Gold Shows Resiliency at $1500
U.S. stock futures declined while gold continues to move higher this morning. We'll discuss the latest news from the miners right here on Mining Stock Daily.
Everybody welcome to Mining Stock Daily. Today is Monday August 12th. This is Trevor Hall. Thank you for tuning in. The price of gold front month futures basis withstood several attempts to drive the price back below $1500 last week but managed to close out the week at $1508. Silver was unable to hold $17 and closed out the week at $16.93. The Mining Stock Journal said that based on the latest Commitment of Traders report that Comex banks are aggressively shorting more paper, gold and silver in an effort to contain the inexorable horizon metals. The newsletter said that the net short position in their commercial trader classification which is primarily banks, is near a record level.
Today's briefing is brought to you by Integra Resources. Integra Resources trades on the TSX Venture under ITR and on the OTCQX under IRRZF. Integra Resources is advancing its past producing Delamar Gold-Silver Project in southwest Idaho through aggressive drilling and exploration. The latest resource estimate released arly earlier this summer showed approximately 4 million gold equivalent ounces in the measured and indicated category. A made in PEA is expected in the second half of this year. The management of Integra Resources successfully sold its previous Brownfields Projects for $590 million Canadian in the summer of 2017. You can read more about the company and its successful management team at integraresources.com.
Here's what you need to know today. Out of the Junior Resource Sector late last week, New Gold announced that it had raised $150 million dollars through the issuance of 93.7 million common shares on a bought deal basis. The net proceeds of the offering will be used by the company to enhance financial flexibility, strengthen the balance sheet, including debt repayment and general corporate purposes. The Mining Stock Journal which is recommending a buy on New Gold shares after the sell off in the stock price when the deal was announced, said that this deal will give New Gold plenty of breathing room with which to execute its plan to turn around the Rainy River Mine and advance the Blackwater project. The company's shares trade under NGD on the NYSE and on the TSX.
Lumina Gold shared additional drill results from the Cangrejos and Gran Bestia resource in-fill, step-out and exploration program. A total of 15 holes were reported. The results included six holes from Gran Bestia Deposit, four from the Cangrejos Deposit and five from the Corridor Zone. Results did include 1.22 g/t gold and 0.14% copper over 302m on the Cangrejos Deposit. Although Lumina has finished the current in-fill program across both deposits for the resource update, it has elected to keep two of the four rigs on site to drill the northern ridgeline area of Gran Bestia. The ridgeline is still open to the northwest where step-out holes are targeting the longest intercepts drilled today. Once this zone has been approximately delineated by drilling, the program will be paused and the company will complete an updated resource estimate incorporating the last two years worth of drilling. Lumina expects the revised estimate to be completed by November of this year. The company trades on the TSX Venture with LUM and on the OTCQX with LMGDF.
Power Ore announced its latest results from its spring 2019 drill program at the Opemiska Copper Mine Complex in Quebec. Highlights from today's announcement included 2.54% copper equivalent over 74m. The copper equivalent grade included copper, gold, silver, cobalt and zinc. Opemiska lies within the Abitibi Greenstone belt and consists of eleven mining claims which covers the past producing Springer & Parry mines which were owned and operated by Falconbridge. Power Ore trades on the TSX Venture with the symbol PORE.
And that concludes today's briefing. We'll connect again tomorrow. Remember you can find Mining Stock Daily on a dozen different networks including iTunes, Spotify and Google Play. And for Amazon Alexa users be sure to enable the Mining Stock Flash Briefing on your user app or within the Amazon Web site. Mining Stock Deal is produced by Clear Creek Digital and Investment Research Dynamics' Mining Stock Journal. Take care of yourself. Have a great day. Be well.
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