Wesdome Updates its Resource Estimate for Kiena
Wesdome has an updated Resource Estimate out. We’ll share those numbers for you today here on Mining Stock Daily.
Welcome to Mining Stock Daily.
Today is Wednesday, September 25.
After a $5 price smash when the Comex paper gold trading floor operations opened on Tuesday morning, gold ran like a scaled cat from $1524 all the way up to $1542 before settling for the day at $1538, futures basis, up $8 from Monday's close. Silver ran from $18.32 after the Comex opening paper attack up to $18.75 before settling at $18.66, largely unchanged from Modnday. The Mining Stock Journal commented that, while the explanation for the run-up in the gold price was widely attributed by the mainstream media to the potential impeachment proceedings against Trump, the newsletter said the underlying cause if the growing stress in the financial system, which will require a lot more money printing.
Today’s briefing is brought to you by Integra Resources.
Integra Resources trades on the TSX-V under ITR and the OTCQX under IRRZF. Integra Resource is advancing its past producing DeLamar (DeL - a - Marr ) 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.
Here’s what you need to know today out of the junior resource sector.
Wesdome Gold Mines this morning announced an updated mineral resource estimate for its Kiena Mine Complex in Val d’Or, Quebec. This update is a result of drilling at the project’s Kiena Deep A Zones. Kiena Deep A Zone Indicated resources have increased to just over 405,000 ounces while inferred resources are now established at 332,000 ounces. Indicated resource grade at the Zone has nearly doubled to 18.55 g/t gold. Inferred resource grade also saw a nice rise from 11.43 g/t gold to 15.27 g/t gold. CEO Duncan Middlemiss says these updated results provide Wesdome the opportunity to commence our technical studies supporting a potential restart, as we continue to drill and expand the current resource base during the remainder of 2019 and beyond. Wesdome trades on the TSX with WDO and on the OTC markets with WDOFF. News Release
EMX Royalty Corp has agreed to sell their Alanköy and Trab-23 exploration projects in Turkey to a privately owned Turkish Company in exchange for 70 ounces of gold upon closing and an uncapped 2.5% net smelter return royalty on each project. For the Alanköy project, EMX will receive annual advance royalty payments of 35 ounces of gold for the first three years of the agreement, AAR payments of 45 ounces of gold in years 4 through 6 of the agreement, and AAR payments of 70 ounces of gold from and after the 7th anniversary. For the Trab-23 project, EMX will receive AAR payments of 35 ounces of gold through the 4th anniversary of the agreement, and AAR payments of 45 ounces of gold from and after the 5th anniversary. For each project, EMX will receive a milestone payment of 500 ounces of gold upon receipt of key mine development permits. EMX Royalty Corp trades on both the NYSE American and Toronto Venture Exchange with the symbol EMX. News Release
Premier Gold Mines announced it has sold a package of net smelter return royalties to Franco-Nevada Corporation for total gross proceeds of US$6-million. The package consists of a 2% NSR on the PQ North Property, adjoining the Musselwhite Mine in Northwestern Ontario, and a 1.5% NSR on the Rain/Emigrant and Saddle Properties located in Nevada. Premier Gold trades on the TSX with the symboll PG and in the US with PIRGF. News Release
White Gold shared diamond drill results from its flagship White Gold Property, including the Golden Saddle & Arc deposits and the Ryan’s Surprise discovery. The company says significant mineralization was encountered on Ryan’s Surprise discovery with drill assays returning 2.66 g/t gold over 11 meters and 2.1 g/t gold over 31.78 meters. Highlights from the Arc deposit included 3.64 g/t gold over 5.4 meters. White Gold trades on the Toronto Venture Exchange with the symbol WGO and on the OTC markets with WHGOF. News Release
Rugby Mining announced a $1 million non-brokered private placement consisting of one share and one warrant. Proceeds from the transaction will fund the Company's exploration expenditures, including drilling at its gold-copper Motherlode porphyry project in the Philippines. The Mining Stock Journal, which has a highly speculative buy rating on Rugby, said that insiders will funding a large portion of the financing. Rugby's shares traded under RBMNF in the U.S. and RUG on the TSX Venture
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