Minera Alamos Expands Santana Mineralization to the Southwest
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday June 10th.
Gold soared over $30 during early European trading to as high as $1730 basis August gold. Gold has popped back over its 50 day moving average, which should be bullish from a technical standpoint. The Mining Stock Journal noted that, based on data from various Indian gold trading hubs that India is getting back into the import game though for now seems to be more interested when gold is below $1700. Asia also is re-starting its gold buying appetite based on data from the Shanghai Gold Exchange, Turkey and Viet Nam. Silver was sluggish relative to gold and the Mining Stock Journal said that it's likely hedge fund algos were selling paper silver in correlation with the drop in the stock market. The newsletter said it does not expect the weakness in silver to last. The Mining Stocks closed up nearly 1% as the GDX appears to be pulling up and away from its 50 day moving average after testing it the previous two days. The Mining Stock Journal in the latest issue out tomorrow afternoon will be presenting an analysis of New Gold's sale of its Blackwater Project to Artemis Gold as well as issuing an opinion on Artemis. You can learn more about this mining stock newsletter at Investment Research Dynamics dot com.
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 OTCQX under IRRZF. 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 …
Minera Alamos reported additional drill results from its Phase 2 drill program at the Santana gold project in Sonora, Mexico. Phase 2 was completed over the past year and was initiated as a follow-up to the Company's first drill program at Santana during the 2018/19 period. These new holes were designed primarily to test the northern limits of the Nicho main zone and to continue to evaluate the potential for further extensions of the known mineralization to the south and southwest. Results included hole 141 which returned .51 g/t gold over 202.7 meters and ended in mineralization. The successful results from the program further expands mineralization to the southwest and confirms the depth potential previously identified in hole S20-134. The Company has also finalized initial plans for the Phase 3 drill program which will commence shortly following the resumption of post-covid mining activities in Mexico. In total, the Phase 3 drill plans amount to approximately 6,000-7,500 m of drilling to be conducted over the second half of the year. The program could be expanded depending on the success of the initial holes on the new targets. Minera Alamos trades on the TSX Venture with MAI and on the OTC markets with MAIFF. News Release
Eclipse Gold reported drill results from its first phase of drilling at the Hercules Gold Project located in Lyon County, Nevada. A total of 3,271 meters were drilled in 12 exploration reverse circulation drillholes. Targets tested include Hercules, Cliffs, Loaves, Northeast, and Rattlesnakes; eleven of the twelve holes intersected significant oxidized gold mineralization, and all targets contained gold mineralization. Results included almost 90 meters of .81 g/t gold with an interval of 30.48 meters of 30.48 g/t gold at Hercules. True thickness is estimated to be between 60% and 80% of the reported lengths. The Hercules mineralizing system appears to strengthen towards the south. These results indicate that mineralization at the Hercules Gold Project is potentially similar to other large Walker Lane-hosted, low sulphidation epithermal gold-silver systems. Eclipse Gold trades on the TSX Venture with EGLD and on the OTC with EGLPF. News Release
Maple Gold Mines shared more assay results from its 2020 winter drilling program at the Douay Project. Results reported today included 1.23 g/t gold over 75 meters. This hole was collared about 130 meters northeast of two historical drillholes. The company says their new drillhole support the updip continuity of mineralization from these historical holes. The drilling appears to now link up multiple intercepts, both new and historical, within a much broader zone of mineralization extending from top of bedrock to the base of the current conceptual pit in this area. Maple Gold Mines trades on the TSX Venture with MGM and on the OTCQB with MGMLF. News Release
MegumaGold and Osprey Gold have entered into a definitive agreement to merge their respective businesses pursuant to a plan of arrangement to create a leading Nova Scotia precious metals exploration company. Pursuant to the terms of the Arrangement Agreement, MegumaGold will acquire all of the issued and outstanding shares of Osprey. Each shareholder of Osprey will receive shares of Meguma on a 2 to 1 basis. MegumaGold trades on the CSE with the symbol NSAU and on the OTC with NSAUF. Osprey trades on the TSX Venture with OS andon the OTCQB with OSSPF. News Release
Evrim Resources and Renaissance Gold announced they have entered into an agreement to combine in a merger-of-equals in which Evrim will acquire all of the outstanding common shares of Renaissance through a share exchange transaction to create a new company, to be named Orogen Royalties Inc. Orogen will focus on project generation as has been the history of both Evrim and Renaissance but with a renewed focus on organic royalty creation and royalty acquisition. Under the terms of the Arrangement Agreement, each Renaissance share will be exchanged for 1.2448 Evrim shares, which will result in Renaissance and Evrim shareholders each holding 50% of the issued and outstanding shares of Orogen Royalties Inc.
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