Minera Alamos Ramps-Up Santana in Q1

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

Today is Thursday, April 7th

Yesterday gold bounced around between $1914 and $1932 before settling at $1924, down marginally from Tuesday. The Mining Stock Journal noted that, since mid-March, when Russia announced that its Central Banks would purchase gold through its banks at a fixed price in rubles, the $1920 level on gold has served as remarkable support. Silver also traded sideways between $24.20 and $24.70, before settling at $24.57, also down marginally from Tuesday. The Mining Stock Journal said that since early March, the LBMA p.m. fix has seen a steady buyer of physical gold. The point here is that, between Russia's move to fix the gold price in rubles and the large buyer of gold in London, the western Central Bank efforts to push the price of gold and silver lower using paper derivatives may be limited. The mining stocks ended the day slightly higher after spending most of Wednesday slightly in the red. The Mining Stock Journal notes that both GDX and the Amex Gold Bugs index continue to hold their respective 21 day moving averages. It further added that it continues to feel like the precious metals sector is on the cusp of an explosive move 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… 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….

Minera Alamos provided an update on the work being done at the Santana Gold Mine during the first quarter of the year. Following a year-end shutdown to analyze data obtained from the first phase of the operation's start-up full mining activities resumed later in January 2022. The company says improvements implemented as the result of that review are now providing positive impacts on the mining and leaching activities as the Company advances the operation through the latter stages of ramp-up. Cumulative gold recovery from mineralization under leach for more than 30 days is now approximately 75% with additional recovery ongoing. The company produced over 3000 oz of gold in the quarter with continued low reagent consumptions. Operationally, A new and higher crushing cut-off grade strategy is currently in place. The adjustments provide for a better balance between mined material sent for crushing versus to the leach pad as run-of-mine. Following the completion of detailed start-up plans, site preparation activities were initiated at the Nicho Main Zone with a goal to start mining activities at that deposit later in Q2-2022. Minera Alamos trades on the TSX V with MAI. News Release

Victoria Gold says they produced 24,358 ounces of gold in the first quarter of 2022. Gold production in Q1 2022 was, as expected, seasonally low with limited ore stacking on the heap leach pad. Tonnes stacked on the heap leach pad in Q1 2022 were in line with Q1 2021. Total tonnes mined were lower in Q1 2022 compared to the same period last year as the Company has built up sufficient stockpiles throughout 2021, therefore further mining of ore was not advantageous. The company says mining rates will increase in future quarters as ore stacking rates on the heap leach pad accelerate. Victoria Gold trades on the TSX with VGCX. News Release

Reyna Silver reported results from its 8,000 m Phase 2 drilling program on its 100% owned Guigui Project in the heart of the historic more than 500 million ounce Santa Eulalia Silver District in central Chihuahua-Mexico. Holes drilled 650, 770, and 1089 metres from discovery Hole GG21-28 all intersected varying thickness and grades of intrusive-hosted mineralized skarn, including 2.6 meters of 130 g/t silver and 2.11 meters of 233 g/t silver. The mineralized skarn footprint now exceeds 0.5 km2. Reyna Silver trades on the TSX V with RSLV and on the OTCQX with RSNVF. News Release

Damara Gold provided results of assays from its orogenic-style Kodiak Zone discovery on the Company’s Placer Mountain project in Southern BC. Quartz-sulphide veining was intersected in all holes, and the system remains open in all directions. Only a small portion of the large gold in soil anomaly was drill tested in Phase I. Results included 1.3 meters of 31.8 g/t gold and 47.3 g/t silver, 1.35 meters of 46.51 g/t gold and 32.2 g/t silver and 3 meters of 39.2 g/t gold and 80.4 g/t silver. Damara Gold trades on the TSX V with DMR. News Release

Millennial Precious Metals says they have increased the land position at Wildcat by 87%. Millennial now controls a total land position at Wildcat of 17,565 acres, consisting of 913 unpatented claims on federally owned lands administered by the U.S. Bureau of Land Management (BLM) and four privately owned patented claims. The northern claims were added following the detailed mapping program in 2021 and are located in geologically favorable host rocks. Millennial has increased the land position at Mountain View by 23%. Millennial now controls a total land position at Mountain View of 5,476 acres, consisting of 282 unpatented claims on federally owned lands administered by the BLM. The new claim blocks at Mountain View were added to the ongoing exploration PoO, which will allow Millennial to execute an extensive drilling campaign in 2023-2024. Millennial Precious Metals trade on the TSX Venture with MPM and on the OTCQB with MLPMF. News Release

ValOre Metals announced commencement of a board approved and fully funded CAD$11 million exploration program at ValOre’s Angilak Property Uranium Project , located in Nunavut Territory of Canada. An initial 4,000 meter reverse circulation drill program is to commence next week with a focus of expanding known zones of U3O8 mineralization. ValOre trades on the TSX V with VO and on the OTC with KVLQF. News Release

That concludes today’s morning briefing.

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