Morning Briefing: Fortuna Silver Discovers New Mineralization at Séguéla

Welcome to Mining Stock Daily. I’m Trevor Hall. 

Today is Monday March 11th.

Last week gold finally broke over $2100 and put in impressive gains every day to close Friday at $2185, up close to $100 for the week. The question now is whether it will manage to withstand the inevitable attacks in the paper market from the Comex price management team and continue on a lengthy bull cycle. Regardless, the Mining Stock Journal said that it would like to see the yellow dog consolidate the move last week before continuing higher because right now the chart is going parabolic which is not technically healthy. The other yellow light flashing is the massive net short position per the COT report assumed by the Comex banks, which were feeding a lot of paper into the market in an effort to slow down the move higher. At some point the banks will attempt to trigger the stop-losses set by the hedge funds who loaded up on the long side. Silver also put in an impressive week, jumping $1.20, or 5%, from the previous week. The Mining Stock Journal noted that the gold-silver ratio actually rose last week. Typically when the metals move higher like this the ratio falls. GDX jumped 8.4% last week. Its chart looks like a rocket launch, however the Mining Stock Journal hopes that it doesn't turn into a Roman Candle with a burned out engine.

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… Victoria Gold.

Victoria Gold operates the Eagle Gold Mine within the Dublin Gulch Property. Eagle is the largest gold mine in Yukon's long history of gold production. In addition to the long-life Eagle Gold Mine, the Dublin Gulch property has upsized exploration potential including priority targets Raven and Lynx among others. Follow all the gold production and exploration news at ⁠vgcx.com⁠.

And here’s what you need to know this morning….

Pampa Metals reported assay results from the upper 502 meters of diamond drilling on the first hole at the company’s Piuquenes Central porphyry target located in San Juan Province, Argentina. That result returned 304m @ 0.48% Cu, 0.68 g/t Au, 3.1 g/t Ag (1.07% CuEq). This was was designed to extend Cu-Au mineralization to depth on the southwestern margin of the Piuquenes Central porphyry. (CSE:PM)(OTCQB:PMMCF) News Release

NexGen announced the discovery of new intense uranium mineralization on its 100% owned SW2 Property, 3.5 kilometers (km) east of NexGen's world-class Arrow Deposit. Follow up drilling intersected anomalous features including hematite-quartz breccia, strong silicification, dravitic clay fracture fill, redox alteration, and elevated radioactivity similar to early discovery holes at Arrow in 2014 at the upper limits of that system. (TSX: NXE) (NYSE: NXE) News Release

Fortuna Silver Mines provided an exploration update from the Séguéla Mine in Côte d’Ivoire and the recently acquired Diamba Sud Gold Project in Senegal. The Kingfisher prospect at the Mine has turned into the real deal with recent drilling, which included 5.2 g/t Au over an estimated true width of 8.4 meters from 98 meters, including 14.8 g/t Au over an estimated true width of 2.1 meters from 100 meters. At the Koula deposit, drilling returned 20.3 g/t Au over an estimated true width of 2.1 meters from 110 meters. And at th Diamba Sud Gold Project in Senegal, drilling returned 6.0 g/t Au over an estimated true width of 32.0 meters from 7 meters, including 39.4 g/t Au over an estimated true width of 2.2 meters from 31 meters. (NYSE: FSM) (TSX: FVI) News Release

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