Home Gold Stocks Phase Two Drill Program Update From Phoenix Gold Resources Corp (OTCMKTS: PGRCF)...

Phase Two Drill Program Update From Phoenix Gold Resources Corp (OTCMKTS: PGRCF) Helps Build Bull Case For Stock – Mike Swanson

Phoenix Gold Resources (OTCMKTS: PGRCF), has been my top stock pick for November. It’s main listing is on the Canadian Stock Exchange, where it trades as PXA. On the US OTC it trades as PGRCF. The stock has had a great run this month, as you can see from this chart below, and there are two factors that likely explain it.

The first factor is the simple rise in the price of gold and mining stocks, both of which went into a small correction towards the end of the summer that ended in the first half of October. Recent CPI data is showing everyone that inflation is now real, which is causing some investors to invest in gold as an alternative to bonds, which are yielding practically nothing, making it so that investing in them means losing value on money.

The second factor is an update the company gave on its Phase Two Drill program at its York Harbour property. “The York Harbour Mine Property is known to be prospective for its copper-zinc-silver-gold-cobalt massive sulphide deposits. The known mineralization exhibits characteristics consistent with classic mafic-type flow dominated (Cyprus-type) VMS deposits. Similar geological environments and styles of mineralization have formed relatively large copper-zinc deposits elsewhere in Newfoundland at Tilt Cove (9 Mt of between 1% and 12% copper) and in Cyprus at the Mavrovouni mine (15 Mt of 4% copper with zinc and gold) (Messina Minerals Inc., 2009),” explained Phoenix Gold in a press release.

The company issued an update at the start of the month with the following information:


• Phase 2 diamond drilling to date comprises 10 drill holes totalling 1,354 metres with significant semi-
massive and massive VMS mineralization identified in drill cores from 8 of 10 holes.
• Massive sulphide mineralization includes drilling lengths of 10 m (YH21-19) and 26 m (YH21-18).
• Channel sampling continues at the 15 metres of sheared semi-massive and massive sulphide
mineralization adjacent to the No. 4 Brook adit situated 1 km west of the Phase 2 drilling area.

The Company has completed 10 of the 28 proposed drill holes, or 1,354 metres of the proposed 4,325 metres of NQ-size diamond drilling. Significant semi-massive and massive VMS mineralization; including pyrite, chalcopyrite, sphalerite and rarely native copper, has been identified in drill cores from 8 of the 10 holes. It is anticipated that the Phase 2 drilling program will be completed near the end of November. Some of the latest massive sulphide mineralization includes that seen from drilling lengths of 92 to 118 metres in drill hole YH21-18 and 92 to 102 metres in drill hole YH21-19.”

You can read the full update in this company press release by clicking here.

To me this a no brainier in the small cap exploration space.  Go PXA!  Go PGRCF!

-Mike Swanson

Disclosure: Mike Swanson is the editor of WallStreetWindow.com and because Phoenix Gold is a small cap stock with a market cap of less than $100 million he has put himself in a trading blackout on the stock and will not buy or sell a share of it for at least 30-days from the date of this post (11/01/2021). Wallstreetwindow.com, is owned by Timingwallstreet, Inc., which is being compensated by a third party (Leadgopher LLC DBA Pinnacle Ad Network) to conduct an investor awareness advertising and marketing campaign for Phoenix Gold. This third party paid Timingwallstreet Inc., $18,00 to produce and disseminate this and other similar articles and send traffic to them through paid advertising campaigns for 30-days from the date of this post (11/01/2021). This compensation should be viewed as a major conflict with our ability to be unbiased, more specifically: This communication is for entertainment purposes only. Never invest purely based on our communication. For more on trading risks read our policy statement by clicking here.