Morning Briefing: Abra Silver updates Pre-Feasibility Study for the Diablillos Project
Good morning and welcome to the Mining Stock Daily Morning Briefing. I’m Ian Wagner
It’s Tuesday, December 3rd.
Gold took it on the chin Monday, dropping over $20 to settle at 2658 February future basis. Silver was also down 24 cents to settle at 30.86, March future basis. GDX was also down 80 cents from Friday’s close. In early trading this morning, gold is up near 2670 and silver is up over 1%, easily holding the 31 handle.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by…Minera Alamos.
Minera Alamos is a gold developer and producer with its first low capex mine, Santana, continuing to work through start-up development. The company is also advancing the Cerro de Oro project through the permitting process. Recently, Minera announced the proposed acquisition of Sabre Gold Mines which owns the planned 40,000 oz/y Copperstone gold mine in Arizona. Minera is built around its operating team which brought 4 mines into production in Mexico over the last 13 years. Learn more at mineraalamos.com.
And Here’s what you need to know this morning…..
Abra Silver updated its Pre-Feasibility Study for the Diablillos silver-gold project in the Salta Province of Argentina. The project shows a $747 million US after-tax NPV at 5% discount per annum, a 27.6% Internal Rate of Return and 2-year payback period. That includes 13.4 Moz silver-equivalent average annual production over a 14-year life-of-mine), comprised of 7.6 Moz silver and 72 koz gold. All-in Sustaining Cash Costs Average of $12.67/oz SilverEq over LOM, and $11.23/oz AgEq over the first five years of full mine production. Initial capital expenditures of $544 million with a further $77 million in sustaining capital over the LOM. Base case metal prices used in the PFS are $2,050 per gold ounce and $25.50 per silver oz. Abra Silver trades on the TSX.V:ABRA; OTCQX: ABBRF News Release
Ero Copper Announced an Updated Mineral Reserve and Resource Estimate for its Xavantina operations in Brazil. The new 43-101 report shows proven and probable reserves of over 450k ounces of gold, a 19% increase from the 2023 resource estimate. Measured and indicated resources grew 26% to nearly 600k ounces, with the bulk of the growth coming in the Santo Antonio vein. Ero Copper trades on the TSX: ERO, NYSE: ERO News Release
Titan Mining Corporation announced a maiden mineral resource estimate for the Kilbourne Graphite Project located in St Lawrence County in New York State. The company envisions an open-pit constrained inferred mineral resource estimate of 22 million US short tons at an average grade of 2.91% (Cg) containing 653,000 tons of graphite, based on a cut-off grade of 1.50%. The maiden mineral resource estimate is based on 45 diamond drill holes totaling 29,699 ft completed as Phase I drilling. The company notes that Kilbourne is targeted to be fast-tracked to commercial production to secure the preferred US domestic supply chain. Titan Mining trades on the TSX: TI, OTCQB: TIMCF. News Release
Cartier Resources reported multiple high-grade gold results from its 28,000 meter drilling program at its East Cadillac property in Quebec. In the VG10 Zone, drilling defined an expansion of a high-grade gold ore shoot that is approximately 50 m wide by175 m along plungeand remains open at depth with the following intercepts: 173.6 g/t Au over 0.5 m with 40 clusters of visible gold;
12.8 g/t Au over 0.5 m with 2 clusters of visible gold;
9.7 g/t Au over 0.5 m with 5 clusters of visible gold.
The new 5 high-grade gold zones discovered over 8 km, the 12-km Larder Lake - Cadillac Fault zones remaining largely untested. The company plans a 100k meter drilling program to develop the untested zones. Cartier Resources trades on the TSXV: ECR News Release
And Arizona Sonoran Copper Company announced that an amendment to the Industrial Air Permit has been received from the Pinal County Air Quality Division. The amended Aquifer Protection permit has been applied for and is currently under review by the Arizona Department of Environment and Quality, ADEQ. The amended Industrial Air permit pertains to a February 2024 Pre-Feasibility Study configuration, which excluded the MainSpring deposit. A subsequent PEA incorporating MainSpring, was issued in August 2024 and supersedes the 2024 PFS. The 2024 PEA contemplates an operation expected to produce 116,000 short tons of copper cathode per year over the first 20 years of a 31-year mine life. Arizona Sonoran trades on the (TSX:ASCU | OTCQX:ASCUF) News Release
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