Rupert Resources Unleash New Drill Results from Finland
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday, March 16th.
The sell-off in gold and silver continued on Tuesday. Gold sold off steadily overnight from $1956 to as low at $1908 mid-morning before bouncing back up to 1932 and settling and $1919, down $31 from Monday. Silver was pushed off a cliff again, falling from over $26 Monday evening down to $24.76 before bouncing back over $25 and settling at $25.09. The Mining Stock Journal said there was not any news of specific gravity that would have negatively affected the prices of gold and silver. In fact, the PPI came in hot again, increasing 10% YoY for the second month in a row. Instead, the newsletter attributes the sell-off to the typical interventionary activities during the FOMC policy meeting, the technically overbought condition of the precious metals sector, and the expectation that the Ukraine situation could be settled soon. In addition, based on market data, it looks like China and India backed off their gold buying after the big price run-up. Eventually these markets will accept the higher price levels for gold and silver and cozy back up to the feeding trough. Interestingly, the mining stocks shrugged off the big price hit to the metals and closed green on the day, with the Amex Gold Bugs Index up .64%. The next short term move in the sector will be predicated on the tone of the FOMC policy statement and press conference with Jay Powell following the announcement.
We will get to the news from the miners and explorers in a moment, but first a word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Arizona Sonoran Copper Company.
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And here’s what you need to know this morning….
Red Pine Exploration says three major structures have now be identified through greenfield exploration work at the Darwin-Grace Mine area. Visual indicators of gold mineralization, of quartz veins containing pyrite, arsenopyrite or visible gold, have been observed in the three shear zones, and in multiple intersects in the Nyman Shear Zone. The company says an intersection of 11.47 g/t gold over 2.73 meters in the Nyman Shear Zone in DG-22-317 supports the association between the positive visual indicators and gold mineralization. The discovery of gold mineralization 65 meters below surface in the Nyman Shear Zone opens a large exploration target in the structure between surface and the lower levels of the former Darwin-Grace mine. The intersection in DG-22-317 sits at the edge of drilling in the Nyman Shear Zone area and is supporting the hypothesis that gold mined in the lower levels of the former Darwin-Grace mine could extend close to surface. Red Pine Exploration trades on the TSX Venture with RPX and on the OTCQB with RDEXF. News Release
Rupert Resources shared new drilling results from its Ikkari and Heinä South Discoveries. On the Rupert Lapland Project in Finland. Infill drilling further continues to define gold sections within the footprint of September 2021’s maiden resource estimate with results of 5.1 g/t gold over 110 meters and 3.1 g/t gold over 154 meters. Further results of the western part of the deposit also add broad zones of mineralisation with 3.6 g/t over 163.3 meters. New drilling at Heinä South, 1km northwest of Ikkari, has yielded further bonanza gold veins with intercepts including 378 g/t gold over 1 meter. Approximately 80,000 metres of drilling is planned for 2022 with 60% focused on upgrading and expanding the Ikkari resource estimate, with the remainder allocated to regional exploration. Rupert Resources trades on the TSX V with RUP. News Release
QC Copper and Gold shared new assay results from its ongoing drill program on Opemiska. The majority of these reported intersections are within the Saddle Zone, a critical expansion area for the open pit. The Saddle Zone was never mined and existed in between the former producing Springer and Perry mines. Several holes returned wide copper mineralized intervals, including 93 metres at .45% CuEq starting at 6 metres downhole, and 100 metres at .42% CuEq starting at 60 metres downhole. As of March 13th a total of 6,640 metres in 31 holes have been completed on the property for the winter 2022 drilling program. QC Copper trades on the TSX V with QCCU and on the OTCQB with QCCUF. News Release
Infinitum Copper announced the discovery of new zones of high-grade copper mineralization at La Adelita project, located in Sonora and Sinaloa States, Mexico. A mapping, prospecting and surface sampling program conducted from October 2021 to January 2022 has identified three zones of significant copper, silver, gold and zinc mineralization at Cerro Grande Footwall, Las Trancas and Pericos zones. A total of 27 grab and 1,024 channel samples were gathered from bedrock during this initial phase of the exploration program. Channel sampling in bedrock returned 7.50 meters (m) grading 1.88% copper (Cu), 0.89 grams per tonnes (g/t) gold (Au), 127.5 g/t silver (Ag) and 0.92% zinc (Zn). Another outcrop that corresponds to this new Cerro Grande Footwall zone was identified 150 m further south and returned 1.50 m grading 1.91% Cu, 0.78 g/t Au and 133 g/t Ag. The discovery sample at Pericos returned 2.11% copper and 177.00 g/t silver over 0.10 meters. Significant copper-gold-zinc mineralization was initially identified 390 meters to the south of the main showing, and the discovery sample returned 3.67% copper, 1.66 g/t silver, 1.14 g/t gold and 4.18% zinc over 0.50 meters in an oxidized breccia with moderate quartz, sericite and hematite alteration. With these results, a contractor has been retained to conduct diamond drilling at La Adelita over two consecutive phases. Infinitum Copper trades on the TSX V with INFI. News Release
That concludes today’s morning briefing.
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