Gold's New High & Drill Results from Azimut
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Monday, July 27th.
On Friday gold and silver continued their remarkable move higher, with August gold closing at another all-time high Comex settlement price and September silver jumping over $23 before being pushed back below $23 for the Comex close. Silver managed to drift back over $23 in the Friday afternoon Globex computer session. The gold silver ratio bounced to 83, which is to be expected after its 20% plunge month to date in July. The mining shares per the GDX ETF rose another 2% on Friday, with some junior stocks jumping double digits percentage-wise.
But that was Friday, and we welcomed in early Asian market trading last night here in North America where the spot price and the futures prices continued their remarkable move to new all-time highs in gold in every sense, including up to $1940 futures basis. Silver replicated gold’s move as well, pushing up just below the $25 mark.
The Mining Stock Journal commented that the precious metals sector is starting to feel a bit frothy and is ripe for some type of technical pullback and consolidation, which would set up the next move higher. But right now India's appetite for physical gold is uncharacteristically price insensitive as the country feeds a hungry elephant that went without any gold imports while the country was shut down. India's presence alone could inflict a lot more pain on the entities that are short paper gold.
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…
Azimut Exploration reported new assay results from fourteen holes fro mits ongoing 10,000 meter diamond drill program on the Elmer Property in the James Bay region of Quebec. Results reported today included 2.77 g/t gold over 90.2 meters, 2.61 g/t gold over 72.15 meters and 1.14 g/t gold over 103.15 meters. The company says these results support the discovery of a substantial gold-bearing system at Patwon, with multiple intersections along holes, including frequent high-grade intervals and demonstrate a strike extent of at least 350 metres and a vertical extent of 200 metres. True widths vary considerably but could reach up to 80 metres. The Patwon gold zone, which starts from surface, remains open along strike and at depth. Significant additional drilling will be required to define the full extent, shape and grade of the mineralized body. Azimut trades on the TSX Venture with AZM. News Release
Aurion Resources reported results from reconnaissance drilling at the Launi East property in Northern Finland. Aurion drilled a total of 43 holes for approximately 5,940 metres and hit multiple mineralized intervals of shorter widths. Results included 30.7 g/t gold over .1 meter, 8.65 g/t gold over .55 meters, and 63.9 g/t gold over .37 meters. A full list of results can be found on this morning’s news release which you can access via the Junior Mining Network newsroom web site. Aurion is planning a follow up drill program on Launi and is currently mobilizing a rig to drill untested targets on its flagship Risti property. Aurion trades on the TSX Venture with AU and on the OTCQX in the United States with AIRRF. News Release
Tudor Gold shared new step-out drilling results from their Treaty Creek property located in the heart of the Golden Triangle in British Columbia. The results reported today included 2.12 g/t gold equivalent over 348 meters within a 930 meter intercept averaging 1.161 g/t gold equivalent. three more drills have been mobilized to the project. This brings the total to five diamond drill rigs working at Treaty Creek. A sixth diamond drill is expected to arrive shortly at Treaty Creek. Tudor Gold intends to double the diamond drill hole program from the original plan of 20,000 meters to at least 40,000 meters of drilling for 2020. The company trades on the TSX Venture with TUD. News Release
Golden Star Resources says it has entered into a binding agreement for the sale of its 90% interest in the Bogoso-Prestea Gold Mine in Ghana to Future Global Resources for $95 million. Golden Star says the sale strengthens the company’s balance sheet and allows them to accelerate the growth and development of the large resource base at the Wassa mine. Bogoso-Prestea will also benefit from having an owner solely focused on delivering the turnaround of the underground operation and assessing the potential of the sulfide resources. Golden Star trades on the TSX with GSC and on the NYSE with GSS. News Release
The Cardinal Resources acquisition battle continues today with Shandong Gold Mining revising its original takeover proposal after a counter offer from Nord Gold. Shandong will now offer $.70 Australian per share, which is 4 cents more than the Nord Gold offer and values Cardinal at $395 million on a fully diluted basis. As the Directors have determined to continue to unanimously recommend that Cardinal Shareholders accept the Shandong Gold Offer, the Bid Implementation Agreement requires Cardinal and Shandong Gold to use their best endeavours to agree any amendments to the Bid Implementation Agreement which are reasonably necessary or desirable to reflect the revised and improved Shandong Gold Offer. Cardinal Resources trades on the ASX and the TSX with the symbol CDV. News Release
That’s all for this morning’s news briefing. Obviously today is a very exciting day so we’ll be back with some more market commentary as we go along. Be sure to stay tuned and hit that subscribe button if you have not done so already.
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I’m Trevor Hall. Have a wonderful day. Be well.
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