Clean Air Metals New Assay Results from Escape
Welcome to Mining Stock Daily. I am Trevor Hall. And I’m Paul Harris.
Today is Wednesday, April 27th
Yesterday gold appeared to have stabilized potentially just above $1,900 per ounce after holding the $1892 level on Monday. Despite the bloodbath in the stock market, the yellow metal twice tested $1897 on Tuesday and both times bounced back over $1900, settling at $1907 the second time. Silver didn't fare quite as well, as the Mining Stock Journal said silver tends to be more sensitive than gold to the vicissitudes of the stock market. In addition, Tuesday was options expiration for May silver futures options, a day on which silver is traditionally pushed lower by the price management team.
The mining stocks traded down with the rest of the stock market as institutional investors appeared to be selling everything not nailed down in their offices. But both the Amex Gold Bugs Index and the GDX outperformed the rest of the stock market. The Mining Stock Journal said that the precious metals sector is now oversold. While it can certainly become more oversold, and it will if the stock market continues to get demolished, at some point gold and silver will see a big influx of capital seeking wealth preservation and begin to rally sharply. The mining stocks will shortly thereafter follow suit.
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….
Clean Air Metals announced new assay results from drilling at the Escape PGE-Cu-Ni Deposit at its Thunder Bay North Project near Thunder Bay in Ontario, Canada, with a highlight of 90m grading 1.04 grams per tonne Platinum, 1.33g/t Palladium , 0.49% Copper and 0.28% Nickel in hole 129. The Escape Deposit saw 37,000m of expansion drilling in 2021, which has established continuity between Escape South and Escape North which the company said may add materially to the total Thunder Bay North Project indicated resource, which currently stands at 14.6Mt grading 8.12 g/t PtEq. Clean Air Metals trades on the TSXV under AIR and on the OTCQB under CLRMF. News release
Superior Gold announced additional drill results from ongoing underground drilling at its Plutonic Gold mine in Western Australia. Results are provided for 9 holes for 1,662m focused on extending and infilling the Western Mining Front, which includes the Baltic West and Baltic West Extension Zones. Highlights from the Baltic West Extension Zone included 3.2m grading 83.2g/t gold in hole 24885. The results announced today expand the Western Mining Front by 130m and are directly adjacent to existing underground infrastructure. Plutonic hosts a Measured and Indicated Mineral Resource of 1.89 million ounces. Superior Gold trades on the TSXV under SGI and on the OTC under SUPGF. News release
MAG Silver reported first quarter production of underground development and stope material from the Juanicipio silver project in Zacatecas, Mexico in which it owns a 44% stake. Operator Fresnillo reported that on a 100% basis, 145,484 tonnes of mineralized material were processed during the quarter at an average head grade of 597 grams per tonne silver for total production before offtake agreement adjustments of 2.4Moz silver and 5,837oz gold. Ore is being campaign processed at the Fresnillo and Saucito plants owned by Fresnillo. It said construction of the Juanicipio plant was delivered by Fresnillo on schedule during the fourth quarter of 2021, but the mill commissioning timeline was extended until tie-in approval to the national power grid is obtained from the Federal power authorities, which is on track for mid-2022. MAG Silver trades on the TSX and NYSE American under MAG. News release
Sticking with silver in Mexico, Sierra Madre Gold and Silver announced the results of additional drill holes from the Phase 2 drilling program at its Tepic silver-gold project in Nayarit with a highlight of 3.05m grading 743 grams per tonne silver equivalent in hole 10. To date all 12 holes for which assays have been received have intersected silver and gold mineralization above a +75g/t cutoff. Ten of the twelve holes were designed to test up dip or strike extensions of known structures outside of the volumes used in the historical resource estimations, with two holes testing new targets over 2km from the historical resource area. The Tepic project saw a previous operator drill 149 holes for more than 31,000m. Sierra Madre Gold and Silver trades on the TSXV under SM and on the OTCQB under SMDRF. News release
Still with silver but moving to Argentina, AbraSilver Resource announced assays from its ongoing Phase II program at its Diablillos property in Salta, with a highlight 67.5m grading 293.9 silver equivalent in hole 5 which included a sub interval of 17m grading 756.8g/t AgEq. This hole was drilled on the southwest margin of the conceptual open pit and demonstrates the continuity of high-grade mineralization beyond what was previously estimated. The company said mineralisation now extends to an area of 600m by 2km. AbraSilver Resource trades on the TSXV under ABRA and on the OTC under ABBRF. News release
Benchmark Metals reported metallurgical laboratory test results for the Company's Lawyers gold-silver Project in the Golden Horseshoe historical mining region in north-central British Columbia, Canada. Testwork provided gold leach recoveries averaging 93%, and silver recoveries of about 65% from the Amethyst Gold Breccia and Cliffs Creek resources. The advanced test work confirms a simple preliminary design using conventional whole rock cyanide leaching and incorporating Merrill Crowe zinc precipitation to produce on-site gold and silver Dore. The test work builds a large data set throughout representing potentially the first years of mining in a conceptual mine plan. Benchmark Metals trades on the TSX V with BNCH and on the OTCQX with BNCHF. News Release
Kingfisher Metals announced a non-brokered private placement of charity flow-through units at a price of C$0.28 per Charity Unit and flow-through units at a price of $0.24 per flow-through Unit of the Company to raise aggregate gross proceeds of up to approximately C$3.0 million. Each Offered Unit shall consist of one flow-through common share and one half of one transferable non-flow-through common share purchase warrant. Each Warrant will be exercisable to acquire one additional non-flow-through common share of the Company for 24 months from the Closing Date at an exercise price of C$0.35.The aggregate gross proceeds raised from the Offered Units will be used before 2024 for general exploration expenditures. Kingfisher Metals trades on the TSX V with KFR and on the OTCQB with KGFMF. News Release
That concludes today’s morning briefing.
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