New Drilling Results from Calibre, Wallbridge and more
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday, May 20th.
It didn't take long for gold to bounce back from Monday's manipulated price ambush, as June gold soared from an overnight low of $1728 to $1754, where it is trading Tuesday evening as this is being written. There was not any specific news which triggered the price rise. July silver spiked over $18 in Tuesday evening trading after flirting with $18 during the day trading session. The gold/silver ratio continues in freefall toward its 200 day moving average, dropping to 97.51. The Mining Stock Journal noted that the general level of bullishness toward silver has elevated to a dull roar. The mining stocks per the GDX ETF jumped 3.6%, though several micro-cap junior exploration stocks jumped anywhere from 5-15%. The Mining Stock Journal offered the opinion that the mining stock freight train is starting to roll out of the station and those unlucky enough to miss jumping on will be left chasing it.
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 trades on the TSX-V under ITR and the OTCQX under IRRZF. Integra Resource is advancing its past producing DeLamar Gold-Silver project in SW Idaho through aggressive drilling and exploration. The latest Resources Estimate released earlier this summer showed approximately 4 million Gold equivalent ounces in the measured and indicated category.The maiden PEA for the project established a net present value of C$473-million and an IRR of 43%. The management of Integra successfully sold its previous brownfields project for C$590 million in summer 2017. Read more about the company and its successful management team at integraresources.com.
And here’s what you need to know this morning …
Calibre Mining says recent drilling has confirmed resource expansion potential down plunge at the Panteon deposit at Limon and at the Jabali West underground mine at Libertad. Drilling has also demonstrated positive gold grades and continuity along strike at the previously untested Tranca prospect and at the Amalia prospect, which like Tranca, had not been drill tested prior to the current exploration program. A number of drill holes from the program were reported today. A few highlights included 23.46 g/t gold over 3.3 meters at the Jabali West Underground Deposit. 3.92 g/t gold over 4.5 meters at the Tranca Gold Prospect, and 4.25 g/t gold over 2.1 meters at the Panteon Deposit. Exploration activities will recommence upon the restart of mining operations with an increased scope of 60,000 metres now planned, an increase of approximately 30% from the previous 47,000 metres. Calibre trades on the TSX with CXB and on the OTCQX with CXBMF. News Release
Wallbridge Mining published two new press releases this morning. In the first, the company announced drilling results from the Area 51 system on their Fenelon property. Those results included 1.7 g/t gold over 58.5 meters and 1.01 g/ gold over 82.4 meters. The company classified these results as potentially open pit bulk mineable intercepts. Other results included 9.28 g/t gold over 6.5 meters and 19.55 g/t gold over 4.1 meters. In a second press release, Wallbridge announced drilling results from the Tabasco-Cayenne Shear zone at Fenelon and says drilling continued to expand the mineralization in the Tabasco-Cayenne shear system along strike and down dip. Drilling highlights to note here include 4.84 g/t gold over 56 meters and 8.41 g/t gold over 19.15 meters. A full list of all these results can be found on both press releases, accessible on the Junior Mining Network newsroom. Wallbridge trades on the TSX with WM and on the OTC with WLBMF. News Release
1911 Gold reported the remaining results from the Phase I drilling program on its Rice Lake gold properties in Manitoba. Hole 2 returned 4.29 g/t gold over 3.95 meters. Hole 6 returned 2.25 g/t gold over 3.7 meters. The Tinney and Bidou projects are located approximately 35 kilometres southeast of the Company's True North mine and mill complex with access via an all-weather provincial road. Both are situated within the Company's district-scale land package in the Archean Rice Lake greenstone belt of southeastern Manitoba, part of the prolific Uchi geological domain, which hosts the 3-million-ounce Rice Lake gold camp in Manitoba and the 30-million-ounce Red Lake gold camp in adjacent Ontario. 1911 Gold trades on the Toronto Venture Exchange with AUMB. News Release
Endeavour Silver had new exploration drilling results out this morning as well, This coming from the Bolanitos Mine in Guanajuato, Mexico. A total of 14 holes were drilled and 8 holes intersected grades over minable widths, including 24.3 grams per tonne gold and 787 gpt silver over a 1.5 meter true width and 7.37 gpt gold and 170 gpt silver over a 2.7 m true width. The eight drill holes outline a new mineralized zone 100 m long by 200 m deep, open in all directions. Endeavour says it could connect with the historic high-grade San Ramon mine workings immediately west of and the San Pablo mine workings immediately east of the drill holes. This part of the Melladito vein was not previously explored and represents an exciting new area for resource estimation and mine development. Endeavour Silver trades on the TSX with EDR and on the NYSE with EXK. News Release
Yesterday, I spoke with Kai Hoffman regarding a new trend in junior exploration financings we’re seeing. I hope you can listen to that discussion if you have not already. But he’s back again today to give us the hard numbers on the segment we call the Oreninc Weekly Update.
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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.
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