Important Drill Results from Kingfisher Metals and Goldshore Resources
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Wednesday, March 2nd.
Gold had a robust day on Tuesday, while silver knocked the cover off the ball. Gold jumped US$43 per ounce, or 2.27%, to close at $1,943, while silver galloped $1.18 per ounce higher, or 4.82%, to close at $25.43. Following the lead of the metals, the mining stocks soared, with the GDX spiking up 4.3%. Several primary silver stocks were up over 10% percentage-wise.
The Mining Stock Journal said that the precious metals sector, while certainly responding to the geopolitical news flow, is starting to rediscover true price discovery. Days like Tuesday are a product of the coiled spring effect that has been created from the price suppression by the banks to keep rising gold and silver prices from reflecting the ongoing devaluation of fiat currency caused by Central Bank money printing.
The Mining Stock Journal also noted that the precious metals sector looks technically overbought, but based on the weekly RSI and MACD momentum indicators, the sector will be heading considerably higher over the medium to longer term. That said, unless the war news out of Ukraine gets worse, it said that precious metals investors should take at least some profits in preparation ahead of a likely pullback.
We will get to the news from the miners and explorers in a moment, but first a word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Integra Resources.
Integra Resources is advancing the past-producing DeLamar Project in southwestern Idaho. The Company has continued to demonstrate resource growth and conversion through greenfield and brownfield exploration to further de-risk and advance the project towards permitting. Integra Resources trades on the TSX-V under ITR and the NYSE American under ITRG.
And here’s what you need to know this morning….
Kingfisher Metals announced assay results from the remaining seven drill holes from its initial program on the Goldrange gold project in Southwest British Columbia, Canada. Highlights included 2m grading 18.69 grams per tonne gold, 35g/t silver and 0.47% copper in hole 10 within a borader 6m interval grading 6.78g/t gold, 13.2g/t silver and0.2% copper. The company said that initial drilling at the Cloud Drifter Trend has outlined a large open-ended mineralizing system highlighted by multiple high-grade structures within a broad halo of anomalous gold mineralization, and that hitting blind mineralization over a vertical extent of 550m bodes very well for expanded drilling across the trend in 2022. Kingfisher Metals trades on the TSXV under KFR and on the OTCQB under KGFMF. News release
New Found Gold announced assay results from 17 more diamond drill holes targeting expansion of the Keats Zone at its Queensway gold project near Gander in Newfoundland, Canada. Highlights included 9.75m grading 47.82 grams per tonne gold in hole 256A, which the company said provides further definition of a south-plunging zone of significant thickening of high-grade gold mineralization within the Keats-Baseline Fault. At Keats, the company has now intercepted high-grade gold mineralization in drilling over about 800m of strike and from surface to nearly 400m of vertical depth. New Found Gold trades on the TSXV under NFG and on the NYSE American under NFGC. News release
Goldshore Resources announced a high-grade gold assay result from the Moss Lake gold deposit in Ontario, Canada, where hole 8 intercepted 58.85m grading 6.3 grams per tonne from 103.3m depth, which was one of five separate intervals exceeding 20g/t in the hole. The company said it hit three high-grade zones in the hole which presents a compelling new target style. The company has mobilized a second drilling contractor to accelerate drilling. Goldshore Resources trades on the TSXV under GSHR and on the OTCQB under GSHRF. News release
Spearmint Resources said it achieved its best results achieved to date during the phase III drill program on the McGee lithium clay project' in Clayton Valley, Nevada. Hole-15, drilled about 2,500 feet from any previous drill hole, hit 1,810 parts per million lithium within 537 feet averaging over 960 ppm lithium, while hole-18, the farthest step-out hole to the West hit 1,760 ppm Li. The company said the hits far exceeded its expectations of what it was hoping to discover on this phase of drilling and that it is confident that these results should significantly increase its resource estimate. McGee has a June 2021 indicated resource estimate of 815,000 tonnes of lithium carbonate equivalent. Spearmint Resources trades on the CSE under SPMT and on the OTC Pink under SPMTF. News release
Ethos Gold appointed Rob Carpenter as chair together with Craig Roberts. Rob Carpenter, a PGeo, has over 30 years of corporate and technical mineral exploration experience for junior and major mining companies. He was co-founder and president and CEO of Kaminak Gold leading the company through the acquisition, discovery and maiden resource of the 5-million-ounce Coffee gold project in Yukon, Canada. Carpenter has helped Ethos build a portfolio of district-scale exploration projects. Ethos Gold trades on the TSXV under ECC and on the OTCQB under ETHOF. News release
That concludes today’s morning briefing.
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