Mistango River Acquires Land Package Adjacent to Kirkland's Macassa
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Thursday, March 26th.
Gold had $50 removed from its trading level, that is, in the paper gold market. The price dropped $25 when London opened Wednesday morning and another $20 after the London a.m. price fix. The Mining Stock Journal noted that, yes, the price was fixed. Silver took a 40 cent bath on Friday though the gold/silver ratio edged lower to 111 as this commentary is being written. The mining stocks per the GDX ETF jumped 4.6% - an indication that the stock market believes gold and silver will go much higher. The Mining Stock Journal explained that, after running up nearly $200 in two days, a technical correction was expected and will set up the next move higher in the entire sector.
Last night the Senate in the US did approve its $2-trillion stimulus bill. That now goes to Congress for approval and then to President Trump’s desk.
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. Corvus is an advanced gold-silver exploration and development company focused on the North Bullfrog and Mother Lode Projects in Nevada. The company has been named a Top Five TSX gold equity performer Four of the last Seven years & a multi time top 50 OTCQX performer. Corvus Gold trades on the Toronto Stock Exchange with the symbol KOR and on the OTCQX with CORVF. Follow all the news form Corvus and its two-mine projects with fast-tracked potential via the company's website, corvusgold.com.
And here’s what you need to know this morning …
Centerra Gold shared their full-year 2019 results this morning. The company reported a net loss of $93.5 million, or $.32 per common share. Cash flow from Centerra’s operations last year did reach over $334 million with over 783,000 ouces of gold produced and 71.1 million pounds of copper produced. Proven and probable gold reserves now total an estimated 11.1 million ounces of gold and over 1.5 billion pounds of copper. The company also announced that they will be paying a dividend of $.04 C for each common share owned of the company. That dividend will be payable on April 22nd. Centerra Gold trades on the TSX with the symbol CG. News Release
EMX Royalty announced it has closed its previously announced acquisition of net smelter returns royalty interests covering 18 properties in Chile from Revelo Resources Corp. for US$1,162,000. Of that amount, US$369,907 was applied to fully repay EMX for an outstanding loan due from Revelo. EMX Trades on the TSX Venture and the NYSE with the symbol EMX. News Release
MacDonald Mines Exploration had previous assays announced in February re-assayed and shared those new results this morning. Hole 26, which was previously reported as 376.6 g/t gold over 2.96 meters, was sent to a second laboratory. Those results are now 464.4 g/t gold over the same length. The re-analysis of hole SM-20-026 was undertaken to confirm the extremely high-grade results that were obtained 18 metres downdip from the high-grade intersection of 52 g/t gold over 12 metres in in hole 1. MacDonald Mines Exploration is focused on developing the SPJ project in Northern Ontario. The company trades on the TSX Venture with BMK. News Release
Mistango River Resources announced they have acquired a 2,105 hectare land package called the Teck-Kirkland Property from Hinterland Metals. The Teck-Kirkland property encompasses the western boundary of Kirkland Lake Gold’s Macassa Mine and includes claims on the Amalgamated, Main, Cadillac and Kirana Faults. This expansion of Mistango's Eby-Baldwin brings the property to a total of 4,300 hectares making the Company one of the largest landowners in the Kirkland Lake camp. Mistango trades on the CSE with the symbol MIS. News Release
More companies shared project updates regarding the COVID-19 global health issue this morning. Genesis Metals will suspend drilling at the Chevrier Gold Project in Quebec.
Renaissance Gold issued a work from home strategy while future drilling on 6 of their projects and earn-in agreements are uncertain.
Aldebaran Resources has closed its field camp in Argentina.
McEwen Mining has suspended operations at the Black Fox and Gold Bar Mines.
Trevali has suspended work at its Caribou Mine operations in New Brunswick.
And Tinka Resources advised its employees and shareholders that one of its employees in Peru has tested positive of COVID-19. The employee is recovering well in self-isolation at his home in Lima. Other Company employees who were in close contact with the affected employee, and their families, are also in self-isolation. The Ayawilca camp has been on lockdown since March 15th when Peru declared a national emergency.
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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