Great Bear More than Doubles Depth of Hinge zone
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Thursday, December 10th.
Gold and silver were hit again on Wednesday. Once again the entire price drop started right after the Comex floor trading hours commenced. The financial media parrots attributed the price hit to optimism of an economic recovery and vaccine hopes. That's laughable, especially in light of the sharp decline in the equity markets on Wednesday. On another note, JP Morgan issued an opinion that gold would be negatively affected by institutions directing cash into Bitcoin instead of gold in the coming years. The Mining Stock Journal commented that the disingenuity of the JP Morgan analysis is palpable, as month-to-date JP Morgan's customer account has received the largest percentage of deliveries under the December gold contract. It looks like the big hit to paper gold was technically driven, with a lot of help from the price management squad on Wall Street, as gold tagged its 50 day moving average and reversed, after a 50% Fibonacci retrace rally off the November 30th bottom.The Mining Stock Journal said any weakness in the precious metals sector related to tax selling or in correlation with sharp stock market decline should be regarded as a buying opportunity.
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… Rio2.
Rio2 is advancing the Fenix Gold Project in Chile, the largest undeveloped gold heap leach project in the Americas. Fenix consists of 5 million ounces in the measured and indicated resource category and 1.4 million ounces in the inferred resource category. With a robust PFS in place, Fenix is set up for fast-tracked construction and production. You can find a list of project and company information on their website, rio2.com.
And here’s what you need to know this morning.
Yesterday Great Bear Resources shared new drill results front he Dixie Project in Red Lake district of Ontario. The company said their second deep drill hole at Dixie has more than doubled the depth of the Hinge zone to over 850 vertical metres. The deep intercept demonstrates the significant expansion potential of the Dixie Project at depth. Results from this hole included 15.18 g/t gold over 4.9 meters at a shallow depth and 55.95 g/t gold over 1 meter just above the 1200 meter mark. While drilling remains mostly focused on the larger LP Fault zone, Great Bear believes the Hinge and Dixie Limb zones have comparable potential to other successful "Red Lake style" projects in the district. To expand on this potential, the company plans to add additional drills in 2021 that will be focused on the Hinge and Dixie Limb zones, while the current five drills remain focused on the LP Fault. Great Bear trades on the TSX Venture with GBR and on the OTCQX with GTBAF. News Release
Wallbridge Mining announced new assay results from the expansion drilling on the western edge of Area 51 on its 100% owned Fenelon Gold Property. Wide zones of strong gold mineralization were intersected at shallow depths and included 5.95 g/t gold over 20.45 meters, 1,05 g/t gold over 40.95 meters and 1.24 g/t gold over 74.4 meters. Wallbridge says these results demonstrate the growing open pit resource potential especially in this western park of Area 51, which will be a focus area for expansion and resource drilling in the first half of next year. Wallbridge trades on the TSX with WM. News Release
And after a bit of a ruckus few days after announcing their merger with Eclipse Gold, Northern Vertex shared drill results from its multi-phase drilling and resource expansion program (the "Program") at the Moss Mine in NW Arizona. The most notable results are set out above and are taken from 37 new reverse circulation(RC) drill holes from the Ruth vein area, which hosts multiple zones within larger zones of typical Moss Mine bulk-tonnage grade mineralization along the Ruth vein. Results include 3.35 g/t gold and 23.09 g/t silver over 15.25 meters and 8.74 g/t gold and 80.1 g/tsilver over 1.5 meters. Three rigs (1 core and two RC) are currently operating within the Company's Phase II of a multi-phase drill program and the program will transition to target the intersection between the Ruth vein and the Moss vein in the coming months. Northern Vertex trades on the TSX Venture with NEE. News Release
Revival Gold announced results from an additional eleven drill holes from the Company’s 2020 drilling program on the past-producing Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Idaho, USA. The eleven holes released today are core holes drilled in the Haidee target area to upgrade resources from the Inferred category to the Indicated category and to expand the resource along strike and up-dip. Results reported today included 1.01 g/t gold over 11 meters and .86 g/t gold over 48.5 meters. Revival Gold trades on the TSX Venture with RVG and on the OTCQB with RVLGF. News Release
Sierra Metals shared the results of a preliminary economic assessment regarding the company’s Cusi Mine in Mexico. Results show an after-tax NPV of $81 million at an 8% discount rate. The incremental benefit of increasing the production to 2,400 TPD from 1,200 TPD is estimated to have an after tax NPV (@8%) of US$28.1 million, and an IRR of 46.8%. Over a 13 year mine life, the payable silver production is estimated to be around 33.4 million ounces. Sierra Metals trades on the TSX with SMT and on the NYSE American with SMTS. News Release
Arizona Metals announced a recently completed review of structural and spectral alteration data from the highly successful Kay Mine Phase 1 drill program (which encountered massive sulphides in 19 of 20 holes) has further improved the understanding of the geological model of the Kay Deposit, and has identified a number of new high-priority drill targets. Drilling under the fully-funded Phase 2 program will consist of up to 11,000 m in 29 core drill holes. Drilling will start at the Kay Mine deposit to test for new VMS lenses in anticlinal hinge zones identified to the north and south of recent drilling, as well as the up-plunge and down-plunge extensions of known hinges. Arizona Mining trades on the TSX Venture with AMC and on the OTCQB with AZMCF. News Release
Hecla Mining says its subsidiary in Quebec and the operator of the Casa Berardi Mine, has finalized a Cooperation Agreement with the Council of the Abitibiwinni First Nation. The Cooperation Agreement provides participation in the Casa Berardi Mine through training programs, employment and advancement opportunities, business opportunities, environmental protection measures and other practices.
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I’m Trevor Hall. Have a wonderful day. Be well.
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