Morning Briefing: G Mining Exports First doré bars from the Tocantinzinho Gold Project
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday, August 14th.
Profit-taking hit the paper gold market Monday night and pushed the metals down to test the $2500 level. But around 4:00 a.m. NY time the dollar began to sell-off and the gold price back up to $2513. In what appears to have been another bout of profit-taking by daytraders, gold faded to close the afternoon session at $2504, up 80 cents. The silver price for some reasons was trashed overnight falling from $28.10 to as low as $27.52 by the time the NYSE opened. However a post-Comex rally carried silver back up to $27.91 where it closed down 9 cents from Monday. The mining stocks responded to the higher gold price as well as a rip-roaring rally in the stock market was fueled by a lower than expected PPI reading and heightened expectations of September rate cut by the Fed. The Arca Gold Bugs index jumped 1.6% and GDX was up 1.30%. The Mining stock Journal noted that the rally Tuesday was concentrated in the largest cap producers.
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… Fireweed Metals.
Fireweed Metals is advancing 3 different projects within the Yukon and Northwest Territories, including the flagship Macmillan Pass Project, a large zinc-lead-silver deposit and the Mactung Project, one of the largest and highest-grade tungsten deposits in the world. Fireweed plans to advance these projects through exploration, resource definition, metallurgy, engineering, economic studies and collaboration with indigenous people on the path to production. For more information please visit fireweedmetals.com.
And here’s what you need to know this morning….
G Mining has completed its first exports of doré bars from the Tocantinzinho Gold Project in Brazil. The start of production coincides with an environment of record high gold prices, where every ounce sold by GMIN was in excess of $2,400 per ounce, significantly above budget. The Project remains on time and budget for commercial production in the second half of 2024. (TSX: GMIN) (OTCQX: GMINF) News Release
Radison Mining announced additional drill results from eleven diamond dril holes completed at the O’Brien Gold Project in the Abitibi of Quebec. HOle 320 intersected 137 g/t Au over 1m within a mineralized interval of 24.74 g/t over 6m. That same hole hit 4.61 g/t over another 6m as well. HOle 316 returned 74.4 g/t over 1.3m within an interval of 42.31 g/t over 2.3m. Two rigs are turning at the project. The company says they are approximately half way through their 35,000m drill program of resource expansion and step-out exploration work. (TSX-V: RDS, OTCQB: RMRDF) News Release
North Peak Resources reported first assay results from the ongoing drilling at the Prospect Mountain North area of its Prospect Mountain Property in Nevada. At the Wabash and Williams historical drilling area, the company returned 126.49m of 1.06 g/t Au and 12.3 g/t Ag from surface. This hole links both the Wabash and Williams area. Other results included 4.5m of 3.88 g/t Au and 56.3 g/t Ag and 6.1m of 3.54 g/t Au and 23.7 g/t Ag. (TSXV: NPR) News Release
Amex Exploration announced drill results which have expanded he near surface mineralization of the High-Grade Zone on the Perron Project in the Abitibi. Results included 34.75 m of 2.22 g/t Au including 1.00 m of 53.16 g/t Au, and 10.15 m of 1.47 g/t Au including 0.75 m of 10.49 g/t Au. The results released today are from holes that were drilled in close proximity to the diabase dike that runs down the central portion of the HGZ in an area that lacked information. The company also noted that this data will not be available for the company’s expected resource update expected in Q3. (TSXV: AMX)(OTCQX: AMXEF) News Release
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