Cornish Metals to Raise £40.5M
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Monday, March 28th.
For the second Friday afternoon in a row, gold and silver staged a late day rally after the stock market closed. The Mining Stock Journal commented that ordinarily gold and silver move sideways or lower in the last hours of trading in the CME electronic Globex trading system. This past Friday however, gold bounced over US$5 per ounce in the last hour, with a $3 spike in the final 15 minutes. Similarly, silver rose 15 cents per ounce, with 10 cents of the move occurring right before the Globex system closed down.
For this to happen is unusual, but for it to happen on two consecutive Fridays, the Mining Stock Journal wonders if something interesting is going on in the paper versus the physical markets. Last week, gold rose $24 to close at $1,954 while silver closed at $25.61, up 50 cents. A busy week for the precious metals as today is the options expiration for the Comex April gold contract, while Thursday is the first notice day for April gold and silver contracts, which is the first day that investors long these contracts can receive a delivery notice. Both of these events are usually correlated with an effort to push the metals prices lower by the price management team.
The mining stocks spent most of Friday in the red but managed to rally into the close and finish slightly green for the day. The Mining Stock Journal commented that the chart of the GDX looks potentially explosive to the upside.
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… Western Copper and Gold.
Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 11 billion pounds of copper and 21 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.
And here’s what you need to know this morning….
Cornish Metals, an explorer focused on tin and copper projects through the redevelopment of the South Crofty project in Cornwall, UK plans to raise up to £40.5 million or $66M Canadian, priced at 18p with £25 million to come from a strategic investment by Vision Blue Resources (VBR), a vehicle founded by Sir Mick Davis to invest in green energy-related metal and mineral resource companies, and £15.5 million from UK institutional investors. Funds will be used to dewater the mine, resource drilling, completion of a feasibility study, evaluation of further downstream beneficiation opportunities, and on-site early works in advance of a potential construction decision. Cornish Metals trades on the TSXV and AIM under CUSN. News release
York Harbour Metals reported high-grade copper and cobalt values at its York Harbour copper-zinc VMS project in Newfoundland, Canada with a highlight of 29m grading 5.25% copper, 436.5 grams per tonne cobalt, 8.97g/t silver and 0.801% zinc in hole in 24. The phase 2 drilling program included 29 diamond drill holes for 4,562m, that targeted VMS mineralization along a 400m strike length within the Main Area near the historic underground mine workings. York Harbour Metals trades on the TSXV under YORK and on the OTC under YORKF. News release
Marimaca Copper shared results from the first seven reverse circulation (RC) drill holes, totaling 2,150m, from the 2022 infill drilling campaign at the Marimaca Oxide Deposit. The drilling intersected broad zones of near-surface green copper oxide mineralization in six out of seven holes. Select results included 106 meters of .53% copper from 2 meters, 54 meters of .62% copper and 202 meters of .31% copper. The company says drilling continues to highlight the lateral continuity as well as the thickness of the Marimaca Oxide Deposit mineralized column as well as ongoing potential for extensions at depth. Marimaca Copper trades on the TSX with MARI. News Release
Summa Silver has acquired an additional 1,446 acres of mineral rights contiguous with the Hughes Property near Tonopah, Nevada via claim staking. The newly staked claims are contiguous with the Hughes property and are centered approximately 4.6 km northeast of the Belmont Mine and 3 km northeast of the Ruby Discovery. Previously reported geophysical and soil geochemical data highlighted numerous untested targets interpreted to have potential for high-grade silver-gold veins, as well bulk-tonnage style disseminated gold mineralization. Many of these targets remained open for expansion towards and into the newly acquired claims. The Hughes Property now covers 5,504 acres, a nearly 40% expansion. Summa Silver trades on the TSX V with SSVR and on the OTCQB with SSVRF. News Release
Blackrock Silver says drilling has encountered the strike extension of the Denver vein system 650 metres north of the DPB resource area on its Tonopah West project in Nevada. Drillhole 119 cut 4.5 metres of quartz vein material starting at 741 metres. Precious metal values reached 0.33 g/t gold and 24 g/t silver. From the same drill platform, Hole 120 was drilled southward with a 70-degree inclination targeting the same vein projection but shallower within the system. The same hole also encountered the vein over 3 metres at what may be a more favourable elevation within the system and assays are pending at this time. Blackrock Silver trades on the TSX V with BRC. News Release
Arizona Sonoran Copper announced that the Arizona Department of Environmental Quality ("ADEQ") has granted its Cactus Mine an amended Aquifer Protection Permit. In July of last year, the Company was granted an APP for the Stockpile Project, which has now been amended to add the Cactus Mine open pit and underground operations to the Stockpile Project. The company says the issuance of this permit is a key milestone for ASCU in advancing the re-start of operations at the Cactus Mine and further de-risking of the project. Arizona Sonoran trades on the TSX with ASCU. News Release
That concludes today’s morning briefing.
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