Western Copper and Gold Hit High-Grade at Casino
Welcome to Mining Stock Daily.
Today is Tuesday, September 24th.
The price of gold shot up another $16 on Monday to $1531 on the front month futures contract, following through from Friday's big move. Silver was the star performer on Monday, trading up nearly 5% to $18.71. The gold/silver ratio plunged 3 pts to 81.85. The Mining Stock Journal said that the prices of gold and silver are starting to discount the expectation the Federal Reserve will have to begin printing copious quantities of money before the end of the year in an attempt to address what appears to be a loss of control over interest rates and a growing liquidity squeeze in the financial system. It added that, there's no rush like a gold rush.
Today’s briefing is brought to you by Western Copper and Gold.
Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 10 billion pounds of copper and 18 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.
And this just in. Western Copper and Gold Corporation announced that during its recently completed drill program at its wholly owned Casino Project, Hole DH19-21 returned 55.1 grams per tonne gold over 2.97 metres at a depth of 147.98 m.. A re-assay of this sample returned 65.9 g/t confirming the high gold grade. This third very high grade intercept from within the Casino deposit suggests potential for a number of very high-grade gold structures within the Casino deposit.
Here’s what you need to know today out of the junior resource sector.
Platinum Group Metals shared their results from an independent Definitive Feasibility Study on the Waterberg Project. The report highlights an after-tax NPV of $982 million at an 8% real discount rate, using the spot metal prices from September 4th, which included just over $1500 per ounce of palladium. That NPV drops to $333 million using a three-year trailing average metal price. The after-tax IRR is just over 20% using current prices. Capex for Waterberg is established at $874 million. Proven and probable mineral reserves are estimated at 19.5 million ounces of Palladium, Platinum, Gold and Rhodium for a mine life plan of 45 years. Platinum Group Metals trades on the NYSE with the symbol PLG and on the TSX with PTM. News Release
Oceana Gold says further drilling at the Martha Underground Project at the Waihi Gold Mine in New Zealand supports an increase to the size of the exploration target. Exploration drilling results reported today included 8.1 g/t gold over 38.4 meters and 13.7 g/t gold over 11.9 meters. You can read the full list of results in today’s press release. The company says in addition to the current 331,000 ounces of Indicated gold resources and 667,000 ounces Inferred gold resources, they are now targeting an additional 8 to 10 million tonnes of ore grading 4 to 6 g/t gold. This resource is now subject to an extensive resource conversion drill program with a targeted completion expected in the first quarter of 2020. Oceana trades on the TSX and the ASX with the symbol OGC. It is also traded on the OTC markets in the US with OCANF. News Release
Azucar Minerals reported more drill results from its 2-year comprehensive drill program on its El Cobre gold-copper porphyry system project in Veracruz, Mexico hitting multiple intervals of mineralization on four different target zones including an intercept of 44 meters .63 gpt gold and .27% copper. It also encountered gold intercepts as high a 20 gpt. The Mining Stock Journal, which is bearish on the copper price for now, said that Azucar is its #1 choice for anyone looking for a total rate of return play in the gold-copper exploration space, noting that Newcrest Metals owns 19.9% of Azucar's shares, which trade under AXDDF in the U.S. and AMZ on the TSX Venture
QMX Gold shared assay assay results from the reconnaissance drilling program on the Bevcon target. The drill holes are located along the west half northern contact of the Bevcon Intrusion in the eastern portion of QMX’s extensive land package in Val d’Or, Quebec. Highlights from the program included 84.8 g/t gold over 6 meters and 10.8 g/t gold over 4.3 meters. The objective of the drilling program was to identify possible extensions of the Bevcon mine along the northern margin of the intrusive and the shear zone to the north. QMX Gold is traded on the Toronto Venture Exchange with the symbol QMX and on the US OTC markets with QMXGF. News Release
That concludes today’s briefing.