Hecla Mining Reports a 24% Increase in Sales

Welcome to Mining Stock Daily. This is your host, Trevor Hall

Today is Thursday August 6th.

Onward and upward is what the Mining Stock Journal says best describes what's happening with the prices of gold and silver. Gold rose another 1.4% on Wednesday to $2049 on a December futures basis. It's currently trading up another $4 in the early evening Globex system session. Silver soared another 3.3% Wednesday to finish $26.90 using September futures. The mining stocks took a breather, with GDX closing just 5 cents higher from the day before. The Mining Stock Journal said that it looks like Congress and the White House are going to play

one-upmanship with the stimulus package and other vote-getting hand-outs which will directly impact the amount of money the Fed will need to print in orderto fund this fiscal largesse. While it ultimately will ravage the dollar, it should provide even more fundamental support for much higher gold, silver and mining stock prices. Finally, the latest issue of the Mining Stock Journal will be released this afternoon after the NYSE closes and will include a review of and recommendation on Alexco Resources, Yukon’s largest primary silver mining company.

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… Corvus Gold.

Corvus is an advanced gold-silver exploration and development company focused on the North Bullfrog and Mother Lode Projects in Nevada. The company has been named a Top Five TSX gold equity performer Four of the last Seven years & a multi time top 50 OTCQX performer. Corvus Gold trades on the Toronto Stock Exchange with the symbol KOR and on the OTCQX with CORVF. Follow all the news form Corvus and its two-mine projects with fast-tracked potential via the company's website, corvusgold.com. 

And here’s what you need to know this morning…

Hecla Mining announced second quarter financial and operating results this morning. The company reported sales of $166.4 million, which is an increase of 24% over the period the prior year. Silver production reached 3.4 million ounces while gold production was just under 60,000 ounces. The average realized silver price in the second quarter was $18.44 per ounce, 23% higher than the $15.01 in the second quarter of 2019. The average realized gold price increased 31%, to $1,736 per ounce.Shares of Hecla jumped more than 2.5% in this early morning’s early pre-market trading on the news. Hecla trades on the NYSE with the symbol HL. News Release

Golden Minerals also shared their financial results this morning. The report included Revenue of $1.2 million and a net operating margin of $0.8 million related to the lease of the Company’s oxide plant in the second quarter 2020, compared to a $1.3 million net operating margin realized in the second quarter 2019. The company says With the recent capital raise completed, they have a significant cash balance and are now in an excellent position to fund a start-up of production at the Rodeo deposit early next year, assuming that the results of our confirmatory drilling program are satisfactory and providing the company receives the necessary government approvals. Golden Minerals trades on the NYSE and the TSX with AUMN. News Release

Benchmark Metals announced results from drill-hole 3 this morning. The company says the hole intersected, from surface, broad mineralization yielding 1.9 g/t gold and 91.96 g/t silver over 57.91 meters. This result is the first assays received from over 20,000 completed metres from 117 holes as part of our planned 50,000 metre drill program. The Company anticipates disclosure of additional results from August through to November 2020 in support of a new Mineral Resource Estimate. Benchmark's flagship gold-silver project is located in a road accessible area of the Golden Horseshoe in north-central British Columbia, Canada. Benchmark trades on the TSX Venture with BNCH and on the OTCQB with CYRTF. News Release

Arizona Metals shared new drilling results yesterday from their Kay Mine project in Arizona. The company says all four holes intersected massive sulphide mineralization, including 15.2 m of 6.7% CuEq in hole KM-20-13 and 6.8 m of 7.3 g/t AuEq in hole KM-20-10C. The other drill holes returned 27.6 m grading 2.9% CuEq and 4.9 m at a grade of 4.8% CuEq. Because previous operators reported significantly better widths and grades in the fold hinges, the initial focus of the Kay Mine Phase 1 drilling in both the North and South Zones has been to locate the fold hinges of the mineralized lenses. Earlier this week the company started a downhole electromagnetic testing program, in order to better define new targets for extension of the hinges. The geophysical results will be used in conjunction with today’s results, and the four holes currently at the lab, to plan new holes. Arizona Metals trades on the TSX Venture with AMC. News Release

Portofino Resources announced they have identified a new gold showing on its South of Otter Project near Red Lake, Ontario. Recent prospecting and geological mapping on the project by Portofino's field crew identified significant sulphide mineralization and quartz-sericite alteration between a geological contact and fault zone through the central portion of the project. The company has received the assay results from 12 grab samples along this trend which identified two gold bearing quartz veins sampling 18.0 grams per tonne ("g/t") and 8.19 g/t gold. The property is contained within the Birch-Uchi-Confederation Lakes greenstone belt which hosts the world-renowned Red Lake gold deposits and includes the Dixie project currently being drilled by Great Bear Resources. Portofino trades on the TSX Venture with POR. News Release

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. 

I’m Trevor Hall. 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.