Osprey Gold Drill Results from Mitchell Lake; Oreninc's Weekly Update
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday, February 26th.
The gold price was swatted $26 on Tuesday while silver had its wings clipped for
68 cents. Silver traded as low a $17.82 before bouncing off the 50 day moving average
and closing at $18.19. The Mining Stock Journal said that, with the stock market down 3% for the second day in a row, the bulk of the move was related to hedge funds cutting back positions portfolio-wide - including gold and silver futures position - in order to duck large margin calls. The Mining Stock Journal commented that the precious metals had become technically vulnerable to a corrective pullback after essentially going nearly straight up for seven successive trading days. The mining stock newsletter added that a pullback right now is healthy and it will set up the next move higher.
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. Corvus is an advanced gold-silver exploration and development company focused on the North Bullfrog and Mother Lode Projects in Nevada. The company has been named a Top Five TSX gold equity performer Four of the last Seven years & a multi time top 50 OTCQX performer. Corvus Gold trades on the Toronto Stock Exchange with the symbol KOR and on the OTCQX with CORVF. Follow all the news form Corvus and its two-mine projects with fast-tracked potential via the company's website, corvusgold.com.
And here’s what you need to know this morning out of the junior sector.
Monarch Gold reported the third set of assay results from its 2019 diamond drilling program on the McKenzie Break gold project in Val-d’Or. The fall 2019 drilling program consisted of 10 holes and two hole extensions totalling 4,202 metres. In an extension hole from 2018’s hole 205, Monarch returned 32.3 g/t gold over 7.1 meters and included a section grading 142.8 g/t gold over 1.2 meters. Monarch says this high-grade intersection is one of the best on the property to date and confirms the existence of a new mineralized zone below and to the east of the current resource. Monarch trades on the TSX with MQR and on the OTC markets with MRQRF. News Release
Paramount Gold Nevada says it has submitted its Plan of Operation to the Federal Bureau of Land Management outlining the Company’s plans to build and operate the proposed Grassy Mountain underground gold mine located in Malheur County, eastern Oregon. The BLM will review the Plan for completeness, which is expected to take 30 days, and will subsequently provide the Company with comments, if any. The BLM has previously reviewed 19 of the baseline data reports and their requests for clarifications have all been addressed. Paramount Gold trades on the NYSE with PZG. News Release
Trilogy Metals says that Ambler Metals, which is the new joint venture between Trilogy and South32, has approved the 2020 program and budget of over $22 million for the advnacement of the Upper Kobuk Mineral projects in Alaska. The budget includes 10,000 meters of drilling at the Arctic project and 2,500 meters of drilling within the Ambler Volcanogenic massive Sulphide Belt. Although there is no planned drilling at the Bornite Project in 2020, the Bornite geological database will be updated and the team will identify priority drill targets for the 2021 field season. News Release
And now we turn to Kai Hoffman of Oreninc to deliver the Weekly update of financings throughout the junior mining field.
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HighGold Mining says it has begun its 2020 winter drill program on its three gold properties in the Timmins gold camp in Ontario. The program plans for 5,000 meters of diamond drilling utilizing two rigs. HighGold says particular emphasis will be given to the Munro-Croesus property and its historically mined, high-grade gold mineralization. Past diamond drilling by the previous owners in 2011 intersected 18.79 g/t Au over 4.1 meters in the hanging wall to the mined Croesus Vein and recent geological interpretative work by HighGold indicates there may be an opportunity to identify unmined portions of the historic Croesus Vein within close proximity of surface. HighGold trades on the TSX Venture with HIGH and on the OTCQB with HGGOF. News Release
Ely Gold Royalties announced it has signed a purchase option agreement with Blackrock Gold for the company’s Tonopah West Project in Nevada for $3,000,000 US. Ely Gold will retain a 3% net smelter returns royalty on the project. The Tonopah West Project consists of 97 patented and 17 unpatented lode mining claims covering mineral rights on approximately 4.5 square kilometres. Tonopah is referred to as the "Queen of the Silver Camps" and has historically produced over 174 million ounces of silver and 1.8 million ounces of gold. News Release
That is a wrap from us today here at Mining Stock Daily. Thanks again for tuning in. If you are planning on attending PDAC in a couple weeks, I will be presenting at the Letter Writer’s Presentation Sunday afternoon in the 2 o’clock hour. I will be sharing my topic; a young investors approach to the new gold bull market. Feel welcome to join me in room 801 that afternoon.
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Have a wonderful day. Be well.
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