Morning Briefing: Ascot Hits High-Grade at Big Missouri
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Thursday October 27th.
Gold on Wednesday took off starting around 1:00 a.m. NY time, rising from $1654 per ounce to as high at $1679 at the London a.m fix. Of course, right after the fix, gold sold down to $1666 but bounced back up to $1677 before pulling back and settling at $1668. Silver followed a similar price path as gold, only it started to launch around the time the Indian market gets going around 9 p.m NY time. Silver ran from $19.20 per ounce to as high as $19.76 at the London a.m. fix, falling back to $19.40 and bouncing around before settling at $19.51. The Mining Stock Journal said that the metals started running higher while the stock index futures traded sideways. The newsletter believes that the price-action early in the morning reflects a torrent of demand for physical gold and silver, particularly silver, from India. There's also the growing sentiment that the Fed will pivot before or by year-end which is fueling all assets, particularly the stock market.
The mining stocks also staged a large move higher, outperforming the broad stock indices once again, with the GDX up nearly 3%. The silver miners were especially bouncy, with bellwether Endeavor Silver up over 4%. The Mining Stock Journal noted that, if the precious metals sector catches fire, the magnitude and speed of the move higher will catch many by surprise.
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….
Calibre Mining says its business as usual in Nicaragua. Following discussions with its advisors relating to the sanctions imposed on the Nicaraguan General Directorate of Mines by the United States Treasury Department and an internal review of its current and future planned operations, the Company confirms that the Sanctions do not have a material impact on its Nicaraguan operations. The Libertad and Limon complexes are operating to plan, and the Company is on track to meet our 2022 consolidated annual production guidance of 220,000 – 235,000 ounces gold. Calibre will continue to monitor its operations with the assistance of its advisors to ensure that the Company continues to comply with all relevant laws and regulations. Calibre Mining trades on the TSX with CXB and on the OTCQX with CXBMF. News Release
Ascot Resources announced the second batch of assay results at the Big Missouri deposit from the 2022 exploration drill program at its Premier Gold Project in the Golden Triangle of British Columbia. Highlights from surface drilling for in-fill and exploration included 10.69m grading 31.92 g/t Au and 22.21 g/t Ag from 90m in hole 2428, which included visible gold. Drilling at Big Missouri this season totalled 4,752m in 50 holes. The company said it is encouraged that the majority of the intercepts were encountered within or close to existing block model wireframes and in potential extensions of those wireframes, further validating the resource model at Premier which bolsters its confidence in the quality of its resource model. Ascot Resources trades on the TSX under AOT and on the OTCQX under AOTVF. News release
Outcrop Silver & Gold announced the results of nine holes designed to test the continuity at depth of the Las Maras shoot on its Santa Ana high-grade silver project in Tolima in Colombia. Twenty-three holes have been drilled in Las Maras to date of which 13 returned high-grade assays, with two holes pending assays. Drilling has extended high-grade mineralization to 370m in depth. Other ore shoots are only drilled to an average depth of 170m, indicating they could be more than doubled if they also extend deeper. Highlights included 2.14m grading 2,032 grams per tonne silver equivalent in hole 294. Outcrop Silver & Gold trades on the TSXV under OCG and on the OTCQX under OCGSF. News release
Osino Resources announced a maiden mineral resource estimate for its Ondundu gold project in Namibia. The company says Ondundu hosts 26 million tonnes at an average grade of 1.13 g/t gold for a total of 900,000 ounces in the inferred category. The company says given the nature of the deposit, we believe that there is potential to improve the grade and size of the deposit with additional drilling and using larger sample volumes. This will be tested with a limited RC drill program which is about to commence. The Ondundu Gold Project is located in north-central Namibia approximately 270km northwest of Windhoek and 130km northwest of the Company’s Twin Hills Gold Project. Osino trades on the TSXV with OSI and on the OTCQX with OSIIF. News Release
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