Multiple New Gold Discoveries from the Junior Resource Market

Welcome to Mining Stock Daily. This is your host, Trevor Hall

Today is Tuesday August 18th. 

The entire precious metals sector soared on Monday, ostensibly triggered by the news that Warren Buffet bought a lot of shares of Barrick Gold. Gold jumped nearly $50 to settle at $1993, October basis. Silver popped $1.58 or 6% to $27.67. And the mining stocks per GDX powered 6.5% higher. Barrick was up 11.6% on the Buffet news. The Mining Stock Journal said that, while the Buffet news certainly helped stimulate the animal spirits in the sector, it believes the precious metals are starting to price in the next round of money printing by the Fed and the coming avalanche of new Treasury bonds, both of which will further devalue the U.S. dollar. On that note, the US dollar index tumbled below 93 on Monday. In addition, per the TIC report which shows the flow of international capital into and out of U.S. securities, foreign entities led by China dumped $20.6 billion worth of Treasury securities in June. The message is clear: the Fed will need to be a large buyer of the upcoming Treasury bond issuance and the precious metals sector loves the smell of this.

We’ll get to the news out of the miners and explorers here in just a quick moment, but first a quick mention of 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…

Nexus Gold reported initial  assay results from the first six holes of the recently completed phase one drill program at the Company’s 100% owned McKenzie Gold Project, located in Red Lake, Ontario. This first round of drilling conducted in the St. Pauls Bay area was designed to test depth extensions of surface rock sampling conducted by the company in June and November of 2019, and to test historic drill intercepts encountered by the properties previous owners in 2001-2005. Of the first six holes drilled (784 total meters), six returned elevated gold assays while the last three holes MK2020-004, 005, and 006, all contained zones reporting visible gold.  Significant gold results were returned from  hole MK 2020-006 which intersected a zone containing a blue gray quartz vein and returned values of 13.25 grams-per-tonne gold over 2.75 meters, which includes one meter of 36.20 g/t Au. Nexus Gold trades on the TSX Venture with NXS and on the OTCQB with NXXGF. News Release

QMX Gold released results from the ongoing exploration drilling program on the Bonnefond Deposit located in Val d’Or East Zone of QMX’s project in Quebec. Drill hole 121 returned an overall average grade of 1.48 g/t gold over 1,109 meters. Gold was found in multiple zones of the hole, including 6.48 g/t gold over 73.2 meters within the current pit shell. The company said this hole increases the resource potential at depth and substantially expands the volume of intrusive. QMX trades on the TSX Venture with QMX. News Release

Amex Exploration reported further results from the High Grade Zone (HGZ), located in the Eastern Gold Zone (EGZ) on the 100% owned Perron property in northwestern Quebec, Canada. Results included 32.41 g/t gold over 15.6 meters, including an intervals of 125.63 g/t gold over .5 meters and 853.4 g/t gold over another .5 meters. Another hole returned 92.19 g/t gold over 1 meter at a vertical depth of approximately 820 meters. This is the 2nd deepest hole in the HGZ and continues to expand high-grade gold mineralization at depth. Amex Exploration trades on the TSX Venture with AMX and on the OTCQX with AMXEF. News Release

Back in July, Galway Metals reported it has intersected over 14 meters of massive quartz vein containing 29 splashes of visible gold. This morning, they reported the assays on that core. Results were 13.4 g/t gold over 12.95 meters. This hole is the first in a newly drilled area, located 320 metres NE of a previously-reported new vein. Galways is currently drilling follow-up holes on this new discovery with the aim of turning it into a new deposit. 

Eclipse Gold says it has commenced the next phase of drilling at its Hercules Gold Project in Nevada’s Walker Lane trend. The Company has secured a drill rig and begun mobilization for its Phase Two drill program. Drilling will commence next week and is planned to include up to 18 reverse circulation holes, totalling approximately 6,750 metres. Eclipse Gold trades on the TSX Venture with EGLD and on the OTC with EGLPF. News Release

In Financing news, Benchmark Metals have entered into a $21 million financing. Mineral Alamos announced a $10 million bought deal private placement this morning. Defiance Silver announced a $7 million brokered private placement. And Enduro Metals closed an $11 million non-brokered private placement. And Americas Gold and Silver also opened a $25 million financing on the back of their quarterly financials and drill results from Galena. 

Inca One announced it has agreed to terms with Equinox Gold to amend the payment dates of its existing non-interest bearing secured promissory note payable to Equinox. The Payment dates have all been posted poned by 4 years from the original dates with the first payment of 1 and a half million dollars now due in August of 2023. Inca One trades on the TSX Venture with IO and on the OTC with INCAF. News Release

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I’m Trevor Hall. Have a wonderful day. Be well.

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