Silver Outperforming Gold
Welcome to Mining Stock Daily.
Today is Thursday, August 29th.
The price of gold traded as high as $1556 on a front month futures basis overnight and prior to the start of the Comex floor trading session. Right before the Comex opened, a flood of paper gold hit the Comex computer trading system, driving gold down to as low as $1544 before grinding higher to close the day session at $1548. Silver managed to follow the same pattern as gold but managed to close the day up 30 cents. The Mining Stock Journal commented that the Comex open interest is closing in on all-time high levels, with the COT reporting showing that the banks are getting short paper gold in an intense effort to brake the price rise in gold - an effort which appears likely to fail
Today’s briefing is brought to you by Integra Resources.
Integra Resources trades on the TSX-V under ITR and the OTCQX under IRRZF. Integra Resource is advancing its past producing DeLamar (DeL - a - Marr ) Gold-Silver project in SW Idaho through aggressive drilling and exploration. The latest Resources Estimate released earlier this summer showed approximately 4 million Gold equivalent ounces in the measured and indicated category. A maiden PEA is expected this quarter. The management of Integra successfully sold its previous brownfields project for C$590 million in summer 2017. Read more about the company and its successful management team at integraresources.com.
Here’s what you need to know today out of the junior resource sector.
Western Copper and Gold has completed the acquisition of Cariboo Rose Resources and its 311 mineral claims that comprise the Canadian Creek Property. The property is strategically located between the Casino Project and Newmont Goldcorp’s Coffee Project in the Yukon. Western Copper and Gold says there is likelihood that the Casino deposit will extend into the newly acquired property. Western Copper and Gold trades on the NYSE and the TSX with the symbol WRN.
Sable Resources announced it has entered into an Investment Agreement along with an Equity Subscription Agreement with Osisko Gold Royalties for potential proceeds of 12 and a half million dollars. Under the agreement, Osisko has susbscribed for 16 million units of Sable at a price of 13 cents per unit for a total of just over 2 million dollars. Each unit consists of one common share and one-half of one common share purchase warrant with a strike price of 21 cents. Sable believes the financing will cash up the company for exploration work over its entire portfolio for the next 4 years. Sable and Osisko will also be entering into a Royalty agreement which will allow Osisko to acquire a 1% net smelter return royalty on properties controlled by SAble’s subsidiaries in Mexico. Sable Resources trades on the TSX Venture with SAE and on the US OTC market with SBLRF.
Horizonte Minerals announced it has signed a royalty agreement with Orion Mine Finance to provide funding to advance its Araguaia ferro-nickel project for an upfront cash payment of $25 million dollars. Orion will receive a 2.25% royalty on the project which only applies to the first 426 thousand tonnes of contained nickel within the final product produced and sold. Horizonte Minerals trades on the London stock exchange and the Toronto Stock Exchange with the symbol HZM.
Go Metals provided an exploration update from its Monster Project in Canada’s yukon Territory. Assay results from 90 grab samples returned results of up to 22.3% copper and up to 1.5% cobalt. Go Metals ays the sampling and metal association helps confirm the presence of IOCG style mineralization on the Monster Property. The alteration mapping adds further evidence of IOCG style mineralization with intense chlorite and specular hematite alteration as important vectors to mineralization. The alteration mapping will be crucial for vectoring to mineralization in future drill programs.
That concludes today’s briefing.
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That is it from me today. Have a wonderful day and I’ll be back again tomorrow. Be well.
Mining Stock Daily is produced by Clear Creek Digital and Investment Research Dynamic’s Mining Stock Journal.