Morning Briefing: Aldebaran Resources Drills 1059m of .4%CuEq
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Thursday, August 18th
The gold price was given yet another push lower on Wednesday, falling from $1796 per ounce to as low as $1774 before settling at $1777. The Mining Stock Journal said that, despite more than casual demand for gold in China Wednesday, the move higher in the dollar triggered hedge fund or CTA algos to buy the dollar index and sell or short gold and silver futures. Silver similarly was hammered down, once London opened and the physical metal buying markets were closing, from $20.25 per ounce to $19.65 before settling at $19.74. The Mining Stock Journal, while confident that gold won't remain below $1800 and silver won't hold below $20 for long, said that the low volume period of mid to late August lends itself to two-way volatility because of the nature of the paper derivative trading that controls short-term directional movements.
The newsletter added that it still is confident that a big move higher is in store sometime in the next few months. The mining stocks Wednesday did not react well to the sell-off in gold and silver - paper gold and silver, that is - with the GDX down over 3%. As the Mining Stock comments, mid-August is one of the lowest volume periods of the year for the markets which makes it easy to push the precious sector around.
We will get to the news from the miners and explorers in a moment, but first a word about 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 11 billion pounds of copper and 21 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….
Aldebaran Resources reported results from the much anticipated hole 221 at its Altar copper project in San Juan, Argentina. Highlights included 1,059.5m grading 0.40% CuEq from 228m depth in hole 221 including 50m of 0.72% CuEq in a hole which tested the northern edge of a very large 3D IP/MT geophysical anomaly and which ended in mineralization. Hole 221 tested for mineralization between Altar Central and Altar East in an area previously undrilled and thought to be barren. Aldebaran Resources trades on the TSXV under ALDE and on the OTCQX under ADBRF. News release
Stratabound Minerals announces an updated resource estimate for its Fremont Gold Project in California's Mother Lode Gold Belt. It said the indicated Resource increased 121% to 1.2 million ounces grading 1.9g/t Au and the inferred Resource increased 348% to 2Moz grading 2.22 g/t. Of this, the pit constrained component consists of 2.5Moz across all categories. The updated resource now extends along 1,400m of combined strike length and up to 600m below surface and includes the satellite Queen Specimen open pit plus the Pine Tree/Josephine underground components. Stratabound plans to advance to a Preliminary Economic Assessment. Stratabound Minerals trades on the TSXV under SB and on the OTCQB under SBMIF. News release
Mako Mining reported additional results from definition and expansion drilling at the Las Conchitas at San Albino-Murra property, which contains numerous mineralized structures over a 1,700m by 800m area. Highlights from recent drilling at Las Conchitas – Central included 80cm true width grading 85.10 g/t Au and 153 g/t Ag in hole 813. The company said that while the Las Conchitas Central area has not received much drilling it is showing similar high grade, shallow dipping, auriferous veins as it has found throughout its land package. Importantly, the company said hole 813 connected two zones previously interpreted as separate. Mako Mining trades on the TSXV under MKO and on the OTCQX under MAKOF. News release
Cabral Gold provided new assay results from 21 RC holes drilled in the recently identified gold-in-oxide blanket of the PDM target within the Cuiú Cuiú Gold District in northern Brazil. A few selected highlights are 11m of 3.1 g/t gold , which included 3m of 10.5 g/t gold in hotel 324. Results also included 15m of 1.5 g/t gold which included 1m of 19.1 g/t in hole 327. These drill results suggest that the blanket at PDM remains open to the north. Furthermore, the results lend further support to the existing evidence that suggests there are at least two parallel zones of mineralization in the underlying primary basement rocks which remain open to the north and south. Cabral Gold trades on the TXV with CBR and on the OTC with CBGZF. News Release
Frank Guistra is back! His shell company DLV Resources is to acquire West Red Lake Gold Mines by issuing 0.1215 of a share for each West Red Lake share. Upon closing, DLV intends to list on Tier 2 of the TSX Venture Exchange and RLG will be de-listed from the CSE. DLV has agreed to help RLG source purchasers for a flow-through financing at 4.7c for proceeds of up to C$4.6 million. It is expected that on completion of the Transaction, DLV will have about 52 million shares outstanding, of which 45.5% will be held by West Red Lake shareholders, 31.87% by DLV shareholders and 22.63% by subscribers to the Financing. West Red Lake has gold exploration and development projects in the Red Lake Gold District of Ontario, Canada. DLV Resources trades on the TSXV under DLV.H. West Red Lake Gold Mines trades on the CSE under RLG. News release
That concludes today’s morning briefing.
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