New Drill Results from Great Bear and Calibre; Rejection for Premier
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Thursday, April 9th.
Gold was up marginally on Wednesday from Tuesday. Silver on the other hand was inexplicably pushed lower. As a result the gold/silver ratio rose 1.8% on Wednesday. Gold spiked up Wednesday as high as $1695 before succumbing to a paper beat-down early in the Comex paper gold farce market. The Mining Stock Journal noted that, from a technical standpoint, both the gold and silver charts look quite bullish. To be sure the underlying fundamentals that drive precious metals could not be more bullish. The Mining Stock Journal also said that interest in the latest paper Ponzi scheme cooked up by CME and LMBA - the Accumulated Certificate of Exchange, which settles Comex gold contracts with a quote unquote 25% interest in a 400 oz LBMA bar - has had zero volume since its debut on Tuesday. The Mining Stock Journal added that any money manager that is long a Comex contract and is willing to settle the terms of that contract with the newest derivative scheme - the Accumulated Certificate of Exchange - should be charged with breach of fiduciary duty.
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... Contact Gold.
Contact Gold is an exploration company focused on producing district scale gold discoveries in Nevada. Contact Gold’s extensive land holdings are on the prolific Carlin, Independence and Northern Nevada Rift gold trends, including the Green Springs and Pony Creek projects. Contact Gold’s land position comprises approximately 140 km2 of target rich mineral tenure hosting numerous known gold occurrences, ranging from early- to advanced-exploration and resource definition stage. Contact Gold trades on the TSX Venture with the symbol C and on the OTC markets with CGOL.
And here’s what you need to know this morning …
Great Bear Resources reported new results this morning from its exploration program at the Dixie Project in Red Lake Ontario. The Company has completed 83 of approximately 300 planned drill holes into the LP Fault target, as part of its 5 kilometre long by 500 metre deep grid drill program. Gold mineralization has been intersected in all of the drill holes for which assays have been returned to-date. Results included 42.7 g/t gold over 3 meters, 23.17 g/t gold over 3.5 meters, and 10.65 g/t gold over 17.25 meters. The company says results show apparent continuity of gold mineralization over approximately 400 vertical metres from surface in this area, which remains open to extension in all directions. Great Bear trades on the TSX Venture with GBR and on the OTC with GTBDF. News Release
Last week we announced the news that Premier Gold Mines made a $205 million dollar offer to Centerra for the full acquisition of the Greenstone Gold Mine, which is a 50/50 joint venture between the two companies. Yesterday, Premier announced the offer was rejected. Premier CEO Ewan Downie said in the press release “Centerra's decision not to accept our offer confirms that Centerra recognizes the substantial value of the Hardrock Project and is inconsistent with its refusal to make a Positive Feasibility Decision in connection with the Project.” We will update you on any progress with these negotiations as they become publicly available. Premier trade son the TSX with PG and on the OTCPK with PIRGF. News Release
Calibre Mining shared new drilling results from the Panteon deposit, part of the El Limon mine complex. Calibre says the drilling results confirm the continuity of gold mineralization over consistent, mineable widths along the down-plunge projection of the deposit, below the base of historic workings. Prior to the start of drilling in Q4 2019, the deposit had only been tested 120 metres along strike and to a depth of 115 metres from surface. A few highlights from the results included 54.67 g/t gold over 5.2 meters and 17.77 g/t gold over 10.8 meters. The Panteon vein was mined between 1965 and 1992 to a depth of 115 metres from surface. Previous access to the deposit was provided by a shaft, which currently serves as ventilation for the Santa Pancha underground mine. Mine planning is underway to access Panteon by an underground decline from existing Santa Pancha infrastructure. News Release
Wesdome provides an update on operations at its Eagle River and Kiena projects. The company says The Eagle River complex has further reduced operations, which will be in effect until the resumption of normal activities is deemed safe and appropriate. Non-production related work, such as exploration, and mine construction activities, and the Mishi Open Pit operations have all been suspended in order to facilitate significant crew reductions and allow for enhanced physical distancing to limit the potential spread of the COVID-19 virus. Construction activities at Kiena will also remain suspended.
B2 Gold shared its gold production and revenue for the first quarter. The company produced on a consolidated basis over 250,000 ounces, which was a 25% increase from the same time period last year. Consolidated gold revenue was a quarterly record with a 44% increase from last year to $380 million. Total consolidated production guidance remains at between 1,000,000 and 1,055,000 ounces of gold; consolidated cash operating costs are forecast to be between $415 and $455 per ounce and consolidated all-in sustaining costs are forecast to be between $780 and $820 per ounce. Based on current assumptions, including a gold price of $1,500 per ounce for the balance of 2020, the Company expects to generate cashflows from operating activities of more than $700 million in 2020. B2 Gold trades on the TSX with BTO and on the NYSE with BTG.
Fiore Gold shared results from a Preliminary Economic Assessment completed for the Gold Rock project located 8 miles southeast of its Pan Mine in White Pine County, Nevada. The study shows a NPV of $49.7 million and an IRR of 22.8% using a base case gold price of $1400 gold. Based on a sensitivity analysis at approximately the current spot price of US$1,600/oz Au the Project returns a pre-tax NPV5% of US$106.8 and a 39.7% IRR. Fiore Gold trades on the TSX Venture with F and on the OTCQB with FIOGF. News Release
That’s it from me this morning. We’ll be back throughout the rest of the day today and tomorrow with more commentary. Be sure to hit that subscribe button if you have not done so already.
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.
Have a wonderful day. Be well.
Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein.