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Can’t-miss headlines: Gold slides to $1,220, Impact hits gold in Mexico & more

The latest morning headlines, top junior developments and metal price movements. Today the gold price is on the decline and Impact cuts some high grade silver and gold in Mexico.


Gold‘s spot price slid from over $1,240 an ounce yesterday to about $1,220 an ounce today. Silver spot was $19.53 an ounce. In base metals the non-LME copper spot, after falling off in recent days, moved sideways over most of the past 24 hours. At presstime it was $3.34 a pound.


Here we look into details on a skills shortage in the mining industry in Canada. Turning to gold, Mineweb‘s Geoff Candy highlights price volatility in 2014. And recall the Bingham Canyon landslide last year? A new academic study suggests it triggered some 16 rare earthquakes. Finally, with an eye to undrilled targets, we put the focus on three projects where juniors are soon to start drilling.

Junior activity

In drilling Impact Silver outlined a new round of silver and gold mineralized intercepts near its Nocha Buena silver mine in Mexico. It hit more gold-rich intercepts in a vein 150 metre away from Nocha Buena – which it mines – in a parrallel structure called Carlos Pacheco. Best of latest batch in Carlos Pacheco included 7 metres @ 3.49 g/t gold that included a half metre @ 39.2 g/t Au. That comes near a previous hit outlined last October of 17.1 g/t Au over 2 metres. Impact also described a series of new structures, such as Tiburon, in which it cut 5 metres @ 179 g/t silver. Meantime the Nocha Buena continued to yield high grade silver with as much as 2 metres @ 1,587.8 g/t Ag.

Over in the Athabasca Basin in Saskatchewan UEX said it would start drilling the Black Lake project in late JanuaryUracan, with a 60 percent earn-in right on the property over a 10-year period, is to spend C$2 million this year on exploration. UEX operates the project, meantime. UEX reports past drill intercepts at Black Lake with as much as 4 metres @ 0.69 percent U3O8. UEX and Uracan are after higher-grade uranium prospects. To fund Black Lake exploration Uracan raised C$1.2 million back in December, 2013.

In junior gold mining, Endomines signalled lay-offs could be in the works in Finalnd where it runs the Pampalo gold operation. Endomines also reported dissapointing grades in its most recent production update.

And mid-day yesterday Carpathian Gold noted that a forbearance agreement between it and its major creditor Macquarie Bank expired January 3 and had not been extended. Macquarie recently lent Carpathian $30 million to keep the ramp up of the RDM gold project going. Carpathian said it had poured first gold at RDM and that it was working closely with Macquarie “in relation to all possible on-going options, including the strategic alternative process that remains underway, so as not to disrupt the production status of the project.”


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