Today's Gold Exploration News
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Tuesday, May 26th.
Gold continued to move sideways in last week's pre-holiday trading, as the yellow dog consolidates its 21% move higher since late March. At the same time the monetary metal has worked off its technically overbought condition. With the U.S. closed on Monday, June gold spiked down to $1719 and abruptly spiked back up to $1721 in European trading. Similarly July silver was hammered down to as low as $17.37 when London opened on Monday only to grind its way back to $17.63, where it's trading Monday evening. The gold/silver ratio closed out last week at 98. The Mining Stock Journal commented that it would not be surprised to see a brief bounce in the gold/silver ratio given that it has plunged 11.7% over the last two weeks. According to the Mining Stock Journal, the real steal in this stock market are, on a selective basis, the junior mining stocks, many of which have doubled or tripled since mid-March and, intrinsically are still very cheap relative to any other financial asset.
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... Corvus Gold.
Corvus is an advanced gold-silver exploration and development company focused on the North Bullfrog and Mother Lode Projects in Nevada. The company has been named a Top Five TSX gold equity performer Four of the last Seven years & a multi time top 50 OTCQX performer. Corvus Gold trades on the Toronto Stock Exchange with the symbol KOR and on the OTCQX with CORVF. Follow all the news form Corvus and its two-mine projects with fast-tracked potential via the company's website, corvusgold.com.
And here’s what you need to know this morning …
Velocity Minerals announced more drill results from its ongoing discovery exploration program at the Rozino Project in Bulgaria. Results announced this morning from the Rozino South target included 1.18 g/t gold over 6.15 meters and 5.23 g/t gold over 1.15 meters. Velocity is actively exploring, with a program of drill-focused resource expansion and development of new target areas to the south of the currently defined, open-pittable Rozino gold deposit. The company also said soil sampling results from the Kazak target area, which is 2 km south of the Rozino deposit, identified two high priority gold in soil anomalies with silver support. Follow-up mapping and sampling has subsequently returned rock chip sample grades of 1.23 g/t and 0.33 g/t gold, indicating that the host rock is mineralized in this new target area. A program of detailed mapping and trenching is in progress with initial results expected in the coming weeks. Velocity Minerals trades on the TSX Venture with VLC and on the OTC with VLJCF. News Release
Talisker Resources announced drilling has re-commenced at the Bralorne Gold Project. The Company announced that drilling was suspended April 1st for good practices during the COVID-19 emergency measures. The drill remained on site. With the provincial regulations providing for operations to resume, the Company advises that it has now re-commenced drilling operations with new protocols and practices in place to abide by the regulations and guidelines in response to the COVID-19 pandemic. Talisker is undertaking an 11,200m drill program targeting high-grades veins at the project. The Company has re-entered drill hole 5A which was suspended at a depth of 737.40m near the Bralorne Mine. Drill hole results disclosed in press releases of April 1st and May 5th from the first two drill holes from the Pioneer Mine area yielded encouraging results with highlights of 27.3 g/t gold over 0.6m, and 32.2 g/t gold over 0.97m. Encouraging gold mineralization was also encountered in the vein halos including 2.19 g/t gold over 1.4m and 2.13 g/t gold over 1.5m shoulder to high-grade vein structures. Additional results are pending and will be announced when available. Talisker trades on the CSE with TSK and on the OTC with TSKFF in the United States. News Release
Great Bear Resources announced it has entered into an Exploration Agreement with Wabauskang First Nation and Lac Seul First Nation in relation to Great Bear's exploration activities on its mining properties within the their traditional territories. The Exploration Agreement took effect on April 28th, 2020 and establishes the framework for a cooperative and mutually beneficial relationship between the parties to support Great Bear's exploration activities and the interests of First Nations in the region. As part of the accommodation to both under the Exploration Agreement, Great Bear issued an aggregate of one-hundred thousand common shares in its capital stock to at a deemed price of $11.55 equal to the market price on May 4, 2020 the date of issue, such shares to be divided equally between the two First Nations. The transaction remains subject to the final approval of the TSX Venture Exchange. News Release
G2 Goldfields shared more drill results from the Oko-Aremu Project in Guyana. G2 has identified multiple areas of anomalous mineralization over 15 kilometres trending south-east from the Aremu Mine, with the Oko Deformation Zone (ODZ) lying at the south-east end of the trend. A highlight from this morning’s results included 10.6 g/t goldo ver 4.8 meters. G2 Goldfields confirms that two rigs are currently drilling 24/7 on the ODZ. One rig is committed to exploring the ODZ at depth whilst the second is focused on expanding the strike length of mineralization. G2 trades on the TSX Venture with GTWO. News Release
Lundin Gold announced today it has entered into an agreement with BMO Capital Markets, under which BMO has agreed to buy on a bought deal basis 4,150,000 common shares, at a price of C$12.05 per Common Share for gross proceeds of approximately C$50 million. The Company has granted BMO an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The offering is expected to close on or about June 11, 2020 and is subject to Lundin Gold receiving all necessary regulatory approvals. Newcrest Mining Limited, which currently holds approximately 32% of the Company’s issued and outstanding shares through a wholly-owned subsidiary, has exercised its pre-emptive participation rights in the Offering, along with Orion Mine Finance, which currently holds approximately 11% of the Company’s issued and outstanding shares.
That’s it from me this morning. We’ll be back throughout the rest of the day today and tomorrow with more commentary. Be sure to hit that subscribe button if you have not done so already.
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