Gold Bull Reports 1st Hole from Sandman; Newcore Extends Mineralization Outside Current Resource
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Monday, March 22nd.
On Friday gold rose $9 while silver was down slightly. Both metals are trying to recover from viciously manipulated price take-down that started at the beginning of 2021 but intensified early February when paper gold was pushed below its 200 day moving average. Silver managed to say above its key moving averages until earlier this month when it was slammed below its 50 day moving average. The Mining Stock Journal said that once the key moving average for each metal was breached to the downside, it opened a floodgate of selling from technically driven hedge funds. The newsletter added that the weekly commitment of traders report shows a massive shift in paper gold positioning between the banks and the hedge funds. The hedge funds, or "managed money" trader segment, have reduced their net long position by a considerable amount by dumping long positions and piling into the short side. At the same time, the banks, or "swap dealer" account, have significantly reduced their massive net short position, using the long position dumping by hedge funds to cover shorts and adding a little to the long side. Historically this COT dynamic has been led to a market bottom and a bull move in gold and silver.
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… Integra Resources.
Integra Resources is advancing the past-producing DeLamar Project in southwestern Idaho. The Company has continued to demonstrate resource growth and conversion through greenfield and brownfield exploration and plans on delivering a pre-feasibility study in Q4 2021 to further de-risk and advance the project towards permitting. Integra Resources trades on the TSX-V under ITR and the NYSE American under ITRG.
And here’s what you need to know this morning.
Newcore Gold published additional drill results from the 58,000 metre drill program underway at the Company’s 100% owned Enchi Gold Project in Ghana. All holes intersected gold mineralization outside of the current National Instrument 43-101 resource, extending the mineralization both at depth and along strike with mineralization remaining open in all directions. These results also include the deepest intersections of mineralization drilled to date at Nyam, with mineralization now defined to a vertical depth of 200 metres and the strike length of the mineralization extended to 1.8 kilometres. Highlights included 1.57 g/t gold over 40 meters and included 5.4 g/t gold over 9 meters. Other results shared in the press release was 1.94 g/t gold over 25 meters and included 5.78 g/t gold over 7 meters within the sulphide zone. Newcore trades on the TSX Venture with NCAU and on the OTCQX with NCAUF. News Release
Gold Bull Resources reported assay results for the first hole drilled in 2021 at its 100% owned Sandman Project located in Humboldt County, Nevada, USA. The Company has commenced a Phase 1 Reverse Circulation drill program consisting of 3000m for 17 drill holes. Hole SA0001 at the Abel Knoll resource was designed to test the depth extension, width and grade of the mineralized diatreme breccia in the vicinity of a historic drill hole that ended in gold mineralization. The hole returned 1.67 g/t gold over 144.8 meters and included 6.1 meters of 10.75 g/t gold. The company noted that the mineralization appears almost entirely oxidized. Gold Bull Resources trades on the TSX Venture with GBRC. News Release
Northern Vertex shared recent drilling results from the Hercules Project in Nevada. Phase II drilling conducted on the Hercules Gold Project during the second half of 2020 focused on the Cliffs and Hercules targets. Results from Phase II drilling appear to have confirmed the presence of a high-grade, near surface core of mineralization at the Hercules target. In addition, drilling at Cliffs discovered new gold mineralization further to the east than was intersected in previous drilling. Highlights from today’s news release include 30.48 meters of 1.63 g/t gold and 18.27 g/t silver form surface. Northern Vertex trades on the TSX Venture with NEE and on the OTC with NHVCF. News Release
Solaris Resources reported assay results from a series of additional holes from the ongoing resource growth and discovery diamond drilling program at its Warintza Project in south-eastern Ecuador. Three additional holes at Warintza Central have returned long intervals of mineralization, with the highest grades starting from surface, and extending mineralization between the eastern and western drilling and stepping out to the southwest. Those results included 922 meters of .94% copper equivalent, 1,002 meters of .6% copper equivalent and 958 meters of .77% copper equivalent. To date, 20,200 metres have been drilled at Warintza Central in 25 holes of which results have been reported for 16. Solaris trades on the TSX with SLS and on the OTCQB with SLSSF. News Release
HighGold shared results of surface sampling at its flagship Johnson Tract gold project in Alaska. Results reported today include rock and soil samples collected in the 2020 field season from regional prospects surrounding the main JT Deposit, including the Milkbone Prospect and the Easy Creek Prospect. At Milkbone, results included 184 g/t gold and 46 g/t silver. At Easy Creek, results included 1.3 g/t gold and .9 g/t silver. HighGold trades on the TSX Venture with HIGH and on the OTCQX with HGGOF. News Release
EMX Royalty announced an agreement with Gold Line Resources and Agnico Eagle Mines by which by which Gold Line will acquire Agnico's Oijärvi Gold Project located in central Finland and the Solvik Gold Project located in southern Sweden for an aggregate purchase price of US$10 million comprised of cash and shares of each of Gold Line and EMX. Agnico will retain a 2% net smelter return ("NSR") royalty on the Projects, half of which may be purchased at any time by EMX for US$1 million.As a result of the Agreement, Agnico will become a shareholder of EMX and Gold Line, and EMX will increase its equity holdings in Gold Line and receive staged cash payments from Gold Line. EMX trades on the NYSE American and the TSX Venture with EMX. Gold Line trades on the TSX Venture with GLDL. News Release
Equinox Gold announced results of a feasibility study for the Phase 2 expansion of the company’s Castle Mountain Gold Mine in California. On a standalone basis, Phase 2 is expected to produce 3.2 million ounces of gold at average all-in-sustaining costs of $858 per oz of gold sold. Using the base case $1,500/oz gold price, Phase 2 has an after-tax net present value of $640 million and an internal rate of return of 18%. Equinox Gold trades on the TSX and the NYSE with EQX. News Release
Finally, Aurelius Mineral announced the Company is now trading on the OTCQB in the United States under the symbol AURQF. The goals of this commencement of trading through the OTCQB market are to allow access and liquidity to both U.S. and international shareholders, and to strengthen that shareholding base, said President and Chief Executive Officer Mark N.J. Ashcroft, P.Eng.
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I’m Trevor Hall. Have a wonderful day. Be well.
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