Premier Gold Drill Results at Mercedes Returns Higher than Average Production Grades
After some bleak economic reports out of the United States yesterday, gold and and silver rebounded from some of its losses earlier in the week. However, volatility in the precious metals still remain. You are listening to Mining Stock Daily.
Welcome to Mining Stock Daily.
Today is Wednesday, October 2nd.
This is Trevor Hall and I welcome you to today’s briefing.
The price of gold was taken down to as low as $1465 early Tuesday morning before shooting up to $1492 after the bank repo crisis extended beyond month-end and worse than expected economic reports were released in the U.S. Silver bounced along with gold up to $17.30 after briefly testing the $17 level. The Mining Stock Journal commented that it does not believe the pullback in gold and silver is over and would not be surprised to see a higher level of volatility both up and down over the next several weeks.
The latest issue of the Mining Stock Journal, released to subscribers Tuesday evening, discusses the nature and potential duration of the current correction in the precious metals sectors. The issue offers ideas for hedging a mining stock portfolio and reviews Ely Gold ROyalties. For a subscription to the journal, please visit investmentresearchdynaimcs.com.
Today’s briefing is brought to you by Integra Resources.
Integra Resources trades on the TSX-V under ITR and the OTCQX under IRRZF. Integra Resource is advancing its past producing DeLamar (DeL - a - Marr ) Gold-Silver project in SW Idaho through aggressive drilling and exploration. The latest Resources Estimate released earlier this summer showed approximately 4 million Gold equivalent ounces in the measured and indicated category.The maiden PEA for the project established a net present value of C$473-million and an IRR of 43%. The management of Integra successfully sold its previous brownfields project for C$590 million in summer 2017. Read more about the company and its successful management team at integraresources.com.
Here’s what you need to know today out of the junior resource sector.
Premier Gold shared an update from its 42,000 meter drilling program at the Mercedes Mine in Sonora, Mexico. Highlights from the action in August and September included 7.18 g/t gold over 3.6 meters and 13.65 g/t gold over 3.1 meters. The drilling campaign is currently focused on delineating new mineral resources in the Lupita Extension while still exploring potential at Neo. The company says these results returned intercepts well in excess of average production grades at Mercedes and early results from the San Martin and Neo target area confirm potential for significant resource expansion as well. A full list of drill results can be found on this morning’s news release. Premier Gold trades on the TSX with the symbol PG and also on the US OTC markets with PIRGF. News Release
Marathon Gold also had new drill results to share this morning. These results are from the company’s ongoing infill drilling campaign at the Marathon Deposit, part of the Valentine Gold Project in central Newfoundland. The company says new drilling continues to successfully demonstrate the occurrence and continuity of gold mineralization both along and across strike of the 1,500-meter long “Main Zone” within the Marathon Deposit, as well as from surface to the base of the currently planned open pit, where mineralization remains open to depth. Results from today’s news included 4.64 g/t gold over 29 meters and 2.36 g/t gold over 39 meters. For a full list of the results, please refer to this morning’s news release. Marathon Gold trades on the TSX with the symbol MOZ and on the OTC markets with MGDPF. News Release
IAMGOLD also had drill results to share. These come from the Karita project in Guinea, which is located along the Senegal - Mali Shear Zone in West Africa. Results from 16 reverse circulation drill holes were shared this morning. Highlights included 2.8 g/t gold over 13 meters and 2.96 g/t gold over 29 meters. IAMGOLD says next steps will included twinning these RC holes with diamond holes to confirm the widths and orientation of mineralized intervals. The project is located between two other operations in the company’s portfolio. IAMGOLD trades on the TSX with the symbol IMG and on the NYSE with IAG. News Release
Yesterday afternoon, a news release regarding the Cobalt 27 acquisition by Pala Investments was put out saying “Significant Improvements to the Arrangement Transaction” had been formalized. The deal has been under a high level of scrutiny over the past few weeks. Cobalt 27 says that under the new arrangements of the deal, the cash portion of the acquisition price has increased to C$4.00 per share, which represents an additional $30-million to the pot. Cash change of control payments have also reduced by 46%. A Cobalt 27 shareholder’s meeting is now slated for October 11th. Pala confirms these terms are its best and final offer. The company trades on the TSX Venture with the symbol KBLT. News Release
And one last update this morning, yesterday Crystal Lake Mining announced that Maurizio Napoli has been appointed CEO and President of the company as of yesterday after its Annual General Meeting. You may recall I welcomed Maurizio to the show a few weeks back to give us an introduction to the Newmont Lake Gold Property the company is currently developing. For an overview of Crystal Lake, please take a moment to listen to that interview from the Beaver Creek Precious Metals Summit.
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