$20M Earn-in Agreement with Ridgeline Minerals: Peru's President Stays Committed to Mining
Welcome to Mining Stock Daily. I am Trevor Hall.
Today is Wednesday September 22nd.
Gold and silver moved higher Tuesday, with gold rising over $14 to settle at $1778 and silver jumping 41 cents to settle at $22.61. On a percentage basis, silver outperformed gold by more than 2 to 1. The Mining Stock Journal said that the so far two-day rally in gold appears to be more western-centric, with Tuesday's move higher occurring after the Asian markets had closed for the day. The newsletter believes there may be a flight to safety of sorts into paper gold in response to growing uncertainty surrounding the potential financial damage that could be caused by an Evergrande debt default. It was disclosed today that some western financial firms - specifically Blackrock and HSBC - bought a considerable amount of Evergrande's unsecured, subordinated junk bond debt this year. Beyond this, it's unclear the extent to which non-Chinese banks have exposure to Evergrande, specifically in the form of credit default swap derivatives. The mining stocks continue to trade sluggishly. GDX was up nearly 2% at one
point on Tuesday but closed barely green. For now the mining stocks do not seem to believe in the sustainability of gold's bounce this week.
We’ll get to the news out of the miners and explorers in a moment, but first a quick mention of today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Integra Resources.
Integra Resources is advancing the past-producing DeLamar Project in southwestern Idaho. The Company has continued to demonstrate resource growth and conversion through greenfield and brownfield exploration and plans on delivering a pre-feasibility study in Q4 2021 to further de-risk and advance the project towards permitting. Integra Resources trades on the TSX-V under ITR and the NYSE American under ITRG.
And here’s what you need to know this morning.
Ridgeline Minerals has entered into a transaction with Nevada Gold Mines pursuant to which NGM can acquire an interest in Ridgeline's Swift gold project. NGM can incur a minimum of US$ 20 million (of which US$ 4 million is guaranteed) in qualifying work expenditures over an initial five-year term to earn an initial 60% interest in Swift, and will have further options to increase its interest to a total 75% interest. NGM will assume operatorship of the project immediately. Swift is located on the Cortez District of the historic Battle Mountain - Eureka Trend approximately 30 km south of the town of Battle Mountain, in Lander County, Nevada. The 75 km² property is on trend to the Pipeline, Cortez Hills, and Goldrush deposits, which comprise the multi-million ounce Cortez Complex owned by Nevada Gold Mines. Ridgeline trades on the TSX Venture with RDG and on the OTCQB with RDGMF. News Release
Summa Silver reported new drill results of silver and gold intercepts from the ongoing drill program at the historically producing high-grade silver and gold Hughes Property at Tonopah, Nevada. The results were highlighted this morning with 1,699 g/t silver equivalent over 4.3 meters, including .6 meters of 9,989 g/t from the Rescue Veins. Out of the Murray target, drilling returned 506 g/t silver equivalent over 6.1 meters, including .9 metes of 1,085 g/t. Further mineralization is present in multiple additional areas over a length of 3.5 km, including the Ruby discovery, a 1.3 km step-out from the historic Belmont Mine and the current site of drilling. Drilling remains ongoing on the Hughes property with results now pending for 7 additional holes, and drilling taking place at the Ruby Discovery. Most holes have intersected zones of quartz-adularia veins, stockworks, and breccias typically featuring visible Ag-sulfosalts. Summa Silver trades on the TSX Venture with SSVR and on the OTCQB with SSVRF. News Release
Vista Gold announced today results for the two remaining holes in Phase 2 of the ongoing drilling program at the Company’s Mt Todd gold project located in Northern Territory, Australia. Highlights reported today included hole 12 which Intersected over 100 meters of mineralization, inclusive of three zones of +1 grams gold per tonne subvertical vein-sets, including 22.7 meters @ 1.10 g Au/t from 503 meters down hole and 13.2 meters @ 1.03 g Au/t from 566 meters down hole. Hole 13 returned 12 meters of 3.11 g/t gold from 144 meters down hole. The company says the drill program achieved their primary objective of identifying multiple areas north of the Batman deposit where additional resources might be added in the future. Vista Gold trades on the NYSE and the TSX with VGZ. News Release
Canadian Palladium Resources continues to provide new drill assay results from the East Bull Palladium deposit near Sudbury, Ontario. The drill results reported today are from three holes at the west end of the Deposit. These results extend the Garden Zone and the recently discovered EOH Zone that is interpreted as a mineralized feeder dyke below the Garden Zone. Results included 15 meters of 1.36 g/t palladium equivalent and 19 meters of 1.77 g/t palladium equivalent. The results are part of a 15,000 m drill program with a primary objective of expanding the current Inferred Resource and discovery of new mineralization. Canadian Palladium Resources trades on the CSE with BULL and on the OTCQB with DCNNF. News Release
Copper Mountain Mining says it has successfully installed and commenced commissioning of the third ball mill at its Copper Mountain Mine, which is located in southern British Columbia, Canada, near the town of Princeton. The installation of the third ball mill completes the Ball Mill 3 Expansion Project which will increase plant milling capacity to 45,000 tonnes per day from 40,000 tonnes per day. Copper Mountain trades on the TSX with CMMC. News Release
American Lithium says that a delegation of the Company’s management, had a private audience yesterday with President Pedro Castillo, the recently-elected President of Peru. The purpose of the meeting during the 76th session of the United Nations General Assembly summit in New York was to discuss Peru’s ongoing commitment to its mining sector and its emergence as a potential Latin American leader in the supply of battery / clean energy metals. Important to note here because President Castillo commented that he remains committed to the economy of Peru in general, including the mining sector, with no plans for nationalizing the sector in his country. American Lithium is advancing the Falchani lithium project and the Macusani uranium project in Peru. They trade on the TSX V with LI and on the OTCQB with LIACF. News Release
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