Integra Discovers New Gold-Silver Mineralization at BlackSheep

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

Today is Thursday, February 18th

Gold was once again hammered lower on Wednesday, with the majority of the price ambush occurring as the Comex floor trading hours commenced at 8:20 a.m. NY time. Between 8:00 a.m. and 11:00 a.m. NY time, the gold price was slammed $24 to as low as $1768, April gold basis. Interestingly, silver was pushed lower along with gold early in NY trading hours but staged a big move higher from the low below $27 to as high as $27.60, March silver basis. The gold/silver ratio dropped again, down to 64.90. The Mining Stock Journal said that if the precious metals sector was about to head a lot lower, the gold silver ratio would be rising sharply. 

The Mining Stock Journal is adamant that China's closure for observance of the Chinese New Year's is making it much easier for the gold price management team to push the gold price lower using paperr. China's financial markets opened back up last night.

The mining stocks were hit hard again, with GDX down 2.6%. Admittedly the charts look ugly from a technical perspective. But the Mining Stock Journal said that, in its experience albeit with a few exceptions over the last 20 years, when the charts look ugly, it's time to buy.

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.

Integra Resources announced they have made multiple gold and silver discoveries at the BlackSheep District within the DeLamar project in Idaho. BlackSheep is a 30 square kilometer land package acquired in 2019 and is located immediately north-northwest of the DeLamar Deposit. Results of the initial 4 drill holes from Georgianna, Lucky Days and Milestone, targets within the BlackSheep District, have intersected thick sections of low-sulphidation epithermal gold-silver mineralization, including several high-grade intercepts. Results did include 2.17 g/t gold equivalent over 10.67 meters at Georgianna and 1.43 g/t gold equivalent over 78.94 meters at Milestone. The Company currently has two drill rigs operating in its first winter exploration drill program. One drill rig continues to test blue-sky exploration targets in BlackSheep while the second is drilling high grade gold-silver at Florida Mountain, well outside of the resource boundary. Integra trades on the TSX V with ITR and on the NYSE American with ITRG. News Release

Excellon Resources announced diamond drilling results from the 2020 drill program at the Silver City Project in Saxony, Germany, with assays from an additional eight holes still outstanding. The company says a new discovery was made and named Grauer Wolf. This is the fourth target drilled at Silver City. Results included 1,043 g/t silver equivalent over 1.3 meters and 331 g/t silver equivalent over 1.2 meters. The Grauer Wolf target is on the lesser known and relatively unexploited mafic volcanic contact, approximately 1.5 kilometres north of the Reichenbach target, where drilling also intersected significant mineralization on the contact. Excellon trades on the TSX and the NYSE with EXN. News Release

Enduro Metals says a recently completed 3D Induced Polarization ("IP") model of the Chachi Corridor on the Company's Newmont Lake Property has established a direct correlation with high-grade copper-silver surface samples taken in 2019. The model indicates a highly chargeable 850-metre x 600-metre anomaly that is located immediately beneath the copper-silver showings. This is early evidence suggesting mineralization may continue to significant depths. The Chachi Corridor is 1 of 4 major target areas within the Newmont Lake property covering 638 square kilometers situated in the heart of BC's prolific Golden Triangle. Enduro trades on the TSX Venture with ENDR and on the OTC with SIOCF. News Release

Now lets turn it over to Kai Hoffman for this week’s Oreninc Weekly Update

Hecla Mining reported their fourth quarter and year end results this morning. The company made fourth quarter sales of $188.9 million and cash flow from operations of $64.9 million. 2020 silver production was 13.5 million ounces, up 7% and gold production was 208,962 ounces, down 23%, from 2019, which was Hecla's highest annual gold production. The company’s year end cash position is $130 million, thats an increase of $67 million from 2019 with the credit facility undrawn. Hecla trades on the NYSE with HL. News Release

Barrick announced it intends to propose to shareholders a return of capital distribution of approximately $0.42 per share1. Barrick also announced that its Board of Directors has declared a dividend for the fourth quarter of 2020 of $0.09 per share, payable on March 15, 2021, to shareholders of record at the close of business on March 1, 2021.The  return of capital will be proposed to shareholders at its Annual and Special Meeting on May 4, 2021. This distribution is derived from a portion of the proceeds from the divestiture of Kalgoorlie Consolidated Gold Mines in November 2019 and from other recent dispositions made by Barrick and its affiliates. It is proposed that the total distribution of approximately $750 million will be effected in three equal tranches to shareholders of record on dates to be determined in May, August and November 2021. This news came while the company also released its annual reserve and resource declaration with its Q4 and year-end results to December 31, 2020. Attributable mineral reserves reflect a 76% replacement of depletion, with a consistent reserve grade maintained year-on-year. Barrick Gold trades on the NYSE with GOLD and on the TSX with ABX. News Release

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I’m Trevor Hall. Have a wonderful day. Be well.

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