Vizsla Silver Drills 20,413 g/t AgEq over .7m; Paramount Gold Acquires a New NV Project
Welcome to Mining Stock Daily. I am Trevor Hall.
Today is Thursday August 26th.
Gold was sucker-punched below $1800 in early Tuesday evening trading, before the eastern hemisphere physical markets opened. It held steady as data showed heavy Indian physical importation. But then was inexplicably hammered during early Comex trading down to as low as $1784 before rebounding to settle at $1792. The Mining Stock Journal characterized the price smack as puzzling because the US dollar index took a big dive at the same time. Ordinarily there would be a loose inverse correlation between the gold price and the dollar. The Mining Stock Journal said that, in all likelihood, the gold price was victimized by aggressive price management ahead of the Federal Reserve's three ring circus event, otherwise labeled as the Jackson Hole Symposium. Silver also was paper price slammed in correlation with gold but managed to bounce from a low of $23.60 to settle at $23.87, down slightly from Tuesday. The Mining Stock Journal said that, notwithstanding a possible price ambush on Thursday, which is when Comex silver futures options expire, it's likely based on the open interest movement that the banks may now be net long paper silver. This would be bullish irrespective of what the charts show. GDX on the other hand was hit for another 1.34% and the chart could be interpreted as bearish. The mining stock newsletter expects generally non-descript market action for the rest of time ahead of the US holiday weekend and recommends holding cash for what it expects to be a rewarding rest of the year in the precious metals sector.
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.
Vizsla Silver reported new exploration drill results from its ongoing campaign on the Panuco project in Sinaloa, Mexico. Step-out drilling targeting both the northern and southern extensions of the Napoleon Corridor has intersected high-grade silver and gold in multiple closely spaced veins located a respective 600 metres north and 850 metres south of the Napoleon resource area. Drilling on the Josephine Vein returned 1,564 g/t silver equivalent over 11.4 meters, and included a .7 meter interval grading 20,413 g/t silver equivalent. In total, mineralization has now been intersected along 2.5km of the Napoleon Vein Corridor. Vizsla trades on the TSX Venture with VZLA and on the OTCQB with VIZSF. News Release
Red Pine Exploration announced results from its 2021 surface exploration program, including the identification of promising new zones of gold mineralization in shear zones located on and adjacent to the Company’s newly acquired War Eagle claims. In parallel to its diamond drilling program Red Pine commenced a prospecting, channel sampling and surface mapping program. This surface mapping program was conducted on and within the surroundings of the War Eagle claims, which are a prominent part of the Company’s strategy to strengthen the Wawa Gold land package. The company did identify promising zones of gold mineralization in shear zones located on and adjacent to the newly acquired War Eagle claims, with the first set of grab samples containing between traces and 9.40 g/t gold. Assay results from additional grab samples and channel samples in the area remain pending. Red Pine trades on the TSX Venture with RPX. News Release
ValOre Metals provided results from a series of outcrop samples, augerholes and trenches from the Massapê target area at ValOre’s Pedra Branca Platinum Group Elements Project in northeastern Brazil. Chromitite reef outcrop samples have returned 13.96 g/t palladium, platinum and gold and extends the known PGE minerliazation an additional 200 meters. Trenching also returned 15 meters of 1.65 g/t PGE and gold. Trado® auger drilling returned surface PGE assay results in 15 of 25 holes, with assay highlights 3.5 meters grading .87 g/t PGE and gold from surface. The Massapê target is drill-ready, with 500 m of core drilling planned for September as part of the planned 1000 metre expansion. ValOre trades on the TSX Venture with VO and on the OTC with KVLQF. News Release
Paramount Gold Nevada announced today that it has entered into an agreement with Nevada Select Royalty to purchase a 100% interest in the Bald Peak Project located in Mineral County, Nevada. Nevada Select is a wholly owned subsidiary of Ely Gold Royalties Inc., which was recently acquired by Gold Royalty Corp. Bald Peak is a large gold and silver epithermal system with several miles of prospective ground in the prolific, Bodie-Aurora-Borealis district which has produced over 3 million ounces of gold from open pit mines. During due diligence, the Paramount technical team identified an alteration system stretching beyond the Bald Peak property and has staked additional claims extending towards Hecla Mining’s Aurora Mine. Paramount’s plan is to initiate surface sampling, geological reconnaissance, and a subsequent geophysical survey to map silicification at depth to identify drill targets. The deal was done in total consideration of $300,000. Paramount Gold Nevada trades on the NYSE American with PZG. News Release
Nomad Royalty announced its common shares are anticipated to begin trading on the New York Stock Exchange around the end of the month under the symbol NSR. Shareholders that purchased their Nomad common shares "over-the-counter" or OTC, including shareholders whose shares are denoted in their institution/broker account with the symbol "NSRXF", are advised to monitor their account to ensure their holdings are updated to reflect the NYSE listing and trading symbol, as Nomad expects OTC quotations for its common shares to cease in connection with the NYSE listing.
That’s it for the news briefing this morning. We have a couple of great interviews coming your way later today.
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