K92 Mining Increases its Production Guidance
K92 Mining increases its guidance for the year based on the Q2 production numbers. We'll break it down for you in just a moment. You're listening to Mining Stock Daily.
And a good day to you everybody, welcome to Mining Stock Daily. Today is Thursday August 15th, this is Trevor Hall, thank you so much for tuning in. After enduring Tuesday's price attack which took the gold price as low as $1489 on a December futures basis, the gold price has rallied as high as $1532 as of Wednesday evening. The Mining Stock Journal noted that Tuesday's Comex trading featured an unusually high level of privately negotiated and exchanged for physical transactions which indicates an aggressive effort by the Comex bank operators to manage the price of gold. Currently, the Mining Stock Journal believes gold could hit $1700 and silver $1900 before Christmas.
Today's briefing is sponsored by Pacific Empire Minerals. Pacific Empire is a junior exploration company focused on the discovery of gold rich copper deposits in British Columbia. Pacific Empire trades on the TSX Venture Exchange under the symbol PEMC and on the OTC markets under the symbol PEMSF. The company currently has a very tight share structure at Pacific Empire's unique approach to the prospect generator business model, incorporates the company's own reverse circulation drill to advance projects beyond that of a typical prospect generator. More information on Pacific Empire can be found at pemcorp.ca. Tomorrow actually, we'll be catching up with Pacific Empire CEO Brad Peters to discuss the company's latest news regarding a refocus strategy on the Pinnacle Reef project. Tune in tomorrow and over the weekend to catch that discussion.
Here's what you need to know out of the Junior Resource Sector today. K92 Mining released their Q2 2019 financials. The company says they sold 18,824 gold ounces during the period at a cost of $551 per ounce for a revenue of $10.7 million. The company has also decided to increase its production guidance for the year to at least 72,000 gold equivalent ounces due in large part of the second quarter putting the company ahead of the original guidance. K92 trades on the TSX Venture with KNT and on the OTC QB market in the U.S. with KNTNF.
Contact Gold reported results from three drill holes of the 2019 drill program at the Bowl Zone on the Pony Creek gold project. The company says Pony Creek continues to deliver shallow intervals of gold mineralization similar to many currently producing Carlin Type gold systems in Nevada. To date the majority of reportable gold intercepts that Pony Creek have been hit at less than 50m from surface. Highlights from today's news included 0.7 g/t gold over 39.6m in Hole 8 and 0.37 g/t gold over 50m from Hole 9. Contact Gold trades on the TSX Venture with the symbol C and on the OTC markets with CGOL.
Southern Silver Exploration has closed the first tranche of a non-brokered private placement by issuing 15.5 million units at a price of $0.20 per unit for gross proceeds of $3.1 million. Each unit consists of one common share and one share purchase warrant exercisable to purchase one additional common share for a period of five years at an exercise price of $0.25 per share. Southern Silver is advancing the Cerro Las Minitas silver-poly-metallic project in Mexico. The company shares trade under SSVFF in the U.S. and SSV on the TSX Venture. The Mining Stock Journal has a neutral rating on the stock.
Wallbridge Mining says it plans to increase the number of drills on the Fenelon Gold Property to a total of six. The company says the six drill rigs will enable them to accelerate and increase its 2018 exploration program in the Main Gabbro and Area 51 zones. With over 35,000m total already drilled, the new drills will put the company on track to complete up to 80,000m by end of year. The fleet will consist of five surface drills doing large space step-outs to define the footprint of the Fenelon gold system. One underground drill rig will continue testing the areas near existing mine workings. Assays results are currently pending for 23 surface drill holes and eight underground holes. Wallbridge trades on the TSX with the symbol WM and on the OTC markets in the U.S. with WLBMF.
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