Ivanhoe Mines Achieves Milestone at Kamoa-Kakula
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday, November 11th.
Gold bounced from Monday's pistol-whipping, rising $22 to settle at $1876. Silver bounced 3.2% as it rose back above $24 to settle at $24.26. The gold/silver ratio dropped nearly 2% and closed just below its 50 day moving average at 76.71. The Mining Stock Journal said that despite gold's $100 cliff dive on Monday, the chart is still technically intact. It added that the chart for silver is not only intact, it looks quite bullish. The Mining Stock Journal said, however, that it is somewhat troubled by the 3.4% drop in the mining stocks on Tuesday as represented by GDX. The newsletter noted that the negative divergence of the mining stocks from the movement in gold and silver often signals more weakness for the entire sector. That said, given the extraordinarily bullish fundamentals supporting a move higher in the sector, it's possible that the sell-off in the mining stocks is signalling a more widespread quote/unquote risk-off move for the entire stock market. It added that any stock market related sell-off in the mining stocks should be bought with both hands
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 Gold Inc. is a North American gold exploration and development company, focused on its near-term gold-silver mining projects in southwestern Nevada. The Company holds a commanding land position within the Bullfrog Mining District. Neighbouring, adjacent projects controlled by AngloGold Ashanti, Kinross Gold and Coeur Mining highlight this active District. The two 100% owned North Bullfrog & Mother Lode projects have a combined nearly 4M oz gold of in-pit resource and continues to grow with an on-going, successful, resource expansion drill program.
And here’s what you need to know this morning.
Anaconda Mining shared drill results rom an ongoing 15,000-metre infill drill program at its 100%-owned Goldboro Gold Project in Nova Scotia, Canada. The Drill Program is designed to convert priority Inferred Mineral Resources into Measured and Indicated Mineral Resources of the Goldboro Deposit as part of the ongoing feasibility study. Highlights reported today include 6.05 g/t gold over 11.7 meters and 6.63 g/t gold over 5.3 meters, which also included a subinterval of 47.67 g/t gold over .5 meters. The company says these results continue to demonstrate that significant high-grade zones are consistent with the current resource model and, excitingly, that they are being found within much broader zones of mineralization near surface. Anaconda trades on the TSX with ANX and on the OTCQX with ANXGF. News Release
Sun Metals also announced drill results this morning. These results come from the Stardust project in north central British Columbia. Results included 3.4% copper equivalent over 17.45 meters, which included a subinterval of 7.56% copper equivalent over 5.5 meters. This hole was drilled in an area near a historic drill hole which was significantly enriched in gold relative to copper. The mineralization returned was more conventional regarding metals ratios with similar value in copper and gold, but remains a strong high-grade intercept in an area that is much closer to surface than other recently reported intercepts. Sun Metals trades on the TSX Venture with SUNM. News Release
Seabridge Gold reported today that this year's core drilling at its 100%-owned Iskut project in Northwestern British Columbia found indications of higher grade copper mineralization and many of the earmarks of a large porphyry system which may lie below the drilling completed to date. The 2020 program was designed to test geophysical anomalies below the Quartz Rise Lithocap that is host to a diatreme pipe containing gold-copper mineralized vein fragments. A total of 8,961 meters of core drilling was completed in 11 holes. Results were consistent with the alteration halo from a large porphyry system. Mineralized intervals of up to 158 meters grading 0.16 g/T gold and 0.16% copper were intersected, indicating that drilling to date is in the outer portions of a gold-copper porphyry. The next step is to vector to the heart of that system which may still exist at some depth below that reached so far. Seabridge trades on the TSX with SEA and on the NYSE with SA. News Release
Ivanhoe Mines announced a major milestone in the development of the tier one Kamoa-Kakula Copper Project in the Democratic Republic of Congo, with the initial joining of the main northern and southern access tunnels at the Kakula Copper Mine ─ the first of multiple, high grade, underground copper mines to be developed on the project's 400-square-kilometre mining licence. The Kakula Mine is being developed on the eastern portion of the Kakula Deposit ─ representing less than half of the overall 13.3-kilometre-long deposit. The main access tunnels between the northern and southern declines at the Kakula Mine were connected in the high-grade core of the deposit, where the average grade is projected to exceed 8% copper. Ivanhoe trades on the TSX with IVN and on the OTCQX with IVPAF. News Release
Summa Silver has initiated exploration drill planning and permitting at the Mogollon Property in southwestern New Mexico. The drill program is anticipated to commence in mid-2021 with the primary focus of targeting un-mined extensions of the Consolidated Mine, where past drilling intersected significant high-grade silver and gold mineralization. Between 1937 and 1942 the Consolidated Mine is reported to have produced 266,000 tonnes of material grading 660 g/t Ag equivalent. Historic drilling shows results of 805 g/t silver equivalent over 4 meters and 1,127 g/t silver equivalent over 2.7 meters. Summa Silver trades on the CSE with SSVR and on the OTCQB with SSVRF. News Release
Bunker Hill Mining announced it has applied to lists its shares on the TSX Venture Exchange. The company says the listing will provide them with improved access to capital markets as they focus on generating shareholder value by unlocking high-grade silver potential at the Bunker Hill Mine. The company currently trades on the CSE with BNKR. News Release
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I’m Trevor Hall. Have a wonderful day. Be well.