Gold Performs the Triple Lindy
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Tuesday, June 2nd.
Gold closed down a little more than a buck from Friday's close after doing a triple lindy off the high-dive overnight from $1760 to as low as $1738 - August gold basis - and then springing higher after the NYSE opened to as high as $1755 before settling at $1750. Silver moved higher again, with July silver closing up 1.7% to $18.83. The gold/silver ratio fell again, closing just below its 200 day moving average at 92.9. The Mining stock Journal commented that there's a growing feeling of giddiness among long-tenured precious metals market professionals who can sense a big move in silver brewing. The mining stocks per the GDX ETF closed up a little over 3%. The mining stock newsletter noted that several of its stock picks were up more than twice the GDX on a percentage, with two of its feature picks up over 17% on Monday.
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. Yesterday, the company announced it has closed its non-brokered private placement of 4 million flow-through common shares for proceeds of 4 and a half million dollars Canadian. Be sure to follow the company via their website, www.westerncopperandgold.com.
And here’s what you need to know this morning …
Genesis Metals shared its first four assay results from the Phase I diamond drilling program at the ChevrierGold Project in the eastern Abitibi Greenstone Belt of Central Quebec. Drill results returned 8.92 g/t gold over 1 meter and 3.99 g/t gold over 3 meters. The Phase I drilling program, paused due to the COVID-19 related work stoppage in Quebec announced on March 23, 2020, has now been completed with a total of 2,502 metres in 9 holes drilled. Results from 5 holes (1,596 metres) are pending. Plans for a second phase of drilling will be announced once all assays from the current program are received and evaluated. Genesis Metals trades on the TSX Venture with GIS and on the OTCQB with GGISF. News Release
Probe Metals also had new drill results out of Quebec this morning. These coming from the Courvan property located near Val-d’Or. The company says results from 12 drill holes, totaling 2,943 metres, were received, and continue to show expansion and high-grade gold mineralization along the Courvan Gold Trend. Results included 8.9 g/t gold over 10.8 meters, including an interval of 26.7 g/t gold over 2.5 meters at the Southeast Zone. At the Creek Zone, drilling returned 6.8 g/t gold over 14 meters. Ongoing summer drilling will focus on resource expansion surrounding higher grade zones at Courvan. Probe Metals trades on the TSX Venture with PRB and on the OTCQB with PROBF. News Release
Endeavour Silver shared assays from core holes from the El Curso Property at the Guanacevi Mine in Durango. The company says they intersected new high-grade gold and silver mineralization in the Santa Cruz vein on the El Curso property. Highlights from the 12 core holes included 1,085 g/t silver and 3.25 g/t gold over 10 meters true width, and 762 g/t silver and 1.87 g/t gold over 5.1 meters true width. Endeavour trades on the NYSE with EXK and on the TSX with EDR. News Release
Velocity Minerals shared results of new drill result as well. These coming from the Obichnik gold project in Bulgaria. Results include the first drill test of the Sivri Tepe target, located approximately 400m to the west of the established Durusu Tepe zone. That hole returned 3.72 g/t gold over 3.6 meters. Other results from reported today included 7.48 g/t gold over 13.7 meters. Velocity has an option to earn a 70% interest in the Obichnik property, located approximately 25km southeast of the central gold processing plant, which forms a key part of the Company’s ‘hub & spoke’ development model. Velocity aims to complete an initial NI 43-101 mineral resource estimate during 2020. The company trades on the Toronto Venture Exchange with VLC. News Release
New Age Metals shared results from its Phase 1 exploration drilling program on the river Valley Palladium Project near Sudbury, Ontario. Results this morning showed 1.25 g/t PdEq over 12 meters and 1.47 g/t PdEq over 3 meters. The company says palladium mineralization is still open to expansion by drilling to the east, particularly testing a strong IP chargeability high located about 400 meters along strike and also by drilling down-dip to the south. New Age Metals trades on the TSX Venture with NAM and on the OTCQB with NMTLF. News Release
Contact Gold has received a Notice of Intent permit front he Bureau of Land Management to conduct drilling at it newly defined Zulu target at the Green Springs gold project located on the Cortez Trend in Nevada. Zulu is located 200m south of the property’s high-grade Echo Zone. The Zulu NOI is in addition to the existing 70 Acre Plan of Operations permitting drilling at the key target areas at Green Springs.Gold mineralization at Zulu is interpreted to be hosted near the contact of the Chainman Shale and Joanna Limestone, which are the same host rocks as the property’s Echo, Delta and Charlie Zones. Contact Gold trades on the TSX Venture with C and on the OTC markets with CGOL. News Release
And we spoke with Vangold CEO James Anderson last week about their bulk sampling testing with Endeavour’s Bolanitos mill. This morning Vangold announced that 1,000 tonne bulk sample and metallurgical test of material is complete. The Company will report the results obtained from this test once all head grade information, gold and silver recoveries, and concentrate ratio information has been received and thoroughly analyzed by Company engineers, geologists, and our consulting metallurgist, Mr. Augustin Parra, Professor of Metallurgy at the University of Guanajuato. The Company anticipates this process will take 7 to 10 days. Vangold trades on the TSX Venture with VGLD and on the OTC markets with VGLDF. News Release
That’s it from me this morning. We’ll be back throughout the rest of the day today and tomorrow with more commentary. Be sure to hit that subscribe button if you have not done so already.
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