The Cable was Cut on the Gold Elevator
Welcome to Mining Stock Daily. This is your host, Trevor Hall.
Today is Thursday June 17th.
Gold took its traditional and requisite ride on the down-price elevator with a broken cable, getting slammed as much as $40 from $1865 to $1825 as soon as the FOMC policy statement was released. The paper gold price was further hit another $20 right after the NYSE closed. The Mining Stock Journal said that it was blatant price manipulation using paper gold contracts during a relatively illiquid summertime Comex trading environment. The newsletter's editor, Dave Kranzler, said that he would bet his entire chest full of 1oz silver Chinese pandas that the only physical gold that traded after Asia closed around 3 a.m. NY time was the gold bullion products sold to retail buyers from coin dealers. Silver was also involved in the price raid though, surprisingly, it outperformed gold. Poor man's gold was, however, pushed back below $28 - for now. Upon reflection of the day's trading pattern in gold and silver, the Mining Stock Journal asks rhetorically, what kind of entity looking to sell a significant amount of any asset or securities, would indiscriminately unload large quantities onto the market in a short period of time, rather than attempting to maximize sale proceeds by feeding the item being sold more slowly over an extended period?
We’ll get to the news out of the miners and explorers in a moment, but first a quick mention of today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Corvus Gold.
Corvus Gold Inc. is a North American gold exploration and development company, focused on its near-term gold-silver mining projects in southwestern Nevada. The Company holds a commanding land position within the Bullfrog Mining District. Neighbouring, adjacent projects controlled by AngloGold Ashanti, Kinross Gold and Coeur Mining highlight this active District. The two 100% owned North Bullfrog & Mother Lode projects have a combined nearly 4M oz gold of in-pit resource and continues to grow with an on-going, successful, resource expansion drill program.
And here’s what you need to know this morning.
Palladium One Mining posted initial results for the Phase II Tyko drill program in Ontario. A total of 6 holes were reported this morning and included 9.5% nickel equivalent over 1.7 meters within a 5 meter interval of 6% nickel equivalent. There was also 7.8% nickel equivalent over 3.1 meters and 7% nickel equivalent over 3.5 meters. The nickel and copper continuity is confirmed along a 350 meter, near surface, strike length. A total of 14 holes totaling 1,370 meters were completed before a significant drill breakdown combined with the onset of early spring conditions forced the suspension of the drill program. Drilling is planned to resume once Geotech's VTEMmax airborne EM survey and the summer field program have been concluded. Palladium One trades on the TSX Venture with PDM and on the OTCQB with NKORF. News Release
FireFox Gold has completed the expanded 11 hole Phase 4 diamond drill program at its Mustajärvi Project in the Central Lapland Greenstone Belt of Finland. Today the Company reported assay results for the first three holes of the program. Those included 93.88 g/t gold over 1.35 meters. This interval was previously reported to host visible gold. These drill holes extend high-grade gold in the Northeast Target by an additional 150 metres along strike to the northeast. This newly discovered veining and alteration occurs at depths less than 200m below surface and remains open down dip and to the northeast. FireFox trades on the TSX Venture with FFOX and on the OTCQB with FFOXF. News Release
Roxgold announced initial results from the newly discovered Gabbro North prospect, further results from step-out and in-fill drilling at the recently discovered Sunbird deposit, and additional high-grade results from depth extension drilling at the high grade Koula deposit, at the Séguéla Gold Project located in Côte d’Ivoire. At Gabbro North, drilling returned 39 g/t gold over 8 meters. Sunbird returned 15.1 g/t gold over 12 meters. Koula was highlighted with 7.2 g/t gold over 11 meters. John Dorward, CEO of Roxgold says The drill program at Séguéla continues to build upon the Feasibility Study through the significant exploration prospectivity demonstrated with the discovery of Gabbro North and the extension drilling results at Sunbird. Roxgold trades on the TSX with ROXG and on the OTCQX with ROGFF. News Release
Now, we welcome back Kai Hoffmann, for this week’s oreninc Weekly Update.
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Vista Gold was out with more positive news on the project permitting side of the business. The company announced it has received the Aboriginal Areas Protection Authority Certificate and Surface Water Extraction License from the Northern Territory Government for the company’s Mt Todd gold project in Australia. An AAPA Certificate is required as a legal means to identify and protect sacred sites from damage by setting out the conditions for using or carrying out works on an area of land. It is a legal document issued under the Northern Territory Aboriginal Sacred Sites Act. Following extensive review, the AAPA determined that the use of, or work on, certain areas can proceed without a risk of damage to, or interference with, the sacred sites identified at Mt Todd. Following the approval of the Mining Management Plan, the Mt Todd Surface Water Extraction License has been approved. This provides Vista with the right to harvest 3.4 Gigalitres of surface run-off each year to facilitate processing and mining activities associated with Mt Todd and is expected to adequately supply all of the Project’s water requirements as presently designed. The license is valid for 10 years with the right to renew.
That’s it for the news briefing this morning. We’ll be back later today with more news and interviews.
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