Morning Briefing: Cartier drill results from the new VG Gold Zone
Welcome to Mining Stock Daily. Standing in for Trevor Hall, I’m Paul Harris.
Today is Thursday August 24th.
Wednesday gold traded up slightly overnight before the customary post-a.m. London fix sell-off. But around 25 minutes after the Comex opened, gold shot up from $1932 per ounce to as high as $1949 before settling at $1945. Similarly, after the post a.m. London price fix take-down silver started pushing higher roughly 2 hours before the Comex opened, launching from $23.75 per ounce to as high as $24.42 before settling at $24.37. The Mining Stock Journal said that there was not any specific news or events that prompted the big move higher during the Comex session. That said it added that the markets generally seemed to respond to the very weak economic reports released yesterday, triggering an expectation that the Fed would pivot. The mining stocks outperformed the broad stock market indices, particularly the largest cap producers. The Amex Gold Bugs Index was up 3.3%, outperforming the S&P 500 by a factor of 3. The Mining Stock Journal explains in its new issue to be released this afternoon why it believes a monster move in the precious metals sector will unfold in the 4th quarter.
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 & 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….
Cartier Resources announced drill results from the new VG Gold Zone, north of the West Nordeau deposit of the Chimo Mine Project in Quebec. The VG Zone is made up of 5 high-grade gold drill intersections. Highlights included 3m grading 15.7 g/t Au in hole 93 and 1m grading 14.2 g/t Au in hole 88. Chimo hosts an indicated resource of 720,000oz and an inferred resource of 1.6Moz. Cartier Resources (TSX-V: ECR) news release
Integra Resources announced the final 145 drill holes for 4,244m from the stockpile program at the DeLamar Project in Idaho. Highlights included 103.6m at 0.23 (“g/t”) gold and 20.17 g/t silver for a 0.49 g/t gold equivalent in hole 133. The stockpile drill program was designed to test the estimated 60Mt of gold and silver mineralized material stockpiled by previous operators. Metallurgical testwork is underway with cyanide shakes and bottle roll tests from all areas. The mineralized stockpiles that were not included as part of pre-stripping costs in the PFS are expected to have lower mining costs since the material is located at surface and was previously mined. An updated resource estimate is expected this quarter and Integra plans to begin an updated economic study for DeLamar next year to include the stockpiles. Later this year, Integra expects to submit the Mine Plan of Operations at DeLamar to the United States Bureau of Land Management, which is the first step in the National Environmental Policy Act permitting process. Integra Resources (TSXV: ITR; NYSE American: ITRG) news release
Electric Metals announced assay results from core drilling at the Emily Manganese Project in Minnesota. Drilling intersected intervals of high-grade manganese oxide mineralization called (manganite) with manganese contents of more than 35% Mn in five holes and widespread intersections with more than 40% manganese. Todays results from the west of the depost contain some of the highest manganese grades intersected to date with a highlight of 11.9m grading 40.07% Mn. Drilling shows the high-grade manganese extends to at least 100m west of previous drilling. Step-out drilling at 100m spacing for 800m has been completed with assays pending. Electric Metals (TSXV:EML) (OTCQB:EMUSF) news release
i-80 GOLD reported additional positive results from exploration drilling at Ruby Hill in Nevada. Drilling highlights included 30.4m at 19.14 % Zn, 0.4 g/t Au & 29.2 g/t Ag in hole 18A at the Blackjack Zone, 5m at 12.5 % Zn & 5.7 g/t Ag in hole 16 at East Hilltop Skarn and 17.5m at 45.4 g/t Au & 50.2 g/t Ag in hole 18A at the Tyche Discovery. The company has now received permits for additional land disturbance to construct road and drill pads for the expansion of the exploration program along the Hilltop Corridor. i-80 GOLD (TSX: IAU) (NYSE: IAUX) news release
Royal Road Minerals and MSB Holdings announced the incorporation of Royal Roads Arabia, a Saudi Arabian JV vehicle owned on a 50-50% basis by Royal Road and MSB for the purpose of copper, gold and other metals exploration in Saudi Arabia, with Royal Road the operator. Royal Roads Arabia is generating and assessing copper and gold target areas in Saudi Arabia and is preparing to submit exploration license applications over newly identified areas of interest. It also entered into a Non-Binding Letter of Intent to explore and acquire certain copper assets in Morocco. Royal Road Minerals (TSXV: RYR) news release
K2 Gold said its modified Plan of Operations for a Phase II Drill Program at the Mojave Project in California has been accepted as complete by the Bureau of Land Management (BLM). The program is designed to delineate an initial NI 43-101 Inferred Resource Estimate. The Project is undergoing a 60-day public scoping and comment period which began on August 16. Following this, the BLM will prepare a Draft Environmental Impact Statement (DEIS). To minimize impact while maximizing efficiency, low impact drill pads would be accessed overland via previously disturbed ground utilizing an exploration road developed and reclaimed. K2 Gold (TSXV: KTO) (OTCQB: KTGDF) news release
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