Vizsla's Maiden Drill Results, Weekly Oreninc Update, and Overall Market Circuit Breakers
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Monday, March 9th
Gold has surged $100 higher in the last week, including hitting $1700 on Sunday night, as coronavirus fear has gripped the markets. Gold is not reacting to the virus itself per se, but to the likelihood that Central Banks globally will turn their printing presses on to overdrive, thereby devaluing paper fiat currencies. The Mining Stock Journal comments that gold is not moving higher in price but rather the value of fiat currencies measured against gold is declining. Over night, the gold to silver ratio did hit 100. The Mining Stock Journal reminds us of the universal wisdom of Voltaire, who observed that "at the end, fiat money returns to its inner value, which is zero." As this commentary is being written, the S&P 500 futures have gone limit down and the circuit breakers have been triggered, which set off CME limits which prevent the futures from falling further. Gold and silver being hit as hedge funds liquidate anything that has bid side liquidity. The Mining Stock Journal is adamant that any sell-offs in the precious metals and mining stocks should be aggressively bought.
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... Western Copper and Gold
Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 10 billion pounds of copper and 18 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.
And here’s what you need to know this morning out of the junior sector.
Vizsla Resource’s much anticipated maiden drill results from its Panuco silver-gold district in Mexico were announced this morning. Four holes have tested beneath the historic workings along the Animas Corridor and three at the new Paloma vein discovery. These results are the first set from an aggressive 14,500 metre drilling program that will continue throughout 2020. Drilling highlights included 364 g/t silver equivalent over 3.55 meters and 404 g/t silver equivalent over 2.6 meters. Drilling is currently underway at the Honduras vein and the Company intends to drill over twenty prospects in order to prioritize targets for potential resource definition drilling in the future. A second rig is planned to start at the beginning of April to test targets within the Corden del Oro corridor. Vizsla trades on the TSX Venture with VZLA and on the OTC markets with VIZSF. News Release
Also in Mexico, SilverCrest announced in-fill and expansion drill results for the Babi Vista Vein on the Las Chispas Project located in Sonora. The company said this drilling has nearly doubled the size of the high-grade footprint for the Babi Vista Vein since November 14, 2019. Highlights included 12,740 g/t silver equivalent over 2.1 meters and 13,022 g/t silver equivalent over 1.1 meters. A full list of results can be found on the news release, which is always accessible from our friends at the Junior Mining Network newsroom. There are currently 12 core drills operating at Las Chispas, reduced from 19 drills operating in January 2020. SilverCrest trades on the TSX with SIL and on the NYSE with SILV. News Room
Mawson Resources says it drilled the best hole of the 2020 winter season at the Palokas prospect on the Rajapalot Project in Finland, announcing those results this morning. That result was 7.2 metres @ 21.7 g/t gold from 267.9 metres including 2 metres @ 52.7 g/t gold from 271.0 metres. Mawson says this step-out extends high-grade gold beyond previously defined resources. Mawson has completed 34 holes for 14,232 metres, out of a 15,000 metre planned program. The drilling program should be completed within two weeks time. Mawson trades on the TSX with MAW and on the OTC with MWSNF. News Release
And since we were not able to get to the Oreninc Weekly Update last week, I thought it would be important to recap last week’s numbers with Mr. Kai Hoffman. So I’ll send it over to you my friend.
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Thank you, Kai.
Endeavour Mining shared their fiscal year 2019 numbers this morning. The company said full year production of 651,000 ounces at an all in sustaining cost of $818 per ounce achieved guidance for the 7th consecutive year. Operating cash flow for the year was up 20% and net debt was reduced by $132 million. Measured and Indicated resources increased by 1.2 million ounces while proven and probable reserves remained flat on the year. Endeavour trades on the TSX with EDV and on the OTC markets with EDVMF. News Release
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