Silver Expiration & Summer Exploration
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Thursday June 25th.
As is the tradition just prior to front-month gold or silver options expiration, the Comex price containment squad monkey-hammered the prices of paper gold and silver early Wednesday morning. Options on July silver futures expire at the close of Comex trading hours on Thursday. The Mining Stock Journal predicted the price ambush in a tweet on Tuesday. With over 1300 open calls at $18 on July silver, the newsletter commented that the Comex banks are highly incentivized to make sure July silver closes comfortably below $18 by the close of trading Thursday to avoid the exercise of the options into more silver contracts and to enable the banks to keep the premiums collected from writing the options. As this is being written Wednesday evening, July silver is trading at $17.54. The journal added that it does not believe silver will be coerced low enough to challenge its 50 day moving average at $17 and that those who buy into or add to positions in silver stocks or bullion later in the day on Thursday should find those adds to be profitable in a short period of time. In other words, buy this sell-off. On another note, the next issue the Mining Stock Journal will be released on Thursday afternoon and will include opinions on Vizsla Silver and Mako Mining. More information on the newsletter can be found at InvestmentResearchDynamics.com
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 10 billion pounds of copper and 18 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 …
Ascot Resources shared news regarding its 2020 exploration program at the company’s Premier Gold Project and the Red Mountain project near Stewart, British Columbia. Ascot commenced exploration drilling at its Premier Gold Project site in early June 2020. Exploration activities this season will consist of prospecting, geophysics and drill testing of a variety of different exploration targets at PGP and RMP. The focus of the program is on four highly prospective exploration areas, Premier West, Silver Hill, Lost Valley and Woodbine. The sequence of the drilling will be determined by the timing of access to snow covered areas at higher elevation. The Company expects to be able to move the drilling activities to Silver Hill and Lost Valley in early July, moving back to lower elevations in the fall. The initial drill meterage for 2020 is expected to be approximately 15,000 metres. The program will be expanded if results warrant additional holes. Ascot Resources trades on the TSX with AOT and on the OTCQX with AOTVF. News Release
Sama Resourced shared results from exploration drilling at its Nickel, Copper, Palladium projects in Ivory Coast, West Africa. Over the last five months, the Company completed 4,064 meters at three specific sites over a strike length of 25 kilometers; Samapleu, Bounta and Yepleu. Although the assay is still pending, the company says drilling results at the Bounta zone confirmed the presence of mineralisation at depth and warrant additional investigations. This new discovery confirms Bounta as the third mineralised prospect out of more than 20 potential zones within Sama’s tenement. Sama trades on the TSX Venture with SME and on the OTC with SAMMF. News Release
Amex Exploration reported multiple drill results from the Eastern Gold Zone on its 100% owned Perron property in northwestern Quebec, Canada. Highlights of the results included 28.97 g/t gold over 5.6 meters at a vertical depth of approximately 660 meters. This intercept increases the bonanza grade core of the High Grade Zone on the eastern depth extension by approximately 75 metres. Another result included 9.48 g/t gold over 7.7 meters at a vertical depth of approximately 650 m. This is the most easterly hole drilled to the HGZ to date and increases the strike by approximately 50 m. In addition, all pending holes at the HGZ have encountered visible gold mineralization. Amex Exploration trades on the TSX Venture with AMX and on the OTCQX with AMXEF. News Release
Summa Silver announced it has finalized plans for a 7,500 meter summer drill program on its Hughes Property in Central Nevada. The program will be surface based and consist of both reverse circulation (RC) and core drilling in approximately 15 holes beginning in early July. The Company's historically producing Belmont Mine, which is reported to have produced 36.7M ounces of high-grade silver and 428,000 ounces of gold1, has never been systematically explored with modern exploration techniques. Geological modelling indicates that many of the veins that were mined are open at depth and along strike. I spoke in-depth with Galen McNamara, CEO of Summa Silver yesterday here on the podcast. I would refer you back to that conversation for some more insights into the company and the project. Summa trades on the Canadian Securities Exchange with SSVR. News Release
And that wraps up this morning’s news briefing. Just a friendly reminder, we’ll be back again tomorrow morning with an in-depth interview with our co-producer Dave Kranzerl and also a follow-up with Vizsla CEO Mike Konnert about yesterday’s drill results from the Panuco Project. So be sure to tune into that. We’ll be off next week for some 4th of July holiday plans here in the States.
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I’m Trevor Hall. Have a wonderful day. Be well.
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