Junior Mining Prepares for FOMC Announcement Today
It's financial and production report season in the mining sector this week. Lots of numbers out today throughout the producers, all in front of today's Fed announcement and expected rate cut. This and more today right here on Mining Stock Daily.
Hey everybody, welcome to Mining Stock Daily. Today is Wednesday July 31st and this is Trevor Hall, your host. Thank you for tuning in once again today. It's going to be an interesting day with the Fed announcement expected later this afternoon. The price of gold on Tuesday moved up $9 from Monday afternoon's closing level, silver up was up $0.15 it continues to outperform gold. The Mining Stock Journal said that the gold market is anticipating that only 25 basis point cut in the Fed funds rate today, but also expects the Fed to telegraph a willingness to ease monetary policy even further. The newsletter also commented that if gold and silver can withstand the inevitable price management attacks that accompany FOMC policy decisions this week, it expects to see gold and silver move considerably higher in August.
Today's briefing 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 10 billion pounds of copper and 18 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 at westerncopperandgold.com.
Here's what else you need to know this morning out of the mining sector. Nighthawk Gold provided additional drill results from the Colomac Gold Project located within its Indin Lake Gold Property in Northwest Territories of Canada. Drilling was expanded to target specific high-priority areas within Zones 2.0 and 3.0 of the Colomac Main sill where 13 holes were completed for 4500m with all holes intersecting mineralization. Highlighted intercepts included 56.25m of 2.76 g/t gold from Zone 2.0. You can read the full list of results from this morning at nighthawkgold.com. The company trades on the TSX with the civil NHK and on the US OTC markets with MIMZF.
Liberty Gold says ongoing drilling at Black Pine in southern Idaho continues to intersect thick zones of high-grade oxide gold mineralization, demonstrating continuity along a northwest-trending zone, which the company can now document is at least 1km long and expanding the size and potential of this Carlin-style gold system. Today's drill highlights include 2.56 g/t gold over 41.1m and 1.36 g/t gold over 32m. A second drill has been added to the project to focus on a second discovery located 240m to the east of the first. Liberty Gold trades on the TSX with the symbol LGD and on the OTC markets with LGDTF.
IAMGOLD provided the remaining assay results from its 2019 diamond drilling program completed at the Lac Gamble Zone at the Rouyn Gold project optioned from Yorbeau Resources. Highlights from the remaining 17 drill holes this morning include 23.4m grading 6.1 g/t gold. The results from this initial diamond drilling program will be compiled and integrated with the existing geological, geochemical and structural information to support the development and refinement of a preliminary deposit model. Drilling has also resumed to test selected exploration targets in the area of the historic Astoria deposit located several kilometers to the east of Lac Gamble. IAMGOLD trades on the TSX with IMG and on the NYSE with IAG.
Northern Dynasty shares soared 65% to $0.91 on Tuesday, after the Environmental Protection Agency in the U.S. withdrew an Obama era initiative in 2014 that attempted to shut down the Northern Dynasty's controversial Pebble Project in Alaska. The project has strong opposition by Alaska's local fishing industry and from the area's native communities. The massive copper-gold project presents unquantifiable environmental risks to Alaska's prolific salmon fisheries in Bristol Bay. The Mining Stock Journal, which has had a sell and avoid rating on Northern Dynasty's stocks since February 2017, recommends that anyone who still owns the stock should take advantage of this gift from the market and sell their shares. The newsletter said that despite the revocation of the Obama initiative, the project still faces numerous roadblocks, not the least of which is of the ability to receive an environmental permit from the EPA. And even if that were to occur, the local opposition would make it next to impossible for the state of Alaska to allow the project to advance to completion. The company's shares trade under NAK in the U.S. and NDM on the TSX.
Goldplay Exploration announced a high-grade gold intersection from its first core drill hole at the San Marcial Project. The hole intersected high-grade gold including an intercept that returned 1m of 204 g/t gold in a newly identified mineralized zone adjacent to the company's existing resource. The Mining Stock Journal has a buy recommendation on Goldplay, noting that it's a high-risk/high-return opportunity in a stock that has not been discovered by general audience of Junior Mining stock investors. The company's shares trade under GLYXF in the U.S. and GPLY in the TSX Venture Exchange.
That concludes today's briefing. Mining Stock Daily is produced by Clear Creek Digital and Investment Research Dynamics' Mining Stock Journal. The Mining Stock Journal will be providing a review of Alexco Resources and its Keno Hill Silver Project in the Yukon in the next issue to be released tomorrow. It will also be presenting relatively unknown high-risk/high-return Junior Mining stock idea. For a subscription of the Journal please visit InvestmentResearchDynamics.com That's it for me. We'll be back again tomorrow. Have a great day. Be well.
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