Marathon Gold Publishes More Drill Results from Valentine Project

Welcome to Mining Stock Daily. I am Trevor Hall.

Today is Tuesday August 24th. 

Gold and silver both had a big bounce on Monday, with gold settling up $22.30, or 1.25%, and silver jumping 54 cents, or 2.35%. The Mining Stock Journal said it could not see a specific catalyst that fueled the bounce in the precious metals beyond their extreme oversold technical condition. However, the stock market continued its relentless melt-up on Monday fueled by the fact that the Fed's balance sheet jumped by $85 billion to a new record high last week and this was likely a big factor in precious metals' rally. The mining stock newsletter added that, while the technical and fundamental factors are aligned in support of a potentially big move in the precious sectors this autumn, it's too early to know if Monday's move was a one-day wonder bounce or if the expected bull move is starting. The Mining Stocks bounce sharply as well, with GDX up over 4%. Most silver stocks were up 8-10%.The Mining Stock Journal said that mining stock sentiment took a big plunge on Friday, which could be a strong contrarian signal. But the newsletter iswaiting to see if the move appears to be sustainable or was a one-day wonder. However, at some point, the mining stocks are going to embark on a massive move higher.

We’ll get to the news out of the miners and explorers in a moment, but first a quick mention of today’s sponsor. 

This episode of Mining Stock Daily is brought to you by… Integra Resources.

Integra Resources is advancing the past-producing DeLamar Project in southwestern Idaho. The Company has continued to demonstrate resource growth and conversion through greenfield and brownfield exploration and plans on delivering a pre-feasibility study in Q4 2021 to further de-risk and advance the project towards permitting. Integra Resources trades on the TSX-V under ITR and the NYSE American under ITRG.

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

Marathon Gold reported the latest drill assay results from the Valentine Gold Project in central Newfoundland. Highlights from today’s results included 22.97 g/t gold over 6 meters, including 133.3 g/t over 1 meter, 25.38 g/t over 4 meters and 3 g/t over 22 meters. The exploration thesis at Berry has been to delineate the strong “Main Zone” type mineralization close to the Valentine Lake Shear Zone, to test the continuity of this Main Zone between the western and eastern portions of Berry, and to test for more fully developed concentrations of mineralization within the hanging wall rocks. Marathon Gold trades on the TSX with MOZ. News Release

Hemlo Explorers provided an update on its drill program at the North Limb project, located 15 km north of the Hemlo Mine near Manitouwadge, Ontario.  Two drill grids have been instituted to cover the entire North Limb project. Results included 9.7 meters grading 48 ppb gold at a downhole depth starting at 454 meters. Numerous additional strongly anomalous gold horizons were intersected in all three drill holes on this section. A two-month surface mapping program, covering more than 25 line-kms, and 3D Leapfrog© drillhole geological and geochemical interpretation, is ongoing in an effort to plan additional follow-up drilling. Hemlo trades on the TSX Venture with HMLO. News Release

Sable Resources provided results from drilling and sampling at the Lagunitas being system, which is the latest discovery within the El Fierro Project in Argentina.  Sample results included 1,031 g/t silver equivalent over 1 meter at the Caramelo Vein and 1,101.74 g/t silver equivalent over 1 meter at they Almendra Vein. Drilling returned 356 g/t silver equivalent over 2.4 meters within a wide fault zone that included vultiple being, veinlets and fault breccias returning 87.3 g/t silver equivalent over 40.6 meters. The El Fierro Project is located 250 km northwest of San Juan, Argentina and 120 km north of Sable's Don Julio Project. Sable Resources trade on the TSX Venture with SAE and on the OTCQB with SBLRF. News Release

FireFox Gold announced they have commenced systematic mechanized exploration on its 100%-controlled Sarvi Project, which adjoins Rupert Resources' Area 1 discovery zone. FireFox geologists began ground geophysics during the winter of 2021, followed immediately by mapping and sampling earlier this summer, and they have now escalated work to include: bottom-of-till (BOT) sampling and excavator trenching at high-priority targets on the newly granted exploration permit. The expansion of work at Sarvi comes immediately on the heels of two permit issuances by the Finnish Safety and Chemicals Agency (Tukes). This level of permit allows mechanized exploration, including drilling. FireFox trades on the TSX Venture with FFOX. News Release

Yamana Gold announced today it has repurchased an additional 1,584,500 common shares under the Company’s normal course issuer bid for a cumulative total of 3,321,276 common shares for approximately C$18 million purchased since the initiation of its share repurchase program for up to 5% of the outstanding shares. The Company says it plans to be selective and opportunistic in relation to share repurchases intending to enter market when permitted and at times when the trading range of its shares do not reflect the underlying value. Common shares that are purchased under the normal course issuer bid will be cancelled. Yamana trades on the TSX with YRI and on the NYSE with AUY. News Release

That’s it for the news briefing this morning. We have a couple of great interviews coming your way later today. 

The Mining Stock Daily morning briefing is produced by Clear Creek Digital and Investment Research Dynamic’s Mining Stock Journal. It is distributed throughout the world through your podcast network of choice, and by our friends at the Junior Mining Network. 

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