High-Grade Drill Results Abound Today
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Monday, December 1st.
December paper gold had an unusually volatile trading session Monday, trading in a $20 range between $1787 and $1767 on very little news that affects the fundamentals for gold and silver. Silver, on the other hand, ran from $22, December basis, just after midnite on Monday to settle the day session at $22.77. The Mining Stock Journal noted the interesting departure of silver from its high correlation with gold but did not have an explanation for it. The mining stocks using GDX as a proxy were up 1.3% on Monday. GDX has increased in value three days in a row. The Mining Stock Journal, which does have an explanation for that, suggests that that the mining stocks are signaling that the next move in the sector will be higher. The thesis behind this is declining real interest rates, a falling dollar and, sometime within the next 6-8 weeks, another big round of money printing. The mining stock newsletter added that the charts for gold, silver and the mining stocks are looking as bullish as they were in mid-March, when gold ran from $1450 to $2090 and GDX ran from $16 to $45.
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.
Serengeti Resources and Sun Metals announced they have entered into a definitive arrangement agreement pursuant to which Serengeti will acquire all of the issued and outstanding shares of Sun Metals on the basis of 0.43 common shares of Serengeti for each share of Sun Metals. The Transaction will consolidate the contiguous copper-gold exploration and development assets of Kwanika and Stardust, both of which will benefit from operational synergies as the projects advance with a combined development strategy, along with a robust portfolio of British Columbia copper-gold assets, well positioned to take advantage of a strengthening copper market. Upon completion of the Transaction, it is expected that the shareholders of Sun Metals will hold approximately 40% of Serengeti’s issued and outstanding shares, and Mark O’Dea will assume the role of Executive Chairman of Serengeti. Concurrent with announcement of the Transaction, Sun Metals has entered into a bought deal private placement financing of an aggregate of 64,000,000 subscription receipts at a price of $0.125 per Subscription Receipt for gross proceeds of $8,000,000. Serengeti trades on the TSX Venture with SIR. Sun Metls trades on the Venture with SUNM. News Release
VanGold Mining reported assays from underground channel sampling at its El Pinguico silver and gold project, located 7km south of Guanajuato, Mexico. 267 channel samples ranging in sample width from 0.4m to 2.2m and averaging 1.1m were taken from vein exposures of the Pinguico vein along adit level 4, and from the San Jose vein along crosscuts parallel to adit level 4. These samples were assayed for silver and gold in order to isolate target areas for the Company's upcoming underground drill program. Results included 1136 g/t silver equivalent and 394 g/t silver equivalent. VanGold trades on the TSX Venture with VGLD. News Release
Marathon Gold shared additional drill results from the Sprite Corridor on the Valentine Gold Project in Newfoundland. Results included 4.66 g/t gold over 17 meters, 2.02 g/t gold over 17 meters and 30.89 g/t gold over 1 meter. The results released today represent the first drilling to be undertaken within the gap between the FEP Road and the westernmost margin of the Marathon Deposit. This 1.2 kilometre section of the Valentine Lake Shear Zone had previously been under-explored due to poor ground conditions limiting drill access. Drilling at the Valentine Gold Project has now been concluded for the 2020 season. Marathon Gold trades on the TSX with MOZ. News Release
Probe Metals says expansion drilling at the Val-d’Or East Project in Quebec returned 20.8 g/t gold over 2.9 meters and 1.4 g/t gold over 16.1 meters on the I zone located 300 metres south of the Former Monique open pit Mine. In addition to drilling, a High-Power 3D IP geophysical survey was also completed in November along the northwestern and southeastern Monique Gold Trend. Preliminary results from this survey show interesting new exploration targets for the upcoming 2021 winter drill program. Probe Metals trades on the TSX Venture with PRB. News Release
Radisson Mining also had nice drill results out this morning from their ongoing 60,000 m exploration drill program at its O’Brien gold project located along the Larder-Lake-Cadillac Break, halfway between Rouyn-Noranda and Val-d’Or in Quebec, Canada. Results included 110.97 g/t gold over 2.5 meters and 27.4 g/t gold over 1 meter. Radisson says Drill results highlight the potential for resource growth to the east in the first mineralized trend near the lower boundary of current resources. Radisson trades on the TSX Venture with RDS and on the OTC with RMRDF. News Release
Aya Gold and Silver shared results from its ongoing drill exploration program at the Zgounder Silver Mine in the Kingdom of Morocco. Results included 1,363 g/t silver over 12.5 meters, 2,046 g/t silver over 5.5 meters and 4,705 g/t silver over 2.5 meters. Results to date confirm high-grade mineralization and continuity along strike and at depth. Aya Gold and Silver trades on the TSX with AYA. News Release
IsoEnergy reported the final chemical assay results from the summer drilling program completed in late October at the Hurricane zone. The Hurricane zone is a recent discovery of high-grade uranium mineralization on the Company's 100% owned Larocque East property in the Eastern Athabasca Basin of Saskatchewan. Results today included 7.5m of uranium mineralization that averages 38.8% U3O8, including 3.5m of off-scale radioactivity that averages 74.0% U3O8. IsoEnergy trades on the TSX Venture with ISO an don the OTCQX with ISENF. News Releas
And in some quick takes to wrap this news briefing, Texas Mineral Resources has signed an agreement with Santa Fe Gold to jointly explore the develop a Target silver Property within the Black Hawk Mining District in New Mexico. Ivanhoe Mines has secured a $420 million Project Level Credit Facility for its Kamoa-Kakula copper project. Skarb Exploration continues to build its management team with the addition of a new Community and Government Relations Director and a new Senior Consulting Geologist. Northern Lights Resources has completed an IP survey on its Secret Pass project in Arizona. Prosper Gold says infill till sampling has outlines a 3,300 x 500 meter pristine gold grain-in-till anomalywhich remains open for expansion on its Golden Sidewalk Project in the Red Lake District. And Osisko Mining says infill drilling at Lynx has returned the highest-grade result at Windfall to date of 13,634 g/t Au over 2.0 metres including 90,700 g/t Au over 0.3 metres
That’s your morning briefing. Please be sure to head over to the newsroom at the Junior Mining Network for a complete rundown of the press releases from throughout the sector today.
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I’m Trevor Hall. Have a wonderful day. Be well.
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