Morning Briefing: Defiance Silver Makes New Blind Discovery at Zacatecas
Welcome to Mining Stock Daily. Trevor Hall, I’m Paul Harris.
Today is Tuesday, August 9th
On Monday, the gold price shot up from $1788 per ounce just after midnight NY time to as high as $1805, where it remained until the Globex afternoon session shut down for an hour. Silver similarly ran from $19.77 per ounce up to $20.70, where it settled for the afternoon Globex session. The Mining Stock Journal comments that the action in gold and silver mirrored the early action in the stock market. But when the stock market pulled back after a frenetic spike higher, the metals held steady. The newsletter added that, based on the trading action over the last week or two, silver may be getting ready to do a moon-shot. This view is supported by the inversion in the U.S. Treasury yield curve, which is heading toward an extreme condition, indicating that the banking system is facing illiquidity, which can only be addressed with more money printing by the Fed.
The mining stocks appear to agree with the Mining Stock Journal, as the GDX and the Amex Gold Bugs index outperformed the broad stock market indices on Monday by many multiples on a percentage basis. Speaking of mining stocks, the Mining Stock Journal will be presenting an updated opinion on Blackrock Silver in Thursday's new issue. You can learn more about this mining stock newsletter at InvestementResearchDynamics.com.
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….
Defiance Silver says it has discovered new zones of silver mineralization at the Zacatecas silver project in Mexico. Results of 8 drill holes were provided this morning and included a blind, new contact mineralization at depth. That hole returned multiple results over 100 g/t silver, and included 3m of 264 g/t silver, 4 m of 166 g/t silver and 2.25 m of 235 g/t silver. It also returned highly anomalous silver mineralization at the end of the holes, approximately 420m depth, with just under 50 meters of 58.79 g/t silver. The encountered mineralization is open along strike and both up and down dip from the released results, which are highly-encouraging and warrant extensive follow-up exploration work, including diamond drilling. In addition, drilling at the Palenque central zone also encountered narrow zones of higher-grade silver mineralization, including .3m of 843 g/t silver and .2 g/t gold starting at 184m depth. Follow-up drilling is planned for later this year at the newly discovered zones of mineralization at Palenque and Tahures. Defiance Silver trades on the TSXV with DEF and on the OTCQX with DNCVF. News Release
Osino Resources announced an increased mineral resource for its Twin Hills Gold Project in the Erongo Region of Namibia based on 212,184m of drilling. The Measured & Indicated resource now comprises 81.3 Mt at 1.08 g/t Au for 2.83 Moz and 7.2 Mt at 1.05 g/t Au for 240,000oz Inferred using a US$1,800/oz gold price and 0.3 g/t cut-off grade. The company said infill drilling upgraded most of the previously classified Inferred resource to the Indicated category in total Measured & Indicated ounces to 2.83 Moz. Osino Resources trades on the TSXV under OSI and on the OTCQX under OSIIF. News release
Outcrop Silver & Gold announced the results of additional core holes in the Las Maras target at its Santa Ana silver project in Tolima, Colombia. Highlights included 8.97m grading 1,651 grams per tonne of equivalent silver including 66cm grading 15,941 grams per tonne in hole 274. Fourteen holes have been completed to date with eight returning high-grade assays, with two holes pending. For all significant drill-holes, Las Maras has an average intercept width of 3.07m and a weighted average grade of 1,583 grams equivalent silver per tonne. The new results extend Las Maras high-grade mineralization to 200m strike and 200m depth. Outcrop Silver & Gold trades on the TSXV under OCG and on the OTCQX under OCGSF. News release
Contact Gold announced results from the first three drill holes from the 2022 step-out drill program at the Green Springs oxide gold project in the Cortez Trend in Nevada. X-Ray Zone Drill highlights included 28.96m grading 1.66 g/t Au in hole 01 and 35.05m grading 0.82 g/t in hole 02. The results for the remaining 20 holes are pending. These initial results from the X-Ray Zone extend mineralization to the SE, NE, and NW from the 2021 discovery holes. Contact Gold trades on the TSXV under C and on the OTC under CGOLF. News release
Revival Gold said drilling to test the down-dip potential of high-grade gold mineralization at Joss target at its Beartrack-Arnett project in Idaho, hit mineralisation between 100 and 150m below previous drilling in the area. The two holes are separated by about 200m along strike in the target zone and will provide structural and geochemical information about the potential for further gold mineralization at depth at Joss. Assay results are expected in September. Drilling has now moved to the South Pit target area to test a gap in the 2022 Beartrack-Arnett resource block model. A second drill rig is expected to arrive in September to drill at Haidee. Revival Gold trades on the TSXV under RVG and on the OTCQX under RVLGF. News release
That concludes today’s morning briefing.
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