Gold & Silver Plummet Below 50-DMA, Juniors Dip on the Sell-off
The price of gold and silver plunged yesterday as the Chinese Golden Week kicks off. It was a tough day in the markets for most junior miners. But today is a new day. Lets get you up to speed with news from the sector. You are listening to Mining Stock Daily.
Welcome to Mining Stock Daily.
Today is Tuesday, October 1st.
This is Trevor Hall and I welcome you to today’s briefing.
The price of gold crashed through its 50 day moving average to close Monday at $1472, futures basis. Silver also plunged below its 50 day moving average to close at $17 even. The Mining Stock Journal said that a rising US dollar explains just small portion of the sell-off in gold noting that, starting on Wednesday morning last week that nearly the entire sell-off has occurred during NY Comex floor trading hours. The Comex is primarily a paper derivatives market the has become the nexus of western Central Bank price control of the precious metals. The newsletter expects more short term downside followed by a move higher that should take gold to new 52-week highs before Christmas.
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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.
Here’s what you need to know today out of the junior resource sector.
Liberty Gold shared some new drilling results this morning from its Black Pine project in southern Idaho. Liberty says the drilling program continues to return thick, high-grade intervals of Carlin-style oxide gold mineralization. New results from Discovery 2 expand the footprint of mineralization and confirm the Company thesis that previous operators did not test laterally and to depth in this 12 square kilometer sedimentary rock-hosted gold system. Results reported today include 2.51 g/t oxide gold over 41.1 meters and .94 g/t gold over 100.6 meters. The Discovery 2 Zone remains open in all directions. Liberty Gold trades on the TSX with the symbol LGD and also on the OTC markets in the US with LGDTF. News Release
Pure Gold Mining says ongoing drilling along the Madsen Red Lake Mine Trend has added 530 metres of mineralized strike length to the Wedge Zone, expanding the deposit footprint by 85% and continuing the rapid progression of this zone. A 90 metre northeast step-out on the Wedge deposit has intersected 24.4 g/t gold over 1 meter. A 440 metre southwest step out has intersected 12.4 g/t gold over 1.1 metres. Pure Gold says first production is still scheduled for late 2020. Pure Gold trades on the TSX Venture with PGM and also on the US OTC markets with LRTNF. News Release
Eastmain Resources, Azimut Exploration and Newmont Goldcorp shared results from 26 drill holes completed during the late fall of 2018 and winter 2019 drilling program at the Éléonore South Joint Venture property located adjacent to and 8 km south-east of Newmont Goldcorp’s Éléonore Gold Mine in James Bay, Quebec. Drilling highlights include 1.02 g/t gold over 92 meters and 7.44 g/t gold over 9.7 meters. A full list of drill results can be found in this morning’s press release. A new surface exploration program began in August and includes an allocation for a follow-up drilling program planned for fall 2019. News Release
Contact Gold announced that it optioned its Cobb Creek gold project in Nevada's Cortez Trend to Fremont Gold. Contact will receive Fremont Gold shares at closing plus a series of cash payments over the next 9 years. The transaction enables Contact to realize value for on a portfolio project while it focuses on its flagship Pony Creek Project. Contact's shares trade under CGOL in the U.S. and C on the TSX Venture.
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