Piedmont Lithium Secures Deal with Tesla
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Monday, September 28th.
December gold settled at $1866 on Friday while December silver settled at $23.09, closing over $23 for the 2nd day in a row after trading as low as $22 on this past Thursday. The mining stocks were flat on Friday, though many junior exploration stocks recorded solid gains. The Mining Stock Journal said that the precious metals sector is the most oversold technically since the market bottomed in mid-March. Moreover, the Hulbert Gold Newsletter Sentiment Index hit 1.67% on Thursday, its lowest reading since early April. The Mining Stock Journal said that the HGNSI is a fairly reliable contrarian indicator. A reading this low on the sentiment indicator is typically very bullish. Finally, the mining stock newsletter said that Friday's commitment of traders report showed that the bullion banks used the sharp sell-off last week to cover shorts plus large wealthy entities per the Other Reportables segment used the sell-off to add to their long position in gold futures. This follows a similar pattern when the precious metals sector bottomed in March. The point of all of this analysis is that the stars are lining up for a big move higher in the sector.
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.
Piedmont Lithium shares went soaring this morning after the company acknowledged a binding agreement between them and Tesla for the supply of spodumene concentrate from the company’s North Carolina deposit. The agreement is for an initial five-year term on a fixed price binding purchase commitment from the delivery of first product and covers a fixed commitment representing around 33% of the company’s planned annual spodumene production of 160,000 tonnes. This arrangement may also be extended by mutual agreement for a second five-year term. Shares of Piedmont were up nearly 300% this morning in early hours. The company trades on the Nasdaq and the ASX with the symbol PLL.
Great Bear Resources reported drilling results this morning from the ongoing exploration campaign at the Dixie Project in Red Lake district of Ontario. One notable hole was hole 166 which intersected two wide zones of higher-grade gold mineralizatioin which combined average of 3.76 g/t gold over a total of 103 meters at a vertical depth of 95-210 meters. Just over 1 kilometer to the southeast of this hole, Great Bear reported an additional drill hole which assayed 88.7 g/t gold over 1.35 meters, which the company says i the best gold interval to date within the eastern kilometer of the company’s current grid drill program. Only 17 drill holes along 1.4 kilometres have been completed in this area to date, with drill fences spaced approximately 200 metres apart on average. Great Bear trades on the TSX Venture with GBR and on the OTCQX with GTBAF. News Release
QcX Gold reported results from its Phase I exploration program on thots Golden Giant West project, which is contiguous to Aximut Exploration’s Patwon project. The Phase 1 exploration program on Golden Giant West resulted in the discovery of grab samples returning up to 3.87 g/t Au along with other anomalous samples of interest. In Phase 1, 125 samples out of the total of 550 grab and channel samples collected were taken from GGWest. Ten samples returned gold value over the limit of detection. Future work will continue to advance the Company's geological understanding of the property as well as continued exploration to determine the possible extension of this new gold anomaly. QcX Gold trades on the TSX Venture with QCX and on the OTC with QCXGF. News Release
Roxgold announced the Ivory Coast Ministry of Environment and Sustainable Development has approved the Environmental and Social Impact Assessment for the Séguéla Gold Project. The ESIA marks a key milestone in the permitting process and is the culmination of extensive consultations and stakeholder engagement. The Company’s next permitting milestones at the Séguéla Gold Project are the receipt of the Exploitation (Mining) Permit and completion of the Mining Convention negotiation process. The Company is continuing to advance the project towards the completion of a Feasibility Study early next year. Roxgold trades on the TSX with ROXG and on the OTC with ROGFF. News Release
K2 Gold has appointed Carolyn Clark Loder to the Board of Directors of the company. Ms. Loder was most recently Manager of Mineral Rights and Public Lands for Freeport-McMoRa. Carolyn, who was raised locally in Inyo County, will provide guidance to K2 on all aspects of mineral rights, tribal relations, and corporate social responsibility related to the Mojave gold project (“Mojave”), located in Inyo County, California. K2 trades on the TSX Venture with KTO and on the OTCQB with KTGDF. News Release
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I’m Trevor Hall. Have a wonderful day. Be well.
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