Wallbridge Drills Deepest, High-Grade Hole at Fenelon

Welcome to Mining Stock Daily. This is your host, Trevor Hall

Today is Tuesday August 11th

Despite the presence of heavy and overt market intervention for the price containment squad, gold and silver managed to close higher on Monday, with gold up $12 and silver soaring $1.70. But between the HUI index and GDX, the mining stocks were generically down about 1%. The Mining Stock Journal said the London fix data from Friday showed the presence of heavy offerings on both the a.m. and p.m. fixes, which usually indicates that the Central Banks are making an intensified effort to push the price of gold lower. This effort showed up Monday in the form of high volatility for both gold and silver during Comex trading hours. The newsletter further noted that the recent weakness in the mining stocks relative to the metals could be a signal that the banks are going to pull out the stops in their attempt to reign in the bullishness that has engulfed the sector. Data from India shows that the Indians have a voracious appetite for gold right now, which should help offset any official intervention efforts.

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… Rio2

Rio2 is advancing the Fenix Gold Project in Chile, the largest undeveloped gold heap leach project in the Americas. Fenix consists of 5 million ounces in the measured and indicated resource category and 1.4 million ounces in the inferred resource category. With a robust PFS in place, Fenix is set up for fast-tracked construction and production. You can find a list of project and company information on their website, rio2.com.

And here’s what you need to know this morning…

Wallbridge Mining announced the intersection of 24.61 g/t gold over 15 meters from the Lower Cayenne Zone, expanding the high-grade domain of this zone by 260 metres down-dip to a vertical depth of 825 metres. The company says these results open up another parallel structure at depth for high-grade resource growth potential. And at a vertical depth of 825 meters, this is also the deepest intersection of high-grade and high metal factor gold mineralization so far at Fenelon. Currently, four of six drill rigs are focusing on expanding the Tabasco-Cayenne-Area 51 mineralization on the original Fenelon Gold Property, carrying out a combination of 50-100-metre step-outs and tighter-spaced in-fill drilling. Wallbridge trades on the TSX with WM. News Release

Golden Minerals announced it has received positive assay results from the first nine diamond drill holes of its in-fill resource definition drill program at the Rodeo gold-silver project located in Durango State, Mexico. The company says each of the first nine diamond drill holes intersected wide zones of near-surface gold mineralization. Drill hole depths averaged 50 meters and were drilled at a 60-degree angle to the southeast. Results included 1.85 g/t gold over 45 meters, 5.96 g/t gold over 23.4 meters and 7.55 g/t gold over 8.11 meters. You can read a full list of results on this morning’s news release, also found on the Junior Mining Network newsroom. Golden Minerals trades on the NYSE and the TSX with AUMN. News Release

Arizona Metals shared results from its first drill hole on the Sugarloaf Peak project in La Paz County, Arizona. Hole 1 intersected 137 m of 0.53 g/t gold from surface, including, 99 m of 0.62 g/t gold, and 30 m of 0.90 g/t gold. From 179.7 m to the end of the hole at 218.5 m, the same hole also intersected 38.8 m of 0.32 g/t gold. The hole ended in mineralization. Arizona Metals trades on the TSX Venture with AMC and on the OTCQB with AZMCF. News Release

Pacific Empire Minerals reported assay results from sampling at its jean Marie copper-gold-silver and molybdenu prophyry project in the north-central British Columbia. Continuous chip sampling of a hand trend yielded 4 g/t gold over 8 meters with the entire 20 meter length of trench averaging 1.7 g/t gold. Rock sampling at A zone included 1.3% copper and rock sampoing at C Zone included 1.1% copper. Jean Marie is located 50 kilometers west of Centerra’s Mt. Milligan copper-gold mine. Pacific Empire trades on the TSX Venture with PEMC. News Release

Equinox Gold reported its second quarter financial and operating results. The company reported record results with 127,000 ounces of gold produced, low all-in-sustaining costs of $900 per ounce, $85 million in earnings from mine operations and adjusted net income of $27 million. Equinox also mentioned a couple key milestones for the remainder of 2020, including first production at Castle Mountain, the start of construction of the Los Filos expansion and Santa Luz restart projects, and continued exploration across our portfolio of mines. Equinox trades on the TSX and the NYSE American with EQX. News Release

There were a lot more exploration drilling results reported this morning, included updates from G2 Goldfields, Amex Exploration, Palladium One and GR Silver. All those news releases can be found at the Junior Mining Network website.

Inca One reported consolidated gold production and deliveries for the three month period ending in June. Total exports of US$6.7 million consisted of 3,919 ounces of gold and 3,984 ounces of silver. This represents an 8% increase year over year but 13% less than the prior quarter. The company says it was challenged due to the economic slowdown in Peru due to Covid-19. However, with a new ore supply contract, the company now expects to see production levels and sales back on track with last year’s records, and also exceed those totals. Inca One trades on the TSX Venture with IO and on the OTC with INCAF. News Release

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I’m Trevor Hall. Have a wonderful day. Be well.

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