Step-out Drilling Results for Sun Metals
The much-anticipated step-out drilling results from Sun Metals hit the wire this morning. We'll share those with you and more here on Mining Stock Daily.
And good day to you everybody welcome to Mining Stock Daily. Today is Tuesday August 13th, I hope you're doing well. The price of gold moved up another $5 on Monday continuing its climb in price fueled by deteriorating economic and financial conditions globally as well as soaring geopolitical risk. Silver reclaimed the $17 level and appears technically ready to move considerably higher. The Mining Stock Journal commented that critics will say that gold is technically extremely overbought. However, the newsletter states that the gold price has been artificially held back by active price management which means the traditional technical indicators are likely invalid. The newsletter sees very little technical resistance between the current price and $1600. And this morning gold was up another $14 at time of recording.
Today's briefing is sponsored by Minera Alamos. Minera Alamos is traded with the symbol MAI on the TSX Venture Exchange and MAIFF on the US OTC markets. Minera is an advanced stage exploration and development company with multiple low CapEx projects in Mexico. You can read more about the development strategies at mineraalamos.com.
Here's what you need to know today out of the Junior Resource Sector. Pacific Empire Minerals says that based on continued weak copper performance and improved gold prices, the company will focus its ongoing 2019 exploration efforts advancing its 100% owned Pinnacle Porphyry Project. The Pinnacle Porphyry Project covers over 14,000 hectares and incorporates the company's NWT and Pinnacle Reef properties into one contiguous land position. All necessary permits have been submitted and induced polarization surveys are expected to begin shortly. Reverse circulation drilling is intended for the fall and winter. Pacific Empire acquired the Pinnacle Reef property through staking in 2012 and since 2014 the property has seen over $2 million dollars and partner-funded exploration. Pacific Empire trades on the TSX Venture Exchange with the symbol PEMC and on the OTC markets with PEMSF. The company is also a sponsor of this program and we look forward to catching up with the CEO in just a few days and hopefully we'll be airing that interview on Friday right here on the program.
Sun Metals reported the initial results from step-out drilling in the 421 zone at its 100% owned Stardust project in North Central British Columbia. The company says the first three holes reported from Stardust have all intersected significant copper gold mineralization Sun Metals believes the results confirm continuity of mineralization down dip and to the south from the initial discovery hole in the 421 zone. Highlights from the assays include one 142m of 1.22% copper, 1.28 g/t gold, 21.8 g/t silver and 0.41% zinc. To date, the drills have completed 5,220m over 11 drill holes, and drill holes 12 and 13 are in progress. Directional diamond drilling has been used in all of the 2019 drilling at Stardust to increase the accuracy of drilling step-outs. The directional drilling incorporates the use of pilot holes which has resulted in a 33% reduction in meters drilled to this point in the program. Sun Metals trades on the TSX Venture with SUNM and on the OTC markets with SMTTF.
Premier Gold shared an update from its drilling program at the company's Mercedes Mine in Sonora Mexico. The company says drilling has confirmed two high-grade zones at Lupita Extension and the newly discovered San Martin target area. Step-out drilling at San Martin included 2.9m of 14.02 g/t gold and 136 g/t silver. Premier also says drilling at Lupita Extension continues to intercept high-grade including 4.5m of 4.57 g/t gold and 27.07 g/t silver. At this morning's press release, the company says these results demonstrate the ability to add to the mine life at Mercedes.
Vista Gold announced final leach test results for its Mt Todd project in Australia. Average gold recoveries are in the low 90% range compared to 86.4% and the Preliminary Feasibility Study from January of last year. Grinding to 80% passing 40 microns results in higher gold recoveries across all grade ranges and additional higher gold recoveries correlate to higher grade feed material. Vista Gold says that they are now focused on completing an updated Preliminary Feasibility Study that will also incorporate current equipment prices, consumable supply costs and foreign exchange rates. Vista Gold trades on the TSX and NYSE American with the symbol VGZ.
Americas Silver reported its Q2 numbers which showed a $2.3 million decline from the same quarter last year due to lower prices of lead and zinc. The company continues to advance its newly acquired Relief Canyon gold project toward production. The Mining Stock Journal noted that Americas Silver is predominantly a lead and zinc producer at this time with nearly 80% of production mix concentrated in lead and zinc. As such with a bearish outlook in the global economy, the newsletter has a sell recommendation on the company's shares which trade in the US under USAS and on the TSX under USA.
That concludes today's briefing. We'll connect again tomorrow. If you wouldn't mind take a chance and provide a review of the show on the network or service you utilize to catch the daily rundown of mining news. Your feedback is always greatly appreciated.
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