Gold Rebounds Above $1700
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Wednesday, April 22nd.
Gold experienced another volatile trading session, with the gold price systematically
ripped lower from $1716 - June gold basis - 90 mins before the a.m. London fix to a fix price
just below $1700. Right after the Comex floor opened, gold was pushed down to as low as
$1669 before taking off like a bottle rocket back over $1700. As this commentary is being
written, June gold is trading at $1706. Silver had as much as $1 removed from its price, trading as low as $14.56 before staging a rally which took the price back over $15. The Mining Stock Journal commented that silver is still being tied in with industrial commodity metals by the hedge fund and CTA black box algos, which dump anything economically sensitive when the stock market is dropping. The mining stock newsletter noted that, while the charts for gold and silver have been painted into a bearish look, it expects a surprise move higher in gold before the end of this month which should include dragging silver higher.
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... Corvus Gold.
Corvus Gold. Corvus is an advanced gold-silver exploration and development company focused on the North Bullfrog and Mother Lode Projects in Nevada. The company has been named a Top Five TSX gold equity performer Four of the last Seven years & a multi time top 50 OTCQX performer. Corvus Gold trades on the Toronto Stock Exchange with the symbol KOR and on the OTCQX with CORVF. Follow all the news form Corvus and its two-mine projects with fast-tracked potential via the company's website, corvusgold.com.
And here’s what you need to know this morning …
Aurion Resources reported new assays from 16 drill holes completed at the Aamurusko prospect on its wholly owned Risti Project in northern Finland. These holes tested multiple targets including depth extensions in the Northwest zone and immediately to the southeast in the 600 m gap between the NW Zone and the Main Zone. Drilling intersected multiple high-grade intercepts that appear to identify new zones of mineralization to the southeast and north of NW, expanding the mineralized footprint at Aamurusko, as well as extending mineralization at NW to 300 metres depth. Results included 5.79 g/t gold over 2.95 meters and 4.64 g/t gold over 3.1 meters. Mineralization remains open in multiple directions at all targets. Aurion Resources trades on the TSX Venture with AU and on the OTC markets with AIRRF. News Release
Alacer Gold shared initial drill results for the Copper Hill prospect found in the Gumushane Province of Turkey. The initial testing of the target consisted of eight diamond drill holes totaling 3,180.8m. Results included 2.66% Cu over 40.8 meters and 1.66% Cu over 70.3 meters. Alacer plans to conduct additional diamond drilling in 2020 to test the extension of the mineralization, pending approval of new drill permits and weather. Alacer trades on the TSX with ASR and on the ASX with AQG. News Release
Kincora Copper has commenced drilling activities at the Trundle project, located in the Macquarie Arc of the Lachlan Fold Belt, in central west New South Wales, Australia. A first phase drilling program is planned for six holes and 3,800 metres, testing three known mineralized targets seeking to discover a new cluster of porphyry deposits. Extensive porphyry and skarn-style copper-gold mineralisation and informal mining activities are associated with several Ordovician intrusive centres across the full Trundle license, which is located within a prolific mining and infrastructure district. Kincora trades on the TSX Venture with KCC. News Release
Sokoman Minerals says it has made a strategic decision to follow-up on the recently completed Phase 5 drill program at Moosehead Gold Project with a short program to make use of the currently favourable weather conditions. The program is aimed at testing the northern extension of the lower high-grade shoot. The drill rig, which remained on the property after completion of the Phase 5 program, will be utilized to drill 3 to 4 holes, each to a down hole depth of 275-300m. Sokoman trades on the TSX Venture with SIC an don the OTCQB with SICNF. News Release
That’s it from me this morning. We’ll be back throughout the rest of the day today and tomorrow with more commentary. Be sure to hit that subscribe button if you have not done so already.
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