Morning Briefing: Newcore Drills 0.73 g/t Au over 68m in Enchi Conversion Drilling
Good morning and welcome to the Mining Stock Daily Morning Briefing.
It's Tuesday, April 1st.
Another day and another new all-time high for gold. While we await implications of the new tariffs taking effect in the United States, the eastern hemisphere have been on a gold buying frenzy as of late. Gold added another $36 to its price yesterday with most of the action taking place while the west was asleep. It closed the day at $3,150, up over 1%. The technicals of gold remain in overbought condition. One may even say extremely overbought with the daily, weekly, monthly and quarterly charts all showing extremely overbought signals. What remains not overbought is silver. It seems to be consolidating around between $34 and $35. Silver was down about half a percent yesterday closing at $34.61.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by…Vizsla Silver.
Vizsla Silver is focused on becoming one of the world’s largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 375,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at https://vizslasilvercorp.com/
And here’s what you need to know this morning…..
Newcore Gold received drill results from the 35,000m program underway at the Enchi Gold Project in Ghana. Today’s results are shallow reverse circulation drill results from the Sewum Gold Deposits. Results included 0.73 grams per tonne gold ("g/t Au") over 68.0 metres ("m") from 62 m, 0.74 g/t Au over 49 m from 18 m, and 1.39 g/t Au over 24.0 m from 22 m including a higher-grade interval of 6.56 g/t over 4.0 m from 26 m. Drilling continues to prove out the continuity of gold mineralization and potential for resource growth at Enchi. This recent drilling was drilled in areas where the previous pit constrained Mineral Resource Estimate was classified as Inferred. The Company anticipates that the results of this recent drilling should allow for the conversion of a substantial portion of mineralization within these areas to the Indicated category. (TSX-V: NCAU, OTCQX: NCAUF) News Release
G2 Goldfields announced additional diamond drilling results further expanding on the Company’s new discovery at the OKO Project, Guyana. Drilling has encountered wide intersections of near-surface, oxidized gold mineralization. Results included Hole AMD 12 which returned 1.9 g/t Au over 43.7 meters including a high-grade intercept of 7.9 g/t Au over 7.5m. Significantly, the entire gold intercept in Hole AMD 12 lies within highly oxidized near surface saprolite. Additionally, Hole AMD 10 returned 1.2 g/t Au over 51.0 meters. this new discovery lies only several miles away from the Company’s flagship gold resources at the Oko Main Zone and Ghanie and thus, may have a significant impact on the scale and economics of a potential mining complex, according to the company. (TSX: GTWO; OTCQX: GUYGF) News Release
West Red Lake Gold reported new drill results from its Madsen Mine in the Red Lake Gold District of Northwestern Ontario, Canada. The purpose of this drilling was definition and expansion within priority areas of Austin to continue building an inventory of high-confidence ounces to support the restart of production at the Madsen mine, which is expected to commence in 2025. Results reported today included 10.5m @ 12.43 g/t Au, 4.3m @ 30.16 g/t Au and 5.85m @ 17.29 g/t Au. (TSXV: WRLG) (OTCQB: WRLGF) News Release
Endeavour Silver announced they have entered into a definitive share purchase agreement to acquire all of the outstanding shares of Minera Kolpa and its main asset, the Huachocolpa Uno Mine from its shareholders, which are affiliates of Arias Resource Capital Management and Grupo Raffo. The deal comes at a cost of $145 million, comprised of $80 million payable in cash and $65 million payable in common shares of Endeavour. In addition, as part of the Transaction, Endeavour has agreed to pay up to an additional $10 million in contingent payments, payable in cash, upon the occurrence of certain events and will also add approximately $20 million in net debt which will remain outstanding and repayable by Minera Kolpa. (NYSE: EXK; TSX: EDR) News Release
After acquiring the Musselwhite Gold Mine from Newmont last fall, Orla Mining is launching a $25M exploration drill program to expand its reserves and resources. The company will be undergoing underground drilling, and surface directional drilling to prove the open down-plunge extension of the mine trend. They will also drill test near-mine target to identify potential new mill feed material. (TSX: OLA) (NYSE: ORLA) News Release
Equinox Gold has indefinitely suspended operations at its Los Filos Mine in Guerrero, Mexico, following the expiry of its land access agreement with the community of Carrizalillo on March 31, 2025. Equinox Gold has not included any production from the Los Filos Mine in its 2025 production guidance. (TSX: EQX) (NYSE American: EQX) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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