Gold Rebounds on Chinese Trade Updates; Nighthawk Drilling News from Treasure Island
Gold and Silver are back up again this morning as the tensions between the Chinese and US trade negotiations seem to have escalated once again. We’ll discuss price movement in gold and silver along with the most important news out in the junior resource sector. You are listening to Mining Stock Daily.
Welcome to Mining Stock Daily.
Today is Tuesday, October 8th.
This is Trevor Hall and I welcome you to today’s briefing.
The price of gold was swatted down $12 from Friday's close per the December futures contract and silver had 12 cents removed from its price on Monday. Gold closed below $1500. The Mining Stock Journal said that, with China returning fromits week-long observance of Golden Week, it expects any price attacks to be short-lived. Moreoever, given the rising probabiity that Fed will resume printing money to address what appears problems brewing in the banking system,the newsletter recommends buying gold, slver an mining stocks on any price pullbacks.
Today’s briefing 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.
Here’s what you need to know today out of the junior resource sector.
Nighthawk Gold shared some drill results from its Treasure Island Gold Project, located 11 km north of the Company's flagship Colomac Gold Project within the northern portion of its 100% owned Indin Lake Gold Property, in Northwest Territories of Canada. Results from 8 holes were reported. The company says drilling intersected broad zones of mineralization with internal higher-grade intervals, similar to previously reported intercepts and a positive sign for continued exploration success as Nighthawk looks to advance this target in the coming years. Today’s results did include 10.08 g/t gold over 6.5 meters and 1.27 g/t gold over 22.4 meters. Nineteen holes were drilled at Treasure Island in 2019 of which results for ten holes have now been reported. Assay results for the remaining nine holes will be released as they become available. Nighthawk trades on the TSX with the symbol NHK and als on the OTC markets in the US with MIMZF. News Release
Tinka Resources also shared assay results this morning. These results come from the company’s Ayawilca project in Peru. The companys says Hole 165 has returned some of the best zinc intersections ever drilled at South Ayawilca, both from within and immediately outside of the zinc resource boundary. The hole intercepted four separate, gently dipping mineralized zones with downhole thicknesses of between 9 and 29 metres and grading between 11.8% and 14.0% zinc, within a cumulative downhole interval of 170 metres. Tinka trades on the TSX Venture with the symbol TK and also on the OTC markets with TKRFF. News Release
Yesterday, Prophecy Development Corp announced it is undertaking a non-brokered private placement involving the issuance of 10 million Common Shares of the company at a price of $.40 per share to raise a total of $4-million. Management and directors will purchase 400,000 of those shares in the placement. The closing is expected to take place October 23rd. Prophecy is developiing the Pulacayo silver project in Bolivia. It shares trade on the TSX with the symbol PCY and on the OTC markets with PRPCF. News Release
Mundoro Capital announced yesterday it has entered into an earn-in agreement with Vale Canada, in which Mundoro has granted to Vale an option to earn-in to four of Mundoro’s exploration licenses located within the Timok Magmatic Complex. Pursuant to the Agreement, Mundoro has granted to Vale an option to earn, over two primary phases, up to a 75% interest in the Vale-Mundoro Projects by sole funding expenditures of up to US$45 million. Mundoro and Vale have agreed to establish a new Serbian corporation as the legal vehicle representing the earn-in/joint venture and to hold the relevant licenses and permits. Mundoro Capital trades on the TSX Venture with MUN and also on the OTC markets with MUNMF. News Release
That is a wrap for me today. Thank you again for tuning into Mining Stock Daily. Please take a moment to visit miningstockdaily.com where you will find a full list of our sponsors including past interviews and transcripts. For any inquiries regarding the show, you are always welcome to drop me an email at trevor@clearcreekdigital.com.
Have a great day! Be well.
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