Morning Briefing: New Found Gold follows up on 421 Zone
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday September 20th.
Yesterday gold ironically traded lower during eastern hemisphere trading hours but shot higher around 3 a.m. NY time to as high as $1959. But the price peaked just ahead of the Comex open and it was all downhill from there. Gold settled at $1952. The Mining Stock Journal suggested that the sharp rise a couple hours ahead of the a.m. London fix could indicate the presence of strong demand for LBMA bars. But of course the purest of the paper markets made sure the gold price didn't signal the reinvigoration of inflation. As well, the sharp sell-off in the stock market likely triggered hedge fund selling across the full spectrum of financial assets. Silver followed the same chart pattern of gold, trading from $23.42 to as high as $23.70 before getting pummeled down to as low as $23.36 before settling at $23.47. The mining stocks were hit pretty hard along with the stock market. GDX lost 1.2%.
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… Western Copper and Gold
Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 11 billion pounds of copper and 21 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.
And here’s what you need to know this morning….
New Found Gold announced results from 31 diamond drill holes completed as part of a follow-up drill program targeting the 421 Zone, a high-grade gold-bearing structure that crosscuts the southern end of the Keats Main Zone, in addition to the results from its first drill program at the historic Grouse Zone, located 2.7km south of Keats, along the highly prospective Appleton Fault Zone. At the 421, drill results included 17.8 g/t Au over 8.3m. At the Grouse Zone, drilling returned 9.7m of 1.34 g/t and 4.9m of 3.56 g/t. The Grouse Zone is now the southernmost gold zone drilled at Queensway North. Measuring from Grouse north to the Everest Zone spans an impressive 6.1km of strike where high-grade gold mineralization has been identified through near-surface drilling, indicating that the gold mineralization footprint of the AFZ continues a full 2.7km south of Keats. (TSX-V: NFG, NYSE-A: NFGC) News Release
Canadian Critical Minerals announced assay results form the first two drill holes of an exploration program completed at the Thierry Mine Project near Pickle Lake, Ontario. Results reported today from the two holes were 106m of .539% CuEq and 31.2m of .677% CuEq. Each hole intersected continuous zones of sulphide mineralization from surface and continued for more than 240m down the hole. The 2023 summer program was designed to focus on expanding upon the K1-1 deposit, which is a large tonnage, near surface deposit located approximately 3 km east of the past producing Thierry Mine. Assay results for the remaining five holes are pending. (TSXV: CCMI) (OTCQB: RIINF) News Release
CopperCorp has been granted new exploration licenses in Tasmania. The Razorback property and existing Walford Peak and High Tor properties have been consolidated into an expanded Skyline Project to form a district-scale Cu-Au-REE opportunity. The Razorback property has seen previous drilling which returned a highlight of 30m of 2.1% total rare earth oxides from a depth of 297m. Drill targeting and planning is underway with drilling anticipated to commence in Q4, 2023 subject to permitting, approvals and availability of drill rigs. (TSXV: CPER) (OTCQB: CPCPF) News Release
Goliath Resources says Rob McEwen and Crescat Capital have both agreed to make a strategic investment into the company through a non-brokered private placement. Mr. Rob McEwen has agreed to subscribe for $1,000,000 of non-flow through units from an entity controlled by him. Goliath intends to raise up to $5,000,000 through a non-brokered private placement in a combination of: (i) non-flow-through units to be sold at a price of $0.63 per NFT unit. Each NFT unit will consist of one-half purchase warrant entitling the holder thereof to purchase one common share for every whole warrant for a period of 18 months from the date of issuance at an exercise price of $0.78; and (ii) flow-through shares to be sold at a price of $0.67 and will be composed of one common share that will qualify as a flow-through share. Crescat Capital, who currently owns ~18% (P/D) of the issued and outstanding common shares of the Company, will be participating in the Offering pursuant to a pre-emptive right granted to them by the Goliath. (TSX-V: GOT) (OTCQB: GOTRF) News Release
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