Morning Briefing: New Drill Results from Vizsla Silver and Goldshore Resources
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Wednesday, August 10th
After a brief dip in the gold price as London opened, the price of gold rose steadily higher starting about an hour before the a.m. gold fix at 4 a.m. NY time. The price continued higher to $1817 per ounce until the NYSE opened lower, which triggered a small sell-off down to $1808, where gold settled. The Mining Stock Journal suggested that the overnight strength reflected the strength in the eastern hemisphere physical gold market, which forced banks to buy on the a.m. fix in order to secure gold that can be delivered ex-loco into the eastern buyers. On that note, the World Gold Council reported that 161 tonnes of gold were withdrawn from the Shanghai Gold Exchange in July, the largest monthly amount for July going back to 2015. In addition, gold imports into China in June were the highest in the last four months and more than double June 2021. The Mining Stock Journal pointed out that the data only captures the gold flowing into China from Hong Kong. The Chinese intentionally do not report gold imports through Beijing and Shanghai.
This data is another indicator that the next precious metals sector bull move has begun. Silver rose to as high as 20.75 per ounce early Tuesday before succumbing to selling pressure related to the stock market. Silver ended up the day just above $20.50. The mining stocks spent most of the day in the red in correlation with the stock market. But the Amex Gold Bugs index managed to rally into the close and finished up half a point. The Mining Stock Journal continues to believe that the path of least resistance for the sector is up.
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… Integra Resources.
Integra Resources is advancing the past-producing DeLamar Project in southwestern Idaho. The Company has continued to demonstrate resource growth and conversion through greenfield and brownfield exploration to further de-risk and advance the project towards permitting. Integra Resources trades on the TSX-V under ITR and the NYSE American under ITRG.
And here’s what you need to know this morning….
Troubled miner Pure Gold Mining announced an updated resource estimate for its PureGold Mine near Red Lake in Ontario, Canada, which includes an indicated resource of 6.9 million tonnes grading 7.4 grams per tonne for 1.65 million ounces of gold and another 370,000oz of inferred. This resource will form the basis of a new Pre-Feasibility Study and updated Life of Mine plan, which is expected to be released in the December quarter. The 2019 indicated resource featured 2Moz at 8.9g/t. The company said the update incorporates several updates to the methodology and input assumptions which collectively result in an estimate that it believes is more robust overall and aligns more closely with actual mining to date. Pure Gold Mining trades on the TSXV under PGM and on the LSE under PUR. News release
Goldshore Resources announced assay results from an ongoing 100,000m drill program at the Moss Lake Project in Ontario, Canada with highlights including 39.75m grading 1.18 g/t gold including 14.6m grading 2.65 g/t in hole 23. The four holes reported today confirmed gold mineralization within anastomosing shears in altered diorite in the eastern extension of the Southwest Zone. The company said drilling to test potential expansions to these parallel zones of mineralization will continue into the end of the year. Goldshore Resources trades on the TSXV under GSHR and on the OTCQB under GSHRF. News release
Vizsla Silver just published new drill results from the Tajitos-Copala resource area at the company’s Panuco silver-gold project in Mexico. 26 new drill holes were reported with highlights of 1,011 g/t silver equivalent over 12.5m true width and 826 g/t silver equivalent over 14.46m true width. The results are from the Copala Vein located in the western portion of the district and expand the mineralized footprint to over 900m along strike by 400m down dip. According to the company, the intercepts reported today, along with previously reported intercepts located to the north and the Copala 2 vein-splay intercepts situated between Tajitos and Copala , support the potential to discover additional blind to surface veins in the vicinity. Vizsla Silver trades on the TSXV and the NYSE with VZLA. News Release
Talon Metals entered into an option and earn-in agreement with UPX Minerals, a subsidiary of Sweetwater Royalties, to acquire up to an 80% ownership interest in the mineral rights on over 400,000 acres located in the Upper Peninsula of Michigan. This land package covers a highly prospective terrain within 1.7 miles of the high-grade Eagle Nickel Mine (the only active nickel mine in the USA today) and is only 0.4 miles from the Humboldt Mill (the concentrator which currently processes the raw nickel ore the Eagle Mine). The deal comes with a geophysical data package and access to historical drill core that contains multiple nickel intercepts up to 7.4% Ni. The land package was originally assembled by Henry Ford and owned for approximately 70 years by the Ford Motor Company. News Release
High Tide Resources reported assay results from the 2022 spring and summer drill program at its flagship Labrador West iron project, which is located 20 km northeast and adjacent to IOC’s and Rio Tinto’s Carol Lake Mine complex in Labrador City, Newfoundland. Drilling returned a total of 205m of 32% iron. The company said The location of this drill hole confirms the broad continuity of the iron formation in between historic and recent drill holes providing the team with a high-level of confidence as they prepare for a maiden resource later this year. High Tide Resources trade on the CSE with HTRC. News Release
enCore Energy said a panel of the U.S. Court of Appeals for the Circuit of the District of Columbia ruled against the Oglala Sioux Tribe and in favour of the U.S. Nuclear Regulatory Commission (NRC), that the NRC’s actions in granting a license to extract uranium at the Dewey Burdock In-Situ Recovery Uranium Project in South Dakota to enCore Energy were lawful. The Opinion may be appealed by the Oglala Sioux Tribe. Dewey Burdock is an in-situ recovery uranium project located in the Edgemont uranium district with a December 2020 Preliminary Economic Assessment to produce 14.3 million pounds of U3O8 over its 16 years of production following initial capital expenditure estimated at $31.7 million. enCore Energy trades on the TSXV under EU and on the OTCQB under ENCUF. News release
That concludes today’s morning briefing.
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