Newcore Drills Deepest Gold Mineralization at Enchi
Welcome to Mining Stock Daily. I am Trevor Hall.
Today is Tuesday September 21st.
On Sunday gold was taken down $10 from Friday's close but then, shortly after midnight NY time it started to rally in response to the turmoil occurring in the Asian stock markets. The steady move higher took gold from a low of $1743 up to the $1763 settlement, rising over $11 from Friday's close. The Mining Stock Journal said that, with the U.S. stock market melting down, gold was apparently being used as a flight to safety asset. Silver, on the other hand, declined 13 cents on Monday. The Mining Stock Journal is unable to explain silver's negative divergence from gold but said that, if the move in gold has legs, silver will soon follow gold higher. The mining stocks, though red on the day, outperformed the major stock market indices by a considerable margin. As an example, GDX declined 0.43% but the S&P 500 was down 1.7%. The Mining Stock Journal said that, in all likelihood, the mining stocks were somewhat supported by the strength in gold. The newsletter expects some short term two-way volatility in gold and silver this week with the FOMC meeting starting today and China closed until tomorrow.
We’ll get to the news out of the miners and explorers in a 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.
Newcore Gold shared additional drill results from the 90,000 metre drill program underway at the Company’s 100% owned Enchi Gold Project in Ghana. Drilling at the Sewum Gold Deposit at Enchi has intersected 2.33 grams per tonne gold over 14.0 metres from 104 m, including 20.54 g/t Au over 1.0 m from 116 m in the sulphides. Drilling at Sewum continues to encounter multiple gold mineralised structures, with these results highlighting the potential for deeper high-grade structures outside of the existing pit constrained resource. Drilling on the northern portion of Sewum, at Sewum Ridge, intercepted the deepest gold mineralisation encountered to date at Enchi with .98 g/t gold over 15.6 meters from 350 meter depth. In total, 11 drill hole assays were released this morning from Enchi. A total of 70,688 metres in 396 holes have been completed as part of the ongoing 2020 - 2021 drill program at Enchi. For the total planned 90,000 metre drill program, assay results have now been received and released for 316 holes representing 54,314 metres. Newcore Gold trades on the TSX V with NCAU and on the OTCQX with NCAUF. News Release
Tarachi Gold announced drill results from its recently completed Phase 2 drill program on the Company's San Javier concession in Sonora, Mexico. The Company completed its Phase 2 drilling program consisting of five diamond drill holes. The purpose of the program was to follow up on positive results from the 2020 drill program and determine the extent of the intrusion breccia mineralization at depth and along strike. Today’s results were highlighted with .454 g/t gold over 52 meters in hole 14, which also included 1.5 meters of 4.11 g/t gold. Tarachi trades on the CSE with TRG and on the OTCQB with TRGGF. News Release
Amex Exploration shared results of its first follow-up drillhole on the copper rich volcanogenic massive sulphide QF zone. The QF Zone occurs along the Normétal Mine Horizon which is a kilometric tuffaceous unit that host the nearby past-producing Normétal Mine. Today's results from drillhole PEX-21-083, which is approximately 65 metres deeper than the discovery hole, returned 1.93% Cu, 0.15% Zn, 0.28 g/t Au, and 14.0 g/t Ag over 8.0 metres, including a high-grade core of 3.40% Cu, 0.25% Zn, 0.48 g/t Au, and 24.31 g/t Ag over 4.55 metres, which confirms both the width and grade of the discovery hole. Amex Exploration trades on the TSX Venture with AMX and on the OTCQX with AMXEF. News Release
Gungnir Resources reported more nickel results fro drilling at the company’s Lappvattnet nickel deposit in Sweden. Today's results are expedited assays from hole LAP21-05 located 40 metres along strike of hole LAP21-02 which intersected 3.19% Nickel over 4.25 metres. Today’s results were 2.62% Ni over 5.65 metres within a 14.00 metre interval grading 1.40% Ni and included 6.67% Ni over .65 meters. The Nickel mineralization began at less than 60 meters below surface. Gungnir Resources trades on the TSX Venture with GUG and on the OTC with ASWRF. News Release
Aya Gold and Silver provided more silver assay results from its 2021 drill exploration program at the Zgounder Silver Mine in the Kingdom of Morocco. Results included 1,299 g/t silver over 15 meters and included a half meter of 13,138 g/t. This hole defined mineralization below the current mine workings and remains open in both directions. Holes ZG-21-41 and ZG-21-40 generated 448 g/t Ag over 10.5m and 845 g/t Ag over 6m, respectively, confirming mineralisation and identifying a new mineralized structure below 2,000m in the Zgounder East Zone. Step-out drilling is planned shortly in this high-potential area, in addition to the target zones below the mine to the granite contact. Aya Gold and Silver trades on the TSX with AYA. News Release
The Mining Stock Daily morning briefing is produced by Clear Creek Digital and Investment Research Dynamic’s Mining Stock Journal. It is distributed throughout the world through your podcast network of choice, and by our friends at the Junior Mining Network.
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.