Sun Metals Hits 3% CuEq North of 421 Zone
Trevor Hall [00:00:00] Sun Metals hits 3% copper equivalent at its first step out hole and north of 421 zone at the Stardust project. We'll give you the full results of this here on Mining Stock Daily.
Trevor Hall [00:00:18] And good morning everybody welcome to Mining Stock Daily. This is your host Trevor Hall and today is Monday August 26th. Thank you so much for tuning in. Hope you have a great weekend. The prices of gold and silver soared on Friday in response to an escalation in the trade war between China and Trump. The move higher in both precious metals continued when the Comex Globex trading system opened on Sunday evening. Silver is a chip shot away from eighteen dollars on a front man futures basis. The Mining Stock Journal commented that both the gold and silver charts look potentially explosive in the upside. The gold silver ratio on Friday plunged back down to its 200 day moving averages and is at its lowest levels since late July. The mining Stock Journal also noted that the Comex banks continued to make an aggressive effort to control the rise in the prices of gold and silver based on the large increases in the net short position of commercial traders segment in both gold and silver futures contracts per Friday's Commitment of Traders reports.
Trevor Hall [00:01:19] Today's briefing is brought to you by Minera Alamos. Minera Alamos is an advanced stage exploration and development company with multiple low CapEx projects in Mexico. Minera Alamos has traded with the symbol MAI on the TSX Venture and with MAIFF on the US OTC markets. Read more about their development strategies at mineraalamos.com.
Trevor Hall [00:01:42] Here's what you need to know today out of the junior resource sector.
Trevor Hall [00:01:46] Sun Metals shared assay results from the first drill hole to be drilled north of the 421 zone. The hole returned 1.65% copper, 1.56 g/t gold and 28.8 g/t silver, for a 3% copper equivalent over 86.4m. A higher grade interval within the reported intercept included 21.3m, and 5.39% copper equivalent. The company believes this result confirms continuity of the mineralization within a more intense skarn alteration envelope to the north of the 421 zone. Directional diamond drilling has been used in all of the 2019 drilling at Stardust, which the company says has increased the accuracy of drilling step outs. The directional drilling incorporates the use of pilot holes which has resulted in a 30% reduction in metres drilled to this point in the program. Sun Metals trades on the TSX Venture with SUNM and on the US OTC markets with SMTTF. News Release
Trevor Hall [00:02:51] Xanadu announced the second batch of assay results from its oxide gold drilling program on the company's flagship Kharmagtai Project in Mongolia. Three drill results were provided this morning. Results included 40m of 2.91 g/t gold. The company says these latest drilling confirms continuity of mineralization within a single high grade gold zone and that these new results have significantly increased the company's confidence in the emerging oxide gold opportunity on the project. The initial eight hole drill program has been extended to a twenty-one hole program to quickly and economically test on the main oxide gold targets at Kharmagtai. Xanadu trades on the ASX and the TSX with the symbol XAM. It also trades on the US OTC markets with XANAF. News Release
Trevor Hall [00:03:42] Troilus Gold reported drill results from its Zone 87 South at the Troilus Gold Project in Quebec. The company says drill results have to find new mineral extensions down dip up to 150m beyond the previously defined mineralized boundaries, while also outlining further mineral continuity extending south about 300m. Highlights from today's announced drill results included 1.03 g/t gold equivalent over 20m. You can read the full list of results at troilusgold.com. The company trades on the TSX with the symbol TLG and on the US OTC markets with CHXMF. News Releas
Trevor Hall [00:04:25] IAMGOLD announced this morning mining restarted over the weekend in the northern pits of the Rosebel Gold Mine in Suriname, with work also resuming on the Saramacca road construction. Milling and production of gold from ore stockpiles has been ongoing, active mining operations in the southern pits along with mine development activities at the Saramacca site remains suspended. The company suspended Rosebel earlier this month after an incident involving local police and artisanal miners within the Rosebel concessions resulting in the death of an unauthorized miner. IAMGOLD trades on the TSX with a symbol IMG and on the NYSE with the symbol IAG. News Release
Trevor Hall [00:05:11] That concludes today's briefing. We'll connecting again tomorrow. Remember you can find Mining Stock Daily on a dozen different networks including iTunes, Spotify and Google Play. And for Amazon Alexa users, be sure to enable the Mining Stock Daily flash briefing on your user app or within the Amazon website. And just a quick note, I have been going on Instagram Live while recording the podcast so you can find me there on Instagram, just look for Trevor Hall, should be able to find me. And you can catch me every morning on Instagram Live. So that's it for me. Have a wonderful day. I'll be back again tomorrow, be well.
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