Mercurial Gold on the Market: Spike to and Retreat from $1600
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday, January 8th.
Gold was hit as much as $9 overnight on Monday but the yellow dog rebounded as a.m. premiums in India indicate that India's appetite surged on Tuesday morning, which pushed gold back up $1572. Gold vacillated in the $1570's during U.S trading hours until missiles started flying in the Middle East at which point gold spiked up to as high as $1612 before retreating to flat and even down early this morning. The Mining Stock Journal said that the short term direction in the gold price will be dependent on the degree to which tension in the Middle East escalates or is perceived to be diffused. However, underlying the geopolitical factors is the depreciating value of fiat currencies from continued Central Bank money printing. The Mining Stock Journal added that in this environment every sell-off in the precious metals sector should be bought aggressively.
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.
Today’s episode of Mining Stock Daily is brought to you by Pacific Empire Minerals. Pacific Empire Minerals Corp. is a junior exploration company focused on the discovery of gold-rich copper deposits in British Columbia, Canada. Pacific Empire trades on the TSX Venture Exchange under the symbol PEMC and on the OTCQB markets under the symbol PEMSF. The Company currently has a very tight share structure. Pacific Empires’ unique approach to the prospect generator business model incorporates the Company’s own reverse circulation drill to advance projects beyond that of typical prospect generators. More information on Pacific Empire can be found at pemcorp.ca.
And here’s what you need to know today out of the junior sector.
GFG Resources shared assay results from its 2019 Phase 2 drilling program on its Pen Gold Project in the Timmins Gold District in Ontario. The company completed 2,500 meters of drilling form eight drill holes testing six targets. Highlights from today’s results included 7.53 g/t gold over 2.2 meters and 25.96 g/t gold over 1 meter, both coming from the HGM target. Assays on four holes are still pending. The company expects drilling to resume in February to test other targets on the project. GFG trades on the TSX Venture with GFG and also on the OTC markets with GFGSF. News Release
Discovery Metals shares results from the first four diamond rill holes completed a tthits Cordero project in the state of Chihuahua in Mexico. The results released here are part of a 30,000-35,000m Phase 1 drill program that Discovery plans to complete in 2020. Highlights from the results included 617 g/t silver over 34.7 meters, including a 3.7 meter interval of 2,524 g/t silver. The company says these first results from Cordero are very encouraging and support our thesis that within the very large resource area exists a shallow, higher-grade component that could redefine the Project entirely and vastly improve its economics. Discovery trades on the TSXV with DSV and on the OTC markets with DSVMF. News Release
Azincourt Energy this morning confirmed it has received its relevant permits for the upcoming 2020 winter diamond drilling campaign for its East Preston Uranium Project in Saskatchewan. Road construction to the main camp began in December, and work was on time and progressing rapidly before the holiday break. Road opening resumed on Monday, January 6, with the push beyond camp to the first drilling area scheduled for next week. Azincourt trades on the Toronto Venture with AAZ and on the OTC markets with AZURF. News Release
Yesterday, Contact Gold said it intersected oxide gold mineralization in the first 2 drill holes from the Alpha Zone at its newly-acquired Green Springs gold project located on the southern Cortez Trend in Nevada. Results are pending for an additional four holes drilled at the Alpha Zone, and four drilled at the Echo, Beta and Charlie zones. Results included 1.34 g/t gold over 28.96 meters. The past-producing Green Springs gold project is adjacent to Fiore Gold's Pan Mine and Gold Rock Project, and Waterton's Mount Hamilton deposit. Contact Gold trades on the TSX Venture with the symbol C and on the OTC markets with CGOL. News Release
Prophecy Development says it has completed the first 3 drill holes of the planned 17 holes at the Pulacayo project in Bolivia. Assay results from these holes are expected later this month. The company has also brought a second drilling rig to the project and expects to complete the proposed 5,000 meter drill program in February with full assay results available in March. The company says Based on a review of the current and past artisanal mining conducted on the surface, there is strong evidence that the Tajo Vein (where underground mining took place from early 1800 to 1952) projects to surface along its 3km strike. Prophecy trades on the TSX with the symbol PCY and on the OTC markets with PRPCF. News Release
Orezone Gold announced it has entered into an agreement with Canaccord Genuity Corp. and PI Financial Corp. to act as co-lead underwriters, on behalf of a syndicate of underwriters, pursuant to which the Underwriters will purchase, on a bought deal basis, an aggregate of over 37-million units of the Company at a price of C$0.54 per Unit for aggregate gross proceeds of just over C$20-million. Each Unit will be comprised of one common share of the Company and one half of one common share purchase warrant of the Company with a strike price of $.80. Orezone is advancing the Bombore gold project in Burkino Faso. The company trades on the TSX Venture with ORE and on the OTC markets with ORZCF. News Release
Nighthawk Gold says it is moving forward with a proposed consolidation of its share capital on the basis of a five to 1 consolidation. In the news release this morning, CEO Michael Byron says the timing is right for the rollback and the company believes will allow Nighthawk to gain exposure to a broader shareholder base. The consolidation will take its current 223-million shares issued and outstanding, and change that total to just over 44 and a half million shares. Nighthawk trades on the TSX with the symbol NHK and on the OTC markets with MIMZF. News Release
That is a wrap from us today here at Mining Stock Daily. Thanks again for tuning in and we look forward to providing you the news out of the metals and mining sector each trading day throughout 2020. Remember, you can find this show on a number of different podcast networks, including iTunes, Spotify, Google Podcast and even Amazon Alexa. And if you haven’t done so already, please be sure to hit that subscribe button on your device so you don’t miss any of the briefings or our interviews.
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