Geopolitical De-Escalation Moves Gold Lower; Exploration updates from Osino, Galway, Granada and more
Before we get started, just wanted to take a brief moment to invite all of you out there to join me the week of January 20th at the Association for Mineral Exploration Roundup Conference in Vancouver. Registration is still available. I can honestly say the conference is one I enjoy each year and AME is a wonderful organization to be a part of if you are working in the mineral exploration space. I will have a booth there the second half of the show, so if you are attending, please make sure to swing by and say hello. Now, lets begin.
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday, January 9th.
The price of gold fell back by Wednesday morning to the $1573 price level, where it was trading before Iran lauched missiles at the U.S. inside Iraq. The Mining Stock Journal had mentioned that was a likely occurrence if the tension in the Middle East was perceived to have been de-escalated. Trump confirmed this late Wednesday morning and gold was further hit down to $1555, where it settled for the day. Silver was smoked for 75 cents from top to bottom. The Mining Stock Journal said the price drop on Wednesday is attributable to both Comex bank manipulation and hedge fund computer selling. The mining shares per the GDX ETF dropped 3.9% from Tuesday's close. The Mining Stock Journal also noted that, technically, gold pullback another 2 to 3 percent but that it would help set-up the next move higher. GDX sold down to its 21 day moving average. Another 2.8% decline would take it to its 50 day moving average, where the newsletter would recommend putting more cash to work in the sector.
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.
Today’s episode of Mining Stock Daily is brought to you by Integra Resources. Integra Resources trades on the TSX-V under ITR and the OTCQX under IRRZF. Integra Resource is advancing its past producing DeLamar (DeL - a - Marr ) Gold-Silver project in SW Idaho through aggressive drilling and exploration. The latest Resources Estimate released earlier this summer showed approximately 4 million Gold equivalent ounces in the measured and indicated category.The maiden PEA for the project established a net present value of C$473-million and an IRR of 43%. The management of Integra successfully sold its previous brownfields project for C$590 million in summer 2017. Read more about the company and its successful management team at integraresources.com.
And here’s what you need to know today out of the junior sector.
Osino Resources says 26 of 31 holes from the Phase 1 and 2 drill programs at its Kribib Gold Project in Namibia intersected significant gold mineralization, with several exceptional new intercepts including wide zones of mineralization with high-grade shoots. This morning the company shared Assays received for 16 RC and diamond drill holes at Twin Hills Central. Highlights of drilling results included 1.4 g/t gold over 92 meters and 2.58 g/t gold over 37 meters. CEO Heye Daun says these results demonstrate that the early exploration success at Twin Hills is indeed similar and arguably better than the early exploration success at B2 Gold’s Otjikoto. He continued to say Twin Hills is proving to be a large mineralized system with the strike length, thickness and gold grades which hold the promise of rapid conversion and bulking up of resource ounces as the next phase of drilling at Twin Hills Central advances to the resource definition stage. Osino trades on the Toronto Venture Exchange with OSI and on the OTC markets with OSIIF. News Release
Galway Metals released assay results from drilling at the Richard and Jubilee Zones, and from the gap between the two at the Company's Clarence Stream project in southwest New Brunswick, Canada. Highlights of the latest drill results include hole 78, which intersected 20.9 g/t Au over 4.75m. The company says Given results in this gap area between the Richard and Jubilee Zones, Galway is demonstrating that its interpretation that the Jubilee, Richard and the George Murphy Zones, which cover 2.5 km of strike length, are part of the same system. Galway trades on the TSX Venture with GWM and on the OTC markets with GAYMF. News Release
Granada Gold also shared new drill results this morning, these coming from its Granada gold deposit in Rouyn-Noranda. The company said unexpected near-surface, high-grade mineralization has been discovered within the recently explored two-kilometer LONG Bars Zone of the five and half kilometer Granada Shear zone which trends east-west on the property. Results included 11.45 g/t gold over 33 meters, which included 42.5 g/t gold with its first meter and a half. The core length reported is estimated to have intersected only 15-20% of the entire thickness of the zone. Granada Gold trades on the TSX Venture with GGM and on the OTC markets with GBBFF. News Release
More metal production updates are rolling in. Kirkland lake reported mid-point guidance of quarterly gold production of just under 280,000 ounces lead by its Fosterville mine. First Quantum saw its highest ever annual copper production number to 702,000 tonnes. Torex’s El Limon Guajes Mine produced a new annual production record of gold, surpassing the prior record established in 2018 by 28%. And Taseko says it met their annual production guidance from the Gibraltar Mine.
Goldplay Exploration will now be known as GR Silver Mining effective Monday of next week. The company has decided to change its name to emphasize its focus onmor eadvanced stage silver mining project in the Rosario Mining District of Mexico. The common shares of the Company will commence trading under the new name on the TSX Venture Exchange with the new trading symbol "GRSL" upon that date.
That is a wrap from us today here at Mining Stock Daily. Thanks again for tuning in and we look forward to providing you the news out of the metals and mining sector each trading day throughout 2020. Remember, you can find this show on a number of different podcast networks, including iTunes, Spotify, Google Podcast and even Amazon Alexa. And if you haven’t done so already, please be sure to hit that subscribe button on your device so you don’t miss any of the briefings or our interviews.
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