Morning Briefing: Awalé Resources Hits Multiple Shallow Intercepts at Odienné
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Monday March 18th.
Last week the price of gold declined roughly $20 dollars to finish Friday at $2161 while diverged positively from its aristocratic fraternal twin and rose 55 cents to close Friday at $25.38. The Mining Stock Journal said that a pullback of both metals would be healthy as the charts of both metals shot straight up since the beginning of March. Any period of consolidation should be the springboard for the next move higher. That said, the mining stock newsletter noted that, per the latest COT report, the net short positioning of the Comex banks is approaching an extreme level while the net long positioning of the managed funds is approaching an extreme. It's possible that the banks will use the tenor of the FOMC policy statement, which is expected to suggest that interest rate cuts will be further deferred, to attempt to pull the rug out from under the hedge funds and CTAs and hammer the prices of gold and silver. GDX was basically flat last week. The next directional move in the mining stockss will depend on which way gold and silver move.
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… Arizona Sonoran Copper.
Arizona Sonoran Copper Company (ASCU:TSX) is focused on developing its brownfield copper project on private land in Arizona, a tier 1 location. The Cactus Mine Project is located less than an hour's drive from the Phoenix International airport via highway i-10, and with grid power and the Union Pacific Rail line situated at the base of the Cactus Project main road. With permitted water access, a streamlined permitting framework and infrastructure already in place, ASCU's Cactus Mine Project is a lower risk copper development project in the infrastructure-rich heartland of Arizona.For more information, please visit www.arizonasonoran.com.
And here’s what you need to know this morning….
Canada Nickel Company announced initial assay results from its first exploration holes on the company’s Newmarket property. Newmarket is located 35 kilometres east of Crawford, 28 kilometres south of Cochrane, and 50 kilometres northeast of Timmins, covering the southwest corner of Newmarket Township. Those results returned 373m of .24% Ni and 341m of .17% Ni. The company also published results from its Reid property, which is located 16 km southwest of Crawford and contains a geophysical target of 3.9 km2 nearly 2.4 times larger than Crawford. Results there included 675m of .25% Ni. (TSXV: CNC) (OTCQX: CNIKF) News Release
Awale Resources reported new assay results at the Odienne Project in Côte d'Ivoire. Today’s results were follow ups on a promising new discovery at the BBM Zone. Today’s results included 75m of 2.4 g/t AuEq from 242m downhole, 44m of 2.5 g/t AuEq and 40m of 1.9 g/t AuEq. The gold and copper mineralization and alteration are controlled by a shear zone that follows an intrusive/sedimentary contact. Drilling now covers 2 km of strike along this shear zone, which sits within a high tenor, and open 8km long geochemical gold trend. The Company expects to restart drilling in April. (TSXV: ARIC) News Release
Pampa Metals reported the final assay result from the its first drill hole at the company’s Piuquenes Central porphyry target located in San Juan Province, Argentina. The hole was completed to a depth of 867m. Last week the company reported on the first 304m which returned 1.07% CuEq beginning at 198m. According to today’s data and final assay results, that mineralization in the assay extended down to a to 422m and now grades 1% CuEq. Strong primary mineralization associated with intense porphyry A type quartz stockwork veining is evident from 350m to approximately 650m. From 650m to the end of hole at 867m quartz veining and mineralization continues, becoming progressively less intense with depth.(CSE:PM)(OTCQB:PMMCF) News Release
Li-FT Power has commenced a marketed best efforts public offering of more than 1 million common shares of the company which will qualify as fl0w-through shares at a price of $6.05 per share for gross proceeds of up to $7.1M. The Company is also undertaking a concurrent non-brokered private placement of up to 689,660 traditional flow-through shares at a price of $4.35 per Non-Brokered Flow-Through Share for gross proceeds of up to $3M. (TSXV: LIFT) (OTCQX: LIFFF) News Release
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