Morning Briefing: Omai Gold Mines Updates its Resource in Guyana
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Thursday February 8th.
Gold was whipsawed a bit within a $15 range yesterday, between a high of $2061 and a low of $2046 throughout the different trading sessions. But by the end of it, gold settled at $2051 per ounce, right where it ended the previous day. Silver closed the day with a half a percent decline at $22.36 per ounce as it appears it will be heading towards its support level around $22. The gold miners, per the GDX and the GDXJ ETFs saw more selling pressure with the GDX down 1% and the GDXJ down 1.3%. The market continues to shake off problems with regional banks and corporate real estate, as traders continue to pile into the so-called Mag7, which are currently supporting the elevated stock market indices, despite deteriorating breadth within the markets.
We will get to the news from the miners and explorers in a moment, but first a word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Victoria Gold.
Victoria Gold operates the Eagle Gold Mine within the Dublin Gulch Property. Eagle is the largest gold mine in Yukon's long history of gold production. In addition to the long-life Eagle Gold Mine, the Dublin Gulch property has upsized exploration potential including priority targets Raven and Lynx among others. Follow all the gold production and exploration news at vgcx.com.
And here’s what you need to know this morning….
Heliostar Metals provided an update this morning and says they are undertaking a review of financing options to complete the existing decline and test mining of a bulk gold sample in advance of a Feasibility Study for the Ana Paula Project. Ana Paula has a 412-metre-long decline currently completed to one third of its target length by a previous operator. The engineering study indicates that the bulk sample will require an additional 1,100m of tunnel development and 317 metres of spiral and stope development. The decline design option has been designed as the best option for future mine production from the current resource. The company says this could demonstrate a potential pathway to production from test mining within 12 months. (TSXV: HSTR) (OTCQX: HSTXF) News Release
Labrador Gold announced results of the 2023 exploration program at its 100% owned Hopedale Project in Labrador. Grab samples returned up to 106g/t with 20.4g/t Ag with mineralization traced over approximately 200 metres strike length. Eight occurrences identified on the Hopedale project to date reflecting multiple mineralization styles including orogenic gold, magmatic Ni sulphide, copper-silver vein and Zn-rich volcanogenic massive sulphide. (TSX.V:LAB | OTCQX:NKOSF) News Release
Omai Gold Mines reported an pdated Mineral Resource Estimate on its 100%-owned Omai Gold Property in Guyana. It includes an expansion to the Wenot Deposit and incorporates the previously disclosed Gilt Creek Deposit. Most significantly, the Wenot Mineral Resource Estimate ("MRE") increased the Indicated MRE to 834,000 oz (10% increase) @ 1.48 g/t Au and the Inferred MRE to 1,614,000 oz (45% increase) @1.99 g/t Au. The resource now sits at just under 2Moz gold in indicated and 2.3Moz of inferred. (TSXV: OMG) (OTCQB: OMGGF) News Release
Rupert Resources published results from its its Heinä South satellite target, which is 1km from Ikkari. Drilling returned 24m at 1.1grams per tonne (“g/t”) Gold (Au) and 15m at 0.9g/t Au respectively from step-out drilling along the Heinä South trend extending the strike to west. Other work returned 2m at 558g/t Au including 1m at 1115g/t Au. Thats the highest grade intercept drilled in Area 1 that has identified eight grass roots gold occurrences since 2018. The results confirm the Heinä South mineralised trend to over 1km and provide evidence of broader mineralised zones not previously seen in this target area. (TSX: RUP) News Release
Cassiar Gold reported results from the remaining six drill holes from the 2023 exploration program at the Cassiar Gold Project, located in northern British Columbia. Results from these drill holes expand mineralization at the Taurus Deposit both within and beyond the current resource footprint. Results included 101.4m of .84 g/t Au and 178.3m of .59 g/t. Both of these results came form the same drill hole, hole 206. Hole 208 returned 30.0 m of 1.05 g/t Au and 47.2 m of 0.94 g/t Au. (TSXV: GLDC) (OTCQX: CGLCF) News Release
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