Roscan Gold Results of 42 Drill Holes; Rio2 Provides Fenix Update
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Tuesday, May 4th.
Gold jumped $23 on Monday while silver soared over $1, as both metals rose nearly non-stop after the Sunday evening Globex computerized trading session opened. Gold tagged its 100 day moving average, closing just below it. Silver left all of its key moving averages in the dust and appears to have broken out technically. The gold/silver ratio plunged 2.7%. The Mining Stock Journal said that, with China closed and India hamstrung with COVID issues, the only apparent driver of the move in the precious metals is a sudden rush into inflation-protection assets. The Bloomberg Commodities Index has jumped 15.8% YTD. This is the biggest move in the index for the first four months of any year going back to 1973. The mining stocks catapulted higher on the back of the metals, with GDX 3.8% higher - only to be outdone by the Amex Gold Bugs Index, which soared 4.8%. The Mining Stock Journal said the mining stocks are still not yet out of the woods technically, but if gold and silver continue pushing higher, the mining stocks will provide breath-taking returns this quarter.
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 Gold Inc. is a North American gold exploration and development company, focused on its near-term gold-silver mining projects in southwestern Nevada. The Company holds a commanding land position within the Bullfrog Mining District. Neighbouring, adjacent projects controlled by AngloGold Ashanti, Kinross Gold and Coeur Mining highlight this active District. The two 100% owned North Bullfrog & Mother Lode projects have a combined nearly 4M oz gold of in-pit resource and continues to grow with an on-going, successful, resource expansion drill program.
And here’s what you need to know this morning.
Roscan Gold provided drill results from an additional 42 holes this morning totally 6,500 meters at its Kabaya target. All 42 holes hit gold mineralization. A few highlights from the reported results this morning included 17.66 g/t gold over 3 meters, 2.49 g/t over 19 meters and 1.21 g/t over 30 meters. Importantly, the drill results reported this morning has confirmed the continuity of the mineralization to a depth of 232 meters, previously only 58 meters, over a strike length of 600 meters and it remains open. Another key piece of information to note is 2 new areas were discovered, known as KB3 and KB4. KB4 lies on the magnetic trend that extends from Mankouke West into Kabaya over a 15km strike which has already yielding multiple high- grade intersections from earlier stage regional drilling such as our KN2 and MS2 discoveries announced over the last few months. Roscan Gold trades on the TSX Venture with ROS and on the OTC with RCGCF. News Release
Eloro provided an update on its Iska Iska silver-tin polymetallic project in Potosi Department, southern Bolivia. To date, the Company has completed 29 diamond drill holes totalling 11,696 metres to test the Huayra Kasa Mine area, Santa Barbara Breccia Pipe and Central Breccia Pipe targets. One drill results testing the central breccia pipe was released this morning. It resulted in multiple intercepts, including 196.09 g/t silver equivalent over 56.2 meters and 342.98 g/t silver equivalent over 27.53 meters. The company also noted that a third and fourth drill is being mobilized to the Iska Iska site. Eloro Resources trades on the TSX Venture with ELO and on the OTCQX with ELRRF. News Release
Bluestone Resources reported additional drill assays from the infill drill program completed in the South Zone of the Cerro Blanco gold project in late 2020. Results from three underground holes and thirteen surface holes are reported in this morning’s press release, totalling 4,493 meters. Highlights included 11.6 g/t gold and 11.7 g/t silver over 28.6 meters and 11.2 g/t gold and 11.7 g/t silver over 21.2 meters. Drilling is currently focused on mineralization within the upper portion of the deposit to improve drill density and better define limits of the mineralization. Bluestone trades on the TSX Venture with BSR and on the OTCQB with BBSRF. News Release
New Found Gold shared assay results from an additional four holes drilled at the Keats Zone. These holes were drilled as part of the Company's ongoing 200,000m diamond drill program at its 100%-owned Queensway Project, located on the Trans-Canada Highway 15km west of Gander, Newfoundland. Highlights reported by the company this morning included 4.65 meters of 131 g/t gold, 17.7 meters of 124.44 g/t and 2 meters of 41.84 g/t. New Found trades on the TSX Venture with NFG and on the OTC with NFGFF. News Release
Talon Metals released new drill results this morning as well. These coming from outside the resource area at the Tamarack Nickel project. Results included 30.36 meters of 1.3% nickel and .59% copper, including 5.1 meters of 4.99% nickel and 1.66% copper. These assay results start to confirm the extent and grade of nickel-copper mineralization in the CGO East area that was modelled by Talon from surface and borehole EM data and subsequently drilled. Talon continues to drill this large area with the goal of delineating a new resource that could be added to the current mine plan. The Company plans to deliver a new resource estimate later this year. Talon trades on the TSX with TLO. News Release
BeMetals published their updated mineral resource estimate for the South Mountain Project in Idaho. The update incorporated its Phase 1 and 2 underground diamond drilling program. The Measured and Indicated resource now sits at 187,650 tonnes grading 9.63% Zinc ("Zn"), 151 grams per tonne ("g/t") Silver ("Ag"), 2.19 g/t Gold ("Au"), 1.01% Lead ("Pb") and 0.63% Copper ("Cu"). This represents a 21.8% increase to the M&I tonnage. The inferred resources now sits at 756,300 tonnes grading 7.63% Zn, 196 g/t Ag, 1.40 g/t Au, 0.97% Pb and 0.81% Cu. This represents a 129.5% increase in the Inferred tonnage. BeMetals trades on the TSX Venture with BMET and on the OTCQB with BMTLF. News Release
Rio2 provided an an update regarding its progress related to its Fenix Gold Project in Chile. Preparations are underway for the purchase of lead order items and equipment for the fabrication of the 20,000 tonnes per day Adsorption/Desorption processing plant which will be fabricated off-site and ultimately transported to the Fenix Gold Mine site for assembly once the project’s construction permit is issued, currently guided for Q3 2022. The Fenix Gold Project’s civil and mining services contractor, STRACON, is currently establishing a base for its business in Copiapo and is preparing to purchase equipment for construction and logistical activities. Metallurgical test-work related to the Run of Mine (“ROM”) trial heap has been completed and final analysis of residual leached material is underway. Should recoveries from ROM leaching be demonstrated to be in the range of 70% to 75% then a decision will be made as to whether to exclude a primary crusher in the initial project configuration which would result in capex savings of up to $20 million USD. Rio2 trades on the TSX Venture with RIO and on the OTCQX with RIOFF. News Release
That’s it for the news briefing this morning. We’ll be back later today with more news and interviews.
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