Morning Briefing: Red Pine Publishes First Assay Results Since Withdrawing Previous Results
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday, May 29th.
After a sudden price-drop just after midnight Tuesday morning, the gold price started charging higher, running from $2341 prior to the London morning fix to as high as $2366 - August contract basis - and settling at $2362, up $27 from Friday's close. But silver stole the show, jumping from an overnight low of $31.43 to as high as $32.44 and settling at $32.31, up $1.70, or over 5%, from Friday's afternoon settlement. The gold/silver ratio has plunged from 91 in mid-February to 73 as of yesterday. The Mining Stock Journal expects this ratio to fall much further but it noted that the price of silver is quite overbought and could pullback briefly. The mining stocks followed the action in gold and silver with GDX jumping 2.3%.
We’ll get to the news out of the miners and explorers in just a quick moment, but first a word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Vizsla Silver
Vizsla Silver is focused on becoming one of the world’s largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 325,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at https://vizslasilvercorp.com/
And here’s what you need to know this morning….
Red Pine Exploration is back in the news with a new batch of recently drilled assays from the Wawa Gold Project. Results reported this morning included 5.5 g/t gold over 18.4m, 2.21 g/t over 13.2m and 1.48 g/t over 11.89m. These are the first drill results out from the project since the company needed to withdraw previously reported assay results due to inconsistencies related to unauthorized manipulation of certain assay results between Activation Laboratories and the company’s former CEO. 532 out of approximately 98,000 drill core assay results in the overall database appear to have been manipulated since Red Pine acquired the Wawa Gold Project in 2014. The company says protocols are now in place to prevent similar events from happening. (TSXV: RPX, OTCQB: RDEXF) News Release
NexGen Energy says drilling at Patterson Corridor East has intersected 67.5m of mineralization, including 7,500 cps over 1.5m. The hole is located 275m southwest along strike of the discovery hole and at approximately the same depth below surface. In addition, assays from RK-24-183 confirm high grade uranium veins across a 20 m interval with several intersections totalling 13.5 m at 0.78% U3O8 including 0.5 m (348.0 to 348.5 m) at 10% U3O8 and another 0.5 m (356.5 to 357 m) at 6.23% U3O8. Consequently, the summer drilling program has been expanded to 4 drill rigs and targeting 22,000 m at PCE. (TSX: NXE) (NYSE: NXE) (ASX: NXG) News Release
CanAlaska Uranium reported new assay results from the Pike Zone. Geochemical assay results confirm composited high-grade intersections highlighted by WMA082-6 grading 14.9% U3O8 over 9.6 metres, and WMA082-4 grading 9.9% U3O8 over 14.5 metres. Drilling at the Pike Zone was completed as part of the ongoing winter exploration program on the West McArthur Joint Venture project in the eastern Athabasca Basin. The West McArthur project, a Joint Venture with Cameco Corporation, is operated by CanAlaska that holds an 83.35% ownership in the Project. (TSXV: CVV) (OTCQX: CVVUF) News Release
FPX Nickel has appointed Scott Larson as the new President and Chief Executive Officer of CO2 Lock, which is the company’s subsidiary specializing in carbon capture and storage via permanent mineralization. Before joining CO2 Lock, Mr. Larson was CEO and co-founder of SpaceAlpha, an earth observation company building synthetic aperture radar technology and Helios Wire, a satellite company building out a space-enabled IoT/M2M network which was successfully sold.(TSXV: FPX) (OTCQB: FPOCF) News Release
GFG Resources will kick off their new drill campaign at the Goldarm property. The company is planning on 1,500 m at the Aljo Mine Target to follow-up on high-grade gold intercepts of 3.65 grams of gold per tonne over 6.3 metres, 13.35 g/t Au over 3.6 m. The primary objectives of the drill program are to test the continuity of quartz veins and gold mineralization with step-outs of around 75 m along the strike and at depth beneath the historic Aljo Mine. The company will also be targeting the new Muskego target on the Pen Gold Project. (TSXV: GFG) (OTCQB: GFGSF) News Release
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