Gold's Epic Price Discovery Battle; High-Grade Drill Results from Premier, SilverCrest & K92

We have a nice round of high-grade drill results to report this morning spanning the globe from Mexico to Papua New Guinea. We also have some M&A activity in British Columbia to share. You are listening to Mining Stock Daily. 

Welcome to Mining Stock Daily. 

Today is Thursday, November 21st. 

This is Trevor Hall and I welcome you to today’s briefing. 

In what is becoming a routinized pattern, gold sold off overnight on Wednesday after rallying as high as $1478 while India was busy hoovering physical gold. Gold was taken down to as low as $1466 before rebounding to $1471 on news that China is becoming more pessimistic on the prospects for a trade deal with Trump. In early evening trading Wednesday when the CME Globex platform opens, gold jumped $4 to $1475 on news that Congress passed a bill backing the Hong Kong protesters which would be signed by Trump. The action in silver shadowed the trading pattern gold, as silver tested $17 early before rallying to settle around $17.13. The Mining Stock Journal commented that there seems to be epic price discovery battle going on between paper derivative gold and the physical gold market and that won't take much to ignite a massive move higher.

Today's episode of Mining Stock Daily 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.

And here’s what you need to know today out of the junior sector.

Premier Gold shared new drill results from its Mercedes mine in the State of Sonoro, Mexico. The 2019 drill campaign has been focused on delineating new mineral resources in the Lupita Extension area as well as confirming new discoveries at San Martin and Neo. Drilling at San Martin returned assays including 15.8 g/t gold over 1.4 meters. Lupita Extension drilling returned 9.41 g/t gold over 8.9 meters. The company said with each new result is quickly adding to the value of this operation. Premier Gold trades on the TSX with the symbol PG and in the US on the OTC markets with PIRGF. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1309-tsx/pg/69979-premier-expands-high-grade-at-mercedes-mine.html

K92 announced their latest round of drill results from the Kora North Extension of the Kainantu gold mine in Papua New Guinea. A total of 10 holes were reported this morning, and included one of the highest grade intersections to dae at the mine. That results returned 288.73 g/t gold over 13 meters. The deepest drill hole drilled to date returned 11.71 g/t gold over 5.49 meters. The company says this is more than 300 meters below the current operating level and demonstrates a 1kkm mineralized vertical window. According to the company, the drill program plans to drill even deeper. K92 trades on the TSX Venture with KNT and on the OTCQX market in the US with KNTNF. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1954-tsx-venture/knt/69987-k92-mining-announces-latest-drill-results-from-kora-including-multiple-high-grade-step-out-intersections.html

SilverCrest also shared new drill results this morning. These results came from the expansion drill program for the Las Chispas Property in Sonora, Mexico and were designed to expand precious metal mineralization by stepping out from historic underground workings towards unmined areas. Within the results, SilverCrest returned their best drill hole to date, which included 7,873 g/t silver equivalent over 8.6 meters. This results lies outside of the current resource. This newly defined zone has been named Area 118. SilverCrest trades on the NYSE with the symbol SILV and on the TSX with SIL. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1776-tsx/sil/69989-silvercrest-announces-best-drill-hole-to-date-8-6-metres-true-width-at-7-873-gpt-ageq-newly-defined-area-118-zone.html

Talisker Resources says it has entered into a definitive purchase agreement to acquire the Bralorne Gold Project in southwest BC from Avino Silver and Gold Mines. Talisker will acquire all of the common shares of Bralorne Gold Mines, Avino’s subsidiary which owns the project in exchange for $8.7million at closing, $2.5-million on commencement of commercial production, and a combination of shares and warrants of the company. In connection with the acquisition, Talisker will also complete a non-brokered private placement of more than 22-million common shares at a price of $.18 per share for gross proceeds of up to $4-million and will sell a 1.2% net smelter returns royalty on all minerals produced to Osisko Gold Royalties in exchange for $6.2-million. Talisker trades on the Canadian Securities Exchange with the symbol TSK and on the OTCQB market with TSKFF. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2696-cse/tsk/69982-talisker-announces-agreement-to-acquire-bralorne-gold-project-in-british-columbia-and-financing.html

Endeavour Silver says that reserves and resources at the El Cubo underground in mine Mexico are now exhausted and the company will cease operations there on November 30th. Milling operations will continue for approximately one week until the ore stockpile has been processed and the mill cleaned of concentrates. CEO Bradford Cooke says that El Cubo was a good mine for the company but exploration programs in recent years failed to replace reserves and find new resources. Endeavour trades in New York with the symbol EXK and on the TSX with EDR. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1070-tsx/edr/69983-endeavour-silver-to-suspend-operations-at-the-el-cubo-mine-in-mexico.html

Yesterday we announced that McEwen Mining intended to pursue a financing for the company. Shortly after that report, the company announced the terms of the deal. The public offering consists of over 37-million units consisting of one share of common stock and one half of one warrant to purchase one share at the public offering price of $1.32. Each warrant is exercisable at a price of $1.72. Aggregate proceeds looks to raise approximately $50-million. McEwen Mining trades on the TSX and the NYSE with the symbol MUX. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/951-tsx/mux/69946-mcewen-mining-announces-pricing-of-us-50-million-public-offering.html

That is a wrap from us today. Thanks again for tuning in. If you have any questions or followups, please feel free to email me at trevor@clearcreekdigital.com. I’ll be sure to get back to you in a timely manner. 

Mining Stock Daily is distributed over a dozen different networks throughout the world and in proud partnership with the Junior Mining Network. It is produced by Clear Creek Digital and Investment Research Dynamic's Mining Stock Journal.

Have a wonderful day. Be well.

Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein.