Los Andes Sells $20M NSR; Western Alaska Minerals Drill Results

Welcome to Mining Stock Daily. I’m Trevor Hall. 

Today is Monday July 24th. 

Last week gold ran up to as high as $1989 or $30 higher from the previous week's close. But late Wednesday evening the price management team went into action and hammered the price back to $1963, up slightly on the week. The Mining Stock Journal commented that every day last week the gold price was given a quick ride on the down elevator as soon as the Comex opened but managed to bounce back somewhat. But this illustrates that the price is being managed in the paper market right now. Silver also traded higher through late Wednesday evening to as high as $25.45 before getting destroyed starting Thursday morning when the Comex opened. Silver closed out the week at $24.79, down 37 cents for the week. The Mining Stock Journal said that the Comex open interest jumped quite a bit last week which is an indication that the Comex banks were printing silver futures contracts and feeding them aggressively to hedge fund and CTA buyers in order to slow down the price rise and, ultimately, to knock the price down at the end of week. The newsletter added that it sees a brief pullback in the metals this week ahead of the Fed but added that it expects another move higher to commence shortly thereafter. The mining stocks last week ebbed and flowed with the metals prices. GDX is sitting above its 200 day moving average and right on top of its 50 dma. The Mining Stock Journal said it expects GDX to drop below the 50 dma temporarily before moving higher.

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….

Western Alaska Mineral reported the first assay from this year’s exploration work at the Waterpump Creek Carbonate Replacement Deposit. Infill drill hole WPC23-0029 intersected two high grade zones which included 19.4 meters of 158 gpt Ag (5.1 opt), 5.3% Pb and 11.5% Zn from 145.1 and 2.9 m of 173 gpt Ag (5.6 opt), 6.7% Pb and 13.9% Zn from 176.0. The hole ended in 8 cm of mineralization consisting of sphalerite and galena, hosted within recrystallized dolostone at 279.2 meters. At this point, the hole was lost, and it is unknown whether this mineralization continues at depth. Assay results are pending for the core recovered at the end of the hole. (TSXV-WAM) News Release

DLP Resources announced the results from drillholes A23-007 and A23-008 on the Aurora porphyry copper-molybdenum project in southern Peru. Hole 8 returned just over 700m of .4% CuEq and ended in mineralization. Hole 7 returned 708m of .33% CuEq and confirms extensive copper-molybdenum mineralization across approximately 685m of the northwestern extent of the Aurora project. (TSXV: DLP) (OTCQB: DLPRF) News Release

Liberty Gold published assay results from their work at the Black Pine gold project in Idaho this morning, including a new discovery at Rangefront South, which is south of the main Black Pine system. That hole returned .37 g/t Au over 9.1m and extends the strike length to more than 8km. This result has heightened the exploration potential of the approximate five square kilometer area between the furthest known extent of the Rangefront Zone and this new drill hole. Additional drilling is being planned in the area stepping south from the Rangefront deposit area. Other results reported todayincluded 1.41 g/t Au over 30.5m and .86 g/t over 25.9m. Liberty Gold continues to drill with three RC rigs in the main target areas and will be stepping out to outlying target areas in Rangefront South and west M Zone in the coming months. (TSX: LGD; OTCQX: LGDTF) News Release 

New Found Gold shared results of eight diamond drill holes that were completed as part of a follow-up drill program targeting the 421 Zone, a high-grade gold-bearing structure that crosscuts the southern end of the Keats Main Zone along the highly prospective Appleton Fault Zone. The highlight results of 101 g/t Au over 2.75m in NFGC-23-1089 and 11.5 g/t Au over 8.90m in NFGC-23-1182 were intersected as part of a follow-up program targeting the previously reported in hole NFGC-22-845). These three intervals span a domain 75m long and range in vertical depth from 85m-130m. (TSX-V: NFG, NYSE-A: NFGC) News Release

Ridgeline Minerals says they have commenced drilling at the Selena project in the White Pine county of Nevada. he drill program has been designed to follow-up on positive CRD intercepts drilled at the Chinchilla zone last year and will initially consist of 6 core holes for a total of 3,000m. (TSXV: RDG) (OTCQB: RDGMF) News Release

Los Andes Copper announced it has entered into a royalty agreement with Ecora Resources for a total cash consideration of US$20M. Ecora will receive royalty payments calculated as 0.25% Net Smelter Royalty ("NSR") on minerals sold on open pit operations and 0.125% NSR on underground operations. The NSR rates will be subject to certain adjustments in the event of delays in beginning production. Those adjustments kick in at the end of June of 2030. (TSXV: LA) (OTCQX: LSANF) News Release

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