Roscan Gold Increases Land Position in Mali
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday June 17th
Intra-day gold price volatility continued on Tuesday, while gold on a daily basis continues to trend sideways. Once again the overnight rally in gold was temporarily erased in the paper gold Comex session but gold managed to bounce back and close up $9 from Monday. Silver oscillated for most of the day but finished 25 cents higher than Monday and it outperformed gold by a little less than a 3 to 1 ratio. The gold/silver ratio declined 98 and change from Monday. Mysteriously, the mining stocks went in the opposite direction as the metals, down generically per GDX 2.6%. The Mining Stock JOurnal noted that historically this negative divergence between the metals and the mining shares is followed by manipulated sell-off in the metals. If a price attack occurs, the newsletter suggested treating that dip in the sector as BTFD opportunity.
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… Rio2.
Rio2 is advancing the Fenix Gold Project in Chile, the largest undeveloped gold heap leach project in the Americas. Fenix consists of 5 million ounces in the measured and indicated resource category and 1.4 million ounces in the inferred resource category. With a robust PFS in place, Fenix is set up for fast-tracked construction and production. You can find a robust list of project and company information on their website, rio2.com.
And here’s what you need to know this morning …
Superior Gold shared drill results from the ongoing underground diamond drill program at the Plutonic Gold Mine in Western Australia. The drilling targeted potential extensions to the gold mineralization within the Indian Zone while the campaign is focused on reserve and resource expansion. Results included 56.3 g/t gold over 15.1 meters, which the company says is the most significant intersection to date since acquiring the operation. It was encountered more 50 meters from the existing resource outline. Superior Gold trades on the TSX Venture with SGI. News Release
MacDonald Mines reported the remaining assay results from its Winter 2020 drilling program and results from 3 holes of its Spring 2020 drilling program at the SPJ Property, 20 km east of Sudbury, Ontario. Hole 41 intersected 27.2 g/t gold over 5.13 m in a new, near-surface discovery in the western extension of the New Zone-Villeneuve trend. Hole 43 intersected 2.3 g/t gold over 6.04 m and 2.1 g/t gold over 3.08 m in the New Zone-Villeneuve trend extending the zone of near-surface mineralization discovered in hole 22 . The mineralization in the New Zone-Villeneuve trend has been traced over more than 225 metres along strike and remains open along strike and to depth. These initial results from the Spring program corroborate the recently completed IP survey data used to target the drilling for this year’s program. Results for another 4 holes drilled this spring are pending and will be announced as they are received. MacDonald Mines trades on the TSX-Venture with BMK. News Release
Roscan Gold has signed a Definitive Agreement with Komet Resources to purchase its wholly owned subsidiary Komet Mali, which owns the Dabia Sud Gold Property in Mali. Roscan expects to close the Acquisition by the end of this month. The acquisition price is comprised of a fifty-fifty split of cash and Roscan shares totally C$3.2million. Additionally, Roscan says it is planning an additional 15000 meter drilling campaign. This will bring the total 2020 drilling campaign to 45,000 meters for the year. The Company intends to provide a comprehensive exploration update of drilling on both Mankouke South and Kandiole later this month. Roscan trades on the TSX Venture with ROS and on the OTC with RCGCF. News Release
Vizsla Resources says it has added a second drill rig to the re-commenced drill program at the Panuco silver-gold project in Sinaloa, Mexico. The Company's recently resumed 14,500 metre initial discovery drill program is focused on testing over 20 initial drill targets on the large, underexplored precious metals district. The Company expects to complete the drill program in late 2020. Only approximately 4,500 metres of drilling have been completed to date. Vizsla trades on the TSX Venture with VZLA and on the OTCQB with VIZSF. News Release
And now lets turn it over to Kai Hoffman for this week’s Oreninc Weekly Update.
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Northern Dynasty Minerals announced a local revenue sharing program to ensure full-time residents of communities in southwest Alaska benefit directly from the future operation of the proposed Pebble mine. The Pebble Partnership has established the Pebble Performance Dividend LLP to distribute a 3% Net Profits Royalty Interest in the Pebble Project to adult residents of Bristol Bay villages that have subscribed as participants. The Pebble Performance Dividend will distribute a guaranteed minimum annual payment of US $3 million each year the Pebble mine operates beginning at the outset of project construction, with future payments following capital payback expected to be significantly greater. The Pebble Partnership announced the Pebble Performance Dividend yesterday, and kicked off an enrollment period whereby full-time, adult residents of Bristol Bay villages can register to participate in the revenue sharing program. News Release
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