New Drill Results Continue to Roll In
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday, October 21st.
December gold headed higher on Tuesday after being smashed below $1900 down to $1897 on Monday night. December silver embarked on a stair-case patterned move from $24.30 to the low $25 area, where it is trading as this commentary is being written Tuesday night. The Mining Stock Journal said that the current aggressive effort to keep a lid on the price of gold is being challenged by strong demand for gold in India. The gold/silver ratio dropped nearly 1% on Tuesday. The Mining Stock Journal said that, assuming gold and silver continue to move higher, it expects silver to outperform gold and the gold/silver ratio to fall in the 60's before Thanksgiving. The mining stocks were volatile on Tuesday, but GDX managed to scratch out a 0.8% gain on the day. The charts for gold, silver and GDX continue to look bullish but the Mining Stock Journal said it will feel more confident about the sustainability of the current uptrend if all three of the charts move back above their respective 50 day moving averages.
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… 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.
Enduro Metals reported its first-received rilling results from this year’s exploration campaign from the NE Extension Zone along the McLymont Fault of the Company's Newmont Lake Project, located in the heart of northwestern British Columbia's Golden Triangle. The McLymont Fault is one of four target areas on the 638 km2 Newmont Lake Project. Drill hole NW20-09 intersected 31.09 g/t Au, and 1.07% Cu over 8.85 metres starting at 159.88m downhole, including 225.30 g/t Au, and 4.90% Cu over 0.59 metres at 162.45m downhole. Mineralization was identified over a broader interval of 10.03 g/t Au, and 0.36% Cu over 28.34m starting at 144.12m with 8 individual samples containing more than 15 g/t Au. This is the 1st of 17 drill holes to be reported within the McLymont area during the Company's 2020 exploration program at Newmont Lake. Additional assay results will be released as they become available. Enduro trades on the TSX Venture with ENDR and on the OTC with SIOCF. News Release
Amex Exploration says it has returned its highest grade interval to date on the Denise Zone with an assay returning 9.36 g/t gold over 39.55 meters, and included 21.9 meters of 16.55 g/t gold. The Denise zone is just south of the High grade Zone of the Perron Property in Quebec. Amex trades on the TSX Venture with AMX and on the OTCQX with AMXEF. News Release
Rupert Resources reported new drill results from its ongoing exploration programme at the 100% owned Pahtavaara Project in the Central Lapland Greenstone Belt, Finland. Highlights included 3.6g/t gold over 181m from 17m, 4.4g/t gold over 106.7m, and 3.0g/t gold over 188m. The company says these new results from Ikkari indicate a further increase in the grade and thickness of mineralisation across a confirmed strike extent of 550m. Assays are pending for 18 more holes. Ruper trades on the TSX Venture with RUP. News Release
Marathon Gold shared new drill results from recent exploration drilling at the Valentine Gold Project, central Newfoundland (the “Project”). These latest results represent fire assay data from fourteen drill holes completed as part of the in-fill drill program at the Berry Zone within the 6km long Sprite Corridor. Highlights included 2.61 g/t gold over 85 meters and 3.44 g/t gold over 10 meters. This program is designed to provide drill coverage at an average 25 metre spacing with a view to an initial mineral resource estimate at Berry by the first quarter of next year. These fourteen holes are located along the western boundary of the in-fill area and within well-developed mineralization in the central portion of the zone. Marathon Gold trades on the TSX with MOZ and on the OTC with MGDPF. News Release
Kesselrun Resources also had new drill results out this morning from its Huronian gold project. Results included 1.8 g/t gold over 57 meters, including 15.7 g/t gold over 5.2 meters and 52.3 g/t gold over 1 meter. Kesselrun has now extended the high-grade portion of the Fisher Zone to nearly 100 metres down plunge. The company trades on the TSX Venture with KES. News Release
And in other quick drill results headlines this morning, Sun Meals returned drill results grading 3.34% copper equivalent over 40 meters at the Stardust project. Blue Lagoon Resources returned 34.5 g/t gold over 1.53 meters from its Dome Mountain project. Newcore Gold intersected .73 g/t gold over 62 meters at the Enchi Gold project in Ghana. And Nighthawk Gold returned 2.01 g/t gold over 200 meters from Colomac.
Canada Nickel says their latest resource update has more than doubled the measured and inferred resources. The Main Higher Grade Zone Measured resource increased by 162% to 153 Mt at 0.32% nickel. Total Inferred resource increased by 121% to 646 Mt at 0.24% nickel including an increase of 50% in Main Zone and an initial resource from East Zone of 213 Mt at 0.24% nickel. The company noted that exploration potential remains with approximately 50% of Crawford structure untested and is now actively being explored. The Main Zone remains open to the west and the East Zone has more than 2.8 kilometres of strike length (40%) remaining to be drilled. Canada Nickel trades on the TSX Venture with CNC and on the OTCQB with CNIKF. News Release
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I’m Trevor Hall. Have a wonderful day. Be well.
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