Morning Briefing: New Updates from Meridian, Kingfisher and Enduro
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday, July 12th.
Gold, after selling off shortly after midnight early Monday morning from $1740 to $1729, mysteriously bounced back up to $1741 starting shortly before the Comex opened. Then the price management squad spent the rest of the day pushing the yellow dog back down to $1731, where it settled for the day. Silver bounced around like a yo-yo between $19.30 and $19.10 starting early Monday morning. But it succumbed to the same predatory selling that affected gold going into and after the official Comex close at 1:30 NY time. Silver settled the day at $19.04. The mining stocks were green for a while yesterday morning, even while the general stock market was tanking. But the miners eventually sold off in sympathy with the downward price pressure on the metals, with GDX closing down 1.5%. The Mining Stock Journal said that gold, silver and the mining shares are now back down to the level from which they broke out in early April 2020. In addition, per the Hulbert Gold Newsletter Sentiment Index, which hit negative 25 on Friday, indicating that newsletters that cover gold are 25% net recommending going short, the negative sentiment is starting to approach levels that historically mark a bottom for the sector.
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…Arizona Sonoran Copper Company.
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And here’s what you need to know this morning….
Meridian Mining says another gold vein set overprinting the VMS copper-gold layer of the Cabaçal Northwest Extension has been found. Hole 147 assayed 2.3m of 16.7 g/t gold. Meridian is also pleased to report that its C4-A gold-silver discovery, has been extended from the discovery hole CD-139 by 50m to the northwest, with CD-142 returning 10.7m @ 1.8g/t Au & 33.7g/t Ag from 45.7m. The C4A gold-silver discovery is 2km from the Cabaçal mine and is open in all directions. In addition to these results, drilling across strike at the northwest extension continued to define extensions to the gold-dominant trend. New results here included 54.4m of .4% copper equivalent from 26.9 depth, and included a gold dominant layer of 9.5m of .2% copper and 1.3 g/t gold. Hole 132 intersected an upper gold-dominant layer of 39.9m @ 0.5g/t Au. The company will be releasing their first resource statement in September, and todays high grade veins, infill drilling and the emerging layer of gold dominate mineralisation, will contribute to Cabaçal's tonnage potential. Meridian Mining trades on the TSX with MNO and on the OTCQB with MRRDF. News Release
Kingfisher Metals provided an update on rotary air blast or RAB drilling at the Goldrange Project in Southwest British Columbia. 27 RAB drill holes have been completed at the Day Trip Zone, located 5 km SE of the Cloud Drifter Trend. Visual chip logs identified sulfide minerals and quartz veins typical of the gold mineralization style observed on surface in all drill holes to date. Drill cuttings were analyzed using an Olympus Vanta Handheld XRF instrument for multiple elements. All RAB holes intercepted anomalous intervals of pathfinder elements consistent with Au-related pathfinder enrichments observed in surface geochemical samples previously collected at the Day Trip Zone. Within the news release this morning, you will find a table of the XRF results. The company has pointed out about a dozen different holes of interest. Kingfisher trades on the TSXV with KFR and on the OTCQB with KGFMF. News Release
I-80 Gold provided results of initial step-out drilling to test the southern extension potential of the Ruby Deeps deposit. Hole 6 returned 4 intervals of 3.7m of 8.4 g/t gold, 22.4m of 8.2 g/t, 4.3m of 6.5 g/t and 33.2m of 19.8 g/t gold. Hole iRH22-06 is the southernmost core hole drilled to test the Ruby Deeps horizon and confirms the potential to expand high-grade mineralization within the Ruby Deeps Zone that remains open along strike to the north and south, and to the east. Due to substantial success of the 2022 program at Ruby Hill has been expanded such that more than 20,000 metres of drilling will be completed. This program is focused on defining, and expanding, the Ruby Deeps Deposit, including the upper "426" horizon, while also testing several high-potential exploration targets on the Property. Initial results from drilling in the 426 horizon are expected in the coming weeks. I-80 Gold trades on the TSX with IAU andon the NYSE with IAUX. News Release
HighGold Mining shared an updated mineral resource estimate for the Johnson Tract Deposit located in coastal Southcentral Alaska. The updated MRE is based on new diamond drilling completed by the Company in the second half of 2020 and 2021. The indicated resource now sits at 3.49 million tonnes grading 9.39 g/t gold equivalent for 1,053,000 oz gold equivalent. Thats a 40% increase from the previous estimate. The inferred resources now sits at .71Mt of 4.76 g/t gold equivalent for 108,000 oz. The deposit is open to expansion along strike/down-dip/down-plunge with numerous high-priority property-wide targets including the Difficult Creek and Milkbone prospects. HighGold trades on the TSXV with HIGH and on the OTCQX with HGGOF. News Release
Yesterday, Enduro Metals reported it has significantly expanded the known mineralization footprint of its McLymont Fault Gold Zone through its 2021 drilling and geochemical surveying on the Company's 100%-owned Newmont Lake Project of BC's Golden Triangle. These results, together with results of historic drilling, outline a gold-mineralized zone extending for more than 5 kms. The McLymont Fault Zone is one of 4 major target areas on the 654km2 property. Drill hole NW21-03 intersected 151m of 0.73 g/t AuEq starting at 124.2m in the NE extension of the McLymont Fault. The hole ended in gold mineralization at 287m depth. Enduro Metals trades on the TSXV with ENDR and on the OTCQB with ENDMF. News Release
That concludes today’s morning briefing.
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