Weekly Financing Update from Oreninc, Drilling News from Nighthawk and Liberty, EMX's Balya Royalty Project Update from Turkey
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Tuesday, January 7th.
Gold ran up to as high as $1582 overnight Sunday to Monday on fears of war breaking out between the U.S and Iran but then underwent the daily price-takedown ritual when the Comex floor trading begain Monday morning. Gold bottomed at $1563 on Monday and closed the day session at $1567. Silver traded as high at $18.54 before falling prey to the same Comex price-attack as gold. Silver closed the day session at $18.18. The Mining Stock Journal noted that India's strong import appetite has continued beyond the peak seasonal buy activity and despite the $110 rise in gold since November. Historically a move of that magnitude has acted as a brake on India's demand. 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... Corvus Gold. Corvus is an advanced gold-silver exploration and development company focused on the North Bullfrog and Mother Lode Projects in Nevada. The company has been named a Top Five TSX gold equity performer Four of the last Seven years & a multi time top 50 OTCQX performer. Corvus Gold trades on the Toronto Stock Exchange with the symbol KOR and on the OTCQX with CORVF. Follow all the news form Corvus and its two-mine projects with fast-tracked potential via the company's website, corvusgold.com.
And here’s what you need to know today out of the junior sector.
EMX Royalty Corp announced the transfer of the company’s Balya polymetallic royalty property in Turkey is being transferred from Dedeman to Esan, which is a private turkish company which operates 40 mines and eight processing plants, and is one of Turkey’s leading producers of raw materials and base metals. Esan operates a lead-zinc mine and flotation mill on the property immediately adjacent to EMX’s Balya royalty property. According to the news release from EMX, Esan expects to combine production from the EMX royalty property and its own mining operation on the adjacent license to feed its mill and processing facilities in the Balya mining district. This would represent enhanced royalty revenue from an organically generated EMX royalty asset, which includes a 4% net smelter return royalty on the property that is uncapped and cannot be repurchased. EMX trades on the TSX Venture and the NYSE with the symbol EMX. News Release
In production news, K92 Mining hit a record year producing just under 80,000 ounces of gold despite a number of interruptions to underground mine operations. The annual number exceeded its already upgraded production guidance. News Release
Teranga Gold says its consolidated gold production for the entire year of 2019 reached more than 288,000 ounces, exceeding the top end of its full-year production guidance at both Sabodala in Senegal and Wahgnion in Burkina Faso. Ths was an 18% increase in annual production. News Release
And Hecla produced the highest amount of gold in the company’s history last year, producing just under 273000 ounces while also reducing its debt by 23% from its net debt high mid-last year. The company also said Union workers at Lucky Friday ratified the collective bargaining agreement and many are expected to return to work. News Release
In exploration news, Nighthawk Gold shared drill results from seven holes recently completed within Zone 3.5 and the southern area of Zone 3.0, part of the Colomac Gold Project located within its Indin Lake Gold Property, Northwest Territories, Canada. Results included 1.35 g/t gold over 105 meters and 1.33 g/t gold over 71.5 meters. The company says results to-date have confirmed that the mineralized sill shows a distinct widening to depth at Zone 3.5, and that a similar expansion of the deposit's host rock (the mineralized top of the sill) to depth may exist for upwards of 3.5 kilometres of strike to the north. Nighthawk trades on the Toronto Stock Exchange with the symbol NHK and on the OTC markets with MIMZF. News Release
And Liberty Gold announced additinal dril results from its CArlin-style Black Pine Property in southern Idaho. Drilling at the Discovery 2 Zone has increased the size of the zone to 600 meters in the northeast-southwest direction, merging with the Discovery 1 zone, and up to 400 meters in a northwest-southeast direction. The full list of results can be found on this morning’s news release, but they did include 2.1 g/t oxide gold over 61 meters. Liberty Gold trades on the TSX with the symbol LGD and on the OTC markets with LGDTF. News Release
And now we’d like to introduce a news segment to Mining Stock Daily. In this weekly segment, we welcome the team from Oreninc to share with us financing news from the junior sector. The Oreninc Index Update will be available here, each week when available. Now, lets turn it over to Kai Hoffman in Vancouver.
Thank you Kai.
And finally, Silvercrest Metals announced that SSR Mining has exercised its shareholder participation right and will purchase 1.8 million shares in connection with the last financing on December 3, 2019. By way of exercising its share issuance participation right, SSRM will maintain its ownership of SIL at just under 10%. The Mining Stock Journal believes this move reflects an increasing likelihood that SSRM will eventually make an attempt to acquire SIL in its entirety. However, this is not guaranteed and a 10% ownership stake is not enough to ward off other potential acquirers
That is a wrap from us today here at Mining Stock Daily. Thanks again for tuning in and we look forward to providing you the news out of the metals and mining sector each trading day throughout 2020. Remember, you can find this show on a number of different podcast networks, including iTunes, Spotify, Google Podcast and even Amazon Alexa. And if you haven’t done so already, please be sure to hit that subscribe button on your device so you don’t miss any of the briefings or our interviews.
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