Summa Silver – Exploration Update From The Mogollon and Huges Silver-Gold Projects
Galen McNamara, CEO of Summa Silver (TSX.V:SSVR – OTCQB:SSVRF) joins us to discuss the exploration strategy at both their gold-silver Mogollon project in New Mexico and at the Hughes Project, on the Walker Lane Trend in Nevada.
We start with a review of the first 5 holes drilled at Mogollon, initially focused on just the 500 meter by 300 meter area, out of the larger 34 kms of mineralized. Drill hole # MOG22-05 was a 270 meter step-out hole, that returned 31.0 m at 459 g/t silver equivalent* (3.88 g/t Au, 129 g/t Ag) including 0.5 m at 6,311 g/t silver equivalent (66.8 g/t Au, 638 g/t Ag) and 2.0 m at 1,223 g/t silver equivalent (9.32 g/t Au, 431 g/t Ag). The exploration team has a goal for 2022 is to put about 50 drill holes into this project with 20,000+ meters of drilling by Q3 and then put out a maiden resource in Q4 of this year.
Next we had Galen outline the current exploration work on the Hughes Project where the drills have returned to kick off a roughly 10,00 meter drill program, following up on the 12,000 meters of drilling done in 2021. There will be more drilling to continue testing the high-grade silver drill intercepts mostly from around the past producing Belmont Mine, and the Murray Vein area. A few drill holes were also previously put in at the Ruby and Mizpah targets that show promise for more follow up exploration this year. The Company’s goal is to drill another 25 holes and then potentially move towards a maiden resource estimate at Hughes in later part of 2022.
If you have any follow up questions for Galen regarding Summa Silver, then please email us at either Fleck@kereport.com or Shad@kereport.com.
Gold price hits daily lows as Powell says Fed to move ‘more aggressively’ if inflation fails to come down
Anna Golubova – Tuesday May 17, 2022
The Vancouver Resource Investor Conference kicked off today, so we’ll see if this spurs any more investment into the beleaguered mining stocks.
Here are the companies that will be in attendance:
Ex: are you or Cory getting to go to any of these conferences? If not might be something to do in future and run a bunch of interviews
Cory was going to swing by to the VRIC for a while this afternoon and again tomorrow afternoon. Not for interviews, but just to meet up with companies and people.
I have a feeling, we’re going to witness early 2016 like scenario where everything is going explode higher. S&P, crypto, miners.. you name it. Call it a bear market rally or whatever but it’s going to be doozy.
I think your feeling is probably going to be more right than wrong and the fact that few can see it is obviously a prerequisite. Whether it’s more like ’16 or “just” ’19, worthwhile moves are coming…
Right, so down before up
Yes and the down might be over.
Cali I would agree with the exception dollar would go down. I also think the miners will outperform.
Nice charts Matthew. I’m glad I my order got filled precisely at that .31 low of impact I was able to cost average down.
Although as I type we are not quite out of the woods and your assessment is bang on either another move double bottom or lower high or we make one more move down lower low. I’m betting on the former.
Matthew I really like hui vs wtic , xau vs wtic and gdxj vs $wtic
They look poised at long term monthly bottoms and will reverse anytime now. I bet once that is unleashed and oil begins to correct with the dollar the miners will catch a pretty bid for starters.
The TSX-V looks good versus gold:
GDM (Gold Miners Index) vs commodities looks good for at least a bounce.
Very oversold HUI with some interesting fork action:
It’s easy to see why this week’s close is important…
Great point in the weekly Matthew! We need today and rest of week to get us up into that $1835-$1845 region. Finish weekly strong and sets up monthly nice. I’m expecting a killer June but what do i know lol.
A killer June would be great but remains a hail mary pass outcome not to bet on yet. However a cross over 1850 by week’s end accompanied by at least an equivalent move with sector beneficiaries, especially the dregs would be something to bet on.
Conversely a trip back below 1800 continues the misery considering the disinterest with this sector in spite of positive fundamentals with inflation, political chaoes, and continual hype with kitco type promoters.
Not a deep insight, that’s been apparent for more than a year, and ignored here by the majority.
XAU’s 200 WMA is a week or two away from crossing above the 600 WMA for the first time in over 15 years.
Once we get that cross, it would be a real pity to see price close below the 200 WMA on a weekly basis in the next month or two, much less below the 600 WMA.
It’s quite possible price will want to at least tag the rising 200 WMA before it makes its next leg higher, which means a potential 10pt drop from here is ahead of us. The weekly MACD has still not hit zero yet, but as has been pointed out, it can do that after bottoming.
FWIW: I bought a starter position in a Nevada lithium project this AM. Nevada Sunrise: NVSGF. I noticed Stateside is following and the ceo.ca board was disappointed in the market reaction (hoping for a better reaction) after some drill results. News this AM. If you are interested in lithium in the future, this may be one to check out. I don’t follow the lithium area, but I saw the news.
SIL:$COMPQ still looking constructive for an upward explosion any time between now and end of July. If I had to be more exact, I am expecting a strong move very soon (within the next few weeks). Between now and that upward move, there could be some more pain inflicted on the silver miners in relative and absolute terms, but my expectation is that, at least on a relative basis, last week’s low in the ratio is going to hold.
I believe we will see a short relief rally before this market nosedives. The Dow is down almost 1000 points again, this volatility can’t last the market will crack wide open at some point, it’s really NUTS out there! DT
It is totally nuts out there… and I’m totally nuts about that upcoming payday!
Hi Ex, I don’t think people are programmed to look down the road at what the future might bring. When credit card buying and stock profits were increasing the buying power of the American people, innumerable concerns had expanded. Housing is a biggie, along with inflated bloated bank credit, years of pyramid debt building. When stock profits vanish and new credit card installment buyers become harder to find, society finally starts to wonder how they can meet the next payment on all that debt. The credit expansion becomes a deflationary contraction. DT
New Gold Bull Market To Begin Soon
Jordan Roy-Byrne – Tuesday May 17, 2022
“Precious Metals have been hit hard in recent weeks but what is happening in the global macro world is necessary for a real bull market to begin in Gold, gold stocks, and Silver.”
“Recently and historically, every big move in precious metals has transpired around either a significant correction or bear market in stocks. Think of the major lows in precious metals in recent years: March 2020, August 2018, December 2015, and October 2008. Economic and market turmoil is always a catalyst for precious metals. This time will be no different.”