Summa Silver Makes New Discovery at Hughes
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday, September 30th.
After an up and down move Monday night and early Tuesday morning, December gold bottomed at $1880 and embarked on a nearly non-stop grinding $20 rally. The nearly non-stop refers to a brief dip before the Comex floor hours commenced. Silver continued to terrorize the shorts, with its 3.5% move higher Tuesday. The gold/silver ratio lost nearly 2 points, closing
at 77.86. The Mining Stock Journal said that, based on the ex-duty import premiums reported from India, the Indians were buying kilo bars with both hands as well as dore bars. That combined with a falling dollar helped push December gold back over $1900 and December silver into the mid $24 area. The Mining Stock Journal added that India is entering its peak buying season which could make the next 2 1/2 months painful for the entities with large short positions in gold. The mining stocks shook off general stock market weakness and managed to close up 1.3% per GDX, although some of the micro-cap junior development stocks were beat up for some reason. The Mining Stock Journal noted that any weakness in the junior small cap stocks should be viewed as a fortuitous buy opportunity.
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… Rio2.
Rio2 is advancing the Fenix Gold Project in Chile, the largest undeveloped gold heap leach project in the Americas. Fenix consists of 5 million ounces in the measured and indicated resource category and 1.4 million ounces in the inferred resource category. With a robust PFS in place, Fenix is set up for fast-tracked construction and production. You can find a list of project and company information on their website, rio2.com.
And here’s what you need to know this morning.
Summa Silver shared their first drill results from the Hughes property in Tonopah, Nevada. These results show a new discovery on the project with results of 3,760 g/t silver equivalent over 2.5 meters at the Rescue Veins. Other results included 2,423 g/t silver equivalent over .8 meters and 4,630 g/t silver equivalent over .2 meters. Extensions to the drilled high-grade zones remain open in multiple directions in all areas drilled. Summa Silver trades on the CSE with SSVR and on the OTCQB with SSVRF. News Release
After closing a $14 million financing, Contact Gold announced it has added a second drill rig to its ongoing drill program at the Green Springs gold property in Nevada. One reverse circulation drill rig is currently drilling in the past producing Charlie pit and a core rig is drilling at the Echo Zone. The core rigs has been brought onsite to push drill holes down to the Pilot Shale target beneath known Chainman Shale hosted gold mineralization. This will be the first ever core drilling program at Green Springs. The company also added more claims to the northern boundary of the project to cover the possible extension of the Tango target. 3 drill holes have been completed at the Echo Zone and 3 holes have been completed at the Zulu Target. Assays are pending for all. Contact Gold trades on the TSX Venture with C and on the OTCQB with CGOL.
Altus Strategies announced the results of a Mineral Resource Estimate at the Company's Tabakorole gold project in southern Mali. The report estimates that the project hosts 16,600,000 tonnes at 1.2 g/t Au for 620,000 ounces in the Inferred category and 7,300,000 tonnes at 1.2 g/t Au for 290,000 ounces in the Indicated category. This represents a 54% increase in ounces and 20% increase in grade from historical mineral resources. The company noted 43% of the estimate is situated within 100m of the surface and gold mineralization remains open along strike and at depth. Altus trades on the TSX Venture with ALTS and on the OTCQX with ALTUF. News Release
Wesdome Gold Mines announced results from the ongoing underground exploration drilling program at the Company’s wholly-owned Eagle River Mine in Wawa, Ontario. This drilling was completed from the 772 m elevation that was established to test the down plunge extension of the Falcon Zone. Since that time, additional mine development has been completed on 622 m elevation to allow for drilling, and is now within 50 m in the footwall of the Falcon 7 Zone. Results reported today included 51.3 g/t gold over 1.8 meters, 18.6 g/t gold over 12.5 meters and 56.8 g/t gold over 1.8 meters. Wesdome trades on the TSX with WDO and on the OTC market with WDOFF. News Release
Galway Metals reported new drill results from the western extension of the George Murphy Zone (GMZ) at the Clarence Stream Gold Project in SW New Brunswick. These results follow-up on previously-released drill hole 88 that extended the zone 230m to the west and that returned three areas of visible gold. Results from today included 2.1 g/t gold over 38.75 meters and 12.2 g/t gold over 2.2 meters. Galways trades on the TSX Venture with GWM. News Release
GoGold Resources released additional assay results from the Company's La Trini deposit on the Los Ricos North project. Highlights included 1,070 g/t silver equivalent over 5.6 meters and 330 g/t silver equivalent over 17.2 meters. The drilling program in Los Ricos North is rapidly expanding from La Trini towards Salomon-Favor with a total of 6 drill rigs currently and a plan to increase to 8 to 10 rigs over the next 60 days. GoGold trades on the TSX with GGD and on the OTCQX with GLGDF. News Release
Roxgold shared results of near-surface infill drilling results from the 55 Zone at the Yaramoko Mine Complex, drilled as part of a review of opportunities for near-surface mineralization to complement our high-grade underground operations. Results included 77.2 g/t gold over 6 meters and 49.5 g/t gold over another 6 meters. The company believe these results will help ensure a longer mine like at Yaramoko. The 14,500m underground program is designed to upgrade resources at depth and the results will be incorporated into the annual Mineral Resource and Reserves update to be released in the first half of 2021. Roxgold trades on the TSX with ROXG and on the OTCQX with ROGFF. News Release
FireFox Gold says the summer exploration program has successfully generated a series of drill targets throughout its extensive gold property portfolio in the Central Lapland Greenstone Belt of Finland. The FireFox technical team, including the experts at GoldSpot Discoveries, has completed a ranking of the various targets to guide an aggressive drilling program, which the Company intends to commence this fall starting at the 100% owned Mustajärvi Gold Project. Mustajärvi is FireFox's most advanced project. The Company has completed two previous drilling campaigns, with multiple intervals of high-grade gold intersected, and mineralization remaining open in three directions and down-dip. FireFox trades on the TSX Venture with FFOX. News Release
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I’m Trevor Hall. Have a wonderful day. Be well.
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