Wallbridge Enters into JV with Kirkland Lake
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Tuesday, September 15th.
After getting taken down in price from $1960 to $1948 overnight on Monday, December gold shot up like a July 4th bottle rocket right before the NYSE opened Monday morning. The price soared as much as $24 to $1972 before settling in the mid-$1960's. December silver followed the same price pattern as gold, shooting up from an early morning low of $26.90 to as high as $27.55 before landing in the $27.30's. The Mining Stock Journal suggested, base on the fact that the dollar index was down marginally, that the Fed may have injected some liquidity into the financial system Monday morning as a mechanism to juice the stock market ahead of this week's FOMC meeting. Both the precious metals sector and the stock market in general skyrocketed Monday in the absence of any material fundamental news or events. The mining stocks outperformed all asset classes on Monday, jumping close to 4% using GDX as a proxy. The Mining Stock Journal is calling for a major move higher in the precious metals sector this fall and Monday may have been a taste test for gold and silver bugs
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 trades on the TSX-V under ITR and the NYSE American with ITRG. Integra Resource is advancing its past producing DeLamar Gold-Silver project in SW Idaho through aggressive drilling and exploration. The latest Resources Estimate released earlier this summer showed approximately 4 million Gold equivalent ounces in the measured and indicated category.The maiden PEA for the project established a net present value of C$473-million and an IRR of 43%. The management of Integra successfully sold its previous brownfields project for C$590 million in summer 2017. Read more about the company and its successful management team at integraresources.com.
And here’s what you need to know this morning.
After market close yesterday, Wallbridge Mining announced it has entered into a non-binding term sheet for a joint venture of its Detour East gold property with Kirkland Lake. Under terms of this joint venture, Kirkland can earn a 75% interest in Detour East by making expenditures totalling $35 million on the Property. Wallbridge this is a strategic benefit for them as it allows the Company to focus on fully-defining the size potential of our 100% owned Fenelon Gold property while at the same time advancing exploration on Detour East located at the far west end of the very large land position Wallbridge acquired through its acquisition of Balmoral Resources. Wallbridge Mining trades on the TSX with WM. News Release
Paramount Gold released results today of its Feasibility Study for its Grassy Mountain Gold Project in eastern Oregon. The Study outlines an underground mining operation with a pre-tax NPV of $123 million and an IRR of 26% at a base case metal price of $1472 gold. Initial capex requirements are estimated to be about $98 million. The projects all-in sustaining costs look to be at the $671 per ounce of gold annual production of 47,000 ounces over an 8 year mine life. Paramount Gold trades on the NYSE American with the symbol PZG. News Release
Minera Alamos shared historical drill data from the recently acquired Cerro de Oro gold project in Zacatecas, Mexico. These results come from drilling in 2017 and 2018 and included 96 meters of 1.1 g/t gold in the southern area of the project. Continuation of gold mineralization in the northern portion of the project area including intercepts such as 48m of 0.7 g/t Au. Disseminated mineralisation appears to remain open in all directions on the previously announced acquired properties with the potential to expand into the north and southwest contiguous concession areas which were owned by Minera Alamos prior to the acquisitions. Minera Alamos trades on the TSX Venture with MAI and on the OTC markets with MAIFF. News Release
Summa Silver provided an exploration update this morning. The company says 10 holes have been completed at the Hughes silver-gold project in Tonopah, NV and all holes drilled to date have intersected zones of quartz veins, stockworks and breccias. Included in the drilling is the first-ever drilling at the new Murray target which is located on the western side of the property, where the claim boundary is within 300 m of Blackrock Gold's recently announced discovery which intersected several zones of high-grade silver and gold mineralization. This drill program represents the first modern, and indeed first ever, drilling on much of the prolific historically producing Hughes Property. Summa Silver trades on the CSE with the symbol SSVR. News Release
Novo Resources says it has reached its first completion with respect to its previously announced binding terms sheet with Mark Creasy and acquired his land package in the Pilbara by issuing 2.5 million common shares of the company to the Creasy Group. Immediately subsequent to the issuance of the First Completion Shares, the Creasy Group held 6.46% of the issued and outstanding shares of the Company. The Company will issue an additional 8,431 common shares to the Creasy Group upon receipt of Australian Foreign Investment Review Board approval of certain aspects of the Terms Sheet. The Second Completion Shares will be subject to a statutory hold period expiring four months from the date of issuance. Novo Resources trades on the TSX Venture with NVO and on the OTCQX with NSRPF. News Release
Inca One says its online bullion store will go live this Thursday. Inca One operates two fulling permitted mineral processing facilities in Peru and this story will provide collectors and investors an opportunity to purchase gold directly front the company. The Company will stamp, mint, and offer for sale its inaugural, Peruvian-themed certified .9999 custom 1-ounce gold coins unique to the Inca One gold bullion store. Additional products will be added in the future. 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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