Contact Gold's First Drill Results from its Echo Target Returns 2.36 g/t Au over 70 m
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Tuesday, January 28th.
Gold rallied to as high as $1585 on February futures basis before being subjectedto the ritualistic sell-off that accompanies the start of floor trading on the Comex. Gold settled the day trading session at $1580. Unlike gold, which bounced after the initial onslaught of Comex floor selling, silver had 30 cents removed from its early morning high-tick at $18.34 and closed out the day at $18.08. The Mining Stock Journal said that it's possible that paper silver was treated as an industrial metal by the hedge fund algos and was sold in correlation with the entire stock market. The Mining Stock Journal noted that gold is now trading at its highest level since April 12, 2013. The newsletter said to expect some volatility in gold and silver around the FOMC meeting as it's customary for gold and silver to get attacked when the Fed announces its policy decision.
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 10 billion pounds of copper and 18 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 out of the junior sector.
Contact Gold shares results from 2 drill holes today, including the first drill hole from the Echo Zone at its Green Springs gold project on the Cortez Trend in Nevada. Results included 2.36 g/t oxide gold over 70 meters and included 8.05 g/t gold over 12.19 meters. The company said This first hole into the Echo Zone shows the potential for continued growth of Chainman-Joanna hosted gold mineralization extending south from the past producing pits, in addition to the Pilot Shale hosted gold at Alpha announced in two weeks ago.They continued to say the results show a robust Carlin-type gold system with oxide gold grades significantly higher than the surrounding operations on the Carlin and Cortez Trends. Two holes from the recent campaign are still awaiting results, one from Bravo and another from Echo just south of this hole. Contact Gold trades on the TSX Venture with C and on the OTC markets with CGOL. News Release
Wallbridge Mining shared assay results from the previously reported visible gold intersection in hole 89 and other mineralized intervals in grassroots drill holes completed in 2019 on its 100%-owned Fenelon Gold Property. The hole tested a target 800 m along strike to the northwest of the known footprint of the Area 51 gold system and intersected 83.18 g/t over a half meter. The company said this result was obtained from a visible gold-bearing vein similar in style and orientation to the veins hosted by the Jeremie Pluton in Area 51. Six drill rigs are currently active on the Property. Wallbridge trades on the TSX with WM and on the OTC markets with WLBMF. News Release
Jaguar Mining announced results of its 2019 Infill diamond drilling campaign and the resumption of growth exploration drilling activities at its Turmalina Mine Operation in Brazil. Results included 15.22 g/t gold over 8.36 meters at Orebod A and 8.02 g/t gold over 7.66 meters at Orebody C. The company said infill drilling completed in 2019 confirms expected modelled grade and thickness of both Orebody A and Orebody C which are the source of current production. This drilling is expected to support replacement of Mineral Reserves net of 2019 production depletion. Jaguar trades on the TSX with the symbol JAG and on the OTC with JAGGF. News Release
Pure Gold Mining says mine development at the Pure Gold Red Lake Mine, initiated as part of the test mining program, has resumed, and exploration drilling in close proximity to this development has intersected gold mineralization from both infill and step-out drill holes. Results did include 24.9 g/t gold over 1 meter and 34.1 g/to gold over 2.2 meters. You can read the full list of results on this morning’s news release. Drilling tested potential for growth of ore zones that will provide initial feed for the mine processing plant. The Pure Gold Red Lake Mine is currently under construction and the company says, to date, underground development is approximately four months ahead of the feasibility schedule. News Release
Condor Gold shared an update on the progress of the company’s permitting process at the La India Project in Nicaragua. An extension was granted until 27 July 2021 to complete the conditions of the key environmental permit to develop and extract ore from the La India open pit. CEO Mark Child said "The objective is to de-risk La India Project and complete all studies ahead of a construction decision, thereby making the Project "shovel ready". Several studies have already been completed.” Offers were made to buy the surface rights from all landowners within the mine site infrastructure, 50% have accepted. La India currently has a resource of 1.3 million ounces of gold. Condor trades on the TSX with the symbol COG. News Release
Quebec Precious Metals Corp announced this morning they have acquired interest in a new project they call Elmer East. The project consists of 368 claims and is located along trend from Azimut’s Patwon prospect gold discovery made earlier this month in the James Bay territory of Quebec. Quebec Precious Metals says the project will be the focus of a geological compilation and a surface exploration program which will be carried out in 2020. The company trades on the TSX Venture with CJC and on the OTC market with CJCFF. News Release
That is a wrap from us today here at Mining Stock Daily. Thanks again for tuning in. We will be back tomorrow with an interview with our co-producer Dave Kranzler. Then I’ll be heading up to Vancouver next week and I have a number of great interviews lined up I look forward to sharing with you.
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