Precious Metals Lower Before Jackson Hole Symposium
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday August 26th
Gold declined again on Tuesday, as the price containment team worked hard to the metals lower after the paper gold Comex floor trading opened Tuesday morning. Interestingly, the effort faltered after the Comex floor closed, as gold rose $15 off the lows in afternoon Globex computerized trading. Silver followed the same price path as gold, only it fell a bit more on a percentage basis which caused the gold/silver ratio to drift a bit higher. The Mining Stock Journal commented that legitimate price discovery for the metals faces stiff headwinds this week as the September Comex options expire Wednesday and longs not taking delivery of September gold contracts roll out to December. Additionally, it's customary for the banks - as directed by the Fed - to push the price of gold down ahead of and during the annual Jackson Hole Central Bank/Wall Street pow-wow, also referred to as Keynesian economics three-ring circus. Can't have fiat currency's kryptonite rising in price while the country's bankers pretend to be monetary gods. The Mining Stock Journal added that it is starting to put more cash to work slowly in its favorite mining stocks though it does not expect to time any bottom perfectly.
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 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 and now on the Nasdaq with the symbol KOR. 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…
Canadian Palladium Resources announced preliminary assay results for diamond drill holes 11 through 20 this morning from the company’s East Bull Palladium Project located in the Sudbury mining district of Ontario. Results reported today included 2.24 g/t Palladium Equivalent over 22 meters and1.43 g/t palladium equivalent over 32 meters. The company says the deposit dips north from surface at approximately 45 degrees and presents a favourable orientation for a pit-constrained mineral resource. Mineralization is open at depth and along strike. The results are part of a 10,000 m drill program with a primary objective of expanding the current Inferred Mineral Resource. Canadian Palladium trades on the CSE with BULL and on the OTCQB with DCNNF. News Release
Golden Minerals announced today it has it has received a second set of assay results from its resource definition drill program at the Rodeo gold-silver project located in Durango State, Mexico. The company says results from an additional 11 diamond drill holes show wide zones of high-grade near-surface gold mineralization. Mineralized material consists of highly silicified epithermal veins and breccias hosted in felsic volcanic rocks. Results from today included 6.6 g/t gold over 24.5 meters and 5.87 g/t gold over 23.5 meters. The objectives of the drill program are to provide greater detail on the gold mineralization at Rodeo by infill and limited step-out drilling and to provide additional material for metallurgical and geotechnical test work. Golden Minerals trades on the NYSE American and the TSX with the symbol AUMN. News Release
Aurion Resource says it received drill assay results from the ongoing 2020 exploration program by partner B2Gold on the Kutuvuoma joint venture project located immediately west of and contiguous with Aurion's Flagship Risti Property. Three (3) diamond drill holes were designed to test for lateral extensions of gold mineralization west and east of the Kutuvuoma historical main zone. Results from today included 12.28 g/t gold over 28.15 meters and 6.74 g/t gold over 5.6 meters. Mineralization remains open in all directions. Aurion Resources trades on the TSX Venture with AU and on the OTCQX with AIRRF. News Release
Fiore Gold announced its financial statements for the third fiscal quarter. Fiore reported a second successive quarter of record gold production with 12,764 ounces produced with revenues of $22 million The average realized price per ounce of gold sold was $1,720. In addition to the numbers, the company noted this: With six rigs currently drilling at Gold Rock, Fiore remains fully committed to the goal of operating Pan Mine and Gold Rock in unison, providing organic growth to annual gold production of more than 100,000 ounces in Nevada. Fiore trades on the TSX Venture with F and on the OTCQB with FIOGF. News Release
Jaguar Mining says it has signed an option agreement with IAMGOLD on a package of 28 exploration tenements covering an area of some 27,000 Ha in the Iron Quadrangle of Brazil. The agreement stipulates that Jaguar has the option to earn an initial 60% interest in the Package by spending $6.0 million in exploration expenditures over four years commencing in the third quarter of 2020. Jaguar will be the project operator and will be subject to oversight by a technical committee with representatives from both companies. Jaguar Mining trades on the TSX with JAG. News Release
Nexus Gold announced a reconnaissance and sampling program is underway at the Company’s 100%-owned, Dakouli 2 Gold Concession, located in Burkina Faso, West Africa. As announced in a Company news release dated June 23, 2020, during recent site visits Nexus personnel noted an increase in artisanal mining activity along strike at the main mineralized zone. The increased strike activity now extends the limits of the eastern zone some 200 meters to the east, thus expanding the zone of mineralization to over 400 meters along an east-west trend while also measuring over 200 meters in a north-south direction. Company geologists are currently at the Dakouli 2 site to both determine drill pad sites for the upcoming maiden drill program, scheduled for the fall, and to conduct sampling in and around the expanded artisanal zone. Nexus Gold trades on the TSX Venture with NXS and on the OTCQB with NXXGF. News Release
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I’m Trevor Hall. Have a wonderful day. Be well.
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