Gold Continues to Trade within a Range
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Monday June 15th
Gold has been ping-ponging between $1675 and $1775 since early April. On Friday August gold traded as high as $1753 and as low as $1735. As this is being written, August gold has traded up to $1740 while the S&P stock futures are down 35 points. Silver on the other hand has moved higher from $12 in mid-March and almost hit $19 at the beginning of June before being beat back down to the $17.40's by the price management team. Meanwhile the gold/silver ratio as bounced up to 99 and change after trading as low as 93 at the beginning of June. The GDX mining stock ETF has been moving higher over the last 6 trading days along its upward sloping 50 day moving average. The Mining Stock Journal said that, after a torrid rally from mid-March to early June, the precious metals sector has been pulling back over the last two weeks and, technically, appears to be setting up for a big summer rally. The newsletter noted that India has been gradually opening up its economy which has enabled the slow but steady resumption of gold imports. This should help counter-act the intensified attempt to keep the metals from running higher using paper derivatives.
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… 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 this morning …
Ely Gold Royalties announced Nevada Select Royalties, a subsidiary of Ely Gold, has entered into an option to purchase agreement with Provenance Gold to acquire 30 unpatented lode mineral claims on the White Rock Gold Project in Elko County, Nevada. The option payments amount to $250,000 over four years and Ely will retain at 2% net smelter returns royalty on any future production. Upon signing the Option Agreement, Provenance becomes responsible for all lease costs associated with the Property and is entitled to carry out a full exploration program with right of access to all historic data. Completion of the acquisition may be accelerated by bringing forward annual option payments. There are no work commitments associated with the Option Agreement. Ely trades on the TSX Venture with ELY and on the OTCQX with ELYGF. News Release
Arizona Metals Corp says it will commence a 1,300 meter drill program on its Sugarloaf Peak Project in La paz County, Arizona. Another two cored drill holes will be extended to depths of 450 m and 550 m to intersect a large, untested geophysical target (Figure 1) that the Company believes has the potential to host a higher grade "feeder" zone, that could be the source of the disseminated oxide mineralization identified at surface in the historic estimate. Arizona Metals trades on the TSX Venture with AMC. News Release
Etruscus Resources says they have discovered a very large and compelling new target – "The Wall" – at its 100%-owned Rock and Roll Property in the heart of the Eskay Camp in Northwest British Columbia's Golden Triangle. "The Wall" is immediately adjacent to the Black Dog Deposit and is prospective for high-grade gold, silver and base metals on a property that's located within 13 km of where both Skeena Resources and Seabridge Gold are drilling at or near past-producing mines. A work program is being finalized and is expected to commence shortly. The undrilled exploration target features a conductive anomaly with a footprint 10 times bigger than the Black Dog Deposit. Etruscus Resources trades on the Canadian Securities Exchange with ETR. News Release
Nexus Gold reported in anticipation of its upcoming drill program that it is mobilizing both crew and equipment to the McKenzie Gold Project, located in Red Lake, Ontario. The initial phase one program will consist of a minimum of 1000 meters of diamond drilling to test the mineralization potential of several gold targets occurring within a corridor along the southern contact of the Dome Stock with felsic Volcanics of the Balmer Assemblage. The initial drill program at McKenzie is designed to expand on 2005 drilling and to follow up on anomalous rock samples that were collected as part of the 2019 fall prospecting program completed in the St. Paul’s Bay area of the property. Nexus Gold trades on the TSX Venture with NXS and on the OTCQB with NXXGF. News Release
Tudor Gold says it intends to complete a non-brokered private placement of more than 6.5 million common shares of the company which will qualify as “flow-through shares” at a price of $1.40 per share for aggregate gross proceeds of C$9.3 million. Subject to and concurrently with the completion of the Offering, Mr. Eric Sprott has agreed to be the back-end buyer of all of the shares issued in connection with the Offering. Following the closing of the Offering, it is anticipated that Mr. Sprott will beneficially own and control 32,340,619 common shares, representing approximately 19.9% of the issued and outstanding common shares of the Company on a non-diluted basis. Tudor Gold trades on the TSX Venture with TUD. News Release
Mining Stock Daily is distributed over a dozen different networks throughout the world and in proud partnership with the Junior Mining Network. It is produced by Clear Creek Digital and Investment Research Dynamic's Mining Stock Journal.
Have a wonderful day. Be well.
Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein.