Marathon Gold Edges Closer to Tier-1 Classification
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday, April 21st.
Gold rose close to $8 on Tuesday, reclaiming about half of the obnoxious price ambush that occurred on Monday, settling at $1778, June gold basis. Silver was flat on the day, settling at $25.88, May silver basis. The mining stocks were higher Tuesday, with GDX up 1.15%. The Mining Stock Journal said that GDX has extended the move off of the early March low and is now 16.7% above what could be a bottom from the sector correction that began in early August 2020. The newsletter further explained that, you would not know if you get your market news from the mainstream financial media, but the mining stocks have outperformed the general stock market, including the S&P 500, Dow and Nasdaq, by a considerable margin since the beginning of March. The Mining Stock Journal also added that currently the mining stocks are extraordinarily undervalued relative to the rest of the stock market.
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… Corvus Gold.
Corvus Gold Inc. is a North American gold exploration and development company, focused on its near-term gold-silver mining projects in southwestern Nevada. The Company holds a commanding land position within the Bullfrog Mining District. Neighbouring, adjacent projects controlled by AngloGold Ashanti, Kinross Gold and Coeur Mining highlight this active District. The two 100% owned North Bullfrog & Mother Lode projects have a combined nearly 4M oz gold of in-pit resource and continues to grow with an on-going, successful, resource expansion drill program.
And here’s what you need to know this morning.
Marathon Gold published their results of the maiden mineral resource estimate for the new Berry Deposit at the Valentine Gold Project in Central Newfoundland. The report shows Inferred Mineral Resources of 638,700 oz with an in-pit resource 89% of the total estimate. In total, mineral resources at the Valentine Gold Project now stand at Measured and Indicated Mineral Resources of 3.14 Moz, unchanged form the previous estimate; and Inferred Mineral Resources now stand at 1.64 Moz (29.59 Mt at 1.72 g/t Au), an increase of 64% compared to the previous estimate. The resource estimate is based on 42,000 metres of drilling completed to the end of November, 2020. Marathon trades on the TSX with MOZ. News Release
In exploration news, Banyan Gold shared their final set of diamond drill hole results from the 2020 exploration program on the AurMac Property, Yukon. These drill holes were focused on the expansion of the on/near-surface Powerline Deposit. Highlights shared this morning included 0.48 g/t Au over 186.0 metres from surface, 0.47 g/t over 170.8 metres from surface, 0.77 g/t Au over 122.0 metres, 6.81 g/t Au over 7.0 metres. As of April 19, 2021, Banyan has completed over 20 drill holes for >3,800 m on the Powerline Zone of the AurMac property. Banyan has over 15,000 m of diamond drilling planned for 2021 Phase 1, largely focused on the Powerline and Aurex Hill Zones. Banyan Gold trades on the TSX Venture with BYN. News Release
UEX provided new cobalt-nickel drill results this morning from Michael Lake on the West Bear Property. Drill hole MIC-006 intersected mineralization that averaged 0.32% Co and 0.55% Ni over 18.0 m, and included a subinterval of 1.09% Co and 1.13% Ni over 2.5 m. Other results included 1.76% Co and 1.38% Ni over 1.5 m and 2.02% Co and 2.70% Ni over 2.0 m. The actual dip of the mineralization has yet to be confirmed. UEX trades on the TSX with UEX and on the OTC with UEXCF. News Release
Omai Gold Mines provided results of the first two holes of diamond core drilling at the Omai Project in Guyana confirm that high-grade mineralization continues below the historically-producing Wenot Pit. Results included 19.5 meters (m) of 2.2 grams per tonne (g/t) gold (Au), 13.5 m of 3.6 g/t Au, and 16 m of 9 g/t Au including 1 m of 127.7 g/t Au from Hole 1. Hole 2 returned 32.1 m of 3.6 g/t Au. The 5,000-meter drill program is focused on expanding the open-pit potential of the Wenot Pit that produced 1.8 million ounces of gold at 1.6 grams per tonne to a depth of 190 meters. Omai Gold Mines trades on the TSX Venture with OMG. News Release
Galleon Gold is back with new drill results from Zone #9 on its 100% owned West Cache Gold Project, Timmins, Ontario. Those results included 6.1 g/t Au over 15.0 m and 6.88 g/t Au over 7.0 m. The West Cache Gold Project is located 13 km west of Timmins Ontario. Galleon Gold trades on the TSX Venture with GGO. News Release
Yesterday we briefly mentioned the lawsuit regarding Alamos Gold and their Turkish development. Here to shed more light onto this story is Kylie Williams.
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Orefinders Resources announced a strategic partnership with Kirkland Lake Gold. Kirkland Lake will acquire a 9.9% interest in the Company. Additionally, Orefinders has granted Kirkland Lake Gold Inc. a wholly-owned subsidiary of Kirkland Lake Gold the option to acquire up to a 75% interest in its Mirado, McGarry and Knight projects in return for spending $60 million in exploration and development on the Projects. To execute the deal, Orefinders will issue Kirkland Lake Gold 24.4M common shares at $0.10 per share for gross proceeds of C$2,440,000. In a separate and distinct transaction, KL Gold has also entered into an agreement with Mistango River Resources, whereby Kirkland Lake Gold will be acquiring a 9.9% equity interest in Mistango. Additionally, KL Gold will have the option to acquire a 75% interest in Mistango's Omega and Kirkland West Projects in return for spending $60 million in exploration. Orefinders Resources trades on the TSX Venture with ORX. News Release
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I’m Trevor Hall. Have a wonderful day. Be well.
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