Osisko Mining Publishes Updated PEA for Windfall
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday, April 7th.
On Tuesday the gold price flash crashed $11 at 2 a.m. NY Time, when the London gold paper market takes over the trading duties from the Asian physical markets. An hour later gold staged a strong rally up to $1746 by the close of the Comex floor, early Tuesday afternoon. Silver followed a similar pattern, spiking up to as high as $25.25 before flash-crashing back under $25, eventually settling at $25.29. GDX rose for the fourth day in a row. The sector has had a sharp bounce over the last four days. The Mining Stock Journal said it would like to see some consolidation of the recent gains followed by another move higher to confirm the quality of the trading action. That said, against the backdrop of increasingly bullish fundamentals for the entire sector, especially silver, the editor of the mining stock newsletter has been methodically adding to aggressive junior mining stock ideas
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… Corvus Gold.
Corvus Gold Inc. is a North American gold exploration and development company, focused on its near-term gold-silver mining projects in southwestern Nevada. The Company holds a commanding land position within the Bullfrog Mining District. Neighbouring, adjacent projects controlled by AngloGold Ashanti, Kinross Gold and Coeur Mining highlight this active District. The two 100% owned North Bullfrog & Mother Lode projects have a combined nearly 4M oz gold of in-pit resource and continues to grow with an on-going, successful, resource expansion drill program.
And here’s what you need to know this morning.
Osisko Mining delivered their PEA update for the Windfall project in the Abitibi greenstone Belt in Quebec. The PEA provides a robust base case assessment for developing the Windfall gold deposit as an underground dual ramp-access mine with a central processing mill at the site. The study includes drill results available as of November 30, 2020. Osisko is rapidly advancing surface and underground work at Windfall, with over 8.5 kilometres of underground exploration ramp, recently achieving 500 metres vertical depth. The report highlights a 300,000 oz of annual gold production for the first 7 years, averaging 8.1 g/t. Average production of the 18 year mine life is estimated to be238,000 ounces. With an all in sustaining cost of $610 per ounce, Windfall currently sits at a 50.6% pre-tax IRR and a $2.6 billion NPV. Windfall will generate over $8.2 billion in gross revenue and $1.7 billion in taxes. News Release
Clarity Gold reported it has begun mobilizing a second drill rig to the Destiny Project in the Abitibi. The rig will commence operations at the GAP Zone, a coarsely drilled zone along strike and east of the DAC Zone. The drill will be tasked with completing several holes designed to infill historic drilling and test the GAP Zone at depth. Salient results from previous drilling in the GAP Zone include 16.1 g/t Au over 6 m from 85.5 m including 90.3 g/t Au over 1 m. Clarity Gold trades on the CSE with CLAR and on the OTC with CLGCF. News Release
Great Bear Resources announced the arrival of a sixth drill rig at the Dixie Project. The sixth rig is being added to accelerate the 2021 drill program, and along with the other five drills will continue to both infill and expand on the three main gold zones including the Hinge, Dixie Limb and LP Fault zones. The Company's primary focus remains infill and expansion drilling of the LP Fault zone at 25 – 75 metre centres. However, there remain large undrilled gaps of 100 – 400 metres between existing drill holes in several areas of the LP Fault, and within the other Dixie Project gold zones where step-out and step-down drilling have already successfully expanded the zones, all of which remain open to extension. Great Bear trades on the TSX Venture with GBR. News Release
Fission Uranium provided results from the first of its 2021 drill programs on the R780E zone of the high-grade Triple R deposit at its' PLS project, in the Athabasca Basin region of Saskatchewan, Canada. Twenty holes were completed in 7,147.8m, including 1 hole restarted due to excessive deviation. All twenty holes hit wide mineralization in multiple stacked intervals, with thirteen intercepting significant intervals of >10,000 cps radioactivity. The goal of the winter program was to upgrade key sections of the Triple R deposit's R780E zone to "indicated" category by increasing drill hole density where the resource is largely classified as Inferred. These recently completed holes have the potential to increase the Indicated category resource which may positively impact the planned feasibility study. Fission trades on the TSX with FCU. News Release
Foran Mining provided new drill results from the McIlvenna Bay deposit on the Flin Flon Greenstone Belt in Manitoba. The company reported 2.95 meters grading 6.88% coppe equivalent and 8.7 meters grading 2.11% copper equivalent. Infill drilling will be supplemented by an expansion drill program planned to commence late spring. Foran trades on the TSX Venture with FOM. News Release
Talon Metals were out with new drill results this morning from the Tamrack nickel-copper-cobalt project in Minnesota. Talon has started exploration within a new target area known as the "CGO West". The area lies approximately 100 meters north-north-east of the Tamarack Nickel Project's resource area and extends for an additional 400 meters. Talon's first three drill holes within the CGO West target area each successfully intercepted massive sulphide nickel mineralization. Assays are pending for these results. Talon trades on the TSX with TLO. News Release
Surge Copper has executed definitive asset purchase agreements with two vendors to acquire a 100% interest in certain mineral claims in the eastern portion of the Berg Property and southern portion of the Ootsa Property. The acquisition of these claims consolidates Surge's ownership of the Bergette prospect area, which is the most advanced regional exploration target on the Berg Property outside of the Berg deposit. The Bergette target area is situated approximately 10 kilometers east of the Berg deposit. Prior exploration work has outlined a 2 km by 2 km copper-in-soil anomaly straddling the interior margins of an intrusive magnetic anomaly that remains open to the east. Surge trades on the TSX Venture with SURG. News Release
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I’m Trevor Hall. Have a wonderful day. Be well.
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