Morning Briefing: Defiance Drills Widest-Highest Grade Interval at San Acacio
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Thursday June 8th.
Wednesday gold, after trending sideways overnight and through the Comex open, was pushed off a cliff and hammered from $1986 to $1956 per ounce, where it ended up settling. Silver similarly traded sideways overnight and shot up from 23.60 to over $24 per ounce before getting pushed off the same cliff as gold and pounded down to $23.52, where it settled for the day. The Mining Stock Journal said that it could not find any news or event catalysts that would have triggered the cliff-dive in the paper gold price that started just before 10:00 a.m NY time. However, the price-slam began just before and during the p.m. London price fix and thus the logical conclusion is that it was nothing beyond standard price control procedures.
The mining stocks were red on the day after a strong opening but then sold off when gold and silver were slammed. The GDX fell 1.8%. The Mining Stock Journal commented that it feels like it did in the summer of 2008, when the precious sector was capped and pushed lower ahead of the inevitable bank crisis and advent of QE.
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…Arizona Sonoran Copper
ASCU is an early-stage copper developer and explorer of the Cactus Mine and its satellite project, Parks/Salyer, both situated on a 4km mine trend on private land in Arizona’s porphyry copper district. Opportunity for significant growth and scale exist along the mine trend, while future capex requirements outlined in the Cactus PEA benefit from significant onsite and nearby access to infrastructure. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America. For more information, please visit www.arizonasonoran.com.
And here’s what you need to know this morning….
Defiance Silver provided a drilling update with a fresh round of results from the the Veta Grande camp within the San Acacio project in Mexico. Drilling encountered the highest-grade and widest-width mineralization ever drilled at the San Acacio project with hole 66 returning 41.83m of 157.3 g/t silver, and included 15.96 m of 379.9m. Within this interval is a sub-interval grading 5510 g/t Ag or 6014 g/t AgEq. Other results included 9.86 m of 98.52 g/t Ag and 4.80 m of 349.37 g/t Ag. The company says they are encouraged by these results which validate the hypothesis that additional very high-grade mineralization is present in the Veta Grande camp. (TSXV: DEF) (OTCQX: DNCVF) News Release
Integra Resources announced drill results from 20 additional holes for 4,960m from the stockpile drill program at the DeLamar Project in Idaho. The stockpile program was designed to test a large portion of the estimated 60 million tonnes of mineralized material that was stockpiled and/or used as backfill at the Project, which could potentially significantly increase the heap leach mine life of the Project in future phases and further bolster the economics. Highlights included 85.34m grading 0.40 g/t gold and 23.67 g/t silver for a 0.70 g/t gold equivalent in hole 129. Integra has 7,368m of assays pending. Integra is working on an updated resource estimate and the submission of the Mine Plan of Operations at DeLamar, as well as an updated resource and Preliminary Economic Study at the Wildcat & Mountain View Projects, in western Nevada. Integra Resources (TSXV: ITR; NYSE American: ITRG) news release
O3 Mining provided additional assays from its winter drill program on the Malartic H deposit at its Marban Engineering Project in Val-d'Or, Québec. Malartic H consists of multiple stacked lenses now covering an area of 950m along strike and 300m wide. Drilling at Malartic H covered a 1km gap in historical drilling in the shallow part of the Malartic H deposit to achieve an 80m spacing. Highlights included 36.5m grading 4 g/t Au in hole 485 at a vertical depth of 66m. O3 expects to release a maiden near surface resource estimate shortly. O3 Mining (TSXV: OIII) (OTCQX: OIIIF) news release
Ero Copper provided an update on its regional nickel sulphide exploration within the Curaçá Valley in Brazil. Drilling has focused on delineating the Umburana System, which has a current strike length of about 5km. Ero has received assays on 97 diamond drill holes across the Umburana System with highlights including 11.2m at 1.86% Ni, 0.26% Cu and 0.05% Co for a 2.08% NiEq in hole 41 in the VB Zone. Metallurgical test work on the Umburana System on three composite samples of varying grades, demonstrates nickel recoveries ranging from 77% to 91% across a range of grind sizes, suggesting the majority of nickel within the System is contained within sulphide minerals with very little nickel encapsulated within silicate minerals that would render the nickel unrecoverable. Ero Copper (TSX: ERO, NYSE: ERO) news release
Tinka Resources announced results for five resource confirmation drill holes from the Ayawilca Project in Cajamarca, Peru. All the holes were from West Ayawilca, and all intersected strong zinc mineralization. Tinka has now completed its 11,000m drill program at Ayawilca and consultants have been engaged to complete an updated mineral resource estimate to be announced in the third quarter. The company said drilling improved the geological model of the mineralized zinc bodies at West and South Ayawilca and improved the confidence in the continuity of mineralization. It confirmed that at West Ayawilca two pipe-like sulphide bodies hosted by brecciated limestones extend through the 100-200m-thick limestones and are connected by massive sulphides at the base. Highlights at West Ayawilca included 97.9m at 8.8% zinc and 16 g/t silver in hole 216 including 13.5m at 25.3% zinc and 44 g/t silver. Tinka Resources (TSXV & BVL: TK) (OTCQB: TKRFF) news release
Marathon Gold announced the sale of an additional 1.5% net smelter returns royalty on its Valentine Gold Project to Franco-Nevada for US$45 million, resulting in Franco-Nevada holding an aggregate 3% NSR on the Project. In addition, Franco-Nevada offered to purchase Marathon stock comprising the entire back-end of a C$6.9 million non-brokered charity flow-through offering for which Marathon has firm commitments at a price of C$1.0488 per flow-through share. Marathon intends to use the proceeds of the Offering for eligible exploration expenditures at the Project. (TSX: MOZ) News Release
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