Osisko Mining says it hits Bonanza Grades at Windfall
Gold saw a healthy consolidation late last week and optimism hit the overall markets in the United States. Miners are looking to continue the bull wave as 2 of the biggest precious metals conferences get underway over the next two weeks. You are listening to Mining Stock Daily.
Welcome to Mining Stock Daily.
Today is Monday, September 9th.
The price of gold had $45 removed from its price starting early Thursday morning and the price of silver was pushed back well below $19. The Mining Stock Journal said that on Thursday Comex gold open interest plunged over 25,000 contracts, which is and unusually large liquidation of o/i not connected to a contract roll period and has the footprints of an aggressive price management operation implemented by the bullion banks. With India's biggest seasonal gold and silver buying season starting, the newsletter believes that the price takedown in the paper market will not last long.
Today’s briefing 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 10 billion pounds of copper and 18 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.
Here’s what you need to know today out of the junior resource sector.
Osisko Mining says the company hit bonanza grades during the definition and expansion drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt in Québec. Osisko shared results this morning, which included 72.3 g/t gold over 12.7 meters in Triple Lynx and 145 g/t gold over 3.5 meters in the Lynx Extension. The program is currently focused on infill drilling at the Lynx deposit, exploration and expansion drilling on the main mineralized zones, and deep exploration in the central areas of the mineralized intrusive system. Sixteen drills are active at Lynx and Triple Lynx, with another seven drills conducting infill and exploration drilling on other areas of the deposit. A full list of results can be found on this morning’s news release. Osisko trades on the Toronto Stock Exchange with the symbol OSK and on the US OTC market with OBNNF. News Release
Robert Friedland’s Ivanhoe Mines reported this morning that the underground drift development at the Kakula Copper Mine has reached the high-grade ore within the deposit. The company says grades of approximately 4% copper have been returned from sapling and grades are expected to significantly increase as the development crews advance the drifts toward the deposit’s central mining zones. The ore is being stored on a run-of-mine stockpile on surface near the planned processing plant. Ivanhoe says the project is currently on schedule to produce first copper concentrate in Q3 of 2021. Ivanhoe Mines trades on the TSX with the symbol IVN and on the US OTC markets with IVPAF. News Release
K92 Mining shared new drill results from diamond drilling at the Kora North Extension of the Kainantu gold mine in Papua New Guinea. 10 drill results were reported this morning. Highlights included 24.52 g/t gold over 7.43 meters and 20.53 g/t gold over 4.05 meters. The company says these latest results reinforce their belief that the system remains open both at depth and along strike. K92 Mining trades on the Toronto Venture Exchange with KNT and on the US OTC markets with KNTNF. News Release
Prophecy Development Corp says it has closed a private placement which raised $2.6-million through the issuance of 13-million common shares at a price of $.20. Company management and directors purchased 2 million shares of the Placement and one strategic investor purchased a majority of the remaining shares. Prophecy is developing the Pulacayo silver project in Boivia and Gibellini vanadium project in Nevada. The company trades on the TSX with the symbol PCY and on the OTC markets with PRPCF. News Release
That concludes today’s briefing.
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Safe travels to everyone traveling to Colorado today for the Precious Metals Summit. I look forward to taking part in this week’s events. Please be sure to tap me on the shoulder and say hello.
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