Morning Briefing: Newcore Drill Results from the Nyam Deposit

Welcome to Mining Stock Daily. I’m Trevor Hall. 

Today is Wednesday August 16th. 

Tuesday there was a change-up in the overnight pattern in gold trading, as gold steadily sold off shortly after midnight New York time. Of course, consistent with the pattern lately when the Comex opens, the price plunged right as the July retail sales headlines hit, getting slammed from $1934 per ounce to as low at $1927 before quickly rebounding back up to $1944 late morning. Thereafter gold traded lower with the stock market, settling at $1932, down $2.50 from Monday. Ditto for silver, getting plunged to as low as $22.26 per ounce, rebounding back up to $22.76 and  selling off to settle at $22.57, down 4 cents from Monday. The Mining Stock Journal said that it believes the Comex banks are trying to coerce hedge fund selling in order to continue covering their short positions in both metals, which is what the last couple of weekly Commitment of Traders reports have shown. 

The mining stocks were hammered hard with the stock market. The GDX lost 2.5%. It's mid-August, the precious metals sector is not very liquid and it doesn't take much selling to push prices lower. The newsletter added that it has started to use the lower prices to add to its favorite mining stock positions.

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….

Newcore Gold announced an exploration and development update at its Enchi Gold Project in Ghana. Diamond Drilling at the Nyam Gold Deposit, targeting high-grade mineralization in the upper portions of the sulphide mineralization, intersected 11m grading 3.28 grams per tonne gold, within a broader zone of 26.3m at 1.58 g/t. Drilling at Nyam continues to highlight the potential for longer-term resource growth from delineating high-grade underground resources in the sulphide mineralization. Nyam has been tested to a maximum vertical depth of 350m. In addition to drilling, results of metallurgical testing on sulphide mineralization from Nyam confirmed excellent gold recoveries averaging 91.7% from cyanidation. Trenching by Newcore on several kilometre-scale gold anomalies continues to advance early-stage targets towards the drill testing stage. Newcore Gold (TSX-V: NCAU, OTCQX: NCAUF) news release

Tincorp Metals announced the first drill assays for the Porvenir tin-zinc-silver Project in Oruro, Bolivia. It intercepted 120.35m at 0.60% Sn, 1.11% Zn, 6 g/t Ag, and 0.07% Cu for a 284 g/t silver equivalent (AgEq) including 21.62m at 1022 g/t AgEq including (2.25% Sn, 3.35% Zn, 21 g/t Ag, and 0.20% Cu. The principal objective of this first phase of Tincorp's drilling was to test the depth and lateral extension of the NNW-trending Condor Nasa structure. Tincorp is completing seven drill holes totaling 2,500 m for its 2023 drill program. Tincorp Metals (TSXV: TIN) (OTCQX: TINFF) news release

Rupert Resources reported drill results form this year’s exploration program on its Ikkari gold discovery at the Rupert Lapland Project in Northern Finland. Infill and extension drill results reported today included 2.1 g/t Au over 52m, 4.2 g/t over 72m and 5.9 g/t over 9m. At Ikkari North, drilling targeted the Eastern continuation of mineralisation hosted within an E-W structural corridor. Results there included 2.7 g/t over 35m. The company says the results published today highlight the potential of the mineralising system in Area 1 to yield more discoveries. (TSX: RUP). News Release

OceanaGold announced results from ongoing drilling at the Didipio Mine in the Philippines. Extensional drilling has identified new areas of porphyry gold-copper mineralization 100m below existing Inferred Resources within the Didipio Deeps target, extensions of the Balut Dyke, and depth extensions of known mineralization within the Eastern Breccia. Highlights from extension drilling included 72.0 m @ 3.40 g/t AuEq in hole 611 at Didipio Deeps. Highlights from resource conversion drilling included 218m @ 4.55 g/t AuEq in hole 603 at Northern Monzonite. Oceana said drilling continues to improve confidence within the Inferred portions of the deposit and supports potential reserve growth and its target to increase underground mining rates to at least 2 million tonnes per year, 20% above current rates. Since December 2022, 9,172m have been drilled in 45 holes of a 20,250m program. OceanaGold (TSX: OGC) news release

Labrador Gold shared assay results from early work prospecting at the Appleton Fault Zone on the Kingsway Project this morning. Recent prospecting between Big Vein and Golden Glove near the southern property boundary has located a new gold showing, the Knobby occurrence. Grab samples from quartz vein outcrops returned gold values from below detection to 30.58 g/t including samples grading 0.4g/t, 2.7g/t and 29.19 g/t Au. Three parallel veins were observed and have been traced along an east-west strike for approximately 200 metres. Stibnite mineralization was observed associated with the quartz veining. This is the first indication of gold mineralization along the Appleton Fault Zone between Big Vein and Golden Glove, an area that has seen little work to date. (TSX.V:LAB | OTCQX:NKOSF) News Release

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