McEwen Mining's Stock Property Continues to Show High-Grade
Gold is taking another hit this morning as the U.S. - China trade war uncertainties are causing investors to flee to the dollar, as that index continues to rise. Palladium, however, reached another all-time high breaking the $1,700 dollar mark. More news from the metals and miners this morning, here on Mining Stock Daily.
Welcome to Mining Stock Daily.
Today is Monday, September 30th.
This is Trevor Hall and I welcome you to today’s briefing.
Between Tuesday and Friday last week, gold had $44 removed from its market valuation, with most of the price reduction occurring during the Comex floor trading hours. Silver was hit even harder on a percentage basis, as the price was taken down over $1 and below $18. The Mining Stock Journal said that, with a near-parabolic move in gold and silver over the last three months plus the Comex gold future open interest hitting an all-time high last Tuesday, it appears as if the bullion banks are the the process of implementing a classic open-interest liquidation operation to monetize the near record net short position in gold contracts taken on by the Comex banks. The newsletter added that there's a possibility the gold price fall to another $100 before the Comex open interest in gold is reduced to a more normalized level of 450,000 to 500,000 contracts.
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Here’s what you need to know today out of the junior resource sector.
SEMAFO shares their results this morning from a preliminary economic assessment for its Nabanga project in Burkina Faso. The PEA shows a project with a after-tax NPV of $100 million producing 571,000 ounces of gold throughout the life of the mine at in all-in sustaining cost of $760 per ounce. Mine life is slated for 8 years and comes with a Capex price tag of $84 million. The company says the goal of the PEA study was to assess the initial economic viability and to identify area of improvement to rank Nabanga within SEMAFO’s development pipeline. SEMAFO trades on the TSX with the symbol SMF and also on the US OTC markets with SEMFF. News Relese
McEwen Mining shared some more exploration results from its Stock Property near Timmins, Canada, which is part of the great Black Fox Complex owned by the company. Two drill intersections at stock East returned positive results, including 34.7 g/t gold over 5.9 meters and 83.5 g/t gold over 5.6 meters. Within that intersection, there was also a section grading 417 g/t gold over 1.1 meters. Drilling is continuing along the 3 km trend. The company says Stock has become an exploration priority now and the presence of new high-grade intersections together with previous results strengthens their conviction that the Stock East Deposit hosts higher-grade zones that could potentially be mined using existing nearby underground mine workings. A resource update for the Stock Property is planned for year-end. McEwen Mining trades on the NYSE and the TSX with the symbol MUX. News Release
Great Bear Resources says it has completed 14 drill fences spaced from 50 to 800 meters apart along 3.2 kilometers of the LP Fault and have a large number of drill results pending. CEO Chris Taylor went on in this morning’s press release to say new observations have transformed the company’s understanding of the LP Fault mineralization system as to an observation of similar and correlateable geology and/or mineralization styles within all drill holes intersecting the structure to-date. In the release, the company included it appears these are portions of a continuous mineralized system spanning kilometers of strike length which remains open along strike and at depth. Great Bear also shared drill results this morning, this from the Auro Zone. The highlights included 2.09 g/t gold over 41 meters from a step-out hole at Auro. Great Bear trades on the TSX Venture with GBR and on the US OTC markets with GTBDF. News Release
Precipitate Gold announced a non-brokered private placement units to raise up to $1.5 million. Each unitl consists of 1 common share and one-half share purchase warrant. The proceeds from the Offering will be used to fund the Company's continued exploration and development on its Pueblo Grande project in the Dominican Republic, and for general working capital purposes. The Mining Stock Journal said that Precipitate is getting ready to drill carefully planned targets on its Pueblo Grande property, which sits adjacent to the Barrick's Pueblo Viejo mine in the Domincan Republic, one of the biggest and most profitable gold mines in the world. The Company's shares trade under PREIF in the U.S. and PRG on the TSX Venture exchange.
Prophecy Development announced it has commenced its 5,000 meter diamond drilling campaign at the Pulacayo Paca silver-zinc-lead deposit in Bolivia. First set of assay results are expected in November. Phase 1 drilling will be comprised of surface drilling to expand the NI43-101 compliant resource in the northern and eastern directions. Prophecy says it will also evaluate upgrading the Paca resource from an Inferred category to Measured and Indicated through infill drilling. Prophecy Development trades on the TSX with the symbol PCY and on the OTC markets in the US with the symbol PRPCF. News Release
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