Greenstone Gold Mines Increases Gold Resource by 26% at Hardrock Deposit
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Welcome to Mining Stock Daily.
Today is Thursday, October 3rd.
This is Trevor Hall and I welcome you to today’s briefing.
The price of gold leaped back over both $1500 and the 50 day moving average on Wednesday as poor economic news, heightened fear of a severe global economic recession triggered a movement of cash out of stocks and into the safe haven offered by gold and silver. Speaking of silver, the gold/silver ratio careened off both the 50 and 200 day moving averages, closing at its lowest level since last week. The Mining Stock Journal said that, while it still expects another aggressive attack by the price containment squad to push the metals lower while China is still closed, it said now is a good time to start bargain hunting in mining stocks. One example is Fortuna Silver, which the newsletter believes has been irrationally oversold.
Today’s briefing is brought to you by Pacific Empire Minerals.
Pacific Empire Minerals Corp. is a junior exploration company focused on the discovery of gold-rich copper deposits in British Columbia, Canada. Pacific Empire trades on the TSX Venture Exchange under the symbol PEMC and on the OTCQB markets under the symbol PEMSF. The Company currently has a very tight share structure. Pacific Empires’ unique approach to the prospect generator business model incorporates the Company’s own reverse circulation drill to advance projects beyond that of typical prospect generators. More information on Pacific Empire can be found at pemcorp.ca
Here’s what you need to know today out of the junior resource sector.
Sun Metals reported multiple intercepts from drilling in the 421 zone at its Stardust project in northcentral British Columbia today. The results from 6 holes were shared. Highlights did include 2.44% copper equivalent over 45.55 meters and 7.12% copper equivalent over 24.85 meters. The company says these holes extend the known plunge length of the 421 zone to over 160 metres and indicates the zone continues to be open in both directions. Drilling continues at Stardust and preparatory work for the winter program is well underway. Sun Metals trades on the TSX Venture with SUNM and on the OTC markets with SMTTF. News Release
Premier Gold and Centerra Gold announced results of an updated mineral resource estimate for the Hardrock deposit, which includes the Hardrock open pit deposit located south of Geraldton, Ontario. The 50/50 partnership between the two companies is called Greenstone Gold Mines. Total Measured and Indicated Resources rose 11% to 7,105,000 ounces of gold for the Hardrock deposit. Measured and Indicated Resources, restricted to open pit potential, is now established at 5,868,000 ounces. This updated 2019 mineral resource estimate represents a 21% increase in grade, 26% increase in ounces and 4% increase in tonnes versus the 2016 Feasibility Study. News Release
Corvus Gold announced it has entered into an agreement with BMO Capital Markets, as sole underwriter, under which BMO Capital Markets has agreed to buy on a bought deal basis 10,000,000 common shares of the Company, at a price of C$2.00 per Common Share for gross proceeds to the Company of approximately C$20 million. No warrants were issued in conjunction with the financing. The Company intends to use the net proceeds of the Offering for exploration expenditures at the Company’s North Bullfrog and Mother Lode properties and for corporate general and administrative expenses, land and permits. The price per share in the bought deal represents close to a 10% discount to the closing price of the stock yesterday. The company trades on the TSX with the symbol KOR and on the OTC markets with CORVF. News Release
Yesterday, Contact Gold released results from Green Springs from four RC drill holes that were in dry storage and assayed by cyanide solubility to determine the recovery of gold vs. fire assay to confirm the 2015 results from E and C zones. The best hole from 2015 came from the E Zone, and returned 39m of 5.05 g/t Au in cyanide solubility assays confirming that all the gold mineralization in this hole is completely oxidized. Contact Gold said Oxide grades of this magnitude over these widths are very rare in Nevada and put Green Springs on par with Black Pine, Long Canyon, and the North Dark Star discoveries. Contract trades on the Venture exchange in Toronto with the symbol C and also on the OTC markets in the US with CGOL.
We mentioned Fortuna Silver earlier in the briefing. The Company announced that is closed a $40 million convertible bond financing. The bonds will pay a 4.65% interest and are convertible into shares at $5/share. The Company will use the proceeds for the start-up of its Lindero Project and for general working capital expenses. The Companies shares trade under FSM on the NYSE and FVI on the TSX. The Mining Stock Journal noted that it expects the Company to beat earnings estimates when it reports its 3rd quarter in early November.
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