Morning Briefing: Bunker Hill Discovers an Unknown Silver-Lead System
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Thursday, August 11th
Gold was volatile on Wednesday leading up to and after the release of the CPI report Wednesday morning. After fading in the early morning down to $1804 per ounce, gold shot up to as high as $1824 on the lower than expected CPI headline number but then was immediately bashed for $12. After a brief bounce, gold headed back down to $1804 before moving up to settle at $1807. The Mining Stock Journal said the back and forth action likely was a tug of war in the paper market between the banks and the hedge funds. However, notwithstanding the highly questionable calculus that went into the tame CPI numbers, the expectation of a Fed pivot on this report that drove the stock indices up 2 1/2 to 3% should have also caused a big move higher in gold. The only explanation for the sell-off in paper gold is bank intervention.
Silver ran up from $20.32 per ounce to as high as $20.84 in correlation with the stock market. But then it too was given a healthy beating and sold down to $20.50 before bouncing a bit to settle at $20.56, up about 8 cents for the day. The mining stocks rose in correlation with the rest of the stock market. The GDX was up a bit less than 1% and some individual stocks rose north of 2%.
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….
Bunker Hill says they have discovered a previously unknown high-grade silver-lead vein system as part of on-going underground mine development activities. The system was discovered during development of an underground ramp connecting levels 5 and 6 in the upper part of the mine. Mineralization from the channel sampled vein portion continues as a high-angle vein structure associated with the Sullivan fault to the east, providing an additional high priority exploration target, as historical stoping areas associated with high-angle vein mineralization on average showed substantially wider structural widths. Sampling returned up to 26.25 ounces per tonne over . 4 feet width. The results from this sampling program will guide future exploration efforts with the goal of bringing the mineralized material into Bunker Hill’s mineral resource. Bunker Hill trades on the CSE with BNKR and on the OTCQB with BHLL. News Release
AbraSilver provided results from three new diamond drill holes from the Phase II drill program on its Diablillos property in Salta , Argentina. All three holes were located in the Oculto Northeast zone and included 17m of 365 g/t silver equivalent in hole 21 which stopped in sulphide mineralization and encountered a high-grade copper and gold interval of 67 g/t Ag, 1.26 g/t Au and 2.49% Cu over 1m. Hole 22 hit 34m of 156 g/t silver equivalent which was also terminated when it reached sulphide mineralization, with high-grade copper and gold intercepts, consisting of 2m at 24 g/t Ag, 3.72 g/t Au and 0.61% Cu. Hole 24 returned 43.5m of 156 g/t silver equivalent. This hole intersected numerous broad zones of high-grade mineralization which is expected to help further expand the Mineral Resources in this area. AbraSilver trades on the TSXV with ABRA and on the OTC with ABBRF. News release
Monarch Mining reported a mineral resource estimate for its Croinor Gold project near Val-d’Or in Quebec with a Measured and Indicated resource of 903,600 tonnes grading 6.47 g/t Au for 187,900 ounces, and an Inferred resource of 39,800 ounces using a US$1,600 per ounce gold price. The company said this increased its measured and indicated resources by 39% to 666,882 ounces, all within a 60 km radius of its Beacon Mill and other existing milling facilities. The company said it will now focus on finding the right partner to develop the project. Monarch Mining trades on the TSX under GBAR and on the OTCQX under GBARF. News release
Green Battery Minerals provided assay results from 11 diamond drill holes completed as part of its resource infill and expansion drilling at the Berkwood Graphite Project in Quebec, Canada. The program was completed for 11 holes and 1,152m with highlights of 51.2m grading 22.61% graphite in hole 46 and 19.5m grading 35.52% graphite in hole 55. Green Battery currently has an indicated resource of 1.76 Mt @ 17% graphite. Green Battery Minerals trades on the TSXV under GEM and on the OTC under CZSVF. News release
Mantaro Precious Metals completed its initial diamond drill program on multiple prospects at its Golden Hill Property in Bolivia. The company completed 21 diamond drill holes for 3,009m at the La Escarcha Gold deposit as well as the Gabby, Brownfield and Westfield prospects. Drilling at La Escarcha intercepted down dip extensions of multiple gold bearing quartz veins to depths of 225m beneath surface. Scout diamond drilling Gabby, Brownfield and Westfield prospects intersected anticipated quartz veins and silicified fluid pathways below surface. Assays are pending for all diamond drill holes. The company said drilling has proven Golden Hill is a typical greenstone hosted gold system, which traditionally contain deposits occurring in clusters along regional structures over strike lengths of several kilometers. Mantaro Precious Metals trades on the TSXV under MNTR and the OTCQB under MSLVF. News release
Critical Elements Lithium announced the completion of an Engineering Study for a Lithium Hydroxide Monohydrate plant based on a standalone conversion plant that does not form part of its Rose Lithium-Tantalum spodumene and tantalum project. The plant Study is based on a yearly production of 30,670 tonnes of high-quality battery grade lithium hydroxide monohydrate from 220,587 tonnes of spodumene concentrate purchased on the world market on long term contract basis. No financial data related to the study were provided. The primary focus of the Corporation continues to be the development of the Rose project, which has received approval from the Federal Minister of Environment and Climate Change. Critical Elements Lithium trades on the TSXV under CRE and on the OTCQX under CRECF. News release
That concludes today’s morning briefing.
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