Producers Meeting or Exceeding Higher Ranges of Production Guidance
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Thursday, January 7th
On Wednesday both gold and silver were victimized by an aggressive price attack that took gold down over $50 at one point and took March silver to as low as $26.70 after it hit $28.10 early Wednesday morning. The Mining Stock Journal said the blatant price ambush started exactly at 5:00 a.m. NY time, which is when the a.m. London gold fix commences. The initial push lower took gold down $25. The other half of the price decapitation occurred, not surprisingly as the Comex floor opened for trading. The sell-off did not reflect the activity of the underlying physical gold market, as both gold and silver rose during the trading hours of the eastern hemisphere physical gold buying markets. The mining stocks shared the Mining Stock Journal's skepticism of Wednesday's paper gold and silver sell-off, as the Amex Gold Bugs Index and GDX both shrugged off an early gap down to close marginally higher in the case of the HUI and marginally lower in the case of GDX. On a related note, the next issue of the Mining StockJournal will be released this afternoon. It will include a review of and opinion on Silver Dollar Resources.
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… Western Copper and Gold.
Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 11 billion pounds of copper and 21 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.
And here’s what you need to know this morning.
Newcore Gold provided an update from exploration work ongoing at the Enchi Gold Project in ghana, including additional results from the ongoing 58,000 metre drill program and results of metallurgical testwork. Drill results included 1.27 g/t gold over 27 meters and 1.41 g/t gold over 14 meters. These results extend the Boin gold deposit along strike. There are currently three drill rigs on site and an additional 2 rigs anticipated to be on site by the end of January. Furthermore, the latest round of metallurgical testing returned an average gold recovery of just under 90%. Bottle roll testing completed on material from the Boin and Sewum Gold Deposits. Newcore trades on the TSX Venture with NCAU. News Release
Tudor Gold shared results for the last set of diamond drill holes for the Goldstorm Zone at their flagship property, Treaty Creek. The project is located within the heart of the Golden Triangle of Northwestern British Columbia which is on-trend from Seabridge's KSM Project located five kilometers southwest of the Goldstorm Zone. Results from 11 diamond drill holes were reported upon today. Highlights included .856 g/t gold equivalent over 1033.5 meters, and contained 532.5 meters of 1.112 g/t gold equivalent. Other results included 3.286 g/t gold equivalent over 82.5 meters. A full rundown of results is available on this morning’s press release, which can be found on the Junior Mining Network newsroom. True widths have not been determined as the mineralized body remains open in all directions. Further drilling is required to determine the mineralized body orientation and true widths. Tudor Gold trades on the TSX Venture with TUD. News Release
Timberline Resources shared results for the final five holes of their 2020 RC drill program on its Eureka Project in Nevada. Results included 4.49 g/t gold over 7.6 meters within an interval of 2.18 g/t gold over 25.91 meters. Other results include 5.21 g/t gold over 6.1 meters. Three of these holes are within the resource and collared inside the historic Lookout Mountain Pit, while two of the holes are step-outs to the east and northeast. Timberline trades on the TSX Venture with TBR. News Release
Maritime Resourced says they have made a new new gold discovery at the Hammerdown Gold Project, located in the Baie Verte Mining District of Newfoundland and Labrador, Canada. Drill results confirming the discovery returned 22.73 g/t gold over .33 meters, approximately 300 meters northeast of the Orion deposit. Other drill results included 5.23 g/ gold over 13 meters and 5.75 g/t gold over 4 meters. Maritime Resources trades on the TSX Venture with MAE. News Release
Heatherdale Resources announced the Phase I surface diamond drilling program was recently completed at its 100%-owned Niblack copper-gold-silver-zinc project, located near tidewater in southeast Alaska. Crews have returned home for the holiday break with drilling expected to recommence in February. During the fall 2020 program, 10 holes were completed totaling 1,774 meters. Based on encouraging visual results in the first four planned holes, all drilling during this program targeted the historic Niblack mine area, with step-out drilling at the Lookout Deposit deferred until 2021. All assay results are pending. Heatherdale trades on the TSX Venture with HTR. News Release
Arizona Metals says drilling is currently underway for the Kay Mine Phase 2 expansion drill program. Drilling under the fully-funded Phase 2 program will consist of up to 11,000 m in 29 core drill holes, to test for new VMS lenses in anticlinal hinge zones identified to the north and south of recent drilling, as well as the up-plunge and down-plunge extensions of known hinges. Drilling will begin at the Kay Mine targets and progress to targets on strike of the Kay Mine, and then to Central and Western targets as permitting is completed. Arizona Metals trades on the TSX Venture with AMC and on the OTCQB with AZMCF. News Release
And we do see some production numbers coming in this week as well. Today Aura Minerals reported a quarterly high production of just under 69,000 gold equivalent ounces. Endeavour Silver reported its highest quarterly production in wo years with 1.1 million ounces of silver and 12 and a half million ounces of gold produced. Copper Mountain Mining exceeded their 2020 production guidance. Harte Gold exceeded their upper range of guidance of 24,000 ounces of gold. And Torex Gold also exceeded their high end 2020 production guidance with a total full year production of 430,480 ounces of gold.
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I’m Trevor Hall. Have a wonderful day. Be well.
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