Morning Briefing: Fredonia Mining announces its maiden Mineral Resource Estimate at the El Dorado Monserrat Project
Good morning and welcome to the Mining Stock Daily Morning Briefing. I’m Ian Wagner.
Its Monday, November 11th.
Gold finished lower on the week, as selling pressure from election fallout pushed the yellow metal below 2700. December gold settled at 2694, roughly $66 lower on the week. Bond yields actually fell on Friday, but the dollar continued its march higher.
Silver fell even further, down X to settle at 31.44 December basis on the week, down 40 cents from thursday and down more than $1.2 on the week. Both metals took it on the after the election uncertainty resolved itself and Donald Trump was declared the clear winner. In early morning trading today, we’re seeing a continuation of that momentum shift, with Gold down 1 percent and silver down over a percent.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Minera Alamos
Minera Alamos is a gold developer and producer with its first low capex mine, Santana, continuing to work through start-up development. The company is also advancing the Cerro de Oro project through the permitting process. Recently, Minera announced the proposed acquisition of Sabre Gold Mines which owns the planned 40,000 oz/y Copperstone gold mine in Arizona. Minera is built around its operating team which brought 4 mines into production in Mexico over the last 13 years. Learn more at mineraalamos.com.
And Here’s what you need to know this morning…..
Fredonia Mining Inc. announces its maiden Mineral Resource Estimate at its wholly-owned El Dorado Monserrat Project, Santa Cruz province, Argentina. Total measured and indicated resources show more than 2.24M gold-equivalent ounces, including 1.59M gold ounces and 49M ounces of silver. The majority of those ounces are in the measured category. Total of 81M tons of material showing a .86 GPT gold-equivalent. For the economics of the project, the Gold grade equivalent is derived from an $1800/oz gold price and a silver price $24/oz U-S. Each assumes recoveries of 90.0%. The company notes that “significant areas of mineralization were not able to be included in this maiden resource estimate and all targets remain open in all directions as well as at depth, where drilling showed us that the grade improves.” Fredonia trades on the (TSXV:FRED) News Release
Awalé Resources Limited reported drill results from the final four holes from the Charger target at the Odienné gold-copper Project in the Ivory Coast.
Highlights include 14.7 g/t gold over 59m in drill hole 100.
Hole 88 returned 20g/t over 20m.
Hole 85 returned 1.7g/t over 21m
And hole 83 returned 26 g/t over 56m
The charger zone is one of four grassroots discoveries Awalé has made on its Odienné project. Awale trades on the (TSXV: ARIC) - News Release
Canada Nickel announced that it intersected massive sulphide at Bannockburn, one of the Company's southern exploration properties in the Timmins Mining Camp. Assay results returned 4.0 metres of massive sulphide within a disseminated sulphide-bearing peridotite at Bannockburn. The results come from the project’s “F Zone,” which shows potential for higher grade material. The company has been primarily focused on the large tonnage, low grade nickel of the B-Zone and has identified a number of new prospective targets which are being tested for higher-grade material. Canada Nickel trades on the (TSXV: CNC) (OTCQX: CNIKF) News Release
Freegold Ventures reported high-grade gold intersections at its Golden Summit project in Hole 2421 filled in a 200m gap and is one of the most continuous higher-grade intercepts observed in the eastern section of the resource area, returning 115.5 meters at 1.17 g/t Au, starting at 197.5 meters and 3.62 g/t Au over 42 meters from 361 metres. Hole 2418 returned multiple higher-than-resource grade intercepts in the Main Dolphin Zone, including
23.7 metres at 3.06 g/t Au starting at 95 metres
59.7 metres at 1.61 g/t Au starting at 317 metres
51.8 metres at 1.56 g/t Au starting at 407.8 metres
The four specific holes that were drilled to facilitate additional metallurgical testing. Freegold Ventures trades on the (TSX: FVL) (OTCQX: FGOVF) News Release
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