Morning Briefing: Royal Road Drills 172m of 1.4g/t gold at Caribe
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday December 6th.
On Monday the metals sold off in correlation with the stock and bond markets. Gold fell from $1823 per ounce to as low as $1777 before bouncing a bit to close at $1781. The Mining Stock Journal commented that it does not believe that gold will stay below $1800 for very long. Similarly, silver was given a ride on the down elevator from $23.60 per ounce to as low at $22.35 before bouncing to settle at $22.44. As with gold, the Mining Stock Journal said it believes that silver will not spend much time below $23. The newsletter commented that most of the sell-off occurred during the paper market trading hours in London and New York and thus is attributable to both the price management squad, whose job was made easier with the big sell-off in financial assets, and the hedge funds, who have been selling paper gold and silver on days when the stock market is selling off.
The mining stocks held up relatively well in early trading Monday. At one point the sector was outperforming the broad stock market. However, late in the afternoon the mining stocks were pounded, with the GDX down 3.6%. The newsletter expects a considerable amount of two-way volatility across all market sectors this week, including the precious metals sector but will be adding to positions on down days.
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
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And here’s what you need to know this morning….
Royal Road Minerals reported more drilling results from its Caribe gold discovery in northeastern Nicaragua where it is undertaking infill and step-out drilling to resolve the geometry within the known breccia body and to test for a possible intrusive source. Highlights included 172m grading 1.4g/t gold in hole 50 including 18m grading 2.5g/t gold and 0.2% Molybdenum. Holes 50 and 51 intersected higher-grade intervals of sulfide mineralization hosted in hydrothermal breccias with very high molybdenum grades interpreted to be indicative of a steeply dipping “feeder zone”. Drilling at Caribe has now been suspended pending an in-house resource assessment and geological review. Royal Road Minerals trades on the TSXV under RYR. News release
Also in Nicaragua, Calibre Mining reported additional high-grade drill results from the Panteon North zone within the Limon Mine Complex, where it anticipates publishing a resource on the main gold-shoot early next year. Panteon North was discovered earlier this year. Highlights included 4.9m grading 22.47g/t gold in hole 4691, within a broader intercept of 10.6m grading 12.85g/t. Calibre Mining trades on the TSX under CXB and on the OTCQX under CXBMF. News release
Scottie Resources reported new assays on its C and D zone targets, which occur as mineralized cross-structures adjacent to the Blueberry Contact Zone. The C and D zones are located approximately halfway between the Blueberry Vein and the past-producing Scottie Gold Mine. Higher-grade intercepts included 6.82 g/t gold over 6.85m and included a 1.5m interval of 17.4 g/t. There was also a 4m interval of 31.8 g/t and a 2m interval of 60.7 g/t. The Blueberry Zone is located on the Granduc Road, 20 kilometres north of the Ascot Resources' Premier Project, which is in the process of refurbishing their mill. Newcrest's Brucejack Mine is located 25 kilometres to the north.Scottie Resources trades on the TSXV with SCOT and on the OTCQB with SCTSF. News Release
Moneta Gold announced assay results from 11 resource infill and step-out drill holes for 3918m on the 903 gold deposit at the Tower Gold project near Timmins, Ontario. Highlights included 25m grading 3.31g/t gold in hole 22, which included 11.5m grading 5.85g/t. Moneta said the results continue to confirm the continuity and extensions of the current 12.8Moz mineral resource estimate in all categories, with extensions of good gold mineralization intersected outside the resource and pit, in an area contained within the pay-back period as defined in the PEA. The initial drilling 70,000m program has been expanded to 160,000m on 50m centres for a feasibility study. Moneta Gold trades on the TSX under ME and on the OTCQX under MEAUF. News release
Jack Lundin has stepped down as president and CEO of Bluestone Resources to assume the role of president of Lundin Mining, which owns a copper mine in Chile and a gold mine in Brazil. At Bluestone, Peter Hemstead will become President and CEO. Lundin is taking an increasingly larger role in the Lundin group management following the passing earlier this year of his father, Lukas Lundin. Jack was the family spokesperson following the Lundin family investment last week in zinc and tungsten explorer Fireweed Metals, as featured in a Mining Stock Daily special interview. Lundin Mining trades on the TSX under LUN. Bluestone Resources trades on the TSXV under BSR. News release1 news release2
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