Mine Operations Reopening in Quebec
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Tuesday, April 14th.
Gold powered higher again on Monday, rising as much as $40 from the lows in early Sunday evening trading to close at $1761. As this is being written, gold is up another $10 in evening Globex computer trading. The Mining Stock Journal's Dave Kranzler said that gold appears to be technically over-extended, but in his 19+ year experience trading gold that it can become even more overbought before a corrective pullback occurs. Silver remains an enigma, as it fell 52 cents or 3.2% on Monday. The Mining Stock Journal said that in all likelihood the hedge fund computer algos were treating silver like an industrial and were selling Comex paper silver in correlation with the drop in the general stock market. The mining stocks were up 7% as represented by the HUI Amex Gold Bugs Index. The Mining Stock Journal commented that the GDX ETF is up 62% since March 13th. The newsletter added that it would not be surprised to see GDX double again from here before the end of the
summer, if not sooner.
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... Western Copper and Gold
Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 10 billion pounds of copper and 18 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.
And here’s what you need to know this morning …
Troilus Gold reported initial results from its 6,000 meter drill program from the Southwest zone of the company’s Troilus property in Quebec. The company says all drill holes reported herein successfully intersected gold and demonstrated geology similar to the main Z87 mineralized zone located less than 3.5 kilometres away. Results reported this morning included 1.65 g/t gold equivalent over 33 meters less than 75 meters from surface. The company says the Southwest Zone may have the potential to add to Troilus’ already compelling estimated mineral resource which includes 4.71 million ounces of Indicated gold equivalent and 1.76 million ounces of Inferred gold equivalent as announced in November of last year. Troilus trades on the TSX with TLG and on the OTCQB with CHXMF. News Release
Northern Vertex announced this morning they have commenced construction of a $2.1 million, 6.9 mile electrical transmission system, and has completed a definitive, non-dilutive term loan financing agreement, which will secure the long term low cost power supply to the Moss Mine. System design is complete, long lead time items have been purchased, and construction of the system is expected to be completed in Q3 2020. Northern Vertex is partnering with Mohave Electric Corp. for both the finance and construction of this long-term, sustainable grid power supply. Once complete, the Northern Vertex expected a life of mine savings of up to $20 million and a $50 decrease to their all in sustaining cost. Northern Vertex trades on the TSX Venture with NEE and on the OTC with NHVCF. News Release
Kincora Copper announced today they have been granted a new exploration license covering over 382 square kilometers of the Nevertire project located in the Lachlan Fold Belt of New South Wales, Australia. The region was previously the focus of St Barbara Ltd's Big Gold Lachlan Project-Marra Joint Group project that covered various separate license areas across an 80km strike. Kincora is in advanced preparations to commence phase 1 drilling at the Trundle project and will provide an update in due course. Kincora Copper trades on the TSX Venture with KCC. News Release
And back with us once again this week is Kai Hoffman of Oreninc to give us the Weekly Update on financing news.
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With the Government of Quebec’s decision to authorize the resumption of mining activities in the province, we have a few operations which announced reopenings today. Yamana says the Canadian Malartic Mine will resume operations tomorrow. And Eldorado Gold says the company will also begin ramping up operations at Lamaque as well. In Ontario, McEwen Mining has decided to restart the Black Fox Mine.
And production numbers from many different companies are also available. We do not have time to go through all of them this morning, but companies reporting today included First Majestic, Fiore Gold, Caldas Gold, Avino Silver and Gold, Gran Colombia, Fortuna Silver, McEwen Mining and Torex Gold. You can find all those news released on the newsroom page of the Junior Mining Network.
That’s it from me this morning. We’ll be back throughout the rest of the day today and tomorrow with more commentary. Be sure to hit that subscribe button if you have not done so already.
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