Morning Briefing: Rupert Extends Near-Surface Mineralization at Ikkari
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday, June 7th.
Early Monday morning gold traded marginally lower but, uncharacteristically staged a rally into and after the London a.m fix. However, after peaking at $1860, the price management team went to work as is routine when the Comex opened. The gold price was subjected to constant predatory selling, taking the paper market price down $15, where gold settled at $1845. Silver followed the same price-path as gold, peaking at $22.55 until the Comex opened, when it was systematically pushed down to $22.05 before settling at $22.10. The Mining Stock Journal said that the fact that silver held the $22 level is potentially bullish. The next few days will tell us if silver can hold above $22 or if it will succumb to the omnipresent price management operations. The Mining Stock Journal noted that the eastern hemisphere continues to be a steady accumulator of physical gold. Especially notable is the fact that gold buyers in Viet Nam, one of the larger gold importers in the world, are paying $538 above spot for physical gold. The mining stocks opened the day Monday with a nice bounce that quickly reversed when gold and silver prices were hit. GDX closed out the day down a little over 1%. For now, there's an aggressive effort to hold the precious metals sector down ahead of next week's FOMC meeting. But this will just defer the eventual big move higher.
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…Rio2.
Rio2 is advancing the Fenix Gold Project in Chile, the largest undeveloped gold heap leach project in the Americas. Fenix consists of 5 million ounces in the measured and indicated resource category and 1.4 million ounces in the inferred resource category. With a robust PFS in place, Fenix is set up for fast-tracked construction and production. You can find a list of project and company information on their website, rio2.com.
And here’s what you need to know this morning….
Rupert Resources shared new drill results at its flagship Ikkari discovery has extended near-surface mineralization. Drilling results reported today included 59m of 8 g/t gold from 148 meters and 24m of 6.3 g/t gold from 206 meters. The company also noted that drilling at depth in the Ikkari deposit continues to confirm gold intercepts at the limits of September 2021’s maiden resource estimate. Such drilling returned 80m of 1.4 g/t gold. These results, from holes drilled mostly from the northern side of the deposit, during winter, confirm widths of the mineralised zones and improve continuity of high grades across the main mineralised zone by demonstrating the low variance of grade distribution. An updated resource and accompanying preliminary economic assessment will be completed in H2 2022. Approximately 75,000m of drilling is budgeted for the next twelve months targeting resource additions through satellites or extensions to Ikkari and elsewhere on Rupert’s five regional target areas. Rupert Resources trades on the TSX Venture with RUP. News Release
Fortuna Silver provided an update of its Sunbird exploration program at the Séguéla gold Project located in Côte d’Ivoire. Expansion drilling further down-dip and down-plunge has continued to intersect high grade mineralization beyond the initial optimized pit shell used to constrain the maiden Inferred Mineral Resource. Drilling has returned 18.3 g/t gold over an estimated true width of 11.9 meters from 168 meters and 28.2 g/t gold over an estimated true width of 3.5 meters from 351 meters. An additional 5,110 meter 15-hole program to infill and extend the depth potential has commenced with four holes completed to date. Drill hole SGDD095, for which assays are pending, intersected more than five points of visible gold to two millimeters in diameter in geological logging of the drill core. This interval has the potential to extend the high grade core a further 25 meters to the north. Fortuna Silver trades on the NYSE with FSM and on the TSX with FVI. News Release
Monarch Mining reported final assays for its 2021 diamond drilling program, which include results of 19.12 g/t Au over 1.9 m, 41.0 g/t Au over 0.5 m, 11.9 g/t Au over 1.5 m and 16.7 g/t Au over 0.89 m. The 2021 drilling program expanded the mineralized footprint to 600 metres by 1,100 metres to a vertical depth of 400 metres and confirmed that mineralization remains open in all directions, with additional high-grade intersections to the northeast. The 2022 drilling program on the McKenzie Break property, which began in April with one drill rig, consists of 20,000 metres of drilling in 65 holes. A second drill rig will be added once Monarch’s Swanson 10,000-metre drilling program is complete. Monarch will continue testing the deposit with holes at 50-metre centres. The 2022 program is aimed at expanding the current underground resource to the north and east, increasing the size of the currently proposed resource pit shell up-dip through expansion to the south and west and testing additional exploration targets along the volcanic-intrusive contact to the south. Monarch trades on the TSX with GBAR and on the OTCQX with GBARF. News Release
Revival Gold says it has reached an agreement to vend its 51% non-core holding in the Diamond Mountain phosphate project to Xplore Resources. Diamond Mountain is an advanced stage exploration project consisting of approximately 550 hectares of State claims located in Uintah County, Utah, USA. Xplore intends to reinitiate exploration and development on the Diamond Mountain property. The property is located immediately next to the J.R. Simplot Vernal Phosphate Mine, an important domestic United State’s producer of phosrock which is utilized in the manufacturing of fertilizer. The purchase of Diamond Mountain is subject to Xplore’s completion of a minimum C$5 million financing, customary closing conditions and receipt of all necessary regulatory approvals, including TSX Venture Exchange approval. Revival Gold trades on the TSX V with RVG and on the OTCQX with RVLGF. News Release
That concludes today’s morning briefing.
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