New Corvus Gold Drill Results from CIZ; Roscan Receives $2M from Warrants
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday, January 6th
Monday's move higher in gold and silver continued marginally on Tuesday, with gold rising $7.80 and silver climbing another 28 cents. The mining stocks declined on Tuesday, with the Amex Gold Bugs index of the largest non-hedging miners down just under 1% and the GDX ETF down slightly. Several junior exploration stocks continued Monday's party with noticeable outperformance versus the entire mining stock complex. The Mining Stock Journal said that the US dollar continues to decline in defiance of the widespread analysts who are calling for a short-squeeze rally, as it hit its lowest level since April 2018. The mining stock newsletter pointed out the obvious, which is that with the copious amounts of new dollar supply coming from the Fed on a weekly basis, a short-squeeze is highly improbable. That said, after the year-end and start-of-the-year rally in the precious metals sector, the popular short term momentum indicators are signalling that the sector is getting a bit overbought and it would not be surprising to see a brief pullback, of course with help from the price management squad at the Fed and the Treasury.
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… Integra Resources.
Integra Resources is advancing the past-producing DeLamar Project in southwestern Idaho. The Company has continued to demonstrate resource growth and conversion through greenfield and brownfield exploration and plans on delivering a pre-feasibility study in Q4 2021 to further de-risk and advance the project towards permitting. Integra Resources trades on the TSX-V under ITR and the NYSE American under ITRG.
And here’s what you need to know this morning.
Corvus Gold received results from the second hole into the new Northern High-Grade Feeder Zone target of the Central Intrusive Zone. Hole 165CT drilled into the CIZ returned 130.5m @ 2.33 g/t gold including 27.7m @ 4.46 g/t gold & 9.26 g/t silver. This new high-grade feeder zone is showing good continuity and Corvus believes it could expand the grade and size of the Mother Lode gold system in the northern end of the deposit. The highly productive Northern Feeder Zone is open to expansion to the north and northeast along the Fluorspar Canyon Fault (FCF) that trends toward the eastern end of the new Lynnda Strip discovery. Corvus will be following up on this new target with initial drill testing of this new large untested area on the Mother Lode property. Regionally, Coeur Mining Inc. has announced a large exploration program along the eastern and northern boundary of Corvus’ Mother Lode property as a follow-up to their recent C-Horst discovery (southern extension of Corvus’ Lynnda Strip discovery). It is possible that all of the newly discovered mineralization in the eastern part of the Bullfrog District is related to one large, evolving gold system, localized along the southwestern edge of the Timber Mountain caldera. Corvus trades on the TSX and the Nasdaq with KOR. News Release
Discovery Metals shared results from 10 diamond drill holes targeting the Parcionera and Josefina high-grade vein trends at its flagship Cordero project (“Cordero” or “the Project”) located in Chihuahua State, Mexico. Multiple vein trends with a combined strike extent of more than 5 km flank the higher-grade bulk-tonnage domain at Cordero; the Parcionera and Josefina vein trends currently represent approximately 2 km of this strike extent. Results from Parcionera included 4.4 meters of 524 g/t silver equivalent and .5 meters of 1,765 g/t silver equivalent. Results at Josefina included 3.3 m of 612 g/t silver equivalent and 1.6 meters of 544 g/t silver equivalent. Discovery Metals trades on the TSX Venture with DSV and on the OTCQX with DSVMF. News Release
GoGold Resources announced additional assay results from the Company's El Favor deposit on the Los Ricos North property, including 2.0m of 928 g/t silver equivalent, within 15.3m of 174 g/t AgEq. Other results included 14.8 meters of 168 g/t silver equivalent and 12.8 meters of 149 g/t silver equivalent. The deposit is open along strike and at depth and may be amenable to bulk mining. GoGold trades on the TSX with GGD and on the OTCQX with GLGDF. News Release
Erdene Resource Development says the drilling near its Dark Horse gold prospect at the Bayan Khundii gold deposit has demonstrated a new discovery. The latest drill results included 45 meters of 5.97 g/t gold. The Bayan Khundii Gold Resource2 includes 521,000 ounces of 3.16 g/t gold Measured and Indicated (“M&I”) and 103,000 ounces of Inferred resources at 3.68 g/t gold. Erdene trades on the TSX with ERD. News Release
Roscan Gold says they have received an additional $2million front he exercise of warrants and thus have increased its drill fleet to 6 with an additional diamond drill to adequately test all targets and their respective depth potential and dimensions. Of the 26.9 million warrants outstanding, 25.5 million are currently in-the-money, which, if exercised, would result in the Company receiving an additional $4.7 million, at an average exercise price of $0.19 in 2021. 11 million warrants are held by four of our largest and most supportive shareholders for proceeds of $1.8 million. Roscan Gold trades on the TSX Venture with ROS and on the OTC with RCGCF. News Release
Mining Stock Daily is distributed over a dozen different networks throughout the world and in proud partnership with the Junior Mining Network. It is produced by Clear Creek Digital and Investment Research Dynamic's Mining Stock Journal.
I’m Trevor Hall. Have a wonderful day. Be well.
The information presented should not be considered investment advice. Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.