News Drill and Exploration Results from Idaho to Brazil
Welcome to Mining Stock Daily. I am Trevor Hall.
Today is Monday August 23rd.
Gold was basically unchanged last week when the price is measured using the open and closing of the CME Globlex computer system. For now it looks like $1780 is holding as support for December paper gold. But anything can happen in the last trading days of August as volume fades and interested trading parties go on vacation. Viewed on a 1-yr timeframe, the gold price chart looks potentially bearish. But the Mining Stock Journal said an argument can be made that, using a chart timeframe that goes back to the end of the December 2015, when the current precious metals sector cyclical bull move began, the chart actually looks quite bullish, with maybe $1750 or $1700 as a worst case downside technical objective. On the other hand, unequivocally the fundamental planets are lined up for a big move higher in both gold and silver. Silver has held theoretical chart support at $23 since it's break out move in July 2020. The Mining Stock Journal said that chart nerds will make the case that silver is headed for $20 before it zooms higher, and that's always possible, but the fundamentals support the argument for a massive Autumn rally. As for the mining stocks, the Mining Stock Journal says "hang in there." As go the metals, so go the miners. If the metals stage a big move higher this fall, as expected, the mining stocks will stage a big rally times three.
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.
Bunker Hill provided update drill results from its Phase II program, including intercepts from silver-lead vein extensions delineated through testing of the down-dip and off-set portions of the Jersey-Deadwood vein system on the 9-level. Results included 1.4 meters grading 1284.4 g/t silver equivalent, .2 meters of 3027 g/t silver equivalent and .4 meters of 1782.8 g/t silver equivalent. The Jersey-Deadwood zone was historically worked on three main structures: the Jersey Vein, the Jersey Fault Vein and the Deadwood Flat Vein. All three structures historically reported silver-lead dominant production and were some of the last worked stopes before mine closure. This area was chosen as a recent exploration focus due to its accessibility and the ability to drill multiple targets with limited movement of the drill rig. Bunker Hill trades on the CSE with BNKR and on the OTCQB with BHLL. News Release
Banyan Gold shared results from 5 drill holes from the Powerline Deposit on the AurMac Property in Yukon. The company says step-out grid-based drilling continues to identify significant intervals of consistent gold mineralization further expanding the mineralization footprint of this near-surface gold deposit. Results reported today included 110.7 meters of .62 g/t gold and 195.9 meters of .54 g/t. Phase 1 Drilling at AurMac included drilling at both the Powerline and Aurex Hill targets. Phase 2 Drilling began in late July and is designed to expand the limits of the Powerline Deposit and is planned to continue until December 2021 and then planned to resume in February 2022. Banyan Gold trades on the TSX Venture with BYN. News Release
ValOre Metals published a new reverse circulation drilling discovery at the Pedra Branca Platinum Group Elements Project in Brazil. The discovery comes from 32 meters grading 1.65 g/t palladium, platinum and gold from surface. This RC drill hole confirms the presence of broad high-grade surface PGE mineralization at Santo Amaro South and further validates ValOre’s sequential exploration methodology, which has been re-initiated to expand upon the discovery hole. ValOre Metals trades on the TSX Venture with VO and on the OTC with KVLQF. News Release
Meridian Mining reported the identification of significant Bore Hole ElectroMagnetic conductors detected immediately below chalcopyrite, sphalerite, galena, and silver mineralisation intercepted by current drilling at Cabaçal West. Cabaçal West is part of the Cabaçal Copper-Gold Project in Mato Grosso, Brazil and is located 1.5 km west of the Cabaçal Copper-Gold mine. The smallest of the BHEM conductors modelled, logged from the CD-038, has a plate size close to the surface area of the Cabaçal Mine's. While the largest modelled BHEM conductor, logged from the now to be extended DDH CD-058 is ~3 times the strike length as the Cabaçal Mine but restricted by the tool's measurable limits. Both CD-038 & 058 logged disseminated and stringer mineralisation above their detected conductors. Recent but smaller BHEM conductors logged from Meridian's ongoing drill program at the Cabaçal mine, are directly associated with significant Cu-Au-Ag grades and intervals previously reported1 that are also within the same host mine horizon encountered by drilling at Cabaçal West. Meridian Mining trades on the TSX Venture with MNO and on the OTCQB with MRRDF. News Release
That’s it for the news briefing this morning. We have a couple of great interviews coming your way later today.
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