Gold Swap Activities at All-Time Highs
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Monday, October 26th.
December gold once again withstood aggressive attacks ib Friday and Sunday evening during the prime paper gold trading hours that took the price below $1900 only to bounce back above
$1900, with the gold derivative grading at $1901 on Sunday evening. December silver has been trading in correlation with the yellow dog, although the price swings are bigger. The Mining Stock Journal said that the monthly BIS financial records report showed that the Central Bank of Central Banks conducted gold swaps at a record level in September. This makes three months in a row in which this BIS increased its gold swap activity to all-time high levels, thereby making deliverable physical gold available to bullion banks for delivery to entitled buyers. The Mining Stock Journal said that fact, combined with the report that China is now sourcing gold directly from mining companies in Africa and South America is reflective of the degree to which the amount of physical gold that is available to be delivered to buyers who demand ex-loco delivery has become scarce. The mining stock newsletter went on to say that it expects a huge move higher in gold, silver and the mining stocks between now and year-end - a move that will take most observers and analysts by surprise.
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 11 billion pounds of copper and 21 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.
Rio2 announced today it has achieved another milestone towards the development of its Fenix Gold Project located in Chile by being granted provisional easement rights to surface lands owned by the Government. The easement rights cover 843 hectares of land that are required for the construction and operation of the Fenix Gold Mine as defined in the Pre-Feasibility Study. This constitutes an important milestone for the Fenix Gold Project, and Rio2’s 100% owned Chilean subsidiary, Fenix Gold Limitada, as it now has unencumbered access to the surface land for all its mine installations and infrastructure which is a key element of the permitting process for the construction and operation of the Project. Current guidance for the timing of development of the Fenix Gold project is for pre-construction and lead equipment orders to commence in Q2, 2021 and first gold production is targeted for H2, 2022. Rio2 trades on the TSX Venture with RIO and on the OTCQX with RIOFF. News Release
Tudor Gold released results for the fourth set of diamond drill holes at their flagship property, Treaty Creek, located in the heart of the Golden Triangle of Northwestern British Columbia. All nine of the recent drill holes have successfully intersected the Goldstorm System expanding the mineralization to the northeast and southeast, as well as to depth. The best intercept reported today as 1152 meters grading .741 g/t gold equivalent. Other results included .595 g/t gold equivalent over 1338 meters and .5 g/t gold equivalent over 1218 meters. Diamond drilling continues with six drill rigs currently working on the Goldstorm Zone which is on-trend from Seabridge's KSM Project, 5 km to the southwest. Tudor Gold trades on the TSX Venture with TUD. News Release
Galways Metals reported assay results from drilling on the west and east sides of the Richard Zone at the Company's Clarence Stream project in southwest New Brunswick, Canada. Results included 9.7 g/t gold over 15 meters, including 267 g/t gold over .5 meters. The company says these results further confirm that the Jubilee, Richard and George Murphy Zones (GMZ) are part of the same mineralizing system that extends 2.5km. Galways trades on the TSX Venture with GWM. News Release
Chakana Copper reported drill results from four additional holes completed at the Paloma East target at the expanded Soledad Project in Ancash, Peru. These results are part of the Phase 3 drill program, a fully funded 15,000 metre drill program that started August 15, 2020. Phase 3 is testing a tight cluster of high-grade, gold-enriched tourmaline breccia pipe targets within the high-priority Paloma area and will then continue onto the Huancarama breccia complex. Highlights from today’s release included .34 g/t gold and .36% copper over 226 meters and .16 g/t gold and 2.27% copper over 6.35 meters. Drilling is currently underway at Paloma West where eleven holes have been completed thus far. Chakana Copper trades on the TSX Venture with PERU and on the OTCQB with CHKKF. News Release
Northern Lights Resources provided an exploration update on their Secret Pass Gold Project in Arizona. Work completed by Northern Lights indicates that historic drilling has only tested the upper part of the potential epithermal gold zone at the Tin Cup and FM prospects. Historic reverse circulation exploration drilling completed at Tin Cup intersected high-grade gold mineralization from near-surface to a maximum depth of approximately 180 metres. The average depth of the 145 historic holes completed on the Secret Pass property was 95 metres. Assay results from the historic drilling at Tin Cup ranged up to 40 g/t Au. Northern Lights has planned an initial 8 hole, 1,600 metre, diamond core drill program at Secret Pass to commence immediately upon the Company receiving the required exploration and drill permits that are currently in process. This initial Phase 1 drill program will focus on confirming the presence of high-grade gold mineralization identified by historic drilling and providing structural information as well as to test for the potential of continued mineralization at depth at Tin Cup. Northern Lights trades on the CSE with NLR. News Release
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I’m Trevor Hall. Have a wonderful day. Be well.
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