Lion One Drills High-Grade at Tuvatu

Welcome to Mining Stock Daily. This is your host, Trevor Hall

Today is Tuesday September 1st.

Gold shrugged off an overnight price attack to close up $3 from Friday's close. The price attack started, not coincidentally, when London trading opened. The Mining Stock Journal said that, based on the last several days worth of London a.m. and p.m. price fix data that there's been heavy offerings in physical gold, likely the gold that was swapped out by the BIS in July. The BIS gold swaps, by the way, were at a record level in July. Silver once again was the Belle of the Ball, jumping 80 cents - or 2.9% higher from Friday -  as it makes its final assault to get back over $29. The gold/silver ratio closed below 70 for the first time since April 2017. The Mining Stock Journal commented that this is exceptionally bullish for the precious metals sector regardless of any of price manipulation shenanigans the bullion banks try to pull off this week.

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… Rio2.

Rio2 is advancing the Fenix Gold Project in Chile, the largest undeveloped gold heap leach project in the Americas. Fenix consists of 5 million ounces in the measured and indicated resource category and 1.4 million ounces in the inferred resource category. With a robust PFS in place, Fenix is set up for fast-tracked construction and production. You can find a list of project and company information on their website, rio2.com.

And here’s what you need to know this morning…

Lion One Metals announced it has encountered high-grade gold mineralization in a diamond wedge hole, drilled to a depth of 709 meters and is now drilling a second daughter wedge hole to further retest the newly discovered zone under the Tuvatu lode system. Intervals reported include 85.70 g/t Au over 3.3m including two narrower intervals of 305.00 g/t Au over 0.3m and 255.00 g/t Au over 0.6m. The current wedge hole program is designed to gather multiple pierce points on the new high-grade lode to more precisely determine its orientation. The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. Lion One trades on the TSX Venture with LIO and on the OTCQX with LOMLF. News Release

Premier Gold Mines released their resource update for the Getchell Project which is being acquired by the company. The Getchell Project hosts both open-pit and underground resources and is strategically located proximal to Nevada Gold Mines' Twin Creeks and Turquoise Ridge mines at the north end of the Battle Mountain Trend at its intersection of the Getchell gold belt in Nevada. The company says the project hosts close to 1 and a half million gold ounces int he indicated category and over half a million ounces in the inferred category. Several zones of relatively continuous mineralization were defined by historical drilling that had missing original certificates. The decision was then made to exclude them from the current mineral resources. Validation of historical assays in this region with new drilling could confirm these results and may provide additional upside to the project. All the known gold zones on the Property remain open for expansion. Premier Gold trades on the TSX with PG and on the OTC with PIRGF. News Release

Silvercorp Metals reported the results of an updated mineral resource and reserve estimate at the Ying silver-lead-zinc property in Henan Province in China. The report describes estimated Mineral Resources of 20.1 million tonnes (inclusive of Mineral Reserves) in the Measured and Indicated categories grading 234 grams per tonne (g/t) silver (Ag), 0.15 g/t gold (Au), 3.64% lead (Pb), and 1.28% zinc (Zn), containing 151 million ounces (oz) silver, 98 thousand oz gold, 732 thousand tonnes lead, and 257 thousand tonnes zinc. In comparison with the 2017 Technical Report (Mineral Resources effective date of June 30, 2016), Measured and Indicated Resource tonnes have increased by 23%, and contained metal has increased by 18% for silver, 16% for lead, 20% for zinc, and 109% for gold. Silvercorp trades on the TSX and the NYSE American with SVM. News Release

Genesis Metals announced it has commenced Phase II of the previously announced staged minimum 8,000 metre fully-funded 2020 diamond drilling program at its Chevrier Gold Project in the eastern Abitibi Greenstone Belt of Central Quebec.

The current phase of drilling is expected to comprise a minimum of 5,500 metres in approximately 24 holes. Drilling targets include continued definition and volume expansion of higher-grade domains which form plunging "shoots" within the Chevrier Main deposit. Genesis Metals trades on the TSX Venture with GIS. News Release

Granite Creek Copper announced yesterday they have entered into a definitive arrangement agreement pursuant to which Granite Creek has agreed to acquire all of the outstanding Copper North common shares not already owned by Granite Creek in an all-share transaction with a 20% premium to the closing prices of each company last week. Upon completion of the Arrangement, Granite Creek will control a large regional land package, including the advanced-stage Carmacks Copper Project and the highly prospective Stu Copper-Gold Project, in Canada's Yukon Territory. The combined land package will cover approximately 176 square kilometres within the Minto Copper District. Granite Creek trades on the TSX Venture with GCX. News Release

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I’m Trevor Hall. Have a wonderful day. Be well.