Morning Briefing: New Drill Results from Newcore Gold, Trigon Metals and Fireweed Metals
Good morning and welcome to the Mining Stock Daily Morning Briefing.
Today is Tuesday, October 8th
Yesterday gold was hit for $13 from the previous Friday's close while silver was chopped down by 51 cents. Gold actually rallied late in Asian market trading and through the London a.m. fix but was monkey hammered as soon as the Comex opened. Silver's decline was more of a slow, steady bleed, likely in correlation with the sell-off in the stock market. The mining stocks sold off in response to the sell-off in the metals, with GDX down 1.3% and the Arca Gold Bug index down 1.76%. The Mining Stock Journal commented that the sector can use a pullback to correct the technically overbought condition that developed by mid-September.
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. Minera is built around its operating team which brought 4 mines into production in Mexico over the last 13 years. It is fully funded with over $20-million dollars in working capital. Learn more at mineraalamos.com.
And Here’s what you need to know this morning…..
Newcore Gold is back in the news this morning with their first drill results from their recent campaign at the Enchi Gold Project in Ghana. Reverse Circulation drilling at the Boin Gold Deposit completed and designed to convert Inferred Resources to Indicated intersected 1.96 grams per tonne gold ("g/t Au") over 62.0 metres ("m") from 139 m in hole KBRC288, including 2.31 g/t Au over 25.0 m from 139 m. This hole ended in mineralization with an interval of 2.23 g/t Au over 28.0 m from 171 m, intersected outside the current limits of the pit constrained Mineral Resource Estimate. Other results included 1.46 g/t over 10m in hole 289 and 1.16 g/t over 6m in hole 291. (TSX-V: NCAU, OTCQX: NCAUF) News Release
Trigon Metals announced results of drilling from recent underground drilling at Shaft 1 at levels 3 and 5 at the Kombat mine. At level 3, drilling returned 5m of 11.21% Cu and 117.89 g/t Ag. Level 5 drilling returned 2m of 4.36% Cu and 22.27 g/t Ag. These holes were intended as confirmation but have significantly increased the grade and extended the known mineralization in the zone. The holes targeted orebodies adjacent to historic workings and close to existing development thus allowing for near-term mining as Trigon ramps up and focuses solely on underground operations. (TSX-V: TM, OTCQB: PNTZF) News Release
Fireweed Metals says it has discovered mineralization at the Popcorn Target at the Macpass Project in Yukon. The near-surface vein and replacement style mineralization was drilled and returned 46m of 4.88% zinc and 3.6 g/t silver in hole 4. Hole 2 at Popcorn returned 54.75m of 3.98% zinc and 3.9 g/t silver. Popcorn is located 600 m Northeast from Boundary Zone resource pit-shell, outside of the current Mineral Resource Estimate. (TSXV: FWZ; OTCQX: FWEDF) News Release
Tudor Gold published results form the final three drill-holes completed this year at the Treaty Creek Project in the Golden Triangle of British Columbia. The Supercell-One Zone (SC-1) was identified earlier this year. Drillhole GS-24-187 intersected 10.92 g/t AuEQ over 3.00 m within SC-1C and 5.70 g/t AuEQ over 3.00 m within a newly discovered SC-1D zone, both occurring within a strongly mineralized envelope that returned 1.43 g/t AuEQ over 99.00 m. The gold-rich SC-1 system occurs within an area measuring up to 800 m in length by 400 m in depth. All four stacked, sub-parallel structures remain open in all directions and to depth. (TSXV: TUD) News Release
Dryden Gold published new drill results this morning as well, coming from its Elora Project in the Gold Rock Camp in Ontario. Drilling returned 30.72 g/t gold over 5.7m and included a half meter of 313 g/t in hole 17. Phase 5 drilling has been completed with results pending. This phase consisted of nine holes totaling 1,598 meters focused on the depth expansion at Elora and Big Master 1 gold systems and infill drilling at Big Master 2. (TSXV: DRY) News Release
And Heliostar Metals announced the appointment of Mr. Mike Gingles a the company’s new VP of Corporate Development. Mr. Gingles has over 35 years of corporate and entrepreneurial experience in the mining industry and is credited with leading corporate transactions for Pueblo Viejo and Turquoise Ridge that resulted in the development of over 30 million ounces of gold reserves. He has worked for several major mining companies, including 11 years with gold major Placer Dome. (TSXV: HSTR) (OTCQX: HSTXF) News Release
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