Wesdome Drill Results from Kiena

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

Today is Wednesday, February 10th

Gold followed the recent serial pattern of soaring during the evening and into the next morning, only to be price-smashed after the London a.m price fix and again when the Comex floor trading opens. Ditto with silver. Sometimes it feels like Groundhog Day every day in the precious metals markets. Despite the overt price intervention during the paper gold and silver trading hours,  gold managed to close up $3 from Monday, while silver was down about 17 cents. That said the charts for both metals look bullish, especially for silver, which has remained above its 50 day moving average since the end of January and looks to have the potential for a big move. The mining stocks spent Tuesday in a narrow range, both positive and negative, and closed the day down marginally. The Mining Stock Journal said that the Hulbert Gold Newsletter Sentiment Index shed 3.33 points to (20%). The HGNSI has now been negative for 7 of the last 9 days, including (22.58%) on Thursday - lower than 94% of readings since 2000.  Based on history, negative HGNSI forays are always followed by rallies.

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.

Wesdome Gold announced additional results from underground definition and exploration drilling at the Company’s 100% owned Kiena Mine Complex in Val d'Or, Quebec. Results included 325.9 g/t gold over 8 meters, 22.8 g/t gold over 32.8 meters and 24.1 g/t gold over 36.5 meters. Over the past year, underground drilling was focused on definition drilling of the A Zone, which successfully upgraded a large portion of inferred resources to the indicated category. Drilling has since refocused on expansion drilling, not only at the A Zone and VC Zone, but at other prospective targets within the mine area. Wesdome trades on the TSX with WDO. News Release

Getchell Gold shared the remaining drill results from their 2,000 meter drill program on the company’s Fondaway Canyon Gold Project in Nevada. 3 results were reported this morning and they include 8.6 g/t gold over 9.8 meters, 2.5 g/t gold over 58 meters and 1.8 g/t gold over 90 meters. The company says the 2020 drill program substantially expanded the known mineralization and demonstrated the broadest gold zones remain open with excellent potential for further extension. Getchell Gold trades on the CSE with GTCH and on the OTCQB with GGLDF. News Release

Benchmark Metals shared new results from a series of drill holes at the AGB zone that now extends for over 650 metres strike length and to 270 m vertical depth and remains open. Results included a 1.54 meter interval grading 17.96 g/t gold and 5216.68 g/t silver. These and previously reported 2020 program results at AGB have the potential to increase tonnage and gold-silver grade for the forthcoming release of a maiden global bulk-tonnage Mineral Resource Estimate during Q1 2021. Benchmark's flagship Lawyers Gold-Silver Project is located in a road-accessible area of the Golden Horseshoe in north-central British Columbia, Canada. Benchmark trades on the TSX Venture with BNCH. News Release

Now, lets turn it over to Kai Hoffman for the Oreninc Weekly Update.

Newmont reported gold Mineral Reserves of 94.2 million attributable ounces for 2020 as compared to the Company’s adjusted 95.7 million ounces at the end of 2019. Newmont exceeded its 2020 conversion target by replacing 80 percent of all depletion and maintaining its industry-leading position with the largest gold reserves. A $100 increase in gold price would result in an approximate four percent increase in gold reserves while a $100 decrease in gold price would result in an approximate seven percent decrease in gold reserves. These sensitivities assume an oil price of $50 per barrel (WTI), Australian dollar exchange rate of $0.75 and Canadian dollar exchange rate of $0.77.

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

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