Volatility Surrounding the FOMC Meeting
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Thursday, March 18th.
On Wednesday, gold defied the pre-FOMC announcement attempt to take the price lower and shot up $23 after the FOMC policy statement affirmed the Fed's commitment to keep the Fed Funds rated pegged at zero for at least two more years and to continue printing at least $120 billion per month to prop up the mortgage market and contain bond yields. Gold had been taken from it's early morning high of $1736, April basis, to as low as $1723 during mid-morning Comex trading. It then took off like a Roman Candle and settled the day at $1744. Silver shot up twice as much percentage-wise, leaping back over $26 to settle at $26.40 May basis and is trading at $26.54 as this is being written. The mining stocks jumped over 2% on Wednesday, substantially outperforming the general stock market, with the large cap miners outperforming their smaller peers. The Mining Stock Journal said that one of the hallmarks of an early stage bull move in the miners is the large caps outperforming the mid-cap and juniors for a short period of time. On that note, the next issue of the Mining Stock Journal will be released this afternoon and will feature an explanation for why First Majestic's acquisition of the Jerritt Canyon mine and roaster is a great deal for the company as well as reviews of Santa Cruz Silver and AbraSilver, formerly AbraPlata.
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… Integra Resources.
Integra Resources is advancing the past-producing DeLamar Project in southwestern Idaho. The Company has continued to demonstrate resource growth and conversion through greenfield and brownfield exploration and plans on delivering a pre-feasibility study in Q4 2021 to further de-risk and advance the project towards permitting. Integra Resources trades on the TSX-V under ITR and the NYSE American under ITRG.
And here’s what you need to know this morning.
Palladium One says they have expanded the high-grade core a kaukua south on the Läntinen Koillismaa project in Finland. Today’s results included 2.6 g/t palladium equivalent over 47 meters and included 12 meters of 4.2 g/t palladium equivalent. Thus far, 34 holes have been drilled as part of the 17,500-meter Phase II Resource Definition drill program at Kaukua South, including today's results 22 have been released, while results for 12 holes are pending. Drilling has been strategically undertaken to define mineralization from surface to a depth of 200 metres, leaving mineralization open at depth, across the known 4-kilometer strike length of Kaukua South. Palladium One trades on the TSX Venture with PDM and on the OTCQB with NKORF. News Release
Clean Air Metals shared new assay results from the drilling campaign at the Escape Lake Deposit currently underway at the Company's Thunder Bay North Project. Hole 41 intersected a massive sulphide horizon grading 7.93 g/t palladium, 6.41 g/t platinum, 4.76% copper, 2.5% nickel and .151% cobalt over a half meter. The Company plans a minimum 30,000m of further delineation drilling at the Escape Lake Deposit at a cost of approximately $6.6 million in 2021. Clean Air Metals trades on the TSX Venture with AIR and on the OTCQB with CLRMF. News Release
Freeman Gold provided assay results of core from the remaining 20 diamond drill holes of the 35 hole 2020 program on Freeman's 100% owned Lemhi Gold Project located in Idaho. The objective of the 2020 Phase 1 drill program was designed to confirm historical mineralization and allow the use of over 355 historical drill holes in a maiden National Instrument 43-101 compliant resource estimate. Results today included the highest grade intercept ever drilled at Lemhi, which was 2.5 g/t gold over 151 meters, including an 8.7 meter interval grading 25 g/t gold. Freeman Gold trades on the CSE with FMAN and on the OTCQB with FMANF. News Release
Now lets turn it over to Kai Hoffman for this week’s Oreninc Weekly update.
--
Tarachi Gold announced it has completed the acquisition of the Magistral Mill and Tailings project from Manto Resources in Durango, Mexico. The Company has retained Ausenco to conduct a Preliminary Economic Assessment of the Magistral Project and to determine if modifications need to be made to the mill's existing flowsheet prior to commissioning the facility. A team of engineers will be on site this week to perform a detailed review of the current plant, equipment and Merrill-Crowe system. An auger drill rig will be mobilized to site next week to sample the tailings basin. Six confirmation holes and eleven in-fill holes will be completed and assayed as per Ausenco's recommendations. Tarachi trades on the CSE with the symbol TRG and on the OTC with TRGGF. News Release
Ascot Resources provided an update on exploration, permitting and engineering work at the Premier Gold Mine this morning. Ascot is in the process of planning the construction early works, which involves preparing the cranes for the mill building and demolition of old piping and cabling. This prepares the mill facility to receive the Ball and Sag Mill components. In addition, management is progressing into detailed engineering to support the construction of the project. A number of contractor bids have been received and the Company is engaged in simultaneous discussions for procurement and construction management. The Company is planning to undertake both underground and surface exploration activities in the upcoming field season. Initial drilling will commence at lower elevation in the Premier West area following up the exciting drill results from last season. Ascot trades on the TSX with AOT and on the OTCQX with AOTVF. News Release
And finally Prosper Gold announced it has qualified to trade on the OTCQX Best Market with the symbol PGXFF. The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Trading on the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.
Mining Stock Daily is distributed over a dozen different networks throughout the world and in proud partnership with the Junior Mining Network. It is produced by Clear Creek Digital and Investment Research Dynamic's Mining Stock Journal.
I’m Trevor Hall. Have a wonderful day. Be well.
The information presented should not be considered investment advice. Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.