Pretium Reduces Mineral Reserve Gold Grades at Valley of the Kings
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Tuesday, March 10th.
Both gold and silver experienced high volatility on Monday along with the stock and and bond markets. Gold managed to hold onto a $3 gain from Friday's close while silver sustained a 21 cent loss. The gold/silver ratio is at a historically high level, briefly hitting 100 in overnight trading Monday morning. The Mining Stock Journal noted that the only times in history this ratio hit 100 was in 1941 when the U.S. entered World War 2 and 1991 at the height of the S&L loan junk bond crisis and the end of The Gulf War. The Mining Stock Journal is of the opinion that silver is the cheapest investment asset available right now. With the amount of uncertainty overhaning the markets, the newsletter furthermore added that anyone who has the ability to liquidate their IRA or 401k should do so and use the proceeds to buy physical gold, silver and mining stocks plus keep a meaningful amount of cash on hand.
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 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.
Pretium Resources announced their updated mineral reserve, mineral resource and Life of Mine plan for the Brucejack Mine in British Columbia. The company says At a gold price of $1,600, Brucejack now has an estimated after-tax net present value at a 5% discount rate of $2.13 billion over the 13-year mine life. However, the Mineral Resource cut-off for the Valley of the Kings Zone has been lowered to 3.5 g/t gold, as this cut-off better resembles the recently mined grades. This has resulted in an increase in the number of tonnes in the Measured and Indicated Mineral Resource categories, albeit at a lower reported grade. The Valley of the Kings Proven and Probable Mineral Reserve gold grade has been reduced from 13.8 grams per tonne to 8.8 grams per tonne (a 36% decrease) due to an update of the Mineral Resource and the application of a Mine Call Factor that has been generated based on mining experience and reconciliations. Pretium trades on the TSX and the NYSE with the symbol PVG. News Release
Franco-Nevada CEO David Harquail says the company reached its best quarter ever in a statement yesterday. The company sold just over 153,000 gold equivalent ounces in Q4 for a total of 516,438 ounces for the year. Annual revenue reached just over $844 million dollars while Net Income totalled just over $344 million. Franco-Nevada trades in Canada and the US with the symbol FNV. News Release
Treasury Metals shared the first assay results from its expansion drilling in the Eastern Main Zone and additional assays from the Infill drilling in the Main Zone at the Goliath Gold Project located in northwestern Ontario. Highlights included 3.4 g/t gold over 20.8 meters in the Main Zone Infill program. Expansion drilling did return 4.6 g/t gold over 4.4 meters also in the Main Zone. Treasury Metals trades on the TSX with the symbol TML and on the OTC markets with TSRMF. News Release
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