Mexico Silver Exploration Highlight Today's News
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Thursday August 13th
Tuesday's sell-off in gold and silver continued into Tuesday night, with October gold being pushed down to as low as $1875 and September silver falling to $23.60. But just after midnight NY Time, gold shot up $75 on no news triggers while silver soared $2.75 to $26.50. Gold settled up $2.70 from Tuesday's day closing price while silver was down slightly from Tuesday's day close. The gold/silver ratio settled at 75. It had been as high as 79 on Tuesday. The mining stocks rallied Wednesday to close marginally higher than Tuesday but well off their highs of the day. The Mining Stock Journal believes there's still another price management attack coming as the banks look to shrink their net short position in the metals and book profits on shorts fed into the market when gold was over $2000 and silver was pushing $30. The action in the stocks on Wednesday signaled the possibility of continued effort by the banks to push the metals lower for now. The newsletter concedes that the sudden rally in the metals early Wednesday morning offers the possibility that Tuesday's attack was not much more than 1-day failed effort
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… Integra Resources.
Integra Resources trades on the TSX-V under ITR and the NYSE American with ITRG. Integra Resource is advancing its past producing DeLamar Gold-Silver project in SW Idaho through aggressive drilling and exploration. The latest Resources Estimate released earlier this summer showed approximately 4 million Gold equivalent ounces in the measured and indicated category.The maiden PEA for the project established a net present value of C$473-million and an IRR of 43%. The management of Integra successfully sold its previous brownfields project for C$590 million in summer 2017. Read more about the company and its successful management team at integraresources.com.
And here’s what you need to know this morning…
Vizsla Resources says it has made its second discovery from the Panuco silver-gold project. New drill results from the San Carlos Mine on the Animas Vein Corridor returned 421 g/t silver equivalent over 6.75 meters, including an interval of 1,245 g/t silver equivalent over 1.5 meters. The San Carlos Mine is over 6 km east of the recent discovery at the Napoleon vein corridor. 2 more holes are yet to have results released. One hole is in the lab for testing while the other is in progress to test 25 meters to the south of this initial discovery. The San Carlos segment of the Animas Vein Corridor is a roughly north-south trending vein that dips approximately 50 degrees to the west. This represents a significant change in orientation compared to the general northwest trend of the Animas corridor and is likely related to a north – south trending structure that offsets the main trend and localizes mineralization at San Carlos. Vizsla trades on the TSX Venture with VZLA and on the OTCQB with VIZSF. News Release
Wallbridge Mining reported drill results from Area 51 of the Fenelon Gold Property this morning. The company says today’s results confirm the significant underground, high-grade resource potential of this zone. The 4 surface drill holes reported today included 13.1 g/t gold over 3.45 meters and 5.32 g/t gold over 21.5 meters. CEO Marz Kord says Area 51, discovered in early 2019, has now been modelled as a network of 28 mineralized zones, with varying strike lengths of 300 to 500 metres, from surface down to around 600 metres depth. Strong intersections of high-grade gold mineralization in these veins demonstrate the potential for a significant underground resource in addition to the potential of an open pit resource. Wallbridge trades on the TSX Venture with WM. News Release
SilverCrest Metals released additional drill results for the Babi Vista Vein at its Las Chispas Property located in Sonora, Mexico. The current drill program on Babi Vista is designed to expand and in-fill high-grade precious metal mineralization to be included in the updated resource for the ongoing feasibility study. The results today for Babi Vista demonstrate high-grade continuity and a developing high-grade zone similar to the adjacent Babicanora Vein, and Babicanora Norte Vein. These high-grade veins are near surface with underground development underway and are being considered for mining early in the mine life. Hole BV20-60 establishes a new grade-thickness record for the Property, returning 1.3 metres grading 634.56 grams per tonne gold and 26,003 gpt silver, or 73,595 gpt silver-equivalent. SilverCrest trades on the TSX with SIL and on the NYSE American with SILV. News Release
Also in Mexico, Kootenay Silver shared results from an additional 4 holes from its 7,000 meter drill program at the Columba silver project in Chihuahua. Assays returned 608 g/t silver over 5 meters within an intercept of 229 g/t silver over 22 meters. Drilling is ongoing and more results will be released once holes are completed and assays are received, compiled, and interpreted. Kootenay trades on the TSX Venture with KTN.
Now, we welcome back Kai Hoffman for the Oreninc Weekly Update.
----
And in a quick hit list of other news this morning, Maverix Metals announced a record past quarter with $11 million revenue. Calibre is acquiring the remaining 70% interest in the Eastern Borosi gold-silver property from IAMGOLD. Kirkland Lake announced the sale of Osisko Mining and Novo Resources shares and will continue its repurchasing program. Enduro Metals is increasing their private placement to just over $11 million. And Condor Gold says it has significantly de-risked the La India Project with purchasing 85% of the land within the permitted mine site infrastructure and completing key engineering studies.
Mining Stock Daily is distributed over a dozen different networks throughout the world and in proud partnership with the Junior Mining Network. It is produced by Clear Creek Digital and Investment Research Dynamic's Mining Stock Journal.
I’m Trevor Hall. Have a wonderful day. Be well.
Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein.