Morning Briefing: 23 October, 2023
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Monday October 23rd.
Last week gold rose $50 to close out the weeks at $1994 per ounce on Friday after hitting $2010 earlier that day. Similarly, silver rose 51 cents, closing the week at $23.50 per ounce after trading as high as $23.90. The Mining Stock Journal commented that the primary catalyst driving the metals higher was the military turmoil in the Middle East as capital moved into gold and silver for wealth protection. However, the newsletter said the rising political volatility in the U.S.and, even more so, the increasing foreign distrust of the U.S. dollar and U.S. Treasury bonds were also factors that drove gold and silver higher. The Mining Stock Journal noted that, per the weekly COT report, the bullion banks reversed course and substantially increased their gross and net short positions in paper gold and silver.
The newsletter added that this activity in Comex futures reflects an official effort to cap the rise in the prices of gold and silver. The mining stocks followed gold and silver higher last week, with the GDX gaining 2.4% for the week. The Mining Stock Journal said on a short term basis the directional movement in the precious metals sector will hinge on the daily status of the middle east crisis. Longer term the newsletter said the sector is going 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… Fireweed Metals
Fireweed Metals is advancing 3 different projects within the Yukon and Northwest Territories, including the flagship Macmillan Pass Project, a large zinc-lead-silver deposit and the Mactung Project, one of the largest and highest-grade tungsten deposits in the world. Fireweed plans to advance these projects through exploration, resource definition, metallurgy, engineering, economic studies and collaboration with indigenous people on the path to production. For more information please visit fireweedmetals.com.
And here’s what you need to know this morning….
Meridian Mining reported more intercepts of shallow copper, gold, silver, and zinc mineralization at the Santa Helena mine within the 55km Cabaçal Volcanic Massive Sulphide belt in Brazil. New results include 6.8m @ 4.9% CuEq from 38.7m in hole 329; 5.8m @ 4.5% CuEq from 32.2m in hole 332, and 7.2m @ 4.0% CuEq from 35.5m in hole 335. The company said assays provide confidence in the historical data and the position of the underground workings, and emphasise the presence of good widths of mineralization amenable to evaluation for open pit extraction. Santa Helena's host geology has now been mapped over a 3.1km, and is open along strike and down plunge. (TSX:MNO) (OTCQX:MRRDF) News Release
Arizona Metals announced drilling results from three holes at the Kay Deposit in Arizona that it said demonstrate the continuity and expansion potential of the deposit. Highlights included 83.7m at 3.6 g/t gold equivalent in hole 115, including 15.3 m at 6.3 g/t, in the core of the deposit, infilling a 50m gap. Holes 116 and 114 extended mineralization 65m and 55m towards the surface. The company plans to submit an exploration plan of operations to allow it to further develop roads and drill pads to test targets at the Western Target and throughout the property. The Company is funded with $43 million in cash as of June 30 to complete the remaining 66,000m of the 76,000m Phase 3 drill program. A maiden resource estimate may come in 2024. Arizona Metals (TSX:AMC) (OTCQX:AZMCF) news release
Bravo Mining completed an initial resource estimate for its Luanga palladium + platinum + rhodium + gold + nickel project in the Carajás region of Pará, Brazil. It includes an indicated Resource of 73Mt at 1.75 grams per tonne of PdEq for 4.1Moz at a 0.5g/t cut-off grade, including 4.6Mt at 1.43 g/t of Oxide material. It also has Inferred Resources of 118Mt at 1.50 g/t PdEq for 5.7 Moz. The resource includes of 89,500 tonnes of nickel in sulphides in the Indicated category and 104,600 tonnes Inferred. The resource is delineated to an average depth of 200m while drilling has demonstrated that mineralization continues to depths of at least ~350m. Bravo Mining (TSXV: BRVO) (OTCQX: BRVMF) news release
Delta Resources provided additional assays from a second phase of drilling at the Delta-1 Gold project near Thunder Bay, Ontario. Results included 27.8m of 2.25 g/t Au and 20.2m of .95 g/t. New higher-grade zones were also intercepted at depth in holes 67 and 68. Those zones returned 24.4 g/t over 1.5m in hole 67 and 11.2 g/t over 1.5m in hole 68. Delta has paused drilling to analyze and further interpret the geological, structural and geochemical data accumulated since the beginning of this phase of drilling. Assay results for fifteen drill holes are pending. (TSXV: DLTA) (OTC Pink: DTARF) News Release
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