Integra Resources Provides New Drill Results from Florida Mountain & BlackSheep
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Thursday, April 8th.
The gold price spent the 24 hours between the close of the Comex gold pit on Tuesday and the close Wednesday bobbing like yo-yo. By Wednesday's settlement gold closed $1.40 lower than the day before while silver was up marginally. The action in gold was either a pause from the four day consecutive move higher or the start of another effort by the price management team to push the price lower. That said, the price action was set in the paper market as both India and China were large buyers of physical gold on Wednesday. The Mining Stock Journal noted that it expects the gold price to be subjected to an aggressive attempt to cap the price in advance of the Fed's eventual and inevitable announcement of expanding its money printing to accommodate the flood of Treasuries required to fund the Biden Government's fiscal stimulus ambitions. The Mining Stock Journal also suggested that Wednesday's relative weakness in gold and the mining stocks may be a result of what appeared to be hedge funds shedding risk from their portfolios as evidenced by the weakness in Bitcoin over the last two days and a sharp sell-off in small-cap stocks on Wednesday. It added that hedge funds are the biggest investor segment in gold and silver Comex futures and unload positions in paper gold when going into risk-off mode.
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 provided multiple gold-silver drill results from the DeLamar Project, situated in southwestern Idaho. The drill holes announced today at Florida Mountain continue to demonstrate high-grade gold-silver mineralization continuity, in some cases 300 m outside of the resource model. Those results included 34.46 g/t gold equivalent over 1.5 meters, 48.67 g/t gold equivalent over .92 meters and 2.1 g/t over 16.92 meters. In addition, the Company is pleased to announce a large, low-grade gold-silver intercept from the recently discovered Lucky Days Target situated in the BlackSheep District. Results there were 1.03 g/t gold equivalent over 25.15 meters. This drill hole, located on the southern end of a 1 kilometer (“km”) long zone of anomalous soil and rock-chip geochemistry associated with old workings, suggests the potential for a large bulk-tonnage target at Lucky Days, alongside the newly discovered bulk-tonnage gold-silver target at Georgianna located 2 km to the west. Two additional drill rigs are being added to the DeLamar Project, for a total of 4 drill rigs, to increase follow-up drilling on recent success at Florida Mountain and BlackSheep, expanding the effort to test for gold-silver mineralization expansion in multiple areas. The NI 43-101 Resource Estimate Update is currently expected in late Q2 2021. Integra Resources trades on the TSX Venture with ITR and on the NYSE American with ITRG. News Release
Corvus Gold has received results from four additional drill holes in the new Lynnda Strip oxide gold discovery. These results are continuing to expand this large, new, oxide, bulk tonnage, Nevada gold discovery with ML20-186 returning 108.2m @ 1.13 g/t Au, hole ML20-188 with 114.30m @ 0.96 g/t Au and hole ML20-189 with 178.3m @ 0.66 g/t Au in the upper zone followed by 100.6m @ 0.94 g/t Au in the lower zone. In addition, these results continue to expand the large vein systems found in this deposit. The company says the thickness, grade and strong oxidation of this new discovery make it an ideal target for open-pit mining and heap leach processing. Corvus will continue to expand the Lynnda Strip discovery with an initial mineral resource estimate planned for early fall of this year to assess its potential value for a future mining operation. In addition, Corvus has a number of other targets in the region that it will look to address in the future to determine how extensive this new gold system is regionally. The company trades on the TSX and the Nasdaq with KOR. News Release
Calibre Mining provided an update on the Borosi exploration project held under an earn-in option agreement between Rio Tinto Exploration and Calibre. More than 50 prospective target areas have been identified within the Borosi concessions. Four of these areas have been prioritized for a first pass drilling campaign totaling 5,500 metres commencing in early Q2 2021. Additionally, an orientation survey has been initiated to characterize the broader geochemical expression surrounding the Primavera copper-gold porphyry deposit discovered by Calibre in 2011. The results of this work will provide an important benchmark to guide future regional reconnaissance work to be carried out under the RTX-Calibre Exploration Alliance agreement the companies also entered in early 2020. Calibre controls a 100% interest in the Borosi concessions located in the prolific Mining Triangle region of northeastern Nicaragua. RTX has the right to earn a 75% interest by spending US$45 million over eleven years in the project.
Lets now welcome back Kai Hoffman for this week’s Oreninc Weekly Update
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Piedmont Lithium provided an updated mineral resource estimate for the company’s Piedmont Lithium Project in North Carolina. which includes updated Mineral Resource estimates from the Core and Central properties and an initial Mineral Resource estimate from the Huffstetler property. The total MRE for the project is 39.2 Mt at 1.09% Li2O, with 55% of the MRE currently classified in the Indicated category. That is a 40% increase in total. Piedmont trades on the Nasdaq and the ASX with PLL. News Release
Arizona Metals provided results of a petrographic study of mineralization from the Kay Mine. The study confirms the strong similarity of the Kay Mine mineralization to other bimodal mafic-felsic-hosted VMS deposits in the Jerome-Prescott area (located one hour north of the Kay Mine) and in other Proterozoic VMS belts. The sulfide assemblage is mineralogically simple and typical of polymetallic ores in this type of deposit. The observations in a thin section show uniform granoblastic textures that should be amenable to conventional mineral processing. Arizona Metals trades on the TSX Venture with AMC and on the OTCQX with AZMCF. News Release
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I’m Trevor Hall. Have a wonderful day. Be well.
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