Filo Mining Exploration Work Continues to Deliver
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Tuesday, May 24th
Gold enjoyed a nice $80 per ounce rally over the last week, a rally which continued Monday until the Comex opened at 8:20 a.m. NY time. After hitting $1,865, gold dropped to as low as $1846 before settling at $1852. Similarly, silver ran from $20.40 per ounce a week ago up to $22.20 Monday morning until the Comex opened, at which point silver promptly lost 50 cents and settled at $21.78. Over the last week or two, India resumed actively importing gold taking advantage of the recent price decline. The Mining Stock Journal said that Indian buying should lend solid support to the market and make it more expensive for the price managers to push the price lower for now.
The Mining Stock Journal also noted that, per the latest CME COT report, the banks are now net long paper silver. Historically when the banks go net long silver, it eventually translates into a powerful bull move in the sector, though it might not happen right away. Meanwhile, the mining stocks have responded positively to the bounce in the metals. The GDX has risen 6.9% from its May 12th close. The Mining Stock Journal commented that, at some point, money flowing out of the general stock market should find its way into the mining stocks.
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…Rio2.
Rio2 is advancing the Fenix Gold Project in Chile, the largest undeveloped gold heap leach project in the Americas. Fenix consists of 5 million ounces in the measured and indicated resource category and 1.4 million ounces in the inferred resource category. With a robust PFS in place, Fenix is set up for fast-tracked construction and production. You can find a list of project and company information on their website, rio2.com.
And here’s what you need to know this morning….
Filo Mining reported the best copper drill hit by far over the past two years anywhere in the world with an intercept of 1,337.5m grading 1.33% copper equivalent in hole 55C at its Filo del Sol project in San Juan, Argentina, which included a sub interval of 24m grading 13.3% copper equivalent. The hole drilled through the Aurora Zone confirms the continuity of the bonanza-grade Breccia 41 mineralisation between holes 41 and 54 to the south and hole 57 to the north. Filo has seven diamond drills and a reverse circulation drill turning at Filo del Sol to follow up on previous drill hits while also step-outs to test continuity of the Aurora Zone, and larger step-outs to continue to try to find the edges of the mineralised zone. Filo Mining trades on the TSX under FIL.
Artemis Gold executed binding agreements with Finning for the supply of a primary and ancillary mining fleet for its Blackwater Gold Project in British Columbia. The Company also executed a credit-approved commitment letter for an equipment lease facility with Caterpillar Financial Services associated with the primary and ancillary mining fleet, as well as an agreement regarding the supply of a future zero-emission haul fleet. The Supply Agreements secure equipment supply, parts supply and labour, as well as secured equipment pricing for the primary fleet until December 2024 and delivery dates. The credit-approved equipment lease facility provides for up to $140 million in equipment financing. Artemis has an option to order Caterpillar's zero-emissions haul trucks, currently under development, for shipments beginning in 2029. The fleet transition signifies a key milestone of the Project and will substantially reduce the carbon footprint of Blackwater's operations. Artemis Gold trades on the TSXV with ARTG.
GR Silver Mining announced high-grade silver results from underground infill drilling at the Plomosas Project in Sinaloa State, Mexico. Highlights included 6.5m grading 1,458 grams per tonne silver in hole 13 including 0.9m grading 3,118g/t. Drilling targeted high grade silver mineralization in the upper levels of the underground workings, in areas where unsampled intervals from historical drill holes within the 2021 resource block model were previously assigned zero values. The 2022 infill drill program at Plomosas has been designed to address upside potential in the resource block model. GR Silver Mining trades on the TSXV under GRSL and on the OTCQB under GRSLF. News release
Nova Royalty says it has entered into a purchase agreement with arms' length private parties to acquire a portion of an existing royalty on the Josemaria copper-gold-silver project in San Juan, Argentina, owned by Lundin Mining. Nova will also be granted a Right of First Refusal in respect to an additional portion of the Royalty that will be retained by the Sellers upon closing of the Transaction. The Royalty, in its entirety, is a 0.5% net profit interest royalty, which covers the area of the mineral reserve estimate for Josemaria and is payable for a period of 10 years, plus an additional $2 million payment six months following two full years of production. The Agreement specifies a total purchase price of $13.7 million for 100% of the Royalty, payable at the achievement of future milestones, plus additional advanced payments of $100,000. Nova Royalty trades on the TSX V with NOVR and on the OTCQB with NOVRF. News Release
That concludes today’s morning briefing.
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