Pure Gold Mining Reports "Bonanza Grade" at Madsen Red Lake
Pure Gold Mining says Bonanza grade intercepts have been intersected during Madsen Red Lake's surface drilling. This and more today, right here on Mining Stock Daily.
Hey everybody, welcome to Mining Stock Daily. This is your host Trevor Hall. Thank you for tuning in. Today is Thursday July 30th. On Monday, the gold price withstood another attempted flash crash that is characteristic of the price containment squad's effort to push the price of gold lower. The price smashed gold from $1422 overnight down to as low as $1414. But gold bounced back sharply to trade as high as $1428 before settling in around the $1424 area. The Mining Stock Journal continues to marvel at the resiliency of the gold price given the extreme net short position of the Comex banks. Silver added also about 8 cents higher on Monday.
Today's briefing is brought to you by Brixton Metals. Brixton Metals is a precious metals exploration and development company which owns four high potential gold, silver and base metals projects in both the U.S. and in Canada. Its Atlin Gold Project in British Columbia has shown exceptional exploration potential, returning up to 509 g/t gold over 5.57m at the project's Yellowjacket zone. Brixton Metals announced a fully subscribed and un-brokered private placement of a combination of units and flow-through shares of the company for gross proceeds of $6 million dollars Canadian. The shares come with a common share purchase warrant. Brixton CEO Gary Thompson told the Mining Stock Journal that the deal is fully funded and should close next week. The investors include Strategic Investors. The proceeds will be used to advance Brixton's Thorn and Atlin projects. The company's shares trade under BBBXF in the US and BBB on the TSX Venture Exchange. The Mining Stock Journal believes that Brixton's shares offer highly compelling upside optionality and would be a buyer at this price level.
Here's what else you need to know this morning out of the mining sector. Pure Gold announced surface drilling at the Madsen Red Lake Mine continues to confirm and expand the Wedge deposit extents with several bonanza grade intercepts returned from initial 2019 exploration drilling. Infill and step-out drilling has been defined to upgrade and expand resources in the Wedge area. Highlights of the results released this morning included 108.5 g/t gold over 1m and 94.6 g/t gold over 1m. The company's 2019 Exploration Program is designed to focus on the Wedge deposit and along strike extensions with the goal of growing and upgrading the gold resources. Pure Gold trades on the TSX Venture with the symbol PGM and on the US OTC markets with LRTNF.
IAMGOLD today provided assay results from its 2019 diamond drilling program at the Gosselin Zone discovery. This is part of the Côté Gold Joint Venture Project, a 70/30 joint venture between IAMGOLD and Sumitomo Metal Mining. Located 125km southwest of Timmins and 175km north of Sudbury, Ontario. 14 NQ-sized diamond drill holes were completed for a total of just under 5000m. Today's highlights included 342.5m grading point 0.98 g/t gold and 412m grading 1.28 g/t gold. A summer field program consisting of mapping and surface channel sampling is underway to support the development and refinement of a geological model which will be used to assist future drilling campaigns at the project. IAMGOLD trades on the TSX with the symbol IMG and on the NYSE with the symbol IAG.
Tudor Gold announced results from the first three diamond drill holes at the Goldstorm Zone at the company's flagship Treaty Creek property, located in the Golden Triangle of Northwestern British Columbia. Highlights from this morning's announcement included a near-surface interval of 1.095 g/t gold over 370.5m. The company says in light of the favorable results obtained during Phase 1 drilling, a second drill has arrived on site and has begun drilling for the Phase 2 portion of the program. Tudor Gold trades on the TSX Venture with TUD and on the US OTC markets with TDRRF.
Americas Silver reported second quarter production results this morning. The company reported consolidated silver production of approximately 1.7 million silver equivalent ounces and over 345,000 silver ounces representing an increase of 15% year-over-year to both silver and silver equivalent. Consolidated cash costs were approximately $8.28 per silver ounce and consolidated all-in sustaining costs were approximately $16.15 per silver ounce, both representing an increase year-over-year and from the prior quarter. These increased costs were primarily the result of lower realized prices for zinc and lead and lower production at the Galena Complex. Guidance for 2019 remains unchanged. The company also shared an update on the construction of its Relief Canyon gold mine in Nevada. Americas Silver says construction is proceeding as expected at the Relief Canyon Mine with leach pad activities progressing, mobilization of the mining contractor expected later this week and all fabrication work on the crusher and conveyors progressing to meet scheduled delivery in the third quarter. First gold pour is expected in late Q4 of this year. Americas Silver trades on the TSX with the symbol USA and on the NYSE with USAS.
Bonterra Resources announced that it has engaged Sprott Capital to lead manage a $27 million private placement. The deal will be a combination of common shares and flow-through share units. Each unit will include a one-half share purchase warrant. The proceeds will be used for ongoing exploration and development work on the company's projects and for general corporate purposes. The company's shares trade under BONXF in the U.S. and BTR on the TSX Venture Exchange. The Mining Stock Journal has a buy rating on Bonterra's shares.
Cariboo Rose Resources and Casino Mining Corp, a wholly owned subsidiary of Western Copper and Gold, have announced that they have entered into a property purchase agreement dated yesterday whereby Casino Mining has agreed to purchase the 311 mineral claims that comprise the Canadian Creek Property owned by Cariboo Rose. The property lies directly adjacent to Western's Casino Project. The total consideration to be paid to Cariboo Rose for the property will consist of the issuance of 3 million common shares of Western at a deemed price of $0.92 Canadian per share for an aggregate acquisition costs of $2.78 million Canadian. Western Copper and Gold says there is likelihood that the Casino deposit will extend into the property. The immediate plan following closing would be to begin drilling the Canadian Creek as part of the current drill program at Casino in hopes of identifying additional mineralization. Shares of Western Copper and Gold trade on the TSX and NYSE with the symbol WRN. Western Copper and Gold is a sponsor of this podcast.
That concludes today's briefing. Thank you for tuning in. Mining Stock Daily is produced by Clear Creek Digital and Investment Research Dynamics' Mining Stock Journal. We'll be back again tomorrow with tomorrow's news. Have a great day. Be well.
Mining Stock Daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein.