Newcore Continues to Expand Gold Mineralization Outside of Current Resource
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday, February 17th
Gold was given a good old fashioned price beating in the paper gold market Tuesday morning, starting right after the London a.m. price fix, which initially took April gold from $1826 down to $1803. This was followed by a second round of paper gold price assault and battery when the Comex gold pit opened. Gold was smashed down to $1788 before it bounced sharply
back up to $1815. As is customary going into the last 30 minutes of Comex floor trading, gold was smacked back down to $1792, where it settled for the day. The Mining Stock Journal said that attributing the price drop in gold to the soaring 10yr bond yield is seeded either in ignorance of disingenuity, or both. The 10yr bond yield spiked up on Monday while the gold price was flat to up. Moreover, soaring yields at the long end of the Treasury curve reflect rising inflation expectations. Inflation is rocket fuel for the gold price. More likely, the gold price management squad is taking advantage of China's extended absence from the markets in observance of the Chinese New Year and beating down the price of gold in an effort to diffuse the surge in investment demand for silver. The gold/silver ratio in fact closed at 65.84, the lowest level since July 2016. The Mining Stock Journal is using this sell off in gold and the mining stocks to add its favorite speculative junior positions, several of which will be discussed in Thursday's new issue.
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.
Newscore Gold shared drill results from the 58,000 metre drill program underway at the Company’s 100% owned Enchi Gold Project in Ghana. Drilling has intersected 0.82 grams per tonne gold over 103.0 metres from 61 m at the Sewum Gold Deposit , with these results continuing to expand the gold mineralization outside of the current resource. Newcore is also announced additional results from drilling at the Kwakyekrom Gold Target , including 0.79 g/t Au over 53.0 m from surface. These latest results have extended the strike extent at Kwakyekrom to 650 metres, remaining open in both directions. Kwakyekrom is one of the most advanced exploration targets at Enchi with no currently defined gold resource. Drilling on the Project continues with four rigs currently on site, and one additional rig anticipated to be on-site by the end of February. Newcore trades on the TSX Venture with NCAU and on the OTCQX with NCAUF. News Release
GR Silver also had new drill results out this morning, these coming from the San Juan area of the Plomosas Silver Project in Sinaloa, Mexico. Results highlighted are 2.5 meters of 2,195 g/t silver, which also included .85 meters of 5,600 g/t silver. The company says these very encouraging drill hole results not only confirm the presence of high-grade Ag-predominant epithermal veins at the San Juan Area, but also open up the opportunity for additional continuity of the mineralized trend to the south. The potential to increase the strike of the mineralization from the existing 2 km to 4 km and achieve new discoveries is still conceptual in nature. However, recent field mapping and sampling provides strong support for a 4 km long structural corridor. GR Silver trades on the TSX Venture with GRSL and on the OTCQB with GRSLF. News Release
GoGold Resources released the results of the initial 9 diamond drill holes from the Casados deposit in the Los Ricos North project. These are the first holes ever drilled in what represents a new discovery at Casados. Although there was limited historical mining that averaged 1.5m in width on one of the veins , the discovery is that the Casados Vein 1 is strongly mineralized over widths exceeding 20m. There is an additional discovery of a second fully intact vein in the footwall that exceeds 20m in width with grades as good or exceeding Vein 1. In some instances, these two veins combine into one with widths up to 56.5m of 171 g/t silver equivalent, which also contained a 1.3 meter interval grading 2,749 g/t silver equivalent. GoGold trades on the TSX with GGD and on the OTCQX with GLGDF. News Release
Osisko Mining published an updated mineral resource estimate for its Windfall gold deposit, located in the Abitibi Greenstone Belt in Quebec. This MRE is based on drilling completed as of September 2020, and includes analytical results received as of November 30, 2020. The report now shows 1.86 million ounces of gold in the measured and indicated category averaging 9.6 g/t gold and 4.24 million ounces of gold in the inferred category averaging 8 g/t gold. A subsequent MRE for the Windfall feasibility study will follow the completion of the infill program. Osisko Mining trades on the TSX with OSK. News Release
Vizsla Silver Corp announced an additional two drill rigs have arrived to site bringing the total rig count to seven at the Copala-Panuco project in Sinaloa, Mexico. The Company completed over 28,000 metres of drilling at the Project last year and plans to complete over 40,000 metres of diamond drilling in H1 of 2021. The Company is primarily focusing on resource drilling at the Napoleon discovery including systematic 100m centred drilling along the length of the 2.5km long Napoleon vein corridor and advanced drilling at both the Tajitos vein corridor and the Cordon del Oro vein corridor. Vizsla trades on the TSX Venture with VZLA and on the OTCQB with VIZSF. News Release
BeMetals has signed an Amalgamation Agreement to acquire privately owned Kronk Resources Inc. and its wholly owned subsidiary Kazan Resources, which holds the rights to a highly prospective portfolio of advanced and early stage gold exploration projects in Japan. In addition, BeMetals is pleased to announce a non-brokered private placement of $7.5 million through the issuance of approximately 17.05 million shares of BeMetals at $0.44 per share to senior gold producer and new strategic investor, B2Gold Corp. Following the Transaction and Offering, B2Gold will hold approximately 19% of BeMetals' outstanding shares. BeMetals trades on the TSX Venture with BMET and on the OTCQB with BMTLF. News Release
First Cobalt announced it has begun a study of black mass material from recycled batteries as a supplemental source of feed for its hydrometallurgical refinery located north of Toronto. The Company believes the Refinery could recover cobalt, nickel, copper and potentially lithium and manganese, in addition to planned cobalt production from primary feed. Discussions are underway with several producers of black mass. First Cobalt is currently in preconstruction of a refinery expansion project that will result in annual production of 5,000 tonnes of cobalt contained in a battery-grade cobalt sulfate starting in Q4 2022. The Refinery previously recovered nickel, copper and cobalt and this study will leverage these processes and existing infrastructure. First Cobalt trades on the TSX Venture with FCC and on the OTCQX with FTSSF. News Release
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I’m Trevor Hall. Have a wonderful day. Be well.
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