Thursday's High-Grade Results from Integra, Bluestone, Ascot & Wallbridge
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday, Thursday 19th.
Gold experienced another volatile session on Wednesday, trading as high as $1,884 while India was feeding at the trough. As soon as Indian markets closed, gold had $22 removed from its overnight high, as the paper traders in London assumed control. Gold then traded back up to as high as $1884 mid-morning before once again getting smacked back down and settling at $1871. Silver followed a similar price path as gold, trading between $24.25 and $24.77 before settling at $24.32. The mining stocks were slammed pretty hard on Wednesday, as the Amex Gold Bugs Index was pushed down over 11 pts and closed below 300 for the first time since July 13th. GDX was down a little over 3% on the day. The Mining Stock Journal said that it's apparent that gold is going to be pinned below $1900 through Tuesday's expiration of Comex December futures options. The newsletter noted that GDX closed 58 cents above its 200 dma, an area which should lend support. Finally, the newsletter noted that for anyone who believes that gold and silver are marking time before another big move higher, the mining stocks are rarely more undervalued than right now.
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… Minera Alamos.
Minera Alamos is a Mexico focused gold development company which is on the cusp of graduating to the ranks of gold producers in early 2021. Minera Alamos is traded with the symbol MAI on the TSX-V and with MAIFF in the US OTC Markets. Read more about their development strategies at mineraalamos.com.
And here’s what you need to know this morning.
Integra Resources is back with more drill results today from War Eagle Mountain, situated on the DeLamar Project in southwest Idaho. The 2020 drill program has now identified two parallel mineralized structures 150 m apart that have strike lengths of over 500 m. Highlights included 24.2 g/t gold and 655 g/t silver over 7.62 meters, including a 1.77 meter interval grading 98.01 g/t gold and 2,782 g/t silver. Othe results included 21.85 g/t gold and 76.39 g/t silver over 1.52 meters. In 2021, the Company plans to complete an induced polarization survey at War Eagle, as well as further drill testing adjacent to some of the areas where high-grade was intersected in the 2019 and 2020 drill programs. Integra Resources trades on the TSX Venture with ITR and on the NYSE American with ITRG. News Release
Wallbridge Mining is out with more assay results this morning from the Fenelon Gold Property. Results reported today come from in-fill drilling in a large gap in the core of the Tabasco-Cayenne zones and provide a strong, wide intersection with a much higher metal factor than the nearest drill holes 40 and 60 meters away. The drill hole returned 5.07 g/t gold over 100.6 meters, including a 7.3 meter interval grading 29.03 g/t gold. Results of the initial exploration drill program testing the connection of the Fenelon Gold System to the Ripley-Reaper area and the Sunday Lake Deformation Zone are also released today. Those results included .8 g/t gold over 22.9 meters. Further drilling, especially at greater depth and along strike is required to test for higher grade Area 51-style mineralization and the potential extension of Tabasco-Cayenne-style high-grade shear zones into this large area. Wallbridge trades on the TSX with WM. News Release
Arizona Metals announced drill results of the final three drill holes of the 1,748 m Phase 1 drill program at its Sugarloaf Peak Project in La Paz County, Arizona. A total of four holes were drilled primarily to provide core for metallurgical testing, to test geophysical targets at depth, and also to provide infill data towards incorporation into an NI 43-101 resource estimate. Results included .34 g/t gold over 119 meter and .31 g/t gold over 122 meters. Arizona Metals trades on the TSX Venture with AMC and on the OTCQB with AZMCF. News Release
Bluestone Resources reported new drill assay results from the South Zone of the Cerro Blanco gold project. These results continue to confirm the continuity and high grade of the epithermal vein style mineralization, including several bonanza grade intercepts and the highest-ever gold assay received in the Project's history of 1,380 g/t Au and 2,194 g/t silver over 1.2 meters. The focus of the drill program is to improve the definition of key veins in parallel to expanding the high-grade mineralization for known veins outside of the current resource envelope. The work is expected to build on the infill drill program completed in the North Zone of the deposit in 2019 which resulted in an updated Mineral Resource estimate of 1.41 million ounces of gold averaging 10.3 g/t in Measured and Indicated categories. Bluestone Resources trades on the TSX Venture with BSR and on the OTCQB with BBSRF. News Release
Ascot Resources reported additional assay results from the Day Zone of the company’s Premier Gold Project. Those results included 16.59 g/t gold over 3.62 meters and 15.31 g/t gold over 5.6 meters. These results are highly significant as the Day Zone is in a strategic location approximately 300 metres west of reserves and resources at the Big Missouri deposit and 5 kilometres north of the Premier mill. There is high potential to expand the mineralization to the north and south and add additional resources close to planned underground infrastructure which could ultimately extend the mine life at Premier. Ascot trades on the TSX with AOT and on the OTCQX with AOTVF. News Release
Marathon also had drill results out today. These results come from recent exploration drilling at the Valentine Gold Project, central Newfoundland. Results there included 3.7 g/t gold over 42 meters, which also included a 1 meter interval of 73.26 g/t gold. By the end of this month Marathon expects to have completed our 52,000 metre 2020 exploration drill program at the Valentine Gold project, including the 8,000 metres of infill drilling at Berry. Assay results from this drilling are expected to be released in batches through the end of the year and into January. Marathon Gold trades on the TSX with MOZ. News Release
And we also have some more quick mentions of news out today. Anaconda Mining reported infill drill results at Goldboro, including 28.52 g/t gold over 2 meters. Galway Metals reported 5.3 g/t gold over 25.5 meters at the Clarence Stream Project in New Brunswick. Sokoman Minerals reported 47.2 g/t gold over 4.6 meters at the Moosehead Project. And Great Bear Resources has announced the nomination of Paula Rogers to its Board of Directors. Ms. Rogers was previously a VP and Treasurer for Goldcorp.
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I’m Trevor Hall. Have a wonderful day. Be well.
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