O3 Discovers News Zone at Marban
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Thursday, February 4th
The precious metals sector managed to bounce a bit on Wednesday. April gold ran up to $1846 on the back of heavy physical demand from India and China and then was pushed lower in paper gold trading after India and China shut down for the day. After a brief bounce, gold was slammed lower at the commencement of Comex floor trading down to as low as $1830 before settling at $1834, up a couple dollars from Tuesday. Silver followed the same path only with larger percentage moves up and down. The mining stocks were a mixed bag, with the Amex Gold Bugs index and GDX down marginally. The Mining Stock Journal noted that since early December the $1825 to $1830 area has been stout support for gold despite unusually aggressive efforts to push the gold and silver prices lower. The Mining Stock Journal will be releasing its next issue this afternoon. It will include some ideas for playing a big move higher in silver, though at this point the newsletter is adamant that the entire precious metals sector will make a big move with or without the help of any effort to effect a short squeeze in silver
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… Western Copper and Gold.
Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 11 billion pounds of copper and 21 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.
And here’s what you need to know this morning.
O3 Mining says drilling at the Marban Project has discovered a new zone which expands mineralization outside of the pit shell. Drilling returned 1.2 g/t gold over 9.7 meters and 2 g/t gold over 5.4 meters in a new zone named Golden Bridge. The new Golden Bridge zone discovery is defined by three drill holes covering an area of 175 metres by 100 metres at 175 metres vertical depth and remains open to the west, at depth, and up to the surface. O3 Mining believes that the near surface Golden Bridge zone offers the potential to generate a new open pit resource, just 200 metres from the PEA Norlartic pit. The 2020-2021 drilling program consists of 50,000 metres to test extensions of the deposits and zones outside of the PEA pit areas. O3 Mining trades on the TSX Venture with OIII and on the OTCQX with OIIIF. News Release
K2 Gold announced it has now received assay results for all 17 holes drilled in its recently completed program on its 100% owned Mojave project, southern California. The news this morning come from the Newmont Zone. Results included 1.64 g/t gold over 41.15 meters and 1 g/t gold over 22.86 meters. The results from the Newmont and Dragonfly sites confirm the presence of broad intervals of gold mineralization and are consistent with historical results from previous drilling by BHP and Newmont. K2 trades on the TSX Venture with KTO and on the OTCQB with KTGDF. News Release
Radisson Mining shared results of gold intercepts from its ongoing 130,000 meter exploration drill program on the O’Brien gold project along the Larder-Lake_Cadillac Break in Quebec. Results included 24.22 g/t gold over 3 meters 19.63 g/t gold over 3.4 meters. Drilling at O’Brien continues to validate the litho-structural model while highlighting resource growth potential laterally and at depth. Drilling so far has demonstrated continuity of mineralization well below the boundary of defined resources in all three trends, which remain open for expansion laterally and at depth. Radisson Mining trades on the TSX Venture withRDS and on the OTC with RMRDF. News Release
Anaconda Mining shared initial results from its on going 2,500 metre infill drill program at Stog'er Tight as well as the final results from the original exploration drill program, which commenced in August of 2020. Both programs took place near, or along strike from, the Stog'er Tight Mine and Deposit, located approximately three kilometres east of the Company's operating Pine Cove Mill and Tailings Facility in Newfoundland. Results did include 6.5 g/t gold over 16 meters and 2.84 g/t gold over 8 meters. Anaconda trades on the TSX with ANX and on the OTCQX with ANXGF. News Release
Now let's turn it over to Kai Hoffman for this week’s Oreninc Weekly Update.
Talon Metals reported its updated Preliminary Economic Asssessment for the Tamarack Nickel-Copper Cobalt project, which included economics for three considered scenarios, nickel sulphates, nickel concentrates used for EVs and nickel concentrates used for stainless steel. For simplification this morning, we’ll focus ont he nickel sulphate scenario, which shows an after-tax NPV of $569 million and an IRR of 31.9% using a base case of $8 nickel and $3 copper. That is a 96% increase in NPV since its last PEA and does not included recent drilling results. Talon trades on the TSX with TLO.
Northisle Copper and Gold also shared a PEA this morning from their North Island Project. The report shows a $1.1 billion NPV with a 19% IRR over a 22 year mine life. It shows a payback period of just under 4 years driven by a $1.4 billion capex. Northisle Copper and Gold trades on the TSX Venture with NCX. News Release
Ascot Resources announced the Company has submitted the Joint Mines Act/ Environmental Management Act Permit Application to amend Mines Act Permit M-179 and Environmental Management Act Permit PE-8044 for regulatory screening and then review. Eva Clayton, President of Nisga’a Lisims Government said “The submission of the Joint MA/EMA Application for the Premier site demonstrates a comprehensive and collaborative effort by the proponent and Nisga’a Nation as we continue to build mining as an important industry within the Nass Area.”
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I’m Trevor Hall. Have a wonderful day. Be well.
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