Western Copper & Gold Drill Results from Casino
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Tuesday, February 2nd
Gold and silver had an interesting day, as the Reddit retail army of daytraders attempt to take on and squeeze the silver market. April gold, the new front-month contract, jumped to as high as $1874 early Monday morning before closing at $1863. March silver soared from Friday's close at $27 to as high as $30.31 before settling at $29.42. During Monday's session, silver had the biggest one-day percentage gain since the collapse of Lehman in 2008. The gold/silver ratio plunged to 63.14, which is the lowest level since July 2014. Many silver mining stocks enjoyed big gains on Monday and the mining stocks overall per GDX were up well over 3%. GDX closed above its 50 day moving average for the first time since early January. The Mining Stock Journal is skeptical that the attack on silver shorts will have much in the way of sustainability. However the newsletter believes that, with or without the aid of the retail trading army, the precious metals sector is historically undervalued and ultimately will embark on a long term move higher on fundamental merits.
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.
Discovery Metals shared results from 13 diamond drill holes targeting bulk-tonnage mineralization at its flagship Cordero silver project located in Chihuahua State, Mexico. The holes are part of an expanded 65,000 m Phase 1 drill program that will be incorporated in a new resource estimate and revamped PEA in the second half of the year. Highlights from results reported today included 118 g/t silver equivalent over 131.6 meters and 175 g/t silver equivalent over 85.6 meters. With these results, the company has expanded the bulk-tonnage domain by 300m eters northeast long strike in the South Corridor. Discovery Metals trades on the TSX Venture with DSV and on the OTCQX with DSVMF. News Release
Talisker Resources shared more drill results from its Bralorne Gold Project in BC this morning. The company shared partial assay results from one hole. That results returned 1.16 g/t gold over 38 meters and 1.69 g/t gold over 13.35 meters at the Charlotte Zone where broad zones of near-surface gold mineralization sit adjacent to the high-grade gold-bearing veins that remain the primary focus of drilling in 2021. Talisker commenced its 50,000m infill drilling program with four drill rigs on site last month and has completed 4,354m to date.
Talisker trades on the TSX with TSK and on the OTCQX with TSKFF. News Release
Silver Tiger also shared new drill results this morning front he El Tigre historic mine district located in Sonora, Mexico. Results included 22.2 meters grading 381.9 g/t silver equivalent, which also included 1 meter of 1,741.4 g/t silver equivalent. The hole was drilled to test the down dip potential of the Sooy Vein targeting just under the lowest mine level approximately 150 meters from surface where mining ceased abruptly with the onset of the Great Depression in 1930. Silver Tiger trades on the TSX Venture with SLVR and on the OTCQX with SLVTF. News Release
Marathon Gold shared results form the final 15 drill holes completed during the 2020 exploration program at the Valentine Gold Project in Newfoundland. Highlights of those results included 19.85 g/t gold over 6 meters and 9.37 g/t gold over 6 meters. With these final 2020 results, a total of 42,000 metres of drilling in 212 holes is now available for use in the maiden mineral resource estimation for Berry. In addition to today’s drill results, Marathon reports that the Company’s Board of Directors has approved a 2021 Exploration Program comprising 52,000 metres of drilling at a budget of C$10.5 million. These expenditures will be fully funded from existing cash resources. Marathon Gold trades on the TSX with MOZ. News Release
Treasury Metals released their Preliminary Economic Assessment for the Goliath Gold Complex in northwestern Ontario. The report shows a pre-production cost of $233 million with a payback period of less than 2 years. It highlights a $328 million NPV with an IRR of 30.2% using a $1,600 gold price with a 13 year mine life. Treasury trades on the TSX with TML and on the OTCQB with TSRMF. News Release
Galleon Gold provided an update on its ongoing drill program at its 100% owned West Cache Gold Project, Timmins, Ontario. Results from core hole 82 provides important additional information down-dip as drilling continues to confirm the projected northwesterly trend of the New Shoot in Zone #9. The hole returned 9.4 g/t gold over 10 meters. The Company first discovered the high-grade Zone #9 Shoot in September, and since that time, has treated the current drilling campaign at West Cache as two separate programs. Galleon Gold trades on the TSX Venture with GGO. News Release
Silver Sand Resources announced a 2,700m Phase II drill program at the Virginia Silver Project, located in Santa Cruz province, Argentina has commenced. A key aspect of Phase II drilling is to continue the expansion of the 2016 mineral resource by drilling gaps and extensions of the principal veins comprising the resource. The 2016 resource contains 11.9 million indicated ounces of silver at 310 g/t and 3.1 million inferred ounces of silver at 207 g/t within seven conceptual open pits. Previous drilling intercepted mineralization at depths from surface to 150 metres. Silver Sands trades on the CSE with SAND and on the OTCQB with SSRSF. News Release
Bunker Hill Mining announced they are upsizing their previously announced private placement to $8 Million Canadian. Each Unit consists of one common share of the Company and one Common Share purchase warrant. Each whole Warrant entitles the holder to acquire one Common Share at a price of C$0.60 per Common Share for a period of five years.
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I’m Trevor Hall. Have a wonderful day. Be well.
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