Milestone Developments Announced for Uranium Royalty, EMX and Corvus Gold
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Thursday, February 11th
Gold ended up $5 on Wednesday, settling at $1842 after a wild spike up to $1857 that started at 8:00 a.m. NY Time followed by bungee jump drop down to $1835 that began at 9:00 a.m. The Mining Stock Journal is probably still looking for the cause of that price-action. Silver experienced a similar price-action pattern, spiking up roughly 40 cents to $27.60 followed by a whack-a-mole beat down to $26.87 before settling down 32 cents at $27.08. The Mining Stock Journal was left scratching its head on the trading behavior of gold and silver yesterday. According to the Silver Institute, silver demand will hit an 8-year high 2021 from both investment and industrial sources. The Silver Institute is forecasting 1.03 billion ozs of demand in 2021 vs. a projected 866 million ozs of mined supply. Including recycled silver, the forecast is for a slight surplus in silver in 2021. The Mining Stock Journal would bet that demand will exceed total supply and the price of silver will rise considerably this year. The mining stocks Wednesday once again traded in a narrow range from positive to negative. Both GDX and the Amex Gold Bugs Index finished the day slightly green.
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.
Lets talk about Corvus Gold again. This morning the company reported further drill results from the new Lynnda Strip oxide gold discovery. Included in this series of results is an additional core hole ML20-171CT which crossed the entire known zone and returned an upper interval of 204.5m @ 1.36 g/t gold with an additional broad, lower grade Lower Zone below. This hole also returned high-grade gold values from the Upper Vein zone returning 37.3m @ 5.39 g/t gold and has a central vein of 10.5m @ 9.99 g/t gold. These additional results are now outlining a large oxide gold discovery with a consistent upper vein zone that appears similar but potentially larger to Corvus’ YellowJacket deposit in the western part of the district. The nature of the vein system also appears to Corvus to be similar to the nearby historic Bullfrog deposit mined by Barrick Gold in the 1990’s. Corvus has an additional 20 holes either pending or planned in this phase of drilling at Lynnda Strip that will be assessing an area of approximately 1 kilometre as well as testing new similar structural targets to the west. Corvus Gold trades on the TSX and the Nasdaq with KOR. News Release
HighGold reported surface rock and soil sampling results front he Diffiult Creek Prospect located four kilometers northeast of the JT deposit in Alaska. A new high-grade silver-gold-zinc vein field was discovered through rock sampling over a 250m x 700m area, located on trend and south of the historic DC Prospect gold showing. Results included 1,800 g/t silver, 1,280 g/t silver and 574 g/t silver from rock grab samples. Samples from the new Copper Zone returned 9.87% copper and 3.98% copper. Highgold trades on the TSX Venture with HIGH and on the OTCQX with HGGOF. News Release
Uranium Royalty Corp announced it has entered into a definitive agreement to acquire existing royalty interests on the McArthur River and Cigar Lake Mines in Saskatchewan, Canada. McArthur River and Cigar Lake mines rank as the two largest high-grade uranium mines in the world, with ore grade 100 times world averages as disclosed by Cameco. Based on disclosed production capacities, the mines have the combined capacity equal to 21% of global forecasted uranium demand. The purchase comes at a cost of $10 million in cash and $1.5 million in common shares of URC. The McArthur River royalty consists of a 1% Gross Overriding Royalty on an approximate 9% share of uranium production derived from Orano's ownership interest. Included in the royalty is the option to take physical uranium "in kind" by giving a 45-day notice.The Cigar Lake royalty consists of a 20% Net Profits Interest on a 3.75% share of overall uranium production, derived from Orano's ownership interest. The royalty rate adjusts to 10% in the future upon production of 200 Mlbs from the royalty lands. Uranium Royalty trades on the TSX Venture with URC and on OTC with URCCF. News Release
EMX Royalty was out with news this morning. The company announced the commencement of development construction on its Balya lead-zinc-silver royalty property in western Turkey. Operating partner Esan Eczacibaşi Endüstriyel Hammaddeler San. ve Tic. A.Ş. ("Esan") has informed EMX that it has commenced construction of a 4,900 meter decline and expects commercial production from the property to begin as early as Q4, 2021. These developments represent a key milestone for EMX, as Balya is an organically generated royalty property. EMX originally acquired the mineral rights to the Balya project via its exploration programs in Turkey, and then subsequently sold the project to a partner company for further advancement and development with EMX retaining a royalty interest. EMX trades on the NYSE American and the TSX Venture with EMX. News Release
Bunker Hill Mining says it was successful in commissioning its water pre-treatment plant, designed to significantly improve the quality of mine water discharge from the Bunker Hill mine. This supports a sustainable restart of mining operations based on modern zero-footprint techniques designed to enhance the quality of the environment. The Company began its water management program in September 2020 with the goal of improving the understanding of the mine’s water system and enacting immediate improvement in the water quality of effluent leaving the mine for treatment at the US Environmental Protection Agency’s Central Treatment Plant. The recently commissioned pre-treatment system achieves this goal by reducing significantly the amount of treatment required at the CTP, and the associated costs, before the mine water is discharged into the south fork of the Coeur D’Alene River. The Company’s new pre-treatment system is removing over 70% of the metals from water before it leaves the mine, with the potential for further improvements. Bunker Hill trades on the CSE with BNKR. News Release
Clarity Gold announced it intends to undertake a non-brokered private placement consisting of the issuance of up to 1,621,621 common shares in the capital of the Company issued on a “flow-through” basis pursuant to the Income Tax Act (Canada) and to the Taxation Act (Québec) at a price of $1.85 per Share for gross proceeds of up to $3,000,000. The Company intends to use the proceeds from the Offering for exploration expenditures in connection with the Company’s Destiny Project. The 5,013 ha Destiny Project is located in the prolific Abitibi Greenstone Belt where more than 180 million ounces of gold have been produced historically and lies along a major structural break which is largely underexplored. Clarity Gold trades ont he CSE with CLAR and on the OTC with CLGCF. News Release
Yesterday, we introduced the listeners of the podcast to Omai Gold Mines. This morning the company announced the first phase of diamond core drilling at the Omai Project has commenced. The 5,000-meter drill program will focus on expanding the open-pit potential of the historical past-producing Wenot Pit. Wenot was not fully tested due to a low gold price environment, but previous drilling demonstrates the potential for similar grades and thicknesses of gold extending below the current pit, including 69 meters of 3.96 grams per tonne gold. The company trades on the TSX Venture with OMG. News Release
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I’m Trevor Hall. Have a wonderful day. Be well.
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