeds of just over $25-million. Osisko holds the Windfall Lake gold deposit and an area of mining claims surrounding the Urban Barry area in Quebec. The company trades on the TSX with the symbol OSK and in the US with OBNNF. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1193-tsx/osk/69698-osisko-mining-announces-c-25-million-bought-deal-private-placement-of-flow-through-shares.html
Superior Gold announced the closing of a senior secured A$15 million Gold Loan Facility with Auramet International. The Facility will be repaid by the delivery of 7,920 ounces over an 18 month period commencing on January, 30, 2020. As part of the facility, the Company granted call options to Auramet on 20,000 ounces, with strike prices at or above A$2,275 per ounce between July 2020 and December 2021. The proceeds from the Facility will be used for general working capital purposes. Shares of Superior Gold have been pummelled since mid-August after disappointing quarterly production and earnings. The company trades on the Toronto Venture with the symbol SGI and in the US with SUPGF. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2072-tsx-venture/sgi/69689-superior-gold-inc-announces-enhanced-financial-flexibility-with-a-15-million-gold-loan-facility.html
Lundin Gold says the company has received the Industrial Water Permit and Administrative Act from the government of Ecuador for the Fruta del Norte gold project. These two permits were required to put the project into production. Now, Lundin says first gold production is planned for this quarter. Fruta del Norte is a large-high-grade gold depsit with probable reserves over 5 million ounces of gold grading 8.74 g/t. Lundin trades on the TSX with the symbol LUG and in the US OTC market with FTMNF. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/923-tsx/lug/69708-lundin-gold-receives-key-permits-for-its-fruta-del-norte-gold-project.html
The Mining Stock Journal releases its next issue this afternoon, which will feature an in-depth review of US Gold and its latest assays from the Keystone Project, a review of New Gold's 3rd quarter, an updated recommendation on Great Bear Resources and an update on several of the newsletter's core portfolio companies. You can learn more about the Mining Stock Journal at InvestmentResearchDynamics.com
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