Gold Plummets off of Vaccine News
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Monday, November 9th.
On Friday December gold rose sharply from $1938 to as high as $1962 before interventionary forces on the Comex pounded paper gold down $20 in the absence of any news triggers that might have caused the sell-off.. Gold managed to bounce back to settle the day over $1950. Silver followed a similar price path as gold on Friday, with December silver briefly hitting $26 before being punched back down to $25.35. Silver settled Friday at $25.70. The gold silver ratio dropped 1.23 to 76.05. The Mining Stock Journal said that the entire precious metals sector is set-up for an explosive move higher. The newsletter anticipates that gold will be back over $2,000 and silver will be challenging $30 by or before Thanksgiving. The mining stock newsletter also expects to see breath-taking moves in the junior exploration mining stocks as well as a flurry of M&A activity in the miners before year-end.
And this morning, with COVID vaccine news out from Pfizer, the precious metals have sold down strongly, currently trading at 1915.
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… Rio2.
Rio2 is advancing the Fenix Gold Project in Chile, the largest undeveloped gold heap leach project in the Americas. Fenix consists of 5 million ounces in the measured and indicated resource category and 1.4 million ounces in the inferred resource category. With a robust PFS in place, Fenix is set up for fast-tracked construction and production. You can find a list of project and company information on their website, rio2.com.
And here’s what you need to know this morning.
Vizsla Resources provided results from six new holes at the Papayo prospect and six new holes at the San Carlos prospect at the Panuco silver-gold project in Mexico. These results expand the discovery of Papayo to the south and at depth while showing wide, lower grade veins at San Carlos. Results from Papayo iinluced 2,401 g/t silver equivalent over 1 meter true width and 331 g/t silver equivalent over 1.5 meter true width. Vizsla says expanding Papayo will remain a focus while the Company is moving away from San Carlos where very wide, but lower grade vein intervals have been intercepted to date. Vizsla trades on the TSX Venture with VZLA ando n the OTCQB with VIZSF. News Release
K92 Mining announced results of the first four Phase 1 underground drill holes completed by K92 on the Judd vein system at the Kainantu Gold Mine in Papua New Guinea. The holes are part of the Phase 1 drill program targeting strike extensions of approximately 250 metres from the 1235 Level development drive in addition to up-dip and down-dip step-out drilling. The Judd vein system is located near-mine infrastructure, subparallel to and ~150-200 m East from the producing Kora deposit and within the mining lease. Results reported today included 7.25 meters of 258 g/t gold equivalent, which represents one of the highest grades holes drilled by thecompany at the Kainantu Gold Mine. The company trades on the TSX Venture with KNT and on the OTCQX with KNTNF. News Release
Roscan Gold announced it has identified high-grade gold at Moussala North, which is a new gold discovery and compliments previous exploration success further North in 2018 and 2019. Hole 206 returned high-grade gold from surface and intersected 5.39 gpt over 32m including 8.93 gpt over 16m. This new discovery appears to be directly on an approximate 8km trend to the NE from the recent Kandiole North Discovery and within the recently defined Kandiole Trend. Roscan Gold trades on the TSX Venture with ROS and on the OTC with RCGCF. News Release
Marathon Gold reported additional drill results from recent exploration drilling at the Valentine Gold Project, central Newfoundland. These latest results represent fire assay data from fifteen step-out drill holes over an 850 metre strike length of the Sprite Corridor extending from the Berry Zone northeastward towards the Frozen Ear Pond Road. Highlights include 4.91 g/t gold over 22 meters and 23.17 g/t gold over 2 meters. These latest drill results from the Valentine Gold Project confirm the extension of gold mineralization for a considerable distance northeastward from our new Berry Zone. The ongoing in-fill drilling at Berry is currently being conducted at a 25 metre spacing over a 700 metre strike extent. The company says The intercepts they are seeing suggests the potential for a much larger mineralizing system in this central portion of the 6 kilometre long Sprite Corridor than previously recognized. Marathon Gold trades on the TSX with MOZ. News Release
Kodiak Copper also reported new drill results this morning from the Gate Zone from its ongoing fully funded exploration program at the 100% owned MPD copper-gold porphyry project. Drill Hole 5 returned 192 meters of .74% copper, which also included a 45 meter interval of 1.18% copper. Ongoing exploration of the Gate Zone will prioritize step-out drilling along the broad, kilometre long copper-in-soil anomaly that underlies this target, in addition to analogous porphyry zones found elsewhere on the property such as the Dillard Zone. Kodiak has a multi-year, area-based exploration permit for the MPD Project to late 2021. The company trades on the TSX Venture with KDK. News Release
Arizona Metals shared results of a metallurgical review of the Kay Mine Project by SRK Consulting. SRK reviewed historical information on the Kay Mine and projects in the vicinity, as well as data from recently completed drilling. This included a review and comparison of volcanogenic massive sulphide type deposits in the region and elsewhere, with similar geology and mineralization to the Kay Mine. SRK also reviewed typical processing methods for mineralization similar to the Kay Mine, and then summarized potential optimum methods for processing at the Kay Mine. SRK’s review concluded that there is sufficient evidence from historic records and recent exploration drilling and structural geological mapping by Arizona Metals to conclude that “the Kay Mine has similar metallurgical characteristics and similar grades to the likes of Hudbay’s 777 and Lalor Mines, and Glencore’s Kidd Creek Mine”1. It is anticipated that metallurgical processing of Kay Mine mineralization would utilize industry standard and well understood beneficiation methods of crushing, milling and differential flotation to produce separate saleable copper and zinc concentrates with recoveries ranging from 80% to 90% for both copper and zinc. Gold and silver are expected to report to both concentrates, with recoveries of approximately 60% for each. Arizona Metals trades on the TSX Venture with AMC and on the OTCQB with AZMCF. News Release
ValOre Metals announced preliminary metallurgical results for cyanide leach and Falcon Ultra-Fine testwork for ValOre’s 100%-owned Pedra Branca Platinum Group Element Project in northeastern Brazil. Hot cyanide met test recoveries achieved up to 91.7% palladium. Falcon UF gravity test work was effective in recovering 73.3% platinum in only 9.6% of the mass and 82.6% platinum recovered in 32.1% of the mass.ValOre Metals trades on the TSX Ventue with VO and on the OTC with KVLQF. News Release
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I’m Trevor Hall. Have a wonderful day. Be well.
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