Junior Explorers Financed Faster than Oprah Giving Away Cars
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Thursday July 23rd.
Gold and silver both screamed higher again overnight on Wednesday and into Thursday. Gold is up nearly 4% in the last four trading days while silver is up an eye-watering 17.5% over those same four days. The gold/silver ratio plunged 5 points to 80.6. The ratio has plummeted 20% since the beginning of July. The mining stocks rose 2% per GDX. Given the fact that GDX is up more than 100% since the March bottom, the newsletter is somewhat dismayed by those who were complaining on Wednesday that the mining stocks seemed to be lagging the metals. The Mining Stock Journal said that gold and silver, while radically undervalued relative to any other financial asset in the investment universe, are starting to factor in the expectation for trillions more in Fed money printing and a continued acceleration in Government deficit spending and debt issuance. Finally, in the next issue of the Mining Stock Journal to be released this afternoon, the newsletter will be presenting an idea that has the potential to be the next Great Bear Resources.
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… Western Copper and Gold.
Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 11 billion pounds of copper and 21 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.
And here’s what you need to know this morning…
Monarch Gold reported its highest single assay result on the McKenzie Break property with Bonanza grade of 311 g/t Au over 0.5 metres with a broader intersection of 13.95 g/t Au over 14.35 metres. The company says these results confirm the continuity of the mineralized zone below and to the south of the current resource. Below this zone, a newly identified gold-bearing zone returned 27.15 g/t Au over 2.0 metres and 4.46 g/t Au over 5.3 metres, indicating potential for additional stacked veins. CEO Jean-Marc Lacoste says “These excellent results also support our decision to extend the McKenzie Break property by acquiring the surrounding claims, which will allow us to continue exploring without any constraints.” Monarch Gold trades on the TSX MQR and on the OTC markets with MRQRF. News Release
Kincora Copper says assay and petrography results for the second hole at the Trundle project in Australia strongly supports the presence of a mineralizing porphyry copper-gold system at the Mordialloc target, confirming previously announced visual and internal interpretations. The hole returned favorable alteration and anomalous metal levels between 721-790.25 metres (end of hole), and included up to 0.29% copper. This was the first hole to search to such depths. Assay results for holes 3 and 4 are currently pending. Kincora trades on the TSX Venture with KCC. News Release
Yesterday, HighGold announced the recent $12 million financing has allowed the company to increase the scope of their 2020 drill program on the Johnson Tract Gold Project in Southcentral Alaska. The previously announced plan for 7,000 to 10,000 meters of diamond drilling utilizing two drill rigs (see HighGold news release dated June 30) has been expanded to a planned minimum of 15,000 meters. A third drill rig has been contracted for arrival on site the first week of August. HighGold has five key target areas in and around the main Johnson Tract deposit. These are: JT Deposit Expansion, Northeast Offset, North Trend, Footwall Discovery, and Southwest Extension. The expanded program will include additional holes at these five targets, as well as, plans to test new target areas. HighGold trades on the TSX Venture with HIGH and on the OTC markets with HGGOF. News Release
Blue Lagoon Resources has kicked off its Phase I drill program on the Company's Dome Mountain Gold Project located a 50 minute drive from Smithers B.C. The Dome Mountain Gold Mine Project holds a Mining Permit and Environmental Management Act Permit (EMA) providing for up to 75,000 tonnes production annually and 15 known high grade gold veins identified, with a significant portion of the property yet to be explored.
Phase One Drilling will consist of 2800 meters of HQ diamond drilling from 22 holes located on eight pre-existing pads. Blue Lagoon trades on the Canadian Securities Exchange with BLLG. News Release
It was another week filled with more capital flowing into this market in the form of financings. To bring us up to speed, here’s Kai Hoffman with the Oreninc Weekly Update.
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And this morning, still more financings were announced.
Enduro Metals announced an $8 million non-brokered private placement. IsoEnergy announced a combined financing for a total of $10 million. Great Thunder Gold announced a $2 and a half million dollar financing. And LionOne Metals announced a $20 million financing on a bought deal basis.
Thats all from this morning’s news briefing. Its looking to be an exciting day for precious metals and precious metal miners and explorers once again. We’ll be back later with some more market commentary on these latest moves, so stay tuned.
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I’m Trevor Hall. Have a wonderful day. Be well.
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