Great Bear Drill Results from the LP Fault
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Tuesday, November 24th.
Gold was hammered in dramatic fashion on Monday about an hour and 20 minutes after the Comex paper gold floor trading commenced, taking gold down $26 in 20 minutes initially and another $10 over the course of the day. Silver had close to $1 removed from its price over the same time period. There was very little if any in the way of fundamental news reports that would explain the price smash. Furthermore, though the dollar spiked briefly around the time gold was smashed, the dollar ended up red on the day. So strength in the dollardefinitively does not explain the massive price attack on gold and silver. The Mining Stock Journal is adamant in attributing the price hit to two factors: First, Comex futures options expiry on Tuesday in which the put/call structure for December gold shows that the market making banks on the Comex will reap huge windfall if gold closes below $1900 on Tuesday. Second, the open interest in gold futures is unusually high just four days before first notice date for December gold and silver futures. The Mining Stock Journal says that, unequivocally, the Comex banks are shaking the tree as hard as possible in an effort to coerce December longs to sell ahead of the delivery period. Finally, the newsletter said that India was buying gold hand over fist on Monday and likely will buy even more on Tuesday. Thus, the price take-down on Monday can be nothing more than motivated, intentional intervention that will reverse quickly over the next several weeks.
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.
Great Bear Resources reported results from its ongoing fully funded $21 million exploration program at its flagship Dixie Project, in the Red Lake district of Ontario. Each new drill hole targeted40-150meter undrilled gaps in the 4,200 meter by 500 meter LP Fault drill grid. Results included 5.56 g/t gold over 38.4 meters3.39 g/t gold over 40.1 meters and 4.69 g/t gold over 101.5 meters. You can see the full list of results on this morning’s press release. All holes successfully intersected gold mineralization where predicted by the company’s models prior to drilling. With this release they have now reported results for 198 drill holes at the LP Fault since its discovery just 18 months ago, all of which have intersected gold. Great Bear trades on the TSX Venture with GBR and on the OTCQX with GTBAF. News Release
O3 Mining shared new drill results from the Marban Project in Val-d'Or, Québec. Results included 383.4 g/t gold over 2 meters, which als included a half meter interval grading 1,510 g/t gold. Current drilling on the Malartic property is focused on expanding mineralization outside of the proposed pit areas and identifying high-grade oreshoots. The 2020-2021 drilling program includes 45,000 metres for the Malartic property to test extensions along strike and down plunge of the deposits and zones outside of these areas. O3 trades on the TSX Venture with OIII. News Release
Fiore Gold reported results from the current drilling program at its Gold Rock project in Nevada. These latest results continue to demonstrate thick intervals of oxide gold mineralization both within and outside of the current resource pit shells. Highlights included 2.17 g/t gold over 48.8 meters and .97 g/t gold over 41.2 meters. These holes represent the first of the RC holes from the 2020 drilling program at Gold Rock, with the results continuing to show strong, consistent mineralization and opportunities to expand the current resource envelope going into the Feasibility Study. Work on the FS is progressing well with the large diameter metallurgical core holes completed and in the process of being logged before being delivered to the metallurgical lab for further testing. Fiore Gold trades on the TSX Venture with F and on the OTCQB with FIOGF. News Release
Premier Gold Mines reported core drilling results from the Mercedes Mine in Sonora, Mexico. Results included 10.17 g/t gold and 294.27 g/t silver over 12.7 meters and 4.86 g/t gold over 14.2 meters. The campaign is focused on expanding and confirming the continuity of higher-grade mineralization in several areas including Marianas, San Martin and Diluvio West. Premier Gold trades on the TSX with PG and on the OTCPK with PIRGF. News Release
Tarachi Gold announced initial assay results from underground diamond drill holes completed at the historic La Dura mine on the Company's Jabali concession. The underground La Dura drill program is testing the down-dip and potential plunge orientation to the area of initial interest identified by Tarachi geologists in the summer of 2020. Results included 5.49 g/t gold over 14.5 meters and 4.54 g/t gold over 21.1 meters. Currently, two drill rigs are turning on site, one at the La Dura historic mine and the other at the San Javier shear zone. Tarachi trades on the CSE with TRG and on the OTC with TRGGF. News Release
Ero Copper released their updated mineral reserves and resource estimate for its NX Gold Mine in Mato Grosso State of Brazil. The report shows a 55% increase in contained gold within the indicated mineral resource category, a 78% increase in the Probable Mineral reserve category and a 37% increase in the inferred resource category. In addition, Ero also updated its Life of Mine plan, saying it will produce a total of approximately 227,000 ounces of gold with an annual production rate of 36,000 ounces of gold over a 6 year mine life. Ero Copper trades on the TSX with ERO. News Release
Minera Alamos announced it has received its approved Environmental Impact Statement documentation for the company’s La Fortuna Gold Project in Durango, Mexico. Together with the previously announced change of land use notification, the Company possesses all the key federal approvals necessary for the construction of a commercial scale mine and associated processing facilities at the Fortuna project site.The scope of the Operating Permit includes the initial open pit mine, waste dump areas, crushing, grinding and flotation facilities and all related infrastructure. Allowances were made to include additional stages not required for the current start-up plan to provide the company with added flexibility in the future. Permits allow for an expansion in production volumes up to 2000 tpd in order to accommodate potential new regional sources of mineralization. Minera Alamos trades on the TSX Venture with MAI and on the OTC markets with MAIFF. News Release
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I’m Trevor Hall. Have a wonderful day. Be well.
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