Outback Goldfields Reports First Drill Results; Osino and Wesdome Report Best Intercepts To-Date
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday, May 19th.
Tuesday morning about an hour before the Comex opened, gold made an attempt to rally in NY but was stopped at $1,875.90 just after 8:30 AM, knocking the paper price straight down over $11. The Mining Stock Journal said that an obvious price attack in the paper market was executed as, not only was there an absence of news that would have triggered hedge funds to sell paper gold positions, but the dollar plunged below 90 overnight, which should have boosted gold up to challenge $1900. The newsletter added that the big jump in open interest on Monday and the heavy volume in paper gold that accompanied the price attack is evidence that drop in the gold price was paper operation on the Comex. Silver shot up as high as $28.88, July basis, but was beat back down to $28.30 on Tuesday. As this commentary is being written Tuesday evening, silver is back down testing the $28 level. The mining stocks were in the red most of the day Tuesday but managed to close down just slightly from Monday, despite the manic attack on the gold and silver prices. The Mining Stock Journal said that several micro-cap junior exploration stocks experienced price gains Tuesday, especially the ones of the silver variety.
We’ll get to the news out of the miners and explorers here in just 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.
Outback Goldfields reported their initial results from its ongoing and fully-funded drill program on its Glenfine project, central Victoria, Australia. Assays from three of the eleven completed holes were reported. Two of these holes tested for the up-dip and down-dip extensions of gold mineralization at the northern end of Reef 2 and confirm strong grade continuity. Results highlighted today included 17.3 meters of 2.66 g/t gold, including a 1.3 meters interval of 10.65 g/t. Another hole returned 5.1 meters of 2.9 g/t gold and included a .3 meter interval of 15.02 g/t gold. Two drills are currently in operation along this trend. Further results will be released once assay data are received from the lab and have been interpreted. Outback Goldfields trades on the CSE with OZ. News Release
Great Bear Resources today reported results from its ongoing fully funded $45 million 2021 exploration program at its flagship Dixie Project in the Red Lake district of Ontario. A few highlights today include 13 meters of 18.57 g/t gold and 9.8meters of 86.97 g/t gold. The company noted they are now entering the final months of near-surface maiden mineral resource estimation drilling of the central LP Fault zone, and are modeling 17 distinct high-grade gold domains within the broader LP Fault gold mineralized system. Great Bear plans to release detailed high-grade and bulk tonnage domain information over the coming months. Today’s news release included the first of this information. Great Bear trades on the TSX Venture with GBR and on the OTCQX with GTBAF. News Release
Wesdome Gold Mines announced underground exploration drilling results from the new high grade gold discovery in the footwall of the Kiena Deep A Zone at the Company’s Kiena Mine Complex in Val d'Or, Quebec. To date, the Footwall Zone is defined by new intersections of gold mineralization located within a 50 metre wide corridor adjacent to the footwall of A2 Zone. Results reported today from the Footwall Zone included the best drill intercept ever reported at Kiena, 41.2 g/t gold over 51.2 meters, 27.7 g/t over 12.3 meters and 16.7 g/t over 9 meters. Drilling at the Deep A Zone returned 122.1 g/t gold over 7.5 meters and 96.1 g/t over 8 meters. CEO Duncan Middlemiss says This new discovery could have major positive impacts on the project, in particular on the next updated mineral resource estimate, the number of ounces per vertical meter, and on global economic characteristics of the project. Wesdome trades on the TSX with WDO. News Release
Vista Gold announced assay results from drilling on the company’s Mt. Todd project in Australia. Two additional holes have been completed on an east-west section approximately 500 meters north of the limits of the Batman deposit resource model. Both holes drilled through mineralized structures as projected, with some intercepts in both holes showing significantly higher grades than historic drilling in the Batman deposit. Results included 42 meters of .8 g/t gold and 29 meters of 2.65 g/t gold. Both holes confirm the lateral continuity of mineralized structures with drill intercepts 500 meters north of the Batman deposit. Vista Gold trades on the NYSE and the TSX with VGZ. News Release
Vizsla Silver provided results of 10 new drill holes at theTajitos Vein at the Panuco silver-gold project in Mexico. Results included 513 g/t silver equivalent over 7.76 meters and 1,423 g/t silver equivalent over 1.22 meters. Mineralization extends over 575 metres in length, 250 metres deep and remains open to the northeast, southwest and at depth. Vizsla trades on the TSX Venture with VZLA and on the OTCQB with VIZSF. News Release
Osino Resources provided an update on infill drilling at its Twin Hills Gold Project in the Erongo Region of Namibia, including more specifically high-grade intercepts at its recent discovery at Clouds East. The company reported its best intercept to date at Clouds which was 98 meters of 1.32 g/t gold, including 34 meters of 2.66 g/t. In-fill drilling at Twin Hills has returned 132 meters of 1.04 g/t gold, 124 meters of .93 g/t and 138 meters of .87 g/t. Assay results for more than 130 completed infill, expansion and exploration boreholes are outstanding. Osino trades on the TSX Venture with OSI and on the OTCQB with OSIIF. News Release
That’s it for the news briefing this morning. We’ll be back later today with more news and interviews.
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