Big Grades in Exploration News Today
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Tuesday, March 22nd.
On Monday, the gold price drifted marginally lower overnight to as low as US$1,919 per ounce but then mysteriously launched to as high as $1,941 after the US stock market opened for business. Gold settled at $1,935, up $14 from Friday's afternoon settlement price. Silver drifted lower overnight along with its yellow sibling, then launched as high as $25.52 per ounce before settling at $25.40. The Mining Stock Journal said the move higher in the metals occurred in the absence of any overt fundamental news that might have triggered the price rally. In fact, the metals withstood the hawkish comments made by Fed chief, Jay Powell, in a mid-day speech. The newsletter noted that the prices of gold and silver moved higher with interest rates throughout the course of the day. One might be tempted to say that gold and silver were beneficiaries of the flight to safety trade as both stocks and Treasury bonds were hammered on Monday.
The mining stocks responded positively to the move in the metals, with the GDX rising 2.5%. The Mining Stock Journal commented that, more often than not since September, the mining stocks have pushed higher on days when the stock market overall gets hit. It also noted that the chart of the GDX once again looks quite bullish.
We will get to the news from the miners and explorers in a moment, but first a word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Arizona Sonoran Copper Company.
Arizona Sonoran Copper Company is a lower-risk copper developer with a significant exploration potential on private land just south of Phoenix, in an infrastructure rich area of Arizona. The Cactus Project PEA illustrates an 18 year mine life, generating US$1 Billion post-tax free cash flow. It is a scalable, low capital intensity project with strong leverage to the copper price. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise. Read more about the company at arizonasonoran.com.
And here’s what you need to know this morning….
Meridian Mining provided an update on results from its ongoing drilling programs at the Cabaçal Copper-Gold VMS Project, in Mato Grosso, Brazil. Further zones of strong copper, gold and silver mineralization have been assayed from the metallurgical drilling program which included 31.4m @ 0.8% CuEq and 36.7m @ 0.8% CuEq. Meridian also reports that within the Cabaçal Northwest Extension, Hole 99 intersected a second trend of overprinting gold structures, located ~70m of the first defined high-grade gold trend with visible gold observed in later-stage veining. Additionally, hole 96 intersected a later stage structure with visible gold overprinting the copper-gold VMS layers outside of the mined area and extending the local over-printing gold trend. Over 11,000m of drilling remains to be completed and further assays are pending. Meridian Mining trades on the TSX V with MNO and on the OTCQB with MRRDF. News Release
Calibre Mining provided an update on its high-grade open pit mine, at Pavon Central in Nicaragua which is on track to ramp up production in the first half of 2023. Drilling shows strong indications for resource expansion along Pavon Central south extension and Pavon South with highlights at Pavon Central of 7.6m grading 5.08 grams per tonnes gold in hole 46 and 12.4m grading 11.56g/t in hole 4 at Pavon South. The company said that the significantly higher reserve grade at Pavon Central is expected to positively contribute to 2023 and 2024 production growth while maintaining constant mining and hauling rates, leading to lower per ounce costs. Calibre Mining trades on the TSX under CXB and on the OTCQX under CXBMF. News release
G2 Goldfields continues to hit some of its best diamond drill holes to date at the OKO project in Guyana. New results included 52.7 g/t gold over 7.4 metes, 64.7 g/t over 2.6 meters and 37.2 g/t over 4.2 meters. The Company has completed 116 diamond drill holes at the Oko Main Zone and expects to deliver a maiden resource estimate in April. G2 trades on the TSX V with GTWO and on the OTCQX with GUYGF. News Release
Australia’s Los Cerros delivered a maiden inferred resource estimate for its emerging Tesorito gold porphyry, doubling total resources for its flagship Quinchia project in Risaralda, Colombia. Quinchia now boasts 2.6 million ounces grading 1.02 grams per tonne, with Tesorito alone estimated to contain 1.3Moz grading 0.81g/t. Initial design work suggests there could be a starter pit which could recover 540,000oz grading 1.23gpt. The shallow Tesorito deposit is less than 1km from the 877,000oz Miraflores underground reserves. Quinchia, within Colombia's mid-Cauca gold porphyry belt, also includes the 459,000oz Dosquebradas inferred resource. Los Cerros is working towards developing a mining hub, with satellite operations feeding a central processing facility. Los Cerros trades on the ASX under LCL.
Freeman Gold reported a new gold-silver discovery at the Beauty Zonelocated approximately 600 metres west of the Company's Lemhi Gold Deposit in eastern Idaho, USA. The Beauty Zone lies wholly within Freeman's patented mining claims and is defined by a 350 metre by 250 metre coincidental gold in rock and soil anomaly. During Q4 2021, the first ever drilling at the Beauty Zone was designed as a fan of three diamond drill holes from one setup totaling 328 metres. Drill hole FG21-003C intersected the highest-grade gold mineralization ever drilled by Freeman with 6 meters of 68.23 g/t gold and 40.18 g/t silver. Mineralization is open to the north and northwest. Follow-up drilling is planned for the second quarter of the year. Freeman Gold trades on the TSX V with FMAN and on the OTCQX with FMANF. News Release
Ridgeline Minerals has completed a high-resolution, 388-line kilometer drone magnetic geophysical survey at its Selena project in White Pine County, Nevada. The purpose of the survey was to increase drill targeting confidence along key fault intersections associated with the conceptual CRD drill target located on-strike of Ridgeline’s original shallow-oxide, silver-gold discovery and the Butte Valley copper-gold-silver porphyry located off the western edge of the property. Results of the survey correlated well with the existing structural and surface geochemical model, and also highlighted multiple previously unidentified structural targets under shallow pediment cover. Ridgeline has also received approval for an amended exploration permit for an additional nine drill sites in the CRD target area with the 5,500m program scheduled to commence in April. Ridgeline Minerals trades on the TSX Venture with RDG and on the OTCQB with RDGMF. News Release
Silver Tiger Metals intersected 9.2m grading 2,239 grams per tonne silver equivalent in the Sooy Vein in hole 296 at its El Tigre project in Sonora, Mexico. This included 1,877g/t silver, 4.65g/t gold, 0.03% copper, 0.39% lead and 0.02% zinc. The company said it discovered a continuation of the Sooy Vein with near surface wide high-grade intercepts at a vertical depth of about 20m. Drilling is continuing along strike to the north from the two initial drill holes. Silver Tiger Metals trades on the TSXV under SLVR and on the OTCQX under SLVTF. News release
That concludes today’s morning briefing.
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